ETF Report: CSPF (Cohen & Steers Preferred and Income Opportunities Active ETF)

What this ETF is trying to do

The CSPF ETF is an "active" fund. This means professional managers are making decisions about what to buy and sell inside the fund. It focuses on preferred stocks and other ways to find income for investors.

What the numbers show

As of July 15, 2026, the current price of one share is $26.09. Looking at how the fund has performed over the last year, the price itself went up by about 2.13%. However, when you include the extra money paid out to investors, the "total return" for the year was 7.68%.

To understand how this works, imagine you invested $10,000 into this ETF one year ago. If the price had stayed exactly the same, your $10,000 would still be worth $10,000. But because of the total return, that investment would have grown to a higher value through both price changes and payments.

Income and distribution explanation

This ETF is designed to pay out money regularly. Over the last 12 months, it paid out a total of $1.376 per share. It usually makes these payments every month (12 times a year). The "distribution yield" is 5.27%, which tells you how much income the fund paid relative to its price.

It is important to remember that a high yield alone can be misleading. A high percentage might look good, but you must also look at whether the share price is staying steady or falling.

NAV erosion explanation

"NAV erosion" happens when the value of the underlying assets in an ETF drops, causing the share price to fall over time. If a fund's price collapses from a high number to a much lower number, it can destroy your "principal." Principal is the original money you put in. Even if the fund pays you high income, if the share price drops faster than the payments come in, you could end up with less money than you started with.

In this case, CSPF has an erosion score of 94, which is labeled as "Stable / sideways." This means it does not show signs of severe erosion.

Pros

• The fund has a history of paying monthly income.

• The total return (7.68%) is higher than the price return alone.

• The price appears to be stable rather than collapsing.

Cons

• Like all ETFs, the value can change based on the market.

• You are relying on active managers to make good decisions.

Beginner takeaway

Income investors usually prefer ETFs that go "sideways" (stay at a steady price) or move slightly up. They prefer this because it means their original investment stays safe while they collect the monthly payments. Because CSPF is labeled as stable, it is not showing the dangerous price drops that characterize severe NAV erosion.