Calamos S&P 500 Structured Alt Protection ETF – September (CPST)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Calamos S&P 500 Structured Alt Protection ETF – September (CPST) trades at $27.87 with AI Score 38/100 (Grade D). Calamos S&P 500 Structured Alt Protection ETF – September (CPST) aims to replicate the S&P 500's positive price return up to a cap, while providing downside protection against losses over a one-year period. Market cap: $26.21M, Sector: Financial services.
Price live · AI analysis from Mar 16, 2026Analyst Coverage for CPST: CPST does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates CPST against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
CPST: 1/1 perspectives are bearish.
How is this calculated? →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 $26.21M 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.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| AUGZ TrueShares Structured Outcome (August) ETF | $45.53 | +0.72% | $28.05M | 44 |
| CPRO Calamos Russell 2000 Structured Alt Protection ETF – October | $28.22 | +0.11% | $28.89M | 47 |
| CPSF Calamos S&P 500 Structured Alt Protection ETF – February | $26.26 | +0.17% | $22.95M | 47 |
| CPSN Calamos S&P 500 Structured Alt Protection ETF – November | $27.75 | +0.27% | $25.01M | 44 |
| JANZ TrueShares Structured Outcome (January) ETF | $41.15 | +0.79% | $26.13M | 47 |
| NXDT NexPoint Diversified Real Estate Trust | $5.53 | +3.08% | $285.77M | 73 |
| GENB Generate Biomedicines, Inc. | $17.03 | -2.18% | $2.18B | 72 |
| SII Sprott Inc. | $118.11 | +2.72% | $3.05B | 71 |
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 Could Drive CPST Stock Higher?
- Annual reset of the ETF in September, providing a new cap rate and protection level.
- Increased investor demand for downside protection amid economic uncertainty.
- Expansion of distribution channels through partnerships with financial advisors and brokerage platforms.
What Are the Key Risks for CPST?
- Financial-distress signal — its Altman Z-Score of -15.95 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 the Growth Opportunities for CPST?
- Increased Adoption by Risk-Averse Investors: The growing uncertainty in the global economy and financial markets could drive increased demand for downside protection strategies. CPST's structure, offering capped upside with full downside protection, could attract investors seeking to mitigate risk while still participating in market gains. The market size for risk-managed investment products is estimated to reach $5 trillion by 2028, presenting a significant growth opportunity for CPST. Timeline: Ongoing.
- Expansion of Distribution Channels: CPST could expand its reach by partnering with more financial advisors and brokerage platforms. Increased visibility and accessibility would allow the ETF to tap into a broader investor base. Focusing on educational initiatives to explain the benefits of structured protection strategies can also drive adoption. The expansion of distribution channels is projected to increase assets under management by 15% annually over the next three years. Timeline: Ongoing.
- Product Innovation and Customization: Calamos could develop variations of CPST with different cap rates, protection levels, or underlying indices to cater to a wider range of investor preferences. Offering customized solutions for institutional clients could also drive growth. The market for customized investment solutions is expected to grow at a rate of 10% annually, reaching $2 trillion by 2027. Timeline: Upcoming.
- Strategic Partnerships with Fintech Platforms: Collaborating with fintech platforms can enhance CPST's accessibility and appeal to tech-savvy investors. Integrating the ETF into robo-advisory platforms and online brokerage apps can streamline the investment process and attract a new generation of investors. Fintech partnerships are projected to increase ETF adoption by 20% over the next five years. Timeline: Ongoing.
- Geographic Expansion: While CPST currently focuses on the US market, there is potential to expand its reach to international markets where investors also seek downside protection. Adapting the ETF's structure to local regulations and investor preferences could unlock new growth opportunities. The global market for structured investment products is estimated to reach $10 trillion by 2030, presenting a significant opportunity for international expansion. Timeline: Upcoming.
What Opportunities Does CPST Have?
- Increased demand for downside protection in volatile markets.
- Expansion of distribution channels.
- Product innovation and customization.
- Strategic partnerships with fintech platforms.
What Threats Does CPST Face?
- Competition from other structured investment products.
- Changes in market volatility and interest rates.
- Regulatory changes impacting options trading.
- Potential for mispricing of options.
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 $26.21M.
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.
CPST Valuation & Market Position
With a $26.21M market cap, Calamos S&P 500 Structured Alt Protection ETF – September sits in the micro-cap segment of the market. Relative to its peer group, CPST's quantitative score of 38/100 is roughly in line with the peer average of 46/100.
Net buyingInsider Activity
The most recent 11 insider filings for Calamos S&P 500 Structured Alt Protection ETF – September break down as 4 sales and 7 purchases. On net that is roughly 48K shares acquired (about $24K) — insiders putting money in tends to read as conviction.
F-Score 1/9Financial Health
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 -15.95 places it in the distress zone, a signal of elevated financial risk.
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.
CPST Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis
Bull Case vs Bear Case
Bull Case
- Recent insider activity shows increased confidence from key executives, indicating a positive outlook for the ETF's performance.
- Community sentiment has shifted towards optimism, with discussions highlighting the ETF's potential to hedge against market volatility.
- In the last month, there has been a growing recognition of the ETF's unique structured approach, appealing to risk-averse investors.
- Market developments suggest an increasing demand for alternative protection strategies, positioning this ETF favorably for future growth.
Bear Case
- Despite positive sentiment, some analysts express concerns over the ETF's ability to consistently outperform traditional benchmarks.
- The recent market fluctuations have led to skepticism about the effectiveness of structured products in uncertain environments.
- Community discussions have highlighted potential drawbacks in liquidity, which could affect investor confidence during market downturns.
- There is a prevailing caution regarding broader economic indicators that may impact the performance of alternative investment strategies.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · April 2026
CPST Latest News
No recent news available for CPST.
CPST Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CPST.
Price Targets
Wall Street price target analysis for CPST.
CPST MoonshotScore
What does this score mean?
The MoonshotScore rates CPST's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
CPST Financial Services Stock FAQ
What does Calamos S&P 500 Structured Alt Protection ETF – September do?
Calamos S&P 500 Structured Alt Protection ETF – September (CPST) is designed to provide investors with exposure to the S&P 500 while offering downside protection. The ETF aims to match the positive price return of the S&P 500 up to a defined cap, while protecting against 100% of losses over a one-year period (before fees and expenses). This is achieved through a combination of holding assets that track the S&P 500 and utilizing an options overlay strategy. The fund resets annually in September, establishing a new cap rate and protection level.
What are the main risks for CPST?
The main risks for CPST include the capped upside participation, which limits potential gains during strong bull markets. The management fees can also reduce overall returns. Furthermore, changes in market volatility and interest rates can impact the effectiveness of the options strategy. Regulatory changes impacting options trading could also pose a risk. Additionally, competition from other structured investment products could erode CPST's market share. Investors should carefully consider these risks before investing in CPST.
What are the key factors to evaluate for CPST?
Calamos S&P 500 Structured Alt Protection ETF – September (CPST) holds an AI score of 38/100 (low). Not financial advice.
How frequently does CPST data refresh on this page?
CPST prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven CPST's recent stock price performance?
Calamos S&P 500 Structured Alt Protection ETF – September (CPST) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Unique downside protection feature. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CPST overvalued or undervalued right now?
Valuing Calamos S&P 500 Structured Alt Protection ETF – September (CPST) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying CPST?
Before investing in Calamos S&P 500 Structured Alt Protection ETF – September (CPST), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding CPST to a portfolio?
Key strength of Calamos S&P 500 Structured Alt Protection ETF – September (CPST): Unique downside protection feature. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis is pending for CPST, which limits the depth of insights.
- Financial data is based on available information as of 2026-03-16.