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Upturn AI Summary
Calamos S&P 500 Structured Alt Protection ETF - October(CPSO)
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 CPSO
10/13/2026: CPSO (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPSO provides a defined-outcome investment experience that tracks the S&P 500 with a 10% buffer against losses and a predefined upside cap. By utilizing FLEX options, it serves as a defensive equity tool for risk-averse investors seeking to participate in market gains while limiting volatility. Its primary strength lies in its predictable risk/reward profile, though it is limited by an upside cap and is generally inappropriate for short-term tactical trading. Investors should be aware that significant market downturns beyond the 10% buffer will still result in losses. It is an ideal fit for conservative, long-term investors looking for a smoother market experience.
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 | Mixed fit | This fund limits total growth to a specific cap, which may disappoint those seeking unlimited upside. |
| Momentum investor | Weak fit | The capped upside structure is generally incompatible with pure momentum-based strategies. |
| Value investor | Strong fit | Risk-aware value investors may appreciate the buffer as a way to maintain market exposure while limiting downside risk. |
| Dividend/Income investor | Weak fit | This fund does not aim to provide income, focusing instead on price return management. |
| Low-risk investor | Strong fit | The 10% buffer provides a cushion that is highly attractive for investors seeking to reduce equity volatility. |
Investor Profile
Ideal Investor Profile
Conservative equity investors or retirees who want to stay invested in the market but have a low tolerance for initial market drawdowns.
Suitability
Best suited for long-term buy-and-hold investors who align their entry/exit with the annual outcome period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer limits impact from market volatility, though the fund remains exposed to large drops beyond the buffer. |
| Market risk | Medium / high | Investors remain exposed to the S&P 500, meaning significant market downturns beyond the 10% buffer will cause losses. |
| Concentration | High | The fund is entirely concentrated on the performance of the S&P 500 index. |
| Tracking/expense | Medium | Management fees and option costs can impact net results relative to the index cap. |
| Liquidity | Medium | Lower trading volume may lead to wider spreads during periods of market stress. |
| Business/sector quality | Low / none | The fund holds options and cash, not individual operating businesses. |
Risk Analysis
Volatility
CPSO exhibits lower realized volatility than the S&P 500 due to the protective buffer, though this comes at the cost of capped upside.
Market Risk
The fund is subject to S&P 500 market risk; while the 10% buffer limits initial losses, there is no protection against deeper market crashes.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | S&P 500 Index FLEX Options (Long/Short Call/Put positions) | 95 | These derivatives define the fund's upside cap and downside protection levels relative to the S&P 500. |
| Cash/collateral | U.S. Treasury Bills / Cash Equivalents | 5 | This portion ensures liquidity and collateralizes the option contracts held by the fund. |
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 9.66% | Avg. Invested days 90 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  4.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/13/2026 |
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