Plain English Meaning
A setting on the autopilot that holds the aircraft at a chosen airspeed by raising or lowering the nose. The aircraft will climb or descend on its own to keep that speed steady.
Full Definition
An autopilot pitch mode that maintains a selected indicated airspeed by automatically adjusting the aircraft's pitch attitude. When engaged, the autopilot pitches the nose up or down as needed to keep the airspeed indicator on the chosen value, allowing altitude to vary as a result.
Context Anchor
Seen when using the autopilot during climbs or descents, especially when the pilot wants the airplane to keep a safe target speed.