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Upturn AI Summary
Calamos S&P 500 Structured Alt Protection ETF - December(CPSD)
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 CPSD
10/13/2026: CPSD (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPSD is a defined-outcome ETF that tracks the S&P 500 with a pre-set cap on gains and a 10% buffer against losses over a one-year period. Its main strength lies in its ability to offer risk-managed equity exposure, making it a powerful tool for investors looking to participate in the market while capping downside. It is best used as a core or satellite holding for those prioritizing protection during uncertain market cycles. The primary risks involve capped upside potential and the possibility of losses exceeding the buffer during significant market crashes. This ETF is most suitable for patient investors who align their holding period with the fund's specific annual outcome cycle.
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 capped upside potential limits the ability of this fund to participate in significant market rallies. |
| Momentum investor | Weak fit | The structured nature of the fund prevents it from capturing the high-velocity gains sought by momentum strategies. |
| Value investor | Mixed fit | Value investors may appreciate the downside protection, though the underlying exposure is strictly tied to the S&P 500. |
| Dividend/Income investor | Mixed fit | This fund does not provide traditional dividend income and is focused on total return through options-based risk mitigation. |
| Low-risk investor | Strong fit | The built-in buffer against market losses makes this a suitable tool for investors prioritizing capital preservation over unlimited growth. |
Investor Profile
Ideal Investor Profile
The ideal investor is a risk-averse or capital-preservation-focused individual who wants exposure to the S&P 500 but fears large annual drawdowns.
Suitability
Best suited for long-term investors who can hold the fund for the full outcome period to realize the intended protection and return profile.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer structure effectively mutes the impact of extreme market volatility. |
| Market risk | Medium / high | Investors still face risk of loss if the market drops beyond the 10% protected buffer. |
| Concentration | Medium | The fund is concentrated in S&P 500 derivative outcomes. |
| Tracking/expense | Medium | Management fees and the cost of options reduce the total potential upside. |
| Liquidity | Medium | Lower trading volumes can lead to wider spreads during periods of market stress. |
| Business/sector quality | Low | The structural risks associated with options expiry are the primary concern rather than individual business quality. |
Risk Analysis
Volatility
CPSD historically exhibits lower volatility than the S&P 500 due to the embedded protective options strategy.
Market Risk
The primary risk is the loss of principal if the S&P 500 drops significantly beyond the 10% protected threshold.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | S&P 500 Price Return Index Options (Flex Options) | 90 | These options contracts dictate the fund's specific upside cap and downside protection relative to the S&P 500. |
| Cash/collateral | U.S. Treasury Bills and Cash Equivalents | 10 | Cash and short-term Treasuries serve as collateral to support the options strategy and provide a base level of safety. |
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 11.44% | Avg. Invested days 167 | 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 10/13/2026 |
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