CPSY

Calamos S&P 500 Structured Alt Protection ETFTM January (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 7.57% (the "Cap"), while protecting against 100% of negative price return of the Underlying ETF, for the period from January 1, 2025 through December 31, 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").