Calamos S&P 500 Structured Alt Protection ETF – September (CPST) Fund Overview

Calamos S&P 500 Structured Alt Protection ETF – September (CPST) Financial Services Profile

Calamos S&P 500 Structured Alt Protection ETF – September (CPST) offers investors exposure to the S&P 500 with a unique risk-managed approach, providing a capped upside return while protecting against potential losses over a one-year term. It caters to risk-averse investors seeking participation in market gains with defined downside protection.

What Is the Investment Thesis for CPST?

CPST presents a compelling, though niche, investment proposition for risk-averse investors seeking S&P 500 exposure with downside protection. The ETF's primary value driver is its ability to limit losses during market downturns, offering peace of mind in volatile environments. However, the capped upside participation limits potential gains during strong bull markets. Key considerations include the ETF's expense ratio and the specific cap rate offered each year, which directly impact investor returns. The fund's low beta of 0.21 suggests lower volatility compared to the broader market. Growth catalysts include increased investor demand for downside protection amid economic uncertainty. However, the negative P/E ratio of -11.99 and negative profit margin of -27.2% warrant careful examination of the fund's operational efficiency and profitability.

Based on FMP financials and quantitative analysis

CPST Key Highlights

Market Cap of $0.03 billion indicates a relatively small fund size.

• P/E Ratio of -11.99 suggests the fund is currently unprofitable.
• Profit Margin of -27.2% highlights the fund's challenges in generating profits.
• Gross Margin of 10.1% indicates the percentage of revenue exceeding the cost of goods sold.
• Beta of 0.21 suggests the fund is significantly less volatile than the S&P 500.

Who Are CPST's Competitors?

CPST is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are CPST's Key Strengths?

Unique downside protection feature.

• Capped upside participation in S&P 500 gains.
• Actively managed options strategy.
• Established brand name (Calamos).

What Are CPST's Weaknesses?

Capped upside limits potential returns in strong bull markets.

• Management fees can reduce overall returns.
• Relatively small market cap.
• Negative profitability metrics (P/E and Profit Margin).

What Are the Key Risks for CPST?

Financial-distress signal — its Altman Z-Score of -15.89 sits in the distress zone (elevated bankruptcy risk).

• Weak fundamentals — a Piotroski F-Score of 1/9 flags soft profitability, leverage or efficiency.
• Capped upside limits potential returns in strong bull markets.
• Management fees can reduce overall returns.
• Competition from other structured investment products.
• Changes in market volatility and interest rates.
• Regulatory changes impacting options trading.

What Are CPST's Competitive Advantages?

• Unique Product Structure: CPST's combination of capped upside and full downside protection differentiates it from traditional ETFs and mutual funds.
• Established Brand: Calamos Investments has a reputation for innovation in structured investment products.
• Proprietary Options Strategy: The ETF's actively managed options strategy provides a competitive edge in delivering the desired risk-return profile.

What Does CPST Do?

Calamos S&P 500 Structured Alt Protection ETF – September (CPST) is a financial product designed to provide investors with a unique blend of market participation and downside protection. The ETF seeks to mirror the positive price movements of the S&P 500, up to a predetermined cap, while simultaneously shielding investors from 100% of potential losses over a one-year investment horizon, before accounting for fees and expenses. This structure is particularly appealing to investors who are wary of market volatility but still desire exposure to the growth potential of the S&P 500. The ETF's investment strategy revolves around utilizing financial instruments, such as options, to create a protected return profile. By combining a long position in assets that track the S&P 500 with a carefully constructed options overlay, the fund aims to deliver the capped upside participation and downside protection. The specific options strategy is actively managed to adapt to changing market conditions and maintain the desired risk-return characteristics. CPST is part of the Calamos Investments suite of ETFs, which focuses on delivering innovative investment solutions. The ETF is designed to reset annually, providing a new cap rate and protection level each September. As of 2026, the fund has a market capitalization of $0.03 billion.

What Products and Services Does CPST Offer?

• Offers an ETF designed to track the S&P 500's positive price return up to a defined cap.
• Provides 100% protection against losses over a one-year period (before fees and expenses).
• Utilizes financial instruments, such as options, to create a protected return profile.
• Actively manages the options strategy to adapt to changing market conditions.
• Resets annually, providing a new cap rate and protection level each September.
• Caters to risk-averse investors seeking participation in market gains with defined downside protection.

How Does CPST Make Money?

• Generates revenue through management fees charged on the ETF's assets under management (AUM).
• The management fee is a percentage of the total AUM, typically calculated annually.
• The ETF's profitability is dependent on its ability to attract and retain assets.
• The fund's performance, relative to its stated objectives, influences investor demand and AUM growth.

What Industry Does CPST Operate In?

CPST operates within the asset management industry, a segment of the financial services sector characterized by intense competition and evolving investor preferences. The demand for structured investment products, like CPST, is influenced by overall market volatility and investor risk appetite. The industry is witnessing a growing trend towards passive investing and the rise of ETFs, offering investors diversified exposure at lower costs. CPST differentiates itself by providing a unique combination of capped upside and downside protection, catering to a specific segment of risk-averse investors.

Who Are CPST's Key Customers?

• Risk-averse individual investors seeking downside protection.
• Financial advisors looking for structured investment solutions for their clients.
• Institutional investors with mandates to manage risk and preserve capital.
• Retirement savers seeking to protect their portfolios from market volatility.

Key Financial Metrics

Return on assets is -24.9%, showing how much profit it generates from its asset base. Its free cash flow yield is -91.4%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.11 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -8.1%, the inverse of the P/E and a quick read on earnings relative to price.

Calamos S&P 500 Structured Alt Protection ETF – September's Piotroski F-Score is 1/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of -15.89 places it in the distress zone, a signal of elevated financial risk.

12 transactions · 3 purchases, 0 sales, 9 other transactions · 5 identified insiders · most recent available transactions. Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.

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Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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