Stock fact sheet · data as of
Calamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETF (CPSL): fair value, margin of safety and Wheel Score
Ticker symbol CPSL · Financial Services · Asset Management · United States · Fund / Note
Is CPSL undervalued?
At 28.45 (close of 5 Nov 2026), CPSL trades 10233% over the GLS average fair value of 0.2753, with 0 of 1 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
Only 1 of the nine models produced a value (10 Cap); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
CPSL looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for CPSL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 0.2753 | -99% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -0.4645 | -102% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: CPSL passes 3 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. There is no GLS Moat score for CPSL: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are high - ROIC 118.7%, ROE 87.8%, ROA -2269.9% - with debt at -0.26 times equity and negative free cash flow.
Calamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETF pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | 118.7% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 87.8% |
| Debt / equity | -0.26 | ROA | -2269.9% |
| Free-cash-flow yield | -0.1% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 10: No options
CPSL has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (10 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 31k shares a day on a market cap of $167M, with a beta of 0.17 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Fails | trades 10233% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $167M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 10233% above fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.17, $167M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CPSL in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Calamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETF by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| BSL Blackstone Senior Floating Rate 2027 Term Fund | 12.90 | 14.65 | +12% | 16No options | $168M |
| FLC Flaherty & Crumrine Total Return Fund Inc. | 15.82 | 33.39 | +53% | 25No options | $165M |
| DHF BNY Mellon High Yield Strategies Fund | 2.27 | 4.93 | +54% | 25No options | $165M |
| FHAYX Fidelity Freedom Blend 2010 Fund | 11.16 | 21.11 | +47% | 28No options | $164M |
| GF The New Germany Fund, Inc. | 10.61 | 4.18 | -154% | 9No options | $172M |
| AMBR Amber International Holding Ltd | 1.84 | - | - | 11Weak | $172M |
| NSLR Neostellar Capital Corp. | 6.08 | 5,161.98 | +100% | 30Weak | $161M |
| ARHVX American Century One Choice 2065 Inv | 14.92 | 5.87 | -154% | 9No options | $160M |
| ECF Ellsworth Growth and Income Fund Ltd. | 11.71 | 76.61 | +85% | 25No options | $160M |
| NHS Neuberger High Yield Strategies Fund Inc. | 5.58 | 9.68 | +42% | 25No options | $175M |
| FLOWX Fidelity Water Sustainability Fund | 19.47 | 574.04 | +97% | 29No options | $159M |
| ARCFX Water Island Credit Opportunities Fund Retail Class | 9.79 | 42.11 | +77% | 24No options | $159M |
⚖ Compare CPSL with 7 of them All Financial Services stocks →
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CPSL
Is CPSL undervalued right now?
No: at 28.45 the stock trades 10233% above the GLS average fair value of 0.2753 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CPSL and what does it mean?
CPSL has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for CPSL?
0.2753 per share as of 5 Nov 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Calamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETF report earnings next?
No upcoming earnings date is recorded for CPSL in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CPSL have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CPSL, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.