Calamos Announces Launch and Upside Cap Rates for CPST and CPNS: Structured Protection ETFs Providing Exposure to S&P 500 and Nasdaq-100 with 100% Downside Protection Over One Year
Calamos Investments has launched two new ETFs: Calamos S&P 500® Structured Alt Protection ETF – September (CPST) and Calamos Nasdaq-100® Structured Alt Protection ETF – September (CPNS). These ETFs offer 100% downside protection to their respective indexes over a one-year outcome period, with attractive upside cap rates. CPST has an upside cap rate of 7.50%, while CPNS offers 8.35%.
These launches expand Calamos' Structured Protection ETF series, providing monthly entry points to capital-protected growth strategies for major US equity benchmarks. The ETFs reset annually, offering new upside caps and refreshed protection. They also provide potential tax benefits, with gains growing tax-deferred at long-term capital gains rates if held longer than one year.
Calamos Investments ha lanciato due nuovi ETF: Calamos S&P 500® Structured Alt Protection ETF – Settembre (CPST) e Calamos Nasdaq-100® Structured Alt Protection ETF – Settembre (CPNS). Questi ETF offrono protezione totale al ribasso sui rispettivi indici per un periodo di risultato di un anno, con tassi di cap al rialzo attraenti. CPST ha un tasso di cap al rialzo di 7,50%, mentre CPNS offre 8,35%.
Questi lanci ampliano la serie di ETF Structured Protection di Calamos, fornendo punti di ingresso mensili per strategie di crescita con protezione del capitale su importanti benchmark azionari statunitensi. Gli ETF si ripristinano annualmente, offrendo nuovi cap al rialzo e una protezione rinnovata. Offrono inoltre potenziali vantaggi fiscali, con i guadagni che crescono esenti da tasse a tassi di guadagni in conto capitale a lungo termine se detenuti per più di un anno.
Calamos Investments ha lanzado dos nuevos ETF: Calamos S&P 500® Structured Alt Protection ETF – Septiembre (CPST) y Calamos Nasdaq-100® Structured Alt Protection ETF – Septiembre (CPNS). Estos ETF ofrecen protección total a la baja sobre sus respectivos índices durante un periodo de resultado de un año, con atractivas tasas máximas de aumento. CPST tiene una tasa máxima de aumento de 7.50%, mientras que CPNS ofrece 8.35%.
Estos lanzamientos expanden la serie de ETF de Protección Estructurada de Calamos, proporcionando puntos de entrada mensuales a estrategias de crecimiento protegidas de capital para los principales índices de acciones de EE. UU. Los ETF se restablecen anualmente, ofreciendo nuevos límites de ganancias y protección renovada. También proporcionan beneficios fiscales potenciales, ya que las ganancias crecen sin impuestos a tasas de ganancias de capital a largo plazo si se mantienen durante más de un año.
칼라모스 인베스트먼트가 두 개의 새로운 ETF를 출시했습니다: 칼라모스 S&P 500® 구조적 대체 보호 ETF - 9월 (CPST)와 칼라모스 나스닥-100® 구조적 대체 보호 ETF - 9월 (CPNS). 이 ETF들은 각각의 지수에 대해 100% 하방 보호를 제공하며, 1년의 성과 기간 동안 매력적인 상승 한도율을 제공합니다. CPST의 상승 한도율은 7.50%이고, CPNS는 8.35%를 제공합니다.
이번 출시로 칼라모스의 구조적 보호 ETF 시리즈가 확대되어, 주요 미국 주식 벤치마크에 대한 자본 보호 성장 전략에 대한 월별 진입점을 제공합니다. 이 ETF는 매년 재설정되어 새로운 상승 한도와 갱신된 보호를 제공합니다. 또한 장기 자본 이득 세율로 세금이 연기되는 이점이 있어 1년 이상 보유하면 세금 면제 혜택을 받을 수 있습니다.
Calamos Investments a lancé deux nouveaux ETF : Calamos S&P 500® Structured Alt Protection ETF – Septembre (CPST) et Calamos Nasdaq-100® Structured Alt Protection ETF – Septembre (CPNS). Ces ETF offrent 100% de protection à la baisse pour leurs indices respectifs sur une période de résultat d'un an, avec des plafonds attrayants. CPST a un plafond de hausse de 7,50%, tandis que CPNS offre 8,35%.
Ces lancements élargissent la série d'ETF de Protection Structurée de Calamos, offrant des points d'entrée mensuels pour des stratégies de croissance protégées du capital sur des indices boursiers américains majeurs. Les ETF se réinitialisent chaque année, offrant de nouveaux plafonds de hausse et une protection renouvelée. Ils offrent également des avantages fiscaux potentiels, avec des gains croissant sans imposition aux taux des gains en capital à long terme s'ils sont conservés pendant plus d'un an.
Calamos Investments hat zwei neue ETFs auf den Markt gebracht: Calamos S&P 500® Structured Alt Protection ETF – September (CPST) und Calamos Nasdaq-100® Structured Alt Protection ETF – September (CPNS). Diese ETFs bieten 100% Schutz nach unten für ihre jeweiligen Indizes über einen Zeitraum von einem Jahr, mit attraktiven Aufwärts-Obergrenzen. CPST hat eine Obergrenze von 7,50%, während CPNS 8,35% bietet.
Diese Einführungen erweitern die Serie der Structured Protection ETFs von Calamos und bieten monatliche Einstiegsmöglichkeiten für kapitalgeschützte Wachstumsstrategien bei wichtigen US-Aktienbenchmarks. Die ETFs werden jährlich zurückgesetzt, wobei neue Obergrenzen und aktualisierter Schutz angeboten werden. Sie bieten auch potenzielle Steuervorteile, da Gewinne steuerfrei wachsen, wenn sie länger als ein Jahr gehalten werden, zu den Sätzen für langfristige Kapitalgewinne.
- Launch of two new ETFs offering 100% downside protection
- Attractive upside cap rates: 7.50% for CPST and 8.35% for CPNS
- Potential tax benefits with gains taxed at long-term capital gains rates if held over a year
- Monthly entry points for capital-protected growth strategies
- Annual reset of ETFs offering new upside caps and refreshed protection
- Annual expense ratio of 0.69% for both ETFs
Insights
The launch of CPST and CPNS represents a significant expansion in Calamos' ETF offerings, targeting risk-averse investors seeking downside protection. With 100% downside protection and upside caps of
Calamos' timing for these launches is strategic, coinciding with historically volatile September markets and looming economic uncertainties. The products cater to a growing demand for downside protection amidst market turbulence, potentially capturing a significant market share. The monthly entry points offer flexibility, which could appeal to advisors implementing dollar-cost averaging strategies. The focus on major indices (S&P 500® and Nasdaq-100®) ensures broad market appeal. However, the success of these ETFs will largely depend on market performance; in sideways or slightly positive markets, they could outperform traditional index funds, but may underperform in strongly bullish scenarios due to the upside caps. The product's complexity might require additional education for retail investors, potentially impacting adoption rates.
These Structured Protection ETFs offer an intriguing risk management tool for portfolio construction. The 100% downside protection can serve as a hedge against market volatility, potentially replacing or complementing traditional protective put strategies. The capped upside (
- The Calamos S&P 500® Structured Alt Protection ETF™ – September (CPST) has announced an upside cap rate of
7.50% over its one-year outcome period following its launch on September 3, 2024. - The Calamos Nasdaq-100® Structured Alt Protection ETF™ – September (CPNS) has announced an upside cap rate of
8.35% over its one-year outcome period following its launch on September 3, 2024.
METRO
"We are pleased to expand our line-up with CPST and CPNS," said John Koudounis, President and CEO of Calamos Investments. "Performance through recent market volatility demonstrated the ability of our Structured Protection ETFs to preserve investor capital while capturing market upside potential. We are delivering value to our clients, particularly as we enter the historically choppy month of September coupled with election and interest rate uncertainty on the horizon."
Calamos' Structured Protection ETF series is the most comprehensive of its kind, offering financial advisors and investors entry points each month to capital-protected growth strategies to the leading US equity benchmarks over one-year outcome periods. The suite is the logical product line extension of an asset manager that has been utilizing its options investing expertise in engineering alternative investment strategies with a focus on risk management for nearly 50 years, now provided with the simplicity, transparency, and tax efficiency benefits of an ETF.
Calamos S&P 500® Structured Alt Protection ETF™ – September (CPST) | |
Cap Rate | 7.50 % |
Outcome Period | 1 Year: 9/03/2024 to 8/29/2025 |
Reference Asset | Price return of the SPDR® S&P 500® ETF Trust (SPY), based on the S&P 500® Index |
Structured Protection | |
Annual Expense Ratio | 0.69 % |
Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Benchmarks | S&P 500® Index, Price Return MerQube Capital Protected US Large Cap Index –September |
Tax Application | Gains in an ETF grow tax-deferred and will be taxed at long-term capital gain rates if held longer than one year |
Calamos Nasdaq-100® Structured Alt Protection ETF™ – September (CPNS) | |
Cap Rate | 8.35 % |
Outcome Period | 1 Year: 9/03/2024 to 8/29/2025 |
Reference Asset | Price return of Invesco QQQ Trust, Series 1, based on the Nasdaq-100® Index |
Structured Protection | |
Annual Expense Ratio | 0.69 % |
Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Benchmarks | Nasdaq-100® Index, Price Return MerQube Capital Protected US Large Cap Tech Index – September |
Tax Application | Gains in an ETF grow tax-deferred and will be taxed at long-term capital gain rates if held longer than one year |
Structured Protection ETFs™ reset annually, offering investors a new upside cap with refreshed protection against negative returns of the benchmark over the subsequent 12-month period. If shares are held longer than one year, they can deliver significant tax alpha as potential gains will grow tax-deferred at long-term capital gains rates and can be held indefinitely.
Learn more about the full suite of Calamos Structured Protection ETFsTM.
About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies, including alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity. With
The information in each fund's prospectus and statement of additional information) is not complete and may be changed. We may not sell the securities of any fund until such fund's registration statement filed with the Securities and Exchange Commission is effective. Each fund's prospectus and statement of additional information is not an offer to sell such fund's securities and is not soliciting an offer to buy such fund's securities in any state where the offer or sale is not permitted.
Before investing, carefully consider the fund's investment objectives, risks, and charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
Calamos Investments LLC, referred to herein Calamos is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, clearing member default risk, correlation risk, derivatives risk, equity securities risk, investment timing risk, large-capitalization investing risk, liquidity risk, market maker risk, market risk, non-diversification risk, options risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, underlying ETF risk and valuation risk. For a detailed list of fund risks see the prospectus.
There are no assurances the Fund(s) will be successful in providing the sought-after protection. The outcomes that the Fund(s) seeks to provide may only be realized if you are holding shares on the first day of the outcome period and continue to hold them on the last day of the outcome period, approximately one year. There is no guarantee that the outcomes for an outcome period will be realized or that the Fund(s) will achieve its investment objective. If the outcome period has begun and the underlying ETF has increased in value, any appreciation of the Fund(s) by virtue of increases in the underlying ETF since the commencement of the outcome period will not be protected by the sought-after protection, and an investor could experience losses until the underlying ETF returns to the original price at the commencement of the outcome period. Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the fund(s) for the outcome period, before fees and expenses. If the outcome period has begun and the Fund(s) have increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one outcome period to the next. The Cap, and the Fund(s) position relative to it, should be considered before investing in the Fund(s). The Fund(s) website, www.calamos.com, provides important Fund information as well information relating to the potential outcomes of an investment in the Fund(s) on a daily basis.
The Fund(s) are designed to provide point-to-point exposure to the price return of the reference asset via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the reference asset during the interim period. Investors purchasing shares after an outcome period has begun may experience very different results than fund's investment objective. Initial outcome periods are approximately 1-year beginning on the fund's inception date. Following the initial outcome period, each subsequent outcome period will begin on the first day of the month the fund was incepted. After the conclusion of an outcome period, another will begin.
FLEX Options Risk – The Fund(s) will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund(s) could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund(s) may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset. Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemable from the fund. NAV represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day. Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where fund shares are listed.
Cap Rate – Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.
Cap Range – Cap ranges are based on the last 15 trading days prior to range announcement, based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events.
Protection Level – Amount of protection the Fund is designed to achieve over the Days Remaining.
Outcome Period – Number of days in the Outcome Period.
The "S&P 500®" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Calamos Advisors LLC ("Calamos Advisors"). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Calamos Advisors LLC ("Calamos Advisors"). It is not possible to invest directly in an index. Calamos S&P 500® Structured Protection ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Calamos S&P 500® Structured Protection ETFs or any member of the public regarding the advisability of investing in securities generally or in Calamos S&P 500® Structured Protection ETFs particularly or the ability of the "S&P 500®" to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Calamos Advisors LLC ("Calamos Advisors") with respect to the "S&P 500®" is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The "S&P 500®" is determined, composed and calculated by S&P Dow Jones Indices without regard to Calamos Advisors LLC ("Calamos Advisors") or the Calamos S&P 500® Structured Protection ETFs. S&P Dow Jones Indices has no obligation to take the needs of Calamos Advisors LLC ("Calamos Advisors") or the owners of Calamos S&P 500® Structured Protection ETFs into consideration in determining, composing or calculating the "S&P 500®". S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Calamos S&P 500® Structured Protection ETFs. There is no assurance that investment products based on the "S&P 500®" will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor.
© 2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
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FAQ
What are the upside cap rates for CPST and CPNS ETFs launched by Calamos?
What level of downside protection do the new Calamos Structured Protection ETFs offer?
When do the outcome periods for CPST and CPNS begin and end?
What is the annual expense ratio for the new Calamos Structured Protection ETFs?
