Calamos Announces Upside Cap Range for Upcoming S&P 500® Structured Alt Protection ETF™ -- May (CPSM) Reset Providing Renewed 100% Downside Protection Over One Year
Calamos Investments has announced the upcoming reset of its S&P 500® Structured Alt Protection ETF™ — May (CPSM), scheduled for May 1, 2025. The ETF will offer investors an estimated upside cap range of 6.88% - 7.45% while providing 100% downside protection against negative S&P 500 returns over a one-year outcome period.
The ETF tracks the price return of the SPDR® S&P 500® ETF Trust (SPY) with an annual expense ratio of 0.69%. Managed by Co-CIO Eli Pars and the Alternatives Team, CPSM combines Calamos' expertise in alternatives, risk management, and options investing with the benefits of an ETF structure.
Key features include annual resets, tax-efficient growth potential with long-term capital gains treatment if held over one year, and the ability to hold shares indefinitely. The upcoming outcome period runs from May 1, 2025, to April 30, 2026.
Calamos Investments ha annunciato il prossimo reset del suo S&P 500® Structured Alt Protection ETF™ — May (CPSM), previsto per il 1° maggio 2025. L’ETF offrirà agli investitori un potenziale rendimento massimo stimato tra il 6,88% e il 7,45%, garantendo al contempo una protezione totale contro eventuali perdite derivanti da rendimenti negativi dell’S&P 500 in un periodo di un anno.
L’ETF replica il rendimento del prezzo dello SPDR® S&P 500® ETF Trust (SPY) con un rapporto di spesa annuo dello 0,69%. Gestito dal Co-CIO Eli Pars e dal team Alternatives, CPSM unisce l’esperienza di Calamos negli investimenti alternativi, nella gestione del rischio e nelle opzioni, con i vantaggi offerti dalla struttura ETF.
Le caratteristiche principali includono reset annuali, potenziale di crescita fiscalmente efficiente con trattamento come plusvalenze a lungo termine se detenuto per più di un anno, e la possibilità di mantenere le quote indefinitamente. Il prossimo periodo di riferimento va dal 1° maggio 2025 al 30 aprile 2026.
Calamos Investments ha anunciado el próximo reinicio de su S&P 500® Structured Alt Protection ETF™ — May (CPSM), programado para el 1 de mayo de 2025. El ETF ofrecerá a los inversores un rango estimado de techo de rendimiento entre 6,88% y 7,45%, al mismo tiempo que proporciona una protección total frente a pérdidas derivadas de rendimientos negativos del S&P 500 durante un período de un año.
El ETF sigue el rendimiento del precio del SPDR® S&P 500® ETF Trust (SPY) con una tasa de gastos anual del 0,69%. Gestionado por el Co-CIO Eli Pars y el equipo de Alternativas, CPSM combina la experiencia de Calamos en inversiones alternativas, gestión de riesgos y opciones con los beneficios de una estructura ETF.
Las características clave incluyen reinicios anuales, potencial de crecimiento fiscalmente eficiente con tratamiento de ganancias de capital a largo plazo si se mantiene más de un año, y la posibilidad de mantener las acciones indefinidamente. El próximo período de resultados será del 1 de mayo de 2025 al 30 de abril de 2026.
Calamos Investments는 S&P 500® Structured Alt Protection ETF™ — May (CPSM)의 다음 리셋이 2025년 5월 1일에 예정되어 있음을 발표했습니다. 이 ETF는 투자자에게 6.88% - 7.45%의 예상 상한 수익률 범위를 제공하며, 1년 기간 동안 S&P 500의 마이너스 수익에 대해 100% 하방 보호를 제공합니다.
이 ETF는 SPDR® S&P 500® ETF Trust(SPY)의 가격 수익률을 추적하며 연간 운용 보수는 0.69%입니다. 공동 최고투자책임자(CIO)인 Eli Pars와 Alternatives 팀이 관리하며, CPSM은 Calamos의 대체투자, 리스크 관리 및 옵션 투자 전문성과 ETF 구조의 장점을 결합했습니다.
주요 특징으로는 연간 리셋, 1년 이상 보유 시 장기 자본 이득세 혜택을 받는 세금 효율적 성장 잠재력, 그리고 무기한 주식 보유가 가능합니다. 다음 성과 기간은 2025년 5월 1일부터 2026년 4월 30일까지입니다.
Calamos Investments a annoncé le prochain réajustement de son S&P 500® Structured Alt Protection ETF™ — May (CPSM), prévu pour le 1er mai 2025. Cet ETF offrira aux investisseurs une fourchette estimée de plafond de rendement entre 6,88 % et 7,45 %, tout en garantissant une protection totale contre les baisses liées aux performances négatives du S&P 500 sur une période d’un an.
L’ETF suit le rendement en prix du SPDR® S&P 500® ETF Trust (SPY) avec un ratio de frais annuels de 0,69 %. Géré par le Co-CIO Eli Pars et l’équipe Alternatives, le CPSM combine l’expertise de Calamos en alternatives, gestion des risques et investissement en options avec les avantages d’une structure ETF.
Les caractéristiques principales incluent des réinitialisations annuelles, un potentiel de croissance fiscalement avantageux avec un traitement en plus-values à long terme si détenu plus d’un an, ainsi que la possibilité de conserver les parts indéfiniment. La prochaine période d’évaluation s’étend du 1er mai 2025 au 30 avril 2026.
Calamos Investments hat den bevorstehenden Reset seines S&P 500® Structured Alt Protection ETF™ — May (CPSM) angekündigt, der für den 1. Mai 2025 geplant ist. Der ETF bietet Anlegern eine geschätzte Obergrenze für Kursgewinne im Bereich von 6,88 % bis 7,45 % und gewährleistet gleichzeitig einen 100%igen Schutz vor Verlusten bei negativen S&P 500-Ergebnissen über einen einjährigen Zeitraum.
Der ETF bildet die Kursentwicklung des SPDR® S&P 500® ETF Trust (SPY) ab und hat eine jährliche Kostenquote von 0,69 %. Verwaltet wird er von Co-CIO Eli Pars und dem Alternatives-Team. CPSM kombiniert die Expertise von Calamos in den Bereichen Alternativen, Risikomanagement und Optionshandel mit den Vorteilen einer ETF-Struktur.
Zu den wichtigsten Merkmalen zählen jährliche Resets, steuerlich effizientes Wachstumspotenzial mit der Behandlung als langfristige Kapitalgewinne bei einer Haltedauer von über einem Jahr sowie die Möglichkeit, Anteile unbegrenzt zu halten. Der kommende Leistungszeitraum erstreckt sich vom 1. Mai 2025 bis zum 30. April 2026.
- 100% downside protection against S&P 500 negative returns
- Tax-efficient structure with long-term capital gains treatment
- Annual reset feature providing fresh protection periods
- Potential upside participation up to 7.45%
- Upside potential capped at maximum 7.45%
- 0.69% expense ratio may impact overall returns
- Protection only applies if held for full outcome period
- The Calamos S&P 500® Structured Alt Protection ETF® — May (CPSM) is set to reset on May 1, 2025, with an estimated upside cap range of
6.88% -7.45% over a one-year outcome period. - Upon reset, CPSM will provide investors with
100% downside protection against negative S&P 500 returns over the next one-year outcome period. - 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 S&P 500® Structured Alt Protection ETF— May (CPSM) | |
Estimated Cap Range | |
Outcome Period | 1 Year: 5/1/25 – 4/30/26 |
Reference Asset | Price return of the SPDR® S&P 500® ETF Trust (SPY), based on the |
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-term |
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 more than
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.
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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FAQ
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