Plain English Meaning
A setting on the autopilot that tells the airplane: keep flying at this airspeed. The autopilot will raise or lower the nose as needed to hold that speed steady.
Full Definition
An autopilot mode that automatically adjusts pitch attitude to maintain a selected indicated airspeed. The autopilot uses elevator inputs to keep the airspeed indicator on the chosen value, allowing the aircraft to climb, descend, or cruise while the airspeed remains constant.
Context Anchor
Seen when using the autopilot during climbs, descents, or other phases where wants the airplane to maintain a chosen airspeed.