US managers roll out actively-managed ETFs featuring a laddered approach, while the UK regulator is seeking industry feedback on some remaining issues to support the new regime for Consumer Composite Investments.
US manager Calamos Investments is launching an actively-managed exchange-traded fund (ETF) that generates ‘high monthly income while providing reduced downside risk’ through exposure to the US Equity Laddered Autocall Index, according to a preliminary prospectus it filed to the US Securities and Exchange Commission (SEC).
The index replicates the performance of a diversified portfolio of synthetic autocallable notes, which are arranged in a laddered structure with staggered entry points with similar fixed parameters.
Another US manager, Innovator Capital Management, is also rolling out an actively-managed ETF, the Innovator Equity Autocallable Income Strategy ETF, that aims to ‘provide investors with a high level of income and the potential to limit downside losses’, also through a laddered strategy, according to another filing submitted to the SEC.
We’re seeing increased demand from both independent broker-dealers and banks to expand the types of wrappers used in client portfolios - Deryk Rhodes, InspereX
InspereX is gearing up to broaden its offerings into alternative investments and annuity products targeted at US financial advisors following its recent addition of ETFs. “We’re seeing increased demand from both independent broker-dealers and banks to expand the types of wrappers used in client portfolios,” Deryk Rhodes, head of wealth management solutions at InspereX, told SRP.
In the UK, the Financial Conduct Authority (FCA) is seeking industry feedback on some remaining issues to support the new regime for Consumer Composite Investments (CCIs), including changes to cost information and rules for the transitional period.
Zak de Mariveles, chairman of the UK Structured Products Association, noted to SRP that from the structured products’ aspects, “the most interesting development is the FCA’s proposal to align cost disclosure requirements under markets in financial instruments directive (MiFID) with those under the CCI framework. This could help reduce the duplication of effort many firms face – particularly around the presentation of entry costs across different regulatory templates.”
ESG data provider Equileap is pitching two of its gender equality indices to structured product providers pointing at the potential performance of these strategies based on back-testing. The performance of the Solactive Equileap US Gender Equality Tilt Index and the Morningstar Japan Gender Diversity Tilt Index demonstrates that gender-balanced businesses deliver stronger returns, according to Diana van Maasdijk, CEO at Equileap.
On SIX Swiss Exchange, structured products’ trading turnover increased to CHF9 billion (US$11.1 billion) in 2024, up 12.5% from the previous year.
By the end of the first quarter of 2025, the exchange had surpassed last year’s quarterly trading volume in leverage products with an increase of 46.1% (CHF983m in Q1 2025 vs CHF673m in Q1 2024), which represents the growing interest in structured products as an attractive investment and hedging solution, said Sébastien Neukom, head structured products sales at the Swiss exchange.
Poland’s primary market sales volumes increased by 34% in Q1 2025 compared to the previous quarter, SRP data shows, while in Germany, issuance volumes during January-March period reached their highest since Q1 2024 at 7,295 products – a dramatic 46% increase over the previous quarter.
In the Belgian market, the Belfius Financing Company (LU) Opti Performer 03/2025, which generated sales of €11.5m during its subscription period, was the best performer in Q1. The participation notes on the Eurostoxx 50 index returned 165.46% after six years, or 8.75% p.a. In Sweden, the sales volume in Q1 decreased by 9.2% compared to what was collected from the 164 products marketed in the previous quarter.
Patrick Oberhaensli, CEO and founder of Swiss investment advisory firm Evolids Finance, shared his insights with SRP on the impact of the sharp intraday stock rally earlier this month on the Delta and Gamma of an SPX European long call option.
Meanwhile in the Asia Pacific ex-China region, the market share of capital-at-risk products per estimated sales volume has reached around 70% in the first quarter of the year, according to SRP data.
Total estimated sales of capital-at-risk products stood at around US$57 billion during the January-March period, jumping over 32% year-on-year (YoY).
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