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Calamos S&P 500 Structured Alt Protection ETF - July(CPSJ)
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 CPSJ
10/13/2026: CPSJ (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPSJ is a defined outcome ETF that utilizes options to provide S&P 500 exposure with a 10% downside buffer and an upside cap over a one-year cycle. Its primary strength lies in its ability to limit potential losses, making it a valuable tool for risk-averse investors who want to participate in market growth without full downside exposure. The fund is best suited for long-term investors looking for stability, provided they monitor the annual reset dates. Key risks include the opportunity cost of capped upside gains and potential losses exceeding the 10% buffer. Investors should prioritize holding until the end of the outcome period to fully realize the intended risk/reward structure.
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 upside cap limits the potential for outsized growth during strong bull market cycles. |
| Momentum investor | Weak fit | The capped upside prevents the capture of rapid, high-momentum market moves. |
| Value investor | Mixed fit | Value-oriented investors may appreciate the downside buffer as a way to protect capital from market overvaluation. |
| Dividend/Income investor | Weak fit | The ETF is designed for capital protection and price return rather than consistent dividend income generation. |
| Low-risk investor | Strong fit | The 10% downside buffer provides a cushion that aligns well with risk-conscious investors seeking to participate in equity markets. |
Investor Profile
Ideal Investor Profile
The ideal investor is a conservative-to-moderate participant seeking equity market exposure with a predefined risk boundary.
Suitability
CPSJ is best for long-term investors who can hold for the duration of the annual outcome cycle and value risk mitigation.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer structure is specifically designed to mitigate the impact of market volatility on the investor's principal. |
| Market risk | Medium / high | Investors remain exposed to market losses exceeding the 10% buffer threshold. |
| Concentration | High | The fund is heavily concentrated in specific S&P 500 FLEX options that must be held for the full duration to achieve the target outcome. |
| Tracking/expense | Medium | Fees and the cost of options structures can create a drag on total return relative to the pure index. |
| Liquidity | Medium | The complexity of the underlying options can occasionally lead to wider spreads during periods of market stress. |
| Business/sector quality | Low | The underlying asset is the S&P 500, which represents a high-quality, diversified basket of large-cap U.S. equities. |
Risk Analysis
Volatility
Historical volatility for CPSJ is lower than the S&P 500 during market downturns due to the 10% buffer.
Market Risk
The primary risk is failing to capture upside beyond the cap and suffering losses if the S&P 500 drops more than 10%.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | S&P 500 Index FLEX Options (Defined Outcome Structure) | 98 | These options contracts define the capped upside and buffered downside participation for the July-period outcome cycle. |
| Cash/collateral | Cash and Cash Equivalents | 2 | This small liquidity buffer is held to facilitate the operation and management of the options portfolio. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Smooth
The stock has moved along a generally orderly path with only modest fluctuations.
Analysis of Past Performance
Type ETF | Historic Profit 12.22% | Avg. Invested days 116 | 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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