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Launched

Calamos S&P 500 Structured Alt Protection ETF - September

CPSTNYSE ArcaCalamosC

$28.11−0.04 (−0.13%)

As of Nov 2, 2026, 3:59 PM ET

C54/ 100

Rank 9 of 39 in S&P 500 Full Protection

C54/100Rank 9 of 39inS&P 500 Full Protection
Intraday session: down, 78 prints from 28.15 to 28.11. Range 28.07 to 28.20. Use the arrow keys to read each point.28.0728.1328.1828.2010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$41M
1Y total return
+4.8%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
6.38K sh
52W range
low $26.68high $28.30
Launched

The ETF.net CPST Grade

Based on 5 of 6 pillars

C

Score 54 out of 100

Category
S&P 500 Full Protection⁠
Rank
9 of 39
Six-pillar profile for CPST. Scores out of 100: Cost 62, Risk 47, Mission 91, Tradability 44, Holdings not scored, Durability 61. Strongest: Mission (91). Weakest: Tradability (44). Based on 5 of 6 pillars.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B62 out of 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A91 out of 100
    Rank 1 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 26 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 21 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B61 out of 100
    Rank 17 of 39

Our read on CPST

ETF.net Research

In short

CThe 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

  • The 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
  • At 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.
  • One 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

  • Protection 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
  • Upside stops at a cap set each September, and both cap and protection are quoted before the 0.69% fee comes out.calamos.com
  • Exposure follows SPY's price return, so index dividends sit outside the deal and the fund isn't built to pay income.

CPST Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
104%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option98.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option98.43%531$40.5M11
2No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option4.52%531$1.86M11
3No dataUs Dollar0.74%304,174$304K228

Showing 1–3 of 3 holdings

CPST Performance

Launched Sep 2, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
CPST$10,480
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPST $10,480. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+4.2%
1 month+0.1%
3 months+0.6%
1 year+4.8%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+4.2%
2025+6.7%
2024+2.3%

History from Sep 3, 2024

CPST in the news

CPST Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPST Risk

Risk pillarC47 out of 100Rank 26 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.5%
Annualised · 25 months to Oct 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.
0.62
vs 3-month T-bills · 25 months to Oct 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%
25 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.

FMP measures it over up to five years of monthly returns.

CPST Cost

Compare CPST and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$11,323

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPST 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPST 0.69%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPST $13,429CPSL $2,106

Year by year

YearCPSTCPSLOverpaying
10$1,232$183$1,049
20$4,697$717$3,980
30$13,429$2,106$11,323

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