Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL)

Calamos Laddered S&P 500 Structured Alt Protection ETF is a fund-of-funds exchange-traded fund from Calamos Investments that holds a ladder of the firm's monthly S&P 500 Structured Alt Protection ETFs.

Each underlying fund seeks to provide 100% protection against S&P 500 price losses over its own one-year outcome period in exchange for upside participation up to a cap, using FLEX options. Because those funds start their outcome periods in different months, combining them spreads exposure across many reset dates and cap levels.

The laddered approach is designed to reduce the importance of when an investor buys, since there is no single outcome period or cap to track. The result is a diversified, continuously rolling exposure to protected, capped S&P 500 returns in a single ticker.