CALAMOS RUSSELL 2000 STRUCTURED ALT PROTECTION ETF - JANUARY

Calamos Russell 2000®​ 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 iShares®​Russell2000®​ ETF ("Underlying ETF") up to a cap of 9.59% (the "Cap"), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from January 1, 2025 through December 31, 2025.