Morphological, anatomical and physiological frond traits of Cheilanthes persica (Bory) Mett. ex Kuhn were studied to analyze its adaptive strategy. Mean frond life span is about 340 d. Mature fronds are characterized by 91 g m-2 areal dry mass (ADM) and 217 g m-2 succulence. The reduction of frond water content in July (dehydration phase) caused a 51 % decrease in frond surface area (SA). Fronds were dry in August (desiccation phase); nevertheless, in September they showed an increased SA (rehydration phase). Chlorophyll (Chl) a/b ratio, above 3, and the well developed palisade parenchyma (two layers, total thickness of 103.9 µm) are typical for sun leaves. Chl and carotenoid contents and net photosynthetic rate (PN) increased during frond development until the highest values in April-May (maturity phase). When mean air temperature reached 31.3 °C, stomatal conductance (gs) decreased by 34 % and PN by 33 %. The high pigment contents can dissipate the excess of radiant energy, particularly under unfavourable conditions, when PN is low. Rather high PN was found during the rehydration stage. The pronounced decline of mesophyll activity during the declining phase was confirmed by the lowest PN. and L. Gratani, M. F. Crescente, G. Rossi.