Columbia Files Pair of Buffered Equity ETFs With Distinct Downside Protection

Columbia filed for two actively managed ETFs, the Columbia Research Enhanced Core Deep Buffer ETF (RECD) and Columbia Research Enhanced Core Moderate Buffer ETF (RECM). Both pair a large- and mid-cap U.S. equity portfolio linked to the Beta Advantage Research Enhanced U.S. Equity Index with a laddered options overlay using S&P 500-based puts and short-dated call options. RECD targets protection against losses exceeding 15%, while RECM seeks to buffer declines between roughly 2% and 15%, leaving investors exposed to the first 2% of losses and declines beyond 15%. The staggered one-year options structure is designed to reduce timing risk, though downside protection is not guaranteed and comes at the cost of limited upside participation.