Calamos S&P 500 Structured Alt Protection ETF - March (CPSR)

Calamos S&P 500 Structured Alt Protection ETF - March is a defined-outcome exchange-traded fund from Calamos Investments that seeks to provide 100% protection against losses in the S&P 500 Index over a one-year outcome period that begins in March, in exchange for upside participation up to a cap.

The fund builds this exposure with FLEX options referencing the S&P 500 Index or an ETF that tracks it (such as the SPDR S&P 500 ETF 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 March. Calamos positions these funds as an alternative to cash or bonds for investors seeking equity-linked returns with principal protection.