CPSD

Calamos S&P 500 Structured Alt Protection ETF December (the "Fund") seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR S&P 500 ETF Trust ("Underlying ETF") up to a cap of 8.07% (the "Cap"), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from December 1, 2024 through November 30, 2025. 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 (before taking fees and expenses into account). 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 SPDR S&P 500 ETF Trust (the "Underlying ETF"). The Underlying ETF is an exchange-traded unit investment trust that uses a replication strategy, meaning it invests in as many of the stocks in the S&P 500 Index as is practicable.