Calamos Nasdaq-100 Structured Alt Protection ETF September (CPNS)

Calamos Nasdaq-100 Structured Alt Protection ETF - September is a defined-outcome exchange-traded fund from Calamos Investments that seeks to provide 100% protection against losses in the Nasdaq-100 Index over a one-year outcome period that begins in September, in exchange for upside participation up to a cap.

The fund builds this exposure with FLEX options referencing the Nasdaq-100 Index or an ETF that tracks it (such as the Invesco QQQ Trust). The upside cap is set at the start of each outcome period based on market conditions, and the protection and cap are measured before fees and apply in full only to investors who hold for the entire period. Returns are based on price performance and do not include dividends of the underlying index.

At the end of each period the options are rolled into a new one-year structure, with a fresh cap, starting again each September. Calamos positions these funds as an alternative to cash or bonds for investors seeking equity-linked returns with principal protection.