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The Screen · Financials
CPNSCalamos Nasdaq-100 Structured Alt Protection ETF September
CPNS · NYSE ARCA · USD
Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange Options ("FLEX Options") that reference the price performance of the Invesco QQQ TrustSM?, Series 1.
FAIL · Does not pass the screen
28.42 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 5 days ago
Screened 2026-10-23 · the tape above runs as of 20:04 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price28.42 USD at the 23 Oct 2026 close
Ethical screenDoes not pass
Last reviewed23 Oct 2026 (5 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 28.42 against the desk's fair-value range, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price28.42 USD
Ethical score30.0/100
Our investment reviews on this name
2026-10-24Read Distribution28.52-0.4% to today ✓Markup gives way to Distribution while volume still accumulates
2026-10-02Read Markup28.48-0.2% to today Accumulation gives way to Markup with volume flow in agreement
2026-07-02Read Accumulation28.01+1.5% to today ✓First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Calamos Nasdaq-100 Structured Alt Protection ETF September holds its Distribution at $28.42. Elevated stress, defensive posture warranted, held for 1 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 1 days
Price at the screen
$28.42
Valuation
N/A trailing · N/A forward price to earnings
Values screen
FAIL· score 30.0
The Workings
Five Screens, Shown in Full
Does not pass. Financial sector: Financial
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Financial sector: Financial
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Calamos Nasdaq-100 Structured Alt Protection ETF September does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today CPNS does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Where & How to Trade
CPNS trades on NYSE ARCA. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-10-15Markup$28.68+0.7%Entry 7
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-10-02Markup · changed$28.48+1.7%Entry 6
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-08-25Accumulation$28.01+0.0%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-07-25Accumulation$28.01+0.0%Entry 4
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-07-18Accumulation$28.01+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 7%. Our forward projection puts the odds of a 10% gain over the next month near 0%.
2026-07-03Accumulation$28.01+0.0%Entry 2
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Accumulation$28.01Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$27.93
+0.1%
·
$1,001
+0.1%
2 months
$27.49
+1.7%
·
$1,017
+1.7%
3 months
$27.30
+2.4%
·
$1,024
+2.4%
6 months
$27.21
+2.7%
·
$1,027
+2.7%
1 year
$26.12
+7.0%
·
$1,070
+7.0%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever CPNS does next, these words stay.
Calamos Nasdaq-100 Structured Alt Protection ETF September · CPNS · Distribution · $28.42
Recorded 2026-10-23 · before the outcome · scored mechanically