Economic Overview - The U.S. economy is experiencing persistent volatility, with the labor market showing underwhelming results, raising concerns about a potential economic slowdown [1] - Ongoing trade tensions between the U.S. and rival countries may exacerbate these economic worries [1] Federal Reserve Position - The Federal Reserve is in an unprecedented situation, facing challenges to its leadership and independence while simultaneously cutting interest rates [2] - A defensive approach to U.S. equity exposure may be advisable during these uncertain times, focusing on the preservation of principal [2] Investment Strategy: CPSL - The Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) is designed to provide risk-averse exposure to the S&P 500 through a laddered portfolio of structured protection ETFs [3] - CPSL offers complete capital protection across a one-year outcome period after accounting for expenses and fees [3] Fund Characteristics - CPSL allows investors to access the upward momentum of the S&P 500 while imposing an upside cap on potential returns [4] - The fund's structure includes 12 ETFs, each with different calendar months for their outcome periods, providing varied caps and returns each year [4] Defensive Investment Use Case - CPSL's disciplined laddered strategy positions it as a defensive option for U.S. equity exposure, enabling investors to engage with the S&P 500's potential upward momentum across various time horizons [5]