CPRY

Calamos Russell 2000 Structured Alt Protection ETF - January seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares?Russell2000? ETF ("Underlying ETF") up to a cap of [ %] (the "Cap"), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from April 1, 2025 through March 31, 2026. Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange Options ("FLEX Options") that reference the price performance of the iShares?Russell 2000? ETF. The fund is non-diversified.