The Fund is an exchange-traded fund of Calamos ETF Trust that seeks to generate high monthly income while providing reduced downside risk through exposure to the MerQube US Equity Least-Of Autocallable Index (MQAUTOWL). The Index reflects a theoretical diversified portfolio of synthetic least-of (worst-of) autocallable notes. Their coupon, autocall, and principal outcomes depend on the least-performing of a basket of three exchange-traded funds: SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and iShares Russell 2000 ETF (IWM). The Index was developed with MerQube and Citibank, and the Fund is expected to gain exposure through swaps. Per trade press, the portfolio holds at least 52 synthetic notes in a weekly ladder, each with a three-year maturity and coupon and principal barriers 30% below the reference assets' initial levels. It is described as the first indexed least-of autocallable income ETF.