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Upturn AI Summary
Calamos S&P 500 Structured Alt Protection ETF - August(CPSA)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for CPSA
10/02/2026: CPSA (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPSA is a defined-outcome ETF providing exposure to the S&P 500 with a 10% downside buffer and a capped upside over an annual period starting in August. Managed by Calamos, it is designed for risk-averse equity investors looking for a controlled volatility experience. While it limits losses, it also restricts potential gains, making it unsuitable for momentum traders. Investors should carefully monitor the annual reset date to ensure it aligns with their investment horizon and be mindful of the potential for wider bid-ask spreads due to its niche focus.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | The return cap limits participation in aggressive market growth. |
| Momentum investor | Weak fit | The structured nature of the fund is designed for risk containment rather than capturing momentum. |
| Value investor | Mixed fit | It offers downside protection for value-oriented portfolios concerned about market corrections. |
| Dividend/Income investor | Weak fit | The fund does not focus on generating yield through dividends. |
| Low-risk investor | Strong fit | The 10% downside buffer provides a cushion that appeals to investors seeking to limit equity volatility. |
Investor Profile
Ideal Investor Profile
Conservative equity investors or those approaching retirement who want to remain invested in the stock market but seek protection from minor to moderate market pullbacks.
Suitability
Best suited for long-term investors who commit to the full outcome period rather than active traders.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer strategy reduces exposure to moderate market volatility. |
| Market risk | Medium / high | Investors remain exposed to market losses beyond the 10% buffer. |
| Concentration | High | The portfolio is entirely dependent on the performance of the S&P 500 Index. |
| Tracking/expense | Medium | Management fees and the inherent limitations of the option strategy impact total returns. |
| Liquidity | Medium | Lower trading volume can lead to execution costs during periods of market stress. |
| Business/sector quality | Low | The risk is concentrated at the index level rather than specific corporate quality. |
Risk Analysis
Volatility
CPSA reduces historical volatility relative to the unhedged S&P 500 by limiting downside exposure.
Market Risk
The primary risk is the index dropping more than the 10% buffer or missing significant upside gains due to the cap.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | S&P 500 Index FLEX Options (Long/Short Positions) | 95 | These options contracts establish the specific upside cap and 10% downside buffer characteristic of the fund. |
| Cash/collateral | Cash and Cash Equivalents | 5 | Short-term cash holdings provide the necessary collateral to support the fund's derivative positions. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 10.63% | Avg. Invested days 101 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/02/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Oct 2, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $49.45M |
| Issuer | Calamos |
| Distribution Yield | 0% |
| Inception | Jul 31, 2024 |
Performance
| Period | Total Return |
|---|---|
| YTD | +4.61% |
| 1 Year | +5.66% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 2.29% |
| 3Y Volatility | 0% |
| 3Y Sharpe Ratio | 0 |
Top Sectors
| Sector | Weight |
|---|---|
| Basic Materials | 0.00% |
| Consumer Cyclicals | 0.00% |
| Financial Services | 0.00% |
| Real Estate | 0.00% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Distribution Yield | 0% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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