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CPST

GradeBNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF - September

Floor Protected · Calamos · Inception 2024-09-03

$28.10−0.03 (−0.12%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Sep 3, 2024.
Intraday session: down, 42 prints from 28.13 to 28.10. Range 28.09 to 28.14. Use the arrow keys to read each point.$28.08$28.12$28.1410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$37M
1Y return
+5.1%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.25
52W range
low $26.64high $28.26

The ETF.net CPST Grade

B

56/ 100

Rank 8 of 39 in S&P 500 Full Protection⁠

Confidence High

Six-pillar profile for CPST. Scores out of 100: Cost 62, Risk 49, Mission 91, Tradability 54, Holdings not scored, Durability 56. Strongest: Mission (91). Weakest: Risk (49). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 62
    Category rank20/39 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 91
    Category rank1/2 · top 50%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 49
    Category rank22/37 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 54
    Category rank16/39 · top 41%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 56
    Category rank21/39 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on CPST

ETF.net Research

BThe September rung of Calamos's 100%-protection ladder: one year of S&P 500 price upside to a preset cap, with the full downside hedged by options before fees. Skip the drawdown, cap the rally.

Stated mandate

The fund seeks point-to-point exposure to the positive price return of the S&P 500 through SPY, with 100% downside protection over a one-year outcome period and gains limited by a predetermined cap.

Why people hold it

  1. 01The floor is built from exchange-traded FLEX options inside a 1940 Act ETF, not a bank's IOU, and the terms reset with a fresh cap each September.sec.govcalamos.com
  2. 02At 0.69% a year, it costs exactly the median of its 100%-protection peer group. Middle of the road, no premium for the Calamos name.
  3. 03One of the stronger builds in its protection cohort, and part of a monthly ladder (CPSM, CPSA, CPSJ and siblings) all priced at 0.69%, so the start month is yours to pick.calamos.com

Worth knowing

  1. 01Protection is point-to-point, start of the outcome period to the end. Buy mid-period and your own cap and remaining cushion differ from the headline terms.calamos.com
  2. 02Upside stops at a cap set each September, and both cap and protection are quoted before the 0.69% fee comes out.calamos.com
  3. 03Exposure follows SPY's price return, so index dividends sit outside the deal and the fund isn't built to pay income.

CPST Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
104%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option98.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option98.02%476$36M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option4.97%476$2M11
003—US DOLLAR0.76%277,672$278K231

Showing 1–3 of 3 holdings

CPST Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

CPST$10,506
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPST $10,506. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPST. Periods over one year show the average yearly return.
PeriodCPST
Year to date+4.1%
1 month+0.2%
3 months+1.2%
1 year+5.1%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPST
YearReturn barCPST
2026 YTD+4.1%
2025+6.7%
2024+2.3%

Since listing, Sep 3, 2024

CPST in the news

ETF.net Research hasn’t filed on CPST yet — coverage lands here as it’s written.

CPST Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPST Risk

How much the fund’s monthly returns vary, scaled to a year.
2.5%
Annualised · 23 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.78
vs 3-month T-bills · 23 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−3.8%
24 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.18
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

CPST Cost

Expense ratio0.69%
  • The middle half of S&P 500 Full Protection funds
  • Median 0.69%

6 of the 26 S&P 500 Full Protection funds charge less.

CPST costs $69.00 a year on $10,000. The median S&P 500 Full Protection fund costs $69.00.