Calamos Boosts Structured Protection Offerings With Two New ETFs For 2025

Zinger Key Points

Both ETFs deliver 100% downside protection (no capital-loss) over a one-year outcome period, excluding fees and expenses.
Investors can book gains up to a pre-set cap, depending on the performance of their respective indexes.
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Calamos Investments skipped into 2025 with the launch of two Structured Protection ETFs, the Calamos S&P 500 Structured Alt Protection ETF — January CPSY and the Calamos Russell 2000 Structured Alt Protection ETF- January CPRY.

These funds, launched on Jan. 2, offer equity market exposure with a protective moat, keeping in mind risk-averse investors seeking equity exposure with downside protection.

Specifically, Calamos S&P 500 Structured Alt Protection ETF — January provides exposure to the S&P 500 with a starting cap rate of 7.57% gross of fees annual expense ratio, according to the fact sheet released by Calamos.

Meanwhile, the Russell 2000 Structured Alt Protection ETF — January mirrors the Russell 2000, offering a higher starting cap rate of 9.59% gross of fees. Both ETFs deliver 100% downside protection (no capital-loss) over a one-Both ETFs deliver 100% downside protection (no capital-loss) over a one-year outcome period, excluding fees and expenses.year outcome period, excluding fees and expenses.

What Sets These Funds Apart

Investors can book gains up to a pre-set cap, depending on the performance of their respective indexes.

Tax advantages are another reason investors with lower risk appetite lean towards these ETFs. More specifically, gains can be taxed at long-term capital rates, creating the potential of a tax alpha, while monthly entry points allow investors the flexibility to plan their allocation. The expense ratio is 0.69%, although on the higher end, seems reasonable given the options strategy and downside protection that come with the fund.

Why It Matters In 2025

Calamos continues to expand its Structured Protection ETF docket, taking diverse investor needs into consideration. Previous fund performances, such as that of the Calamos Laddered S&P 500 Structured Alt Protection ETF CPSL, have been successful, and had attracted more than $40 million in flows since September 2024. This shows that Calamos ETFs are gaining popularity among investors. Amid uncertainty from inflation and volatility, as well as other resource-draining global issues like wars, these ETFs carefully approach investing with a balance between risk and reward.

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