CPRA

Calamos Russell 2000 Structured Alt Protection ETF April (the "Fund") seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares Russell 2000 ETF ("Underlying ETF") up to a cap of 9.42% (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. The Fund is an actively managed exchange-traded fund ("ETF") that is designed to provide investors with the opportunity to benefit from increases in the Underlying ETF's share price up to the stated cap over a specified period of time of approximately one-year (the "Outcome Period"), while providing protection against decreases in the Underlying ETF's share price over the same Outcome Period. 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 "Underlying ETF").