Q: Calamos has started these structured etf's the first of which commenced May 1. They are based on the S&P or the Nasdaq or the Russell. A new monthly fund starts each month with the aim to protect all the invested capital if the etf is held for one year with a capped upside of approximately 10%. They are targeting retirees who cannot replace lost capital as an alternative to holding cash. Structured investing isn't new however the etf wrapper providing capital gains after a one year hold for US residents and a 100% protection rather than some lessor protection as well as a .7% MER all seem to provide substantial improvement compared with other prior structured offerings regarding fees and advertised protection as well as tax treatment on gains in a cash account. Calamos also seems to have a long history of options and hedging investment and claims a significant expertise. As a retiree I am seeking, respectfully and if possible, Peter's assessment of this series of etf's as a way to seek equity-like returns based on the S&P etf set up Calamos is offering as an alternative to a money market holding or even an HSAV.CA corporate class holding which provides capital gains but at around 5% instead of the greater potential on offer. Any comment on the reset of downside protection and upside cap each year would be appreciated. Finally if there is any possible liquidity issue that needs consideration please comment. I recognize this as a big ask however these etf's should have wide interest among retirees seeking a US equity play which aims to protect against any capital loss while providing double the current return of a risk-free holding which likely applies to a substantial portion of your subscription base. Thank you in advance Peter. Hope you're not taking the summer off!!!