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- Upturn Summary
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Upturn AI Summary
Calamos S&P 500 Structured Alt Protection ETF - September(CPST)
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 CPST
10/13/2026: CPST (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPST is a defined-outcome ETF that provides S&P 500 exposure with a 10% downside buffer and a capped upside, resetting annually each September. It leverages FLEX Options to manage risk, making it a strong tool for investors who want to participate in market gains while limiting potential losses. While it offers excellent risk mitigation, it comes at the cost of capped upside, making it less suitable for aggressive growth seekers. Key risks include the potential for index losses to exceed the buffer and limited liquidity compared to plain-vanilla index funds. It is best suited for risk-conscious investors who value downside protection and should be monitored for its proximity to the upside cap and the annual reset date.
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 limits the potential for aggressive capital appreciation during bull market cycles. |
| Momentum investor | Weak fit | The structured nature of the fund is designed for risk mitigation rather than capturing rapid upward price trends. |
| Value investor | Mixed fit | Investors prioritizing capital preservation over unlimited growth may find the downside protection attractive. |
| Dividend/Income investor | Weak fit | The fund's objective is primarily capital-linked performance rather than yield generation. |
| Low-risk investor | Strong fit | The built-in buffer provides a predictable guardrail against a specific range of market losses. |
Investor Profile
Ideal Investor Profile
Conservative or moderate-risk investors seeking equity market exposure with a defined mechanism to mitigate losses.
Suitability
Best suited for medium- to long-term buy-and-hold investors who want to align their investment with a specific annual cycle.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer protects against moderate volatility, but extreme market moves beyond the buffer level can still result in losses. |
| Market risk | Medium | Investors remain exposed to significant equity market drawdowns that exceed the 10% protection level. |
| Concentration | Medium | The fund is entirely concentrated on the performance of the S&P 500 Index. |
| Tracking/expense | Medium | Management fees and the costs associated with trading FLEX Options can create a drag on performance relative to the index. |
| Liquidity | Medium / high | Lower trading volumes for specific buffer ETFs can lead to higher transaction costs for investors. |
| Business/sector quality | Low | The risk is tied to the S&P 500 index rather than individual business quality. |
Risk Analysis
Volatility
Historically lower volatility than the broad S&P 500 due to the inherent buffer, though this is only effective within the defined range.
Market Risk
The fund remains fully exposed to the risk of a market crash exceeding the buffer and the opportunity risk of a market rally exceeding the cap.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | S&P 500 Index FLEX Options (Long/Short Strategy) | 95 | The options structure is the core component that defines the fund's specific upside cap and downside buffer levels. |
| Cash/collateral | Cash and Cash Equivalents | 5 | Cash holdings are maintained to collateralize option positions and manage daily operational liquidity. |
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 9.88% | Avg. Invested days 92 | 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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