Calamos S&P 500 Structured Alt Protection ETF – May

Calamos S&P 500 Structured Alt Protection ETF - May is an exchange-traded fund designed to provide defined-outcome exposure to the S&P 500 through a structured options strategy. The fund seeks to deliver the positive price return of the S&P 500, up to a predetermined cap, while offering 100% downside protection against negative price returns over a one-year outcome period if held through that period. It primarily uses FLEX options linked to the SPDR S&P 500 ETF Trust to construct this payoff profile. The ETF is intended for investors seeking equity market participation with built-in downside buffering and a stated return cap, making it part of the growing category of structured protection ETFs. Calamos S&P 500 Structured Alt Protection ETF - May is managed as an active fund within Calamos’ broader structured protection lineup.