Stock fact sheet · data as of
Calamos S&P 500 Structured Alt Protection ETF - September (CPST): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Speculative / Distressed
Is CPST undervalued?
Calamos S&P 500 Structured Alt Protection ETF - September (CPST) closed at 28.23 on 16 Oct 2026. None of the nine GLS valuation models produced a positive value for the stock - the company lost money over the last twelve months, EPS -2.26, it pays no dividend and its debts exceed what its assets would fetch - so there is no GLS average fair value and no margin of safety to report. The quality, option and event numbers below still apply; the Quote page's Wall Street View shows what analysts expect instead.
The nightly engine files CPST under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for CPST
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 | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| 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) | -3.63 | -113% | 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: CPST passes 1 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 0.4 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -39.5%, ROE -141.2%, ROA -24.9% - with debt at 2.57 times equity and negative free cash flow. Debt of 2.57 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
Calamos S&P 500 Structured Alt Protection ETF - September 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 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 1 / 9 | ROIC | -39.5% |
|---|---|---|---|
| GLS Moat | 0.4 / 10 | ROE | -141.2% |
| Debt / equity | 2.57 | ROA | -24.9% |
| Free-cash-flow yield | -73.6% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 21: No options
CPST has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (21 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 5k shares a day on a market cap of $32M, with a beta of 0.18 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 13 / 25 | 0% margin of safety | |
| Health | 2 / 20 | Piotroski 1/9 | |
| Moat | 1 / 15 | moat 0.4/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 5k shares/day, $32M cap, beta 0.18 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CPST 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 S&P 500 Structured Alt Protection ETF - September 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 |
|---|---|---|---|---|---|
| ESSC Eventide Small Cap ETF | 28.27 | 2.52 | -1023% | 6No options | $33M |
| SIFI Harbor Ares Systematic Multi-Sector Income ETF | 42.19 | 77.17 | +45% | 39No options | $33M |
| GROW U.S. Global Investors, Inc. | 2.72 | 2.32 | -17% | 45Weak | $33M |
| AFALX Applied Finance Dividend Fund Investor Class | 14.11 | 241.67 | +94% | 39No options | $31M |
| SIXD AllianzIM U.S. Equity 6 Month Buffer10 Jun/Dec ETF | 31.56 | - | - | 19No options | $34M |
| BXLC Bexil Corporation | 60.00 | 322.21 | +81% | 39No options | $31M |
| HERZ Herzfeld Credit Income Fund, Inc. | 15.18 | 48.71 | +69% | 39No options | $31M |
| BMNM Bimini Capital Management, Inc. | 3.00 | 198.76 | +98% | 39No options | $30M |
| GXLM Grayscale Stellar Lumens Trust | 22.74 | - | - | 17No options | $35M |
| MLCI Mount Logan Capital Inc. | 3.17 | 32.60 | +90% | 38No options | $35M |
| RMCO Royalty Management Holding Corporation | 2.35 | 0.1471 | -1497% | 16No options | $36M |
| INOV Innovator Intl Developed Power Buffer ETF | 36.71 | 72.01 | +49% | 39No options | $36M |
⚖ Compare CPST with 7 of them All Financial Services stocks →
Screen 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 same eight-rule screen, 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 CPST
Is CPST undervalued right now?
The GLS models could not value CPST (the company lost money over the last twelve months, EPS -2.26, it pays no dividend and its debts exceed what its assets would fetch), so there is no fair value or margin of safety to compare the price of 28.23 against.
What is the Wheel Score of CPST and what does it mean?
CPST has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for CPST?
None of the nine GLS models produced a positive value for CPST (the company lost money over the last twelve months, EPS -2.26, it pays no dividend and its debts exceed what its assets would fetch), so there is no GLS fair value tonight.
When does Calamos S&P 500 Structured Alt Protection ETF - September report earnings next?
No upcoming earnings date is recorded for CPST in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does CPST have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CPST, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.