The BPS spectrum of string theory on AdS3 × S3 × S3 × S1 is determined using a world-sheet description in terms of WZW models. It is found that the theory only has BPS states with j+ = j− where j± refer to the spins of the su2\documentclass[12pt]{minimal}
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\begin{document}$$ \mathfrak{s}\mathfrak{u}(2) $$\end{document} algebras of the large N\documentclass[12pt]{minimal}
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\begin{document}$$ \mathcal{N} $$\end{document} = 4 superconformal algebra. We then re-examine the BPS spectrum of the corresponding supergravity and find that, contrary to previous claims in the literature, also in supergravity only the states with j+ = j− are BPS. This resolves a number of long-standing puzzles regarding the BPS spectrum of string theory and supergravity in this background.