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CPST Calamos S&P 500 Structured Alt Protection ETF - September

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$28.21
−0.1% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Since Sep 1, 2026, CPST returned 0.4%, against SPY's 1.4% price return. It can fall 0.5% before its buffer.

Why did CPST return +13.0% against SPY’s +38.8%?How much of CPST’s cap and buffer is left?What do CPST’s net flows of +$28.7m over the since Sep 2024 mean?
Absorbs the whole loss on SPY and caps the gain at 8.1%, over a period ending Aug 31, 2027Calamos ↗Expense ratio 0.69%Fund assets $41m on Oct 28, 2026Benchmark SPYFund page at the issuer ↗SEC filings ↗Every Calamos fund ETFIQ covers

Promise check: Not measuredNo outcome period of its has finished in ETFIQ's record (snapshots from Sep 4, 2026).

Compare with…Trading costsPut to the committeeaskIQ about CPSTAdd to portfolioFlowsAlerts

CPST risk and return scorecard

vs SPY · Sep 2024 to Oct 2026 · 110 weekly returns · dividend-adjusted

Short history · 25 months
CPST +13.0%, SPY +38.8%, Sep 2024 to Oct 2026, distributions reinvested.
Return
MeasureCPSTSPYEdge
Total return+13.0%+38.8%SPY
Annualized+5.9%+16.7%SPY
Price return+13.0%+35.2%SPY
Risk
MeasureCPSTSPYEdge
Volatility3.0%14.7%CPST
Max drawdown−3.6%−16.9%CPST
Upside capture14.6%100.0%SPY
Downside capture17.5%100.0%CPST
Risk-adjusted
MeasureCPSTSPYEdge
Sharpe ratio0.580.85SPY
Sortino ratio0.871.30SPY
Alpha vs SPY
MeasureCPSTSPYEdge
Alpha, a year−0.6%Not significant
Alpha t-stat−0.80
Beta to SPY0.191.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
12 months to Jul 31, 2026
+$4.0m
Since Sep 2024
+$28.7m
askIQ: what do these flows mean? ↗

What you earned

CPST +0.5%, SPY price return +0.9%: total return over one month to Oct 28, 2026.
CPST+0.5%
SPY+0.9%
CPST +1.1%, SPY price return +5.9%: total return over three months to Oct 28, 2026.
CPST+1.1%
SPY+5.9%
CPST +2.7%, SPY price return +8.5%: total return over six months to Oct 28, 2026.
CPST+2.7%
SPY+8.5%
CPST +4.4%, SPY price return +13.3%: total return over the year to Oct 28, 2026.
CPST+4.4%
SPY+13.3%
CPST +4.9%, SPY price return +12.4%: total return over one year to Oct 28, 2026.
CPST+4.9%
SPY+12.4%
CPST +14.0%, SPY price return +39.9%: total return since launch to Oct 28, 2026.
CPST+14.0%
SPY+39.9%
askIQ: why did CPST return +4.9% against SPY’s +12.4%? ↗

Where does it stand in this outcome period?

Outcome period Sep 1, 2026 to Aug 31, 2027
not published
Can still gain from today’s fund price
0.5%
Fall before the buffer from today’s fund price
Report
100.0%
Protection left, index points
Report
307
Days to reset
Report
askIQ: how much of CPST’s cap and buffer is left? ↗

More on CPST

Every number below is on this page. Open what you need.

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Price, 1 year

$28.21−0.1%1 day, priceClose, Oct 28, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

CPST returns by window: total return, cash paid and price change
WindowTotal returnSPY price returnGap to SPY
1M Sep 28 – Oct 28, 2026+0.5%+0.9%−0.4 pts
3M Jul 29 – Oct 28, 2026+1.1%+5.9%−4.8 pts
6M Apr 29 – Oct 28, 2026+2.7%+8.5%−5.8 pts
YTD Dec 31, 2025 – Oct 28, 2026+4.4%+13.3%−8.9 pts
1Y Oct 28, 2025 – Oct 28, 2026+4.9%+12.4%−7.5 pts
Since launch Sep 3, 2024 – Oct 28, 2026+14.0%+39.9%−25.9 pts
Since launch, annualised Sep 3, 2024 – Oct 28, 2026+6.3%––

Total returns, distributions reinvested. SPY's column is its price return, dividends left out: the basis the outcome period uses. Listed Sep 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Email me when CPST's outcome period resets.

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Full floor
Full floorCPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026.full floor beneathfull floor0% period start+8.1% cap+1.4% gain captured+6.7% more to the capTODAY · SPY +1.4%Full floorCPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026.full floor beneathfull floor0% start+8.1% cap+1.4% gain captured+6.7% more to the capTODAY · SPY +1.4%

CPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026.

Money in and out

Monthly data · as of Jul 31, 2026

CPST: in the month to Jul 31, 2026, nothing net moved, by its SEC filing.

12 months
+$4.0m
15.1% of $26.3m on Jul 31, 2025
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings
Since Sep 2024
+$28.7m
Sep 1, 2024 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions CPST files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for CPST, back to Sep 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare CPST with other funds in the flows tool

Month by month, money in and money outSep 2024 to Jul 2026

CPST, money in and money out each month from Sep 2024 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from CPST’s SEC filings (N-PORT item B.6). Of the 23 months listed, money came in on net in 5 and went out in 6.

Every bar is from CPST’s SEC filings (N-PORT item B.6). Of the 23 months listed, money came in on net in 5 and went out in 6.

MonthInOutNet
Jul 2026 SEC Form N-PORT$0$0$0
Jun 2026 SEC Form N-PORT$0$0$0
May 2026 SEC Form N-PORT$0−$693k−$693k
Apr 2026 SEC Form N-PORT$0$0$0
Mar 2026 SEC Form N-PORT$0$0$0
Feb 2026 SEC Form N-PORT$0$0$0
Jan 2026 SEC Form N-PORT$0$0$0
Dec 2025 SEC Form N-PORT$0$0$0
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT$0$0$0
Sep 2025 SEC Form N-PORT+$6.0m$0+$6.0m
Aug 2025 SEC Form N-PORT+$662k−$2.0m−$1.3m
Jul 2025 SEC Form N-PORT$0$0$0
Jun 2025 SEC Form N-PORT+$1.3m−$645k+$644k
May 2025 SEC Form N-PORT$0$0$0
Apr 2025 SEC Form N-PORT$0−$624k−$624k
Mar 2025 SEC Form N-PORT$0−$631k−$631k
Feb 2025 SEC Form N-PORT$0−$2.6m−$2.6m
Jan 2025 SEC Form N-PORT$0−$638k−$638k
Dec 2024 SEC Form N-PORT+$1.3m$0+$1.3m
Nov 2024 SEC Form N-PORT$0$0$0
Oct 2024 SEC Form N-PORT+$1.3m$0+$1.3m
Sep 2024 SEC Form N-PORT+$26.0m$0+$26.0m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

CPST key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$28.25 on Oct 9, 2026
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$26.68 on Nov 20, 2025
Close on Oct 28, 2026, within that range (ETFIQ)$28.21, 98% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Oct 14, 2025
Trading · CPSTas of Oct 14, 2025
·
Not scored1 of 6 measured · Oct 14, 2025
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

About CPST

Reference indexSPYReport
Buffer100%
Outcome periodSep 1, 2026 to Aug 31, 2027
Starting cap+8.1%
SPY return since period start+1.4%
Fund return since period start+0.4%
Net assets (issuer page, as of Oct 28, 2026)$41mReport
Band state today (ETFIQ)Open
Can still gain (issuer, fund price)not published
Fall before buffer (issuer, fund price)0.5%
Fall to the buffer in index terms (ETFIQ)1.4%
Protection left in index points (ETFIQ)100.0% of 100.0%
Days left in period307
Expense ratio (issuer page, Oct 28, 2026)0.69%Report
How we measure
Issuer-published data as of the date shown; ETFIQ calculations marked. Definitions on the learn page. Method
IQ Investment Committee on CPST

12 seats on CPST, as of Oct 28, 2026: 2 Challenges, 7 Not enough data, 3 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingDoes not apply
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put CPST to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about CPST

How far can CPST fall before the buffer helps?
0.5% in fund-price terms on Oct 28, 2026, by the issuer's number. In index terms SPY can fall 1.4% from that level before the buffer begins. Losses until that point are the holder's.
How much of the CPST buffer is left?
100.0% of the 100.0% buffer sat below the SPY level on Oct 28, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
When does CPST reset?
The outcome period ends on Aug 31, 2027, 307 days from the data on Oct 28, 2026. A new cap is set the next day and the buffer starts again.
What does CPST cost?
The prospectus expense ratio is 0.69% a year.
Sources and dates
Prices, CPST and SPY price returnTiingo end-of-day · Oct 28, 2026
Fee, 0.69%Issuer page · Oct 28, 2026
Net assets, $41mIssuer page · Oct 28, 2026
IssuerCalamos page for CPST ↗
IssuerCalamos product table ↗
All fund filingsProspectus filings on SEC EDGAR ↗
IssuerCalamos website ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, CPST, buffer ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/cpst

The outcome band for CPST, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Buffer
The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
Cap
The most the fund can return over the period if held from the first day to the last. Quoted gross and net of fees. Set by the option market on day one, so the same fund can have a different cap each year.
Outcome period
The window, usually twelve months and sometimes six or three, over which the buffer and, where there is one, the cap apply. On its last day the options expire, the fund resets, and fresh terms are struck from that day’s option prices.
Reset
The day one outcome period ends and the next begins, with a fresh buffer and fresh terms struck at that day’s level.
Protection left
How much of the buffer still sits below today’s index level. All of it when the index is above its starting level; less once the index is inside the buffer range.
Full definitions: buffer ETFs vocabulary page. →
Embed this chart

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CPST: CPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/cpst"><img src="https://etfiq.com/assistant/api/embed/buffer/cpst.svg" alt="CPST: CPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">CPST: CPST: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.1%; Full floor. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/cpst">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.