Calamos Announces Upside Cap Ranges for Upcoming Structured Protection ETFs Providing Exposure to S&P 500 and Nasdaq-100 with 100% Downside Protection Over One Year
Calamos Investments has announced estimated upside cap ranges for two new Structured Protection ETFs launching on March 3, 2025. The S&P 500® Structured Alt Protection ETF (CPSR) offers a cap range of 7.29%-7.65%, while the Nasdaq-100® Structured Alt Protection ETF (CPNM) provides a cap range of 8.00%-8.26%. Both ETFs feature 100% downside protection over a one-year outcome period.
Key features include an annual expense ratio of 0.69% for both funds, tax-deferred growth potential with long-term capital gains treatment if held longer than one year, and annual resets offering new upside caps with refreshed protection. The ETFs are managed by Co-CIO Eli Pars and the Alternatives Team, tracking the price returns of their respective benchmark indexes (SPY for CPSR and QQQ for CPNM).
Calamos Investments ha annunciato le stime dei limiti di guadagno per due nuovi ETF di Protezione Strutturata che saranno lanciati il 3 marzo 2025. L'ETF di Protezione Alternativa Strutturata S&P 500® (CPSR) offre un range di limite di guadagno del 7,29%-7,65%, mentre l'ETF di Protezione Alternativa Strutturata Nasdaq-100® (CPNM) fornisce un range di limite di guadagno dell'8,00%-8,26%. Entrambi gli ETF offrono una protezione totale al ribasso per un periodo di risultato di un anno.
Le caratteristiche principali includono un rapporto di spesa annuale dello 0,69% per entrambi i fondi, potenziale di crescita senza tassazione con trattamento delle plusvalenze a lungo termine se mantenuti per più di un anno, e reset annuali che offrono nuovi limiti di guadagno con protezione rinnovata. Gli ETF sono gestiti dal Co-CIO Eli Pars e dal Team delle Alternative, seguendo i rendimenti dei prezzi dei rispettivi indici di riferimento (SPY per CPSR e QQQ per CPNM).
Calamos Investments ha anunciado los rangos estimados de límite de ganancias para dos nuevos ETF de Protección Estructurada que se lanzarán el 3 de marzo de 2025. El ETF de Protección Alternativa Estructurada S&P 500® (CPSR) ofrece un rango de límite de ganancias del 7,29%-7,65%, mientras que el ETF de Protección Alternativa Estructurada Nasdaq-100® (CPNM) proporciona un rango de límite de ganancias del 8,00%-8,26%. Ambos ETF cuentan con una protección total a la baja durante un período de resultados de un año.
Las características clave incluyen una relación de gastos anual del 0,69% para ambos fondos, potencial de crecimiento diferido de impuestos con tratamiento de ganancias de capital a largo plazo si se mantienen por más de un año, y reajustes anuales que ofrecen nuevos límites de ganancias con protección renovada. Los ETF son gestionados por el Co-CIO Eli Pars y el equipo de Alternativas, siguiendo los rendimientos de precios de sus respectivos índices de referencia (SPY para CPSR y QQQ para CPNM).
Calamos Investments는 2025년 3월 3일에 출시될 두 개의 새로운 구조화 보호 ETF에 대한 예상 상승 한도를 발표했습니다. S&P 500® 구조화 대체 보호 ETF (CPSR)는 7.29%-7.65%의 한도 범위를 제공하며, Nasdaq-100® 구조화 대체 보호 ETF (CPNM)는 8.00%-8.26%의 한도 범위를 제공합니다. 두 ETF 모두 1년 결과 기간 동안 100%의 하방 보호를 제공합니다.
주요 특징으로는 두 펀드 모두에 대해 연간 비용 비율이 0.69%이며, 1년 이상 보유할 경우 장기 자본 이득 처리가 가능한 세금 연기 성장 잠재력과 새로운 상승 한도와 갱신된 보호를 제공하는 연간 리셋이 포함됩니다. ETF는 Co-CIO Eli Pars와 대체 투자 팀에 의해 관리되며, 각각의 벤치마크 지수(SPY는 CPSR, QQQ는 CPNM)의 가격 수익률을 추적합니다.
Calamos Investments a annoncé les plages de limite de hausse estimées pour deux nouveaux ETF de Protection Structurée qui seront lancés le 3 mars 2025. L'ETF de Protection Alternative Structurée S&P 500® (CPSR) offre une plage de limite de hausse de 7,29%-7,65%, tandis que l'ETF de Protection Alternative Structurée Nasdaq-100® (CPNM) fournit une plage de limite de hausse de 8,00%-8,26%. Les deux ETF offrent une protection totale à la baisse sur une période de résultat d'un an.
Les caractéristiques clés incluent un ratio de dépenses annuelles de 0,69% pour les deux fonds, un potentiel de croissance différée d'impôt avec un traitement des plus-values à long terme si détenu pendant plus d'un an, et des réinitialisations annuelles offrant de nouvelles limites de hausse avec une protection renouvelée. Les ETF sont gérés par le Co-CIO Eli Pars et l'équipe des Alternatives, suivant les rendements des prix de leurs indices de référence respectifs (SPY pour CPSR et QQQ pour CPNM).
Calamos Investments hat die geschätzten Aufwärtsgrenzen für zwei neue Strukturierte Schutz-ETFs bekannt gegeben, die am 3. März 2025 auf den Markt kommen. Der S&P 500® Strukturierte Alternativschutz ETF (CPSR) bietet einen Aufwärtsgrenzenbereich von 7,29%-7,65%, während der Nasdaq-100® Strukturierte Alternativschutz ETF (CPNM) einen Aufwärtsgrenzenbereich von 8,00%-8,26% bereitstellt. Beide ETFs bieten 100% Schutz nach unten über einen Zeitraum von einem Jahr.
Zu den wichtigsten Merkmalen gehören eine jährliche Kostenquote von 0,69% für beide Fonds, steuerlich aufgeschobenes Wachstumspotenzial mit Behandlung von langfristigen Kapitalgewinnen, wenn sie länger als ein Jahr gehalten werden, und jährliche Neuausrichtungen, die neue Aufwärtsgrenzen mit aktualisiertem Schutz bieten. Die ETFs werden von Co-CIO Eli Pars und dem Alternatives Team verwaltet und verfolgen die Preisrenditen ihrer jeweiligen Benchmark-Indizes (SPY für CPSR und QQQ für CPNM).
- 100% downside protection against market losses over one-year holding period
- Tax-efficient structure with tax-deferred growth potential
- Annual reset feature providing new upside opportunities
- Relatively attractive upside cap ranges (7.29%-7.65% for CPSR, 8.00%-8.26% for CPNM)
- Upside potential is capped, limiting gains in strong bull markets
- High expense ratio of 0.69% compared to traditional index ETFs
- Protection only applies if held for the full one-year outcome period
Insights
These new structured protection ETFs represent a significant innovation in the risk-managed investment space, offering a compelling value proposition for risk-averse investors. The products' design addresses a critical market need: providing defined outcome exposure to major indices with complete downside protection.
The upside caps of
Several key features distinguish these products:
- Monthly entry points provide unprecedented flexibility for tactical allocation timing
- The tax treatment is highly efficient, with gains growing tax-deferred and qualifying for long-term capital gains rates after one year
- The annual reset feature allows for dynamic adjustment to market conditions while maintaining protection
The structure's mechanics involve using options strategies to provide the downside protection, effectively creating a "floor" at the initial investment level while allowing for capped upside participation. This approach is particularly relevant in the current market environment where investors are seeking ways to maintain equity exposure while managing downside risk.
The
These products are likely to appeal to several investor segments, including those approaching retirement who need growth but can't risk significant losses, institutional investors looking for efficient downside protection, and advisors seeking to provide clients with defined-outcome solutions. The combination of complete downside protection, tax efficiency, and liquid ETF format makes these products unique in the structured product landscape.
- The Calamos S&P 500® Structured Alt Protection ETF® – March (CPSR) has an estimated upside cap range
7.29% -7.65% over the one-year outcome period following its launch on March 3, 2025. - Calamos Nasdaq-100® Structured Alt Protection ETF® – March (CPNM), has an estimated upside cap range of
8.00% -8.26% over the one-year outcome period following its launch on March 3, 2025.
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® – March (CPSR) | |
Cap Range | Estimated |
Outcome Period | 1 Year: 3/3/2025 to 2/27/26 |
Reference Asset | Price return of the SPDR® S&P 500® ETF Trust (SPY), based |
Structured Protection |
|
Annual Expense Ratio | 0.69 % |
Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Benchmarks | S&P 500® Index, Price Return |
Tax Application | Gains in an ETF grow tax-deferred and will be taxed at long- |
Calamos Nasdaq-100® Structured Alt Protection ETF® – March (CPNM) | |
Cap Range | Estimated |
Outcome Period | 1 Year: 3/3/2025 to 2/27/26 |
Reference Asset | Price return of Invesco QQQ Trust, Series 1, based on the |
Structured Protection |
|
Annual Expense Ratio | 0.69 % |
Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Benchmarks | Nasdaq-100® Index, Price Return |
Tax Application | Gains in an ETF grow tax-deferred and will be taxed at long- |
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 over
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.
Nasdaq® and Nasdaq-100 are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Calamos Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Fund(s).
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.
Calamos Financial Services LLC, Distributor
© 2025 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
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