Calamos S&P 500 Strategy Alternative Portfolio ETF

The Calamos S&P 500 Strategy Alternative Portfolio ETF is an actively managed exchange-traded fund designed to provide investors with exposure to the S&P 500 Index while offering a unique risk management approach. Its primary function is to deliver the positive price return of the S&P 500 up to a predetermined upside cap over a one-year period, while simultaneously providing 100% protection against losses during that same period, before fees and expenses. This is achieved by investing in flexible exchange options (FLEX Options) that reference the S&P 500, allowing for defined upside participation and full downside protection. The ETF is structured to appeal to investors seeking equity market participation without the risk of capital loss, making it suitable for those looking to control equity risk, preserve capital near retirement, or use as a potential tax-advantaged alternative to traditional cash strategies. With a new outcome period and corresponding upside cap beginning each March, the ETF enables systematic entry points for risk-conscious strategies. Overall, it plays a significant role in the alternatives segment by blending equity growth potential with robust risk mitigation.