RE: CPST
The S&P500 would need to return 5.28% and your return would be 4.68% due to the .69% fee.
I have a different understanding than that after reading the information on Calamos' website.
But first let me thank you for bringing these alternative ETFs to my attention. I'm 73, living off of SS and my investments. I don't think I could stomach a 30 to 40% market pullback again, so I plan on moving a least 20% of my portfolio to structured ETFs.
So, here is my understanding of how it works. Please correct me if I am misunderstanding it.
1. If I understand it correctly, all that matters is the return of SPY from 9/2/2025 through 8/31/2026.
2. The starting price of SPY was 645.05, and the starting price of CPST was $26.53.
3. The maximum cap is earned if SPY is 6.59% higher on 8/31/2026, which would be 687.56. If SPY is at 687.56 or higher then CPST would be valued at $28.10 (starting price of $26.53 plus 5.9% net cap).
4. SPY on the table garygr posted was at 671.71, so to reach the maximum cap, SPY would need to be at 687.56 on 8/31/2026. That would be an increase of approximately 2.4% higher than today. So, my understanding is if SPY was to be 2.4% or more higher than today's 671.71 price on 8/31/2026 then garygr would get the full 4.68% net cap.
5. The shares garygr could have bought today at $26.84, and if SPY is at least 2.4% higher at 687.56 on 8/31/2026, would still be worth the same $28.10 as those someone bought on 9/2/2025. That would calculate as (28.1-26.84)/26.84 a 4.69% net return. I'm slightly off from the 4.68% in the table because I rounded all of the numbers to two decimals.
To summarize, I don't think it matters what price SPY was at today. The Cap Rate shown on the Current Values line is based on the Starting Value of SPY being up by 6.59% on 8/31/2026 and today's value of SPY has no bearing on that percentage. Today's Cap Rate is lower than the Starting Value Cap Rate only because the price of CPST has gone up, regardless of whether the price of SPY has gone up or down since 9/2/2026.
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