Calamos Announces Upside Cap Ranges for Upcoming Structured Protection ETFs Providing Exposure to S&P 500 and Russell 2000 with 100% Downside Protection Over One Year
Calamos Investments has announced estimated upside cap ranges for two upcoming Structured Protection ETFs: Calamos S&P 500® Structured Alt Protection ETF™ – October (CPSO) and Calamos Russell 2000® Structured Alt Protection ETF™ – October (CPRO). These ETFs offer 100% downside-protected exposure to their respective indexes over a one-year outcome period, before fees and expenses.
Key details:
- CPSO: Estimated upside cap range of 6.69% - 7.42%
- CPRO: Estimated upside cap range of 8.24% - 9.16%
- Both ETFs have a one-year outcome period from 10/1/2024 to 9/30/2025
- Annual expense ratio: 0.69%
- Portfolio managed by Co-CIO Eli Pars and the Alternatives Team
These ETFs reset annually, offering new upside caps with refreshed protection against negative returns. They can provide tax benefits if held longer than one year.
Calamos Investments ha annunciato intervalli stimati di limitazione del guadagno per due prossimi ETF di Protezione Strutturata: Calamos S&P 500® Structured Alt Protection ETF™ – Ottobre (CPSO) e Calamos Russell 2000® Structured Alt Protection ETF™ – Ottobre (CPRO). Questi ETF offrono un'esposizione protetta al ribasso del 100% ai rispettivi indici per un periodo di esito di un anno, prima di commissioni e spese.
Dettagli chiave:
- CPSO: intervallo stimato di limitazione del guadagno del 6,69% - 7,42%
- CPRO: intervallo stimato di limitazione del guadagno del 8,24% - 9,16%
- Entrambi gli ETF hanno un periodo di esito di un anno dal 01/10/2024 al 30/09/2025
- Rapporto annuale delle spese: 0,69%
- Portafoglio gestito dal Co-CIO Eli Pars e dal team di Alternative
Questi ETF si ripristinano annualmente, offrendo nuovi limiti di guadagno con una protezione rinnovata contro i rendimenti negativi. Possono fornire vantaggi fiscali se detenuti per più di un anno.
Calamos Investments ha anunciado rangos de límite de rentabilidad estimados para dos próximos ETFs de Protección Estructurada: Calamos S&P 500® Structured Alt Protection ETF™ – Octubre (CPSO) y Calamos Russell 2000® Structured Alt Protection ETF™ – Octubre (CPRO). Estos ETFs ofrecen una exposición 100% protegida a la baja a sus respectivos índices durante un período de resultado de un año, antes de tarifas y gastos.
Detalles clave:
- CPSO: rango estimado de límite de rentabilidad del 6,69% - 7,42%
- CPRO: rango estimado de límite de rentabilidad del 8,24% - 9,16%
- Ambos ETFs tienen un período de resultado de un año del 01/10/2024 al 30/09/2025
- Ratio anual de gastos: 0,69%
- Portafolio gestionado por el Co-CIO Eli Pars y el equipo de Alternativas
Estos ETFs se reinician anualmente, ofreciendo nuevos límites de rentabilidad con protección renovada contra rendimientos negativos. Pueden proporcionar beneficios fiscales si se mantienen por más de un año.
칼라모스 인베스트먼트는 두 개의 예정된 구조화 보호 ETF에 대한 추정된 상승 한도 범위를 발표했습니다: Calamos S&P 500® Structured Alt Protection ETF™ – 10월 (CPSO) 및 Calamos Russell 2000® Structured Alt Protection ETF™ – 10월 (CPRO). 이 ETF는 관련 지수에 대해 1년 결과 기간 동안 100% 하방 보호된 노출을 제공합니다. 단, 수수료 및 비용 전입니다.
주요 세부사항:
- CPSO: 추정 상승 한도 범위 6.69% - 7.42%
- CPRO: 추정 상승 한도 범위 8.24% - 9.16%
- 두 ETF는 2024년 10월 1일부터 2025년 9월 30일까지 1년 결과 기간을 가지고 있습니다.
- 연간 비용 비율: 0.69%
- 포트폴리오는 Co-CIO Eli Pars와 대안 팀이 관리합니다.
이 ETF는 매년 초기화되어 부정적인 수익에 대한 새롭고 갱신된 보호와 함께 새로운 상승 한도를 제공합니다. 1년 이상 보유할 경우 세금 혜택을 제공할 수 있습니다.
Calamos Investments a annoncé des fourchettes de plafond de hausse estimées pour deux ETFs de Protection Structurée à venir : Calamos S&P 500® Structured Alt Protection ETF™ – Octobre (CPSO) et Calamos Russell 2000® Structured Alt Protection ETF™ – Octobre (CPRO). Ces ETFs offrent une exposition protégée à la baisse à 100% à leurs indices respectifs sur une période de résultat d'un an, avant frais et charges.
Détails clés :
- CPSO : fourchette estimée de plafond de hausse de 6,69% - 7,42%
- CPRO : fourchette estimée de plafond de hausse de 8,24% - 9,16%
- Les deux ETFs ont une période de résultat d'un an du 01/10/2024 au 30/09/2025
- Taux de frais annuels : 0,69%
- Portefeuille géré par le Co-CIO Eli Pars et l'équipe des Alternatives
Ces ETFs se réinitialisent chaque année, offrant de nouveaux plafonds de hausse avec une protection renouvelée contre les rendements négatifs. Ils peuvent offrir des avantages fiscaux s'ils sont détenus pendant plus d'un an.
Calamos Investments hat geschätzte upside-Kappenkorridore für zwei bevorstehende strukturierte Schutz-ETFs bekannt gegeben: Calamos S&P 500® Structured Alt Protection ETF™ – Oktober (CPSO) und Calamos Russell 2000® Structured Alt Protection ETF™ – Oktober (CPRO). Diese ETFs bieten 100% downside-geschützte Anteile an ihren jeweiligen Indizes über einen einjährigen Ergebniszeitraum, bevor Gebühren und Ausgaben berücksichtigt werden.
Wichtige Details:
- CPSO: Geschätzter upside-Kappenkorridor von 6,69% - 7,42%
- CPRO: Geschätzter upside-Kappenkorridor von 8,24% - 9,16%
- Beide ETFs haben einen einjährigen Ergebniszeitraum vom 01.10.2024 bis 30.09.2025
- Jährliche Kostenquote: 0,69%
- Das Portfolio wird von Co-CIO Eli Pars und dem Alternativteam geleitet
Diese ETFs werden jährlich zurückgesetzt und bieten neue upside-Kappen mit aktualisiertem Schutz vor negativen Erträgen. Sie können steuerliche Vorteile bieten, wenn sie länger als ein Jahr gehalten werden.
- 100% downside protection for both ETFs over the one-year outcome period
- Attractive upside cap ranges: 6.69% - 7.42% for CPSO and 8.24% - 9.16% for CPRO
- Potential tax benefits with gains growing tax-deferred at long-term capital gains rates if held longer than one year
- Annual reset feature offering new upside caps and refreshed protection
- Annual expense ratio of 0.69% for both ETFs
- Upside potential is capped, limiting gains in strongly bullish markets
Insights
The launch of Calamos' Structured Protection ETFs presents an intriguing option for risk-averse investors seeking market exposure with downside protection. The 6.69% - 7.42% cap range for CPSO and 8.24% - 9.16% for CPRO offer modest upside potential in exchange for full downside protection. This structure could appeal to investors concerned about market volatility, but it's important to note that these caps may underperform in strong bull markets.
The 0.69% expense ratio is relatively high for ETFs, potentially eating into returns. However, the tax-efficient structure, with gains growing tax-deferred and potentially qualifying for long-term capital gains rates, could offset some of these costs. Investors should carefully weigh the trade-off between protection and potential returns, considering their risk tolerance and market outlook.
Calamos' introduction of these Structured Protection ETFs reflects a growing trend in the ETF market towards more sophisticated, risk-managed products. The monthly entry points offer flexibility, potentially attracting investors who want to time their market entry. The 100% downside protection is a standout feature, differentiating these products in a crowded ETF landscape.
However, the success of these ETFs will largely depend on market conditions. In sideways or moderately bullish markets, they could outperform traditional index ETFs. But in strongly bullish periods, the upside caps could lead to significant underperformance. The products' appeal may also vary with market sentiment - during periods of high uncertainty, demand could increase as investors seek 'safer' options for equity exposure.
- The Calamos S&P 500® Structured Alt Protection ETF™ – October (CPSO) has an estimated upside cap range of
6.69% -7.42% over the one-year outcome period following its launch on October 1, 2024. - The Calamos Russell 2000® Structured Alt Protection ETF™ – October (CPRO) has an estimated upside cap range of
8.24% -9.16% over the one-year outcome period following its launch on October 1, 2024.
METRO
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.
Calamos S&P 500® Structured Alt Protection ETF™ – October (CPSO) | |
Cap Range | Estimated |
Outcome Period | 1 Year: 10/1/2024 to 9/30/2025 |
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 –October |
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 Russell 2000® Structured Alt Protection ETF™ – October (CPRO) | |
Cap Range | Estimated |
Outcome Period | 1 Year: 10/1/2024 to 9/30/2025 |
Reference Asset | Price return of the iShares Russell 2000® ETF (IWM), based on the Russell 2000® Index |
Structured Protection | |
Annual Expense Ratio | 0.69 % |
Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Benchmarks | Russell 2000® Index, Price Return MerQube Capital Protected US Small Cap Index – October |
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 ETFs™.
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.
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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.
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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 ("CAL"). S&P® and S&P 500® 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"). Calamos S&P 500 Structured Protection ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.
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FAQ
What are the upside cap ranges for Calamos' new Structured Protection ETFs launching on October 1, 2024?
What level of downside protection do the Calamos Structured Protection ETFs offer?
What is the annual expense ratio for Calamos' new Structured Protection ETFs?
How often do the Calamos Structured Protection ETFs reset?
