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Calamos Structured Protection ETFs

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Structured Protection ETFs

100% Capital Protection

No downside risk over the 1-year outcome period

Defined Upside Participation

Exposure to S&P 500®, Nasdaq-100® or Russell 2000® to a cap

Tax Alpha

Seeks tax-deferred growth inside the tax-efficient ETF wrapper
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Calamos Structured Protection ETF Focus Tool

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Data as of 1/10/2025 AT 3:31PM CST
Ticker Fund
Name		 Reference
Asset		 Initial
NAV		 Current
Price		 Current
Cap		 Current
Protection
Level		 Outcome
Period		 Fact
Sheet
CPRY Calamos Russell 2000 Structured Alt Protection ETF – January IWM $24.76 $24.75 009.66 9.66% 100.07 100.07% 355 355 days Download CPRY Fact Sheet File (PDF)
CPSY Calamos S&P 500® Structured Alt Protection ETF – January SPY $23.46 $23.46 007.61 7.61% 100.04 100.04% 355 355 days Download CPSY Fact Sheet File (PDF)
CPNQ Calamos Nasdaq-100® Structured Alt Protection ETF – December QQQ $24.49 $24.61 008.10 8.10% 099.48 99.48% 322 322 days Download CPNQ Fact Sheet File (PDF)
CPSD Calamos S&P 500® Structured Alt Protection ETF – December SPY $24.12 $24.09 008.22 8.22% 100.14 100.14% 322 322 days Download CPSD Fact Sheet File (PDF)
CPSN Calamos S&P 500® Structured Alt Protection ETF – November SPY $25.03 $25.30 006.25 6.25% 098.90 98.90% 294 294 days Download CPSN Fact Sheet File (PDF)
CPRO Calamos Russell 2000 Structured Alt Protection ETF – October IWM $24.75 $24.81 008.07 8.07% 099.64 99.64% 263 263 days Download CPRO Fact Sheet File (PDF)
CPSO Calamos S&P 500® Structured Alt Protection ETF – October SPY $25.26 $25.46 005.74 5.74% 099.12 99.12% 263 263 days Download CPSO Fact Sheet File (PDF)
CPNS Calamos Nasdaq-100® Structured Alt Protection ETF – September QQQ $24.78 $25.38 005.65 5.65% 097.50 97.50% 231 231 days Download CPNS Fact Sheet File (PDF)
CPST Calamos S&P 500® Structured Alt Protection ETF – September SPY $24.81 $25.28 005.39 5.39% 098.03 98.03% 231 231 days Download CPST Fact Sheet File (PDF)
CPSA Calamos S&P 500® Structured Alt Protection ETF – August SPY $24.25 $25.05 005.07 5.07% 096.61 96.61% 202 202 days Download CPSA Fact Sheet File (PDF)
CPRJ Calamos Russell 2000 Structured Alt Protection ETF – July IWM $24.36 $25.38 006.44 6.44% 095.70 95.70% 171 171 days Download CPRJ Fact Sheet File (PDF)
CPSJ Calamos S&P 500® Structured Alt Protection ETF – July SPY $23.96 $24.97 004.76 4.76% 095.71 95.71% 171 171 days Download CPSJ Fact Sheet File (PDF)
CPNJ Calamos Nasdaq-100® Structured Alt Protection ETF – June QQQ $23.57 $24.91 003.98 3.98% 094.33 94.33% 140 140 days Download CPNJ Fact Sheet File (PDF)
CPSM Calamos S&P 500® Structured Alt Protection ETF – May SPY $25.00 $26.71 002.57 2.57% 093.26 93.26% 110 110 days Download CPSM Fact Sheet File (PDF)

Featured ETFs

CBOJ: New!

Anticipated Listing January 22

Calamos Bitcoin Structured Alt Protection ETF – January

CPSY: New!

Listed January 2

Calamos S&P 500 Structured Alt Protection ETF – January

Initial Cap Rate* 7.57%
CPSL

Listed September 9

Calamos Laddered S&P 500 Structured Alt Protection ETF

Laddered Structured Protection ETF

CPSL fund

Featured Resources

Future Calamos Structured Protection ETF Launches

Calamos is launching a full suite of Structured Protection ETFs over the next year.

Launch
Date		 Ticker Fund
Name		 Reference
Asset		 Protection
Level		 Outcome
Period
2/3/2025 CPSF Calamos S&P 500 Structured Alt Protection ETF – February SPY 100% 1 Year
3/3/2025 CPNM Calamos Nasdaq-100 Structured Alt Protection ETF – March QQQ 100% 1 Year
3/3/2025 CPSR Calamos S&P 500 Structured Alt Protection ETF – March SPY 100% 1 Year
4/1/2025 CPRA Calamos Russell 2000 Structured Alt Protection ETF – April IWM 100% 1 Year
4/1/2025 CPSP Calamos S&P 500 Structured Alt Protection ETF – April SPY 100% 1 Year
6/2/2025 CPSU Calamos S&P 500 Structured Alt Protection ETF – June SPY 100% 1 Year

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Information contained herein is subject to completion or amendment. The information in each fund’s prospectus and statement of additional information) is not complete and may be changed. We may not sell the securities of any fund until such fund’s registration statement filed with the Securities and Exchange Commission is effective. Each fund’s prospectus and statement of additional information is not an offer to sell such fund’s securities and is not soliciting an offer to buy such fund’s securities in any state where the offer or sale is not permitted.

An indication of interest in response to this advertisement will involve no obligation or commitment of any kind.

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, clearing member default risk, correlation risk, derivatives risk, equity securities risk, investment timing risk, large-capitalization investing risk, liquidity risk, market maker risk, market risk, non-diversification risk, options risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, underlying ETF risk and valuation risk. For a detailed list of fund risks see the prospectus.

There are no assurances the Fund(s) will be successful in providing the sought-after protection. The outcomes that the Fund(s) seeks to provide may only be realized if you are holding shares on the first day of the outcome period and continue to hold them on the last day of the outcome period, approximately one year. There is no guarantee that the outcomes for an outcome period will be realized or that the Fund(s) will achieve its investment objective. If the outcome period has begun and the underlying ETF has increased in value, any appreciation of the Fund(s) by virtue of increases in the underlying ETF since the commencement of the outcome period will not be protected by the sought-after protection, and an investor could experience losses until the underlying ETF returns to the original price at the commencement of the outcome period. Fund shareholders are subject to an upside return cap (the “Cap”) that represents the maximum percentage return an investor can achieve from an investment in the fund(s) for the outcome period, before fees and expenses. If the outcome period has begun and the Fund(s) have increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one outcome period to the next. The Cap, and the Fund(s) position relative to it, should be considered before investing in the Fund(s). The Fund(s) website, www.calamos.com, provides important Fund information as well information relating to the potential outcomes of an investment in the Fund(s) on a daily basis.

The Fund(s) are designed to provide point-to-point exposure to the price return of the reference asset via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the reference asset during the interim period. Investors purchasing shares after an outcome period has begun may experience very different results than fund’s investment objective. Initial outcome periods are approximately 1-year beginning on the fund’s inception date. Following the initial outcome period, each subsequent outcome period will begin on the first day of the month the fund was incepted. After the conclusion of an outcome period, another will begin.

The Calamos Russell 2000® Structured Alt Protection ETFs (the “Funds”) have been developed solely by Calamos Advisors LLC. The “Funds” are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 2000® Index (the “Index”) vest in the relevant LSE Group company which owns the Index. The Russell 2000® Index is a trademark(s) of the relevant LSE Group company and is used by any other LSE Group company under license.

FLEX Options Risk The Fund(s) will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund(s) could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund(s) may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset. Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemable from the fund. NAV represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day. Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where fund shares are listed.

The "S&P 500®" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Calamos Advisors LLC ("Calamos Advisors"). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Calamos Advisors LLC ("Calamos Advisors"). It is not possible to invest directly in an index. Calamos S&P 500® Structured Protection ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Calamos S&P 500® Structured Protection ETFs or any member of the public regarding the advisability of investing in securities generally or in Calamos S&P 500® Structured Protection ETFs particularly or the ability of the "S&P 500®" to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to Calamos Advisors LLC ("Calamos Advisors") with respect to the "S&P 500®" is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The "S&P 500®" is determined, composed and calculated by S&P Dow Jones Indices without regard to Calamos Advisors LLC ("Calamos Advisors") or the Calamos S&P 500® Structured Protection ETFs. S&P Dow Jones Indices has no obligation to take the needs of Calamos Advisors LLC ("Calamos Advisors") or the owners of Calamos S&P 500® Structured Protection ETFs into consideration in determining, composing or calculating the "S&P 500®". S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Calamos S&P 500® Structured Protection ETFs. There is no assurance that investment products based on the "S&P 500®" will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, promoter" (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor.

NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE "S&P 500®" OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CALAMOS ADVISORS LLC ("CALAMOS ADVISORS"), OWNERS OF THE CALAMOS S&P 500® STRUCTURED PROTECTION ETFS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE "S&P 500®" OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND CALAMOS ADVISORS LLC ("CALAMOS ADVISORS"), OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Nasdaq®, Nasdaq-100®, Nasdaq-100 Index® and Nasdaq-100 Top 30 Hybrid Income Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Calamos Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

DEFINITIONS AND IMPORTANT DISCLOSURES

Cap Range – Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period. Cap range depicted is the high and low cap rate over the past 15 trading days. Actual cap delivered by the Fund may be different.

Current Cap – The cumulative maximum potential return available at the ETF’s current price if held to the end of the current Outcome Period.

Current Price – The current price of the ETF.

Current Protection Level – The current amount of downside protection the fund is designed to provide if held to the end of the Outcome Period.

Initial NAV – The initial NAV of the Fund at the start of the outcome period.

Outcome Period – The defined length of time over which the outcomes are sought.

Protection Level – Amount of protection the Fund is designed to achieve over the Days Remaining.

Reference Asset – Each Underlying ETF seeks to produce pre-determined investment outcomes based upon the price performance of an underlying reference asset. S&P 500 is represented by the SPDR® S&P 500® ETF Trust. Nasdaq-100® is represented by the Invesco QQQ Trust, Series 1. Russell 2000® is represented by iShares Russell 2000 ETF (IWM).

Strategy – “Capital Protection” represents the downside protection target equal to 100% of losses (before fees and expenses) of the Underlying ETF, over the Outcome Period. There is no guarantee the Fund will be successful in providing the sought-after downside protection.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE