Calamos S&P 500 Structured Alt Protection ETF – September
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- Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is an exchange-traded fund that seeks to deliver the positive price return of the S&P 500 Index up to a predefined cap while providing 100% protection against losses over a one-year outcome period before fees and expenses; it achieves this objective through investments in Flexible Exchange Options (FLEX Options) on the SPDR S&P 500 ETF Trust, cash equivalents, and U.S. Treasuries. The ETF operates within the defined outcome ETF category, targeting investors seeking equity risk control, tax-advantaged cash deployment, or capital preservation for retirement portfolios, with a total expense ratio of 0.69%. CPST forms part of Calamos Investments LLC's broader Structured Protection ETF suite, which includes monthly series offerings across S&P 500, Nasdaq-100, Russell 2000, and Bitcoin exposure with similar buffer mechanics. Launched on September 3, 2024, and domiciled in the United States, CPST trades on NYSE Arca under the ticker CPST (CUSIP: 12811T886) and is managed by a team including Eli Pars, Jason Hill, David O'Donohue, Jimmy Young, and Anthony Vecchiolla. The fund holds a concentrated portfolio typically comprising FLEX Options positions referencing the SPDR S&P 500 ETF Trust at various strikes and expirations, such as those maturing August 31, 2026. As of December 2025, CPST maintains approximately $31.8 million in assets, a current cap rate of around 4.64%/4.14% (net/gross), and 98.16%/97.66% protection level with 262 days remaining in its outcome period. Calamos Investments LLC, the issuer and adviser (via Calamos Advisors LLC), is a diversified global investment firm founded in 1977 and headquartered in Naperville, Illinois, with additional offices in Chicago, New York, San Francisco, Milwaukee, Portland, and the Miami area; it manages over $38 billion in assets across equities, convertibles, fixed income, multi-asset, sustainable strategies, and alternatives for individuals, institutions, and intermediaries. The firm serves U.S.-focused and international clients through separately managed accounts, mutual funds, closed-end funds, private funds, ETFs, and UCITS vehicles. In recent developments, Calamos expanded its Structured Protection ETF series with the launch of the laddered Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) on September 9, 2024, which allocates equally across monthly S&P 500 ETFs including CPST to smooth cap rates and maintain downside protection; the firm also announced 12 initial Structured Protection ETFs in April 2024. Strategically, Calamos deepened its partnership with Aksia by launching the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) interval fund in July 2025, providing retail access to private equity including buyouts, growth equity, and venture capital, following the 2023 Calamos Aksia Alternative Credit and Income Fund (CAPIX); additionally, on October 1, 2025, Calamos and Aksia introduced the Hedged Strategies Fund (HEDGX), a third interval fund offering curated hedge fund exposure.