Calamos Announces Upside Cap Rates for CPSD and CPNQ: 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: CPSD and CPNQ, tracking the S&P 500 and Nasdaq-100 respectively. Both ETFs offer 100% downside protection over a one-year period from December 2, 2024, to November 28, 2025. CPSD features an upside cap rate of 8.07%, while CPNQ offers 8.67%. Both funds have a 0.69% annual expense ratio and are managed by Co-CIO Eli Pars and the Alternatives Team. The ETFs reset annually, providing new upside caps and protection, with tax-efficient benefits for holdings exceeding one year.
Calamos Investments ha lanciato due nuovi ETF: CPSD e CPNQ, che seguono rispettivamente l'S&P 500 e il Nasdaq-100. Entrambi gli ETF offrono una protezione totale dalle perdite per un periodo di un anno, dal 2 dicembre 2024 al 28 novembre 2025. CPSD presenta un limite di guadagno dell'8.07%, mentre CPNQ offre l'8.67%. Entrambi i fondi hanno un rapporto spese annuale dello 0.69% e sono gestiti dal Co-CIO Eli Pars e dal Team delle Alternative. Gli ETF si ripristinano annualmente, fornendo nuovi limiti di guadagno e protezione, con vantaggi fiscali per le partecipazioni superiori a un anno.
Calamos Investments ha lanzado dos nuevos ETF: CPSD y CPNQ, que rastrean respectivamente el S&P 500 y el Nasdaq-100. Ambos ETF ofrecen una protección completa contra caídas durante un año, desde el 2 de diciembre de 2024 hasta el 28 de noviembre de 2025. CPSD cuenta con un límite de ganancia del 8.07%, mientras que CPNQ ofrece un 8.67%. Ambos fondos tienen un coeficiente de gastos anuales del 0.69% y son gestionados por el Co-CIO Eli Pars y el equipo de Alternativas. Los ETF se reinician anualmente, proporcionando nuevos límites de ganancia y protección, con beneficios fiscales para las participaciones que superen un año.
Calamos Investments는 새로운 ETF 두 개, CPSD와 CPNQ를 출시했습니다. 이 ETF는 각각 S&P 500과 Nasdaq-100을 추적합니다. 두 ETF 모두 2024년 12월 2일부터 2025년 11월 28일까지의 1년 동안 100% 하락 보호를 제공합니다. CPSD는 8.07%의 상승 제한을 가지고 있으며, CPNQ는 8.67%의 상승 제한을 제공합니다. 두 펀드는 연간 0.69%의 경비 비율을 가지고 있으며, Co-CIO Eli Pars와 대안팀에서 관리합니다. ETF는 매년 리셋되어 새로운 상승 제한과 보호를 제공하며, 1년을 초과하는 보유에 대해 세금 효율적인 혜택이 있습니다.
Calamos Investments a lancé deux nouveaux ETF : CPSD et CPNQ, qui suivent respectivement le S&P 500 et le Nasdaq-100. Les deux ETF offrent une protection complète contre les baisses sur une période d'un an, du 2 décembre 2024 au 28 novembre 2025. CPSD dispose d'un taux de plafond à la hausse de 8.07%, tandis que CPNQ offre 8.67%. Les deux fonds ont un ratio de frais annuels de 0.69% et sont gérés par le Co-CIO Eli Pars et l'équipe des Alternatives. Les ETF sont réinitialisés chaque année, fournissant de nouveaux plafonds à la hausse et une protection, avec des avantages fiscaux pour les participations dépassant un an.
Calamos Investments hat zwei neue ETFs gestartet: CPSD und CPNQ, die jeweils den S&P 500 und den Nasdaq-100 nachverfolgen. Beide ETFs bieten 100% Verlustschutz für einen Zeitraum von einem Jahr, vom 2. Dezember 2024 bis zum 28. November 2025. CPSD hat eine Obergrenze für die Rendite von 8.07%, während CPNQ 8.67% bietet. Beide Fonds haben eine jährliche Ausgabenquote von 0.69% und werden von Co-CIO Eli Pars und dem Alternatives Team verwaltet. Die ETFs werden jährlich zurückgesetzt, um neue Obergrenzen und Schutz zu bieten, mit steuerlichen Vorteilen für Bestände, die länger als ein Jahr gehalten werden.
- 100% downside protection against market losses over the one-year outcome period
- Tax-efficient structure with potential for long-term capital gains treatment
- Monthly entry points available for investors
- CPNQ offers higher upside potential with 8.67% cap rate compared to CPSD's 8.07%
- Upside potential is capped at 8.07% for CPSD and 8.67% for CPNQ
- 0.69% expense ratio may be higher than traditional index ETFs
- Protection only applies if held for the full outcome period
Insights
The launch of CPSD and CPNQ represents a significant innovation in the ETF space, offering unique downside protection features that could reshape portfolio risk management. The 8.07% and 8.67% upside cap rates for S&P 500 and Nasdaq-100 exposure respectively, combined with 100% downside protection, present an attractive risk-reward profile in the current market environment.
The
- The Calamos S&P 500® Structured Alt Protection ETF™ -- December (CPSD) has announced an upside cap rate of
8.07% over its one-year outcome period following its launch on December 2, 2024. - The Calamos Nasdaq-100® Structured Alt Protection ETF™ -- December (CPNQ) has announced an upside cap rate of
8.67% over its one-year outcome period following its launch on December 2, 2024. - The Calamos Structured Protection ETF™ suite combines Calamos' decades-long alternatives, risk management and options investing expertise with the liquid, cost-effective and tax-efficient ETF structure.
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™ -- December (CPSD) | |
Cap Rate | 8.07 % |
Outcome Period | 1 Year: 12/2/2024 to 11/28/2025 |
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™ – December (CPNQ) | |
Cap Rate | 8.67 % |
Outcome Period | 1 Year: 12/2/2024 to 11/28/2025 |
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.
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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
© 2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments
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FAQ
What are the upside cap rates for CPSD and CPNQ ETFs?
How much downside protection do CPSD and CPNQ offer?
What is the expense ratio for Calamos Structured Protection ETFs?
When do CPSD and CPNQ reset their protection period?
