0001579881 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:C000240501Member 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member oef:RiskLoseMoneyMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member oef:RiskNotInsuredMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:EquitySecuritiesRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:PortfolioSelectionRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:KeyPersonDependenceRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:LargeCapitalizationInvestingRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:AmericanDepositaryReceiptsRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:PortfolioTurnoverRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:SectorRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:SmallAndMidSizedCompanyRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:SustainabilityESGPolicyRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:ForeignSecuritiesRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:EmergingMarketsRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:AuthorizedParticipantConcentrationRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:NewFundRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:CostsOfBuyingAndSellingFundSharesMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:CurrencyRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:MarketMakerRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:NationalClosedMarketTradingRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:PremiumDiscountRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:SecondaryMarketTradingRiskMember 2024-11-21 2024-11-21 0001579881 ck0001579881:S000079464Member ck0001579881:TradingIssuesRiskMember 2024-11-21 2024-11-21 pure iso4217:USD N-1A Calamos ETF Trust 2024-12-02 Calamos Antetokounmpo Global Sustainable Equities ETF Investment Objective Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund") seeks long-term capital appreciation. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("Fund Shares"). Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments) <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td colspan="3" style="padding:7.5pt .7pt 0pt 0pt; width: 143px; background-color: #cceeff; text-align: left;" valign="bottom"> Management Fees</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:7.5pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:7.5pt .7pt 0pt 0pt; width: 31px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.95</td> <td colspan="1" style="padding:7.5pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:3pt .7pt 0pt 0pt; width: 143px; text-align: left;" valign="bottom"> Distribution and/or Service Fees (12b-1)</td> <td colspan="1"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 31px; text-align: right;" valign="bottom"> 0.00</td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> <tr> <td colspan="3" style="padding:3pt .7pt 0pt 0pt; width: 143px; background-color: #cceeff; text-align: left;" valign="bottom"> Other Expenses1</td> <td colspan="1" style="background-color: #cceeff;"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 31px; background-color: #cceeff; text-align: right;" valign="bottom"> 0.00</td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> <tr> <td colspan="3" style="padding:3pt .7pt 0pt 0pt; width: 143px; text-align: left;" valign="bottom"> Total Annual Fund Operating Expenses</td> <td colspan="1"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 8px;" valign="bottom"> </td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 31px; text-align: right;" valign="bottom"> 0.95</td> <td colspan="1" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;" valign="bottom"> %</td> <td colspan="1" style="width: 8px;"> </td> </tr> </table> 1 Other Expenses is an estimate based on the expenses the Fund expects to incur for the current fiscal year. 0.0095 0 0 0.0095 Other Expenses is an estimate based on the expenses the Fund expects to incur for the current fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or do not sell all of your Fund Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, whether you sell or hold your Fund Shares, would be: You would pay the following expenses whether you sell or hold your Fund Shares at the end of the period: <table border="0" cellpadding="0" cellspacing="0"> <tr> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;" valign="bottom"> One Year</td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;" valign="bottom"> Three Years</td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 65px; text-align: center;" valign="bottom"> Five Year</td> <td colspan="1"> </td> <td colspan="3" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 67px; text-align: center;" valign="bottom"> Ten Years</td> <td colspan="1"> </td> </tr> <tr> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 50px; background-color: #cceeff; text-align: right;" valign="bottom"> 97</td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 59px; background-color: #cceeff; text-align: right;" valign="bottom"> 303</td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 49px; background-color: #cceeff; text-align: right;" valign="bottom"> 525</td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 51px; background-color: #cceeff; text-align: right;" valign="bottom"> 1,166</td> <td colspan="1" style="padding:13pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;" valign="bottom"> </td> <td colspan="1" style="width: 8px; background-color: #cceeff;"> </td> </tr> </table> 97 97 303 303 525 525 1166 1166 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies The Fund is an actively managed exchange-traded fund ("ETF") that does not seek to replicate the performance of a specified index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of companies in developed markets (including the U.S.) and emerging markets (including frontier market countries) that, in the view of Calamos Advisors LLC's ("Calamos Advisors") investment team (the "Team"), have above average growth potential and meet the sustainable investment criteria set out below. Under normal market conditions, the Fund will invest at least 40% of its net assets in non-U.S. equity securities, including emerging markets, unless market conditions are not deemed favorable by the Sub-adviser, in which case the Fund will invest at least 30% of its net assets in non-U.S. equity securities. The Fund generally invests in a minimum of five (5) countries. Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Foreign (non-U.S.) companies are those that either maintain their principal place of business outside of the United States, have their securities principally traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets are the least advanced capital markets in the developing world. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. To determine if a country is an emerging market or frontier market country, the Team will use the classification provided by MSCI, Inc, a global investment research firm that provides stock indexes and portfolio risk and performance analytics. Foreign securities include American Depositary Receipts ("ADRs") or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers. The Team employs an integrated, fundamental, and proprietary sustainable investment research process to evaluate and select what the Team deems are high-quality growth opportunities. The Team believes a portfolio of equities issued by high-quality growth companies characterized by a history of producing consistent returns above the cost of capital with sustainable competitive advantages is the best way to achieve steady, strong, enduring relative returns. The Team believes that companies with strong sustainability characteristics (as further described below) are better equipped to adapt to change, to evolve, and to avoid unnecessary liabilities (which could include, for example, litigation costs), which means that investment in such companies has the potential to contribute to investor return and risk reduction. The Team believes that integrating this sustainability analysis alongside traditional financial analysis produces better financial and societal results. The Team utilizes a proprietary sustainable investment research process, considering both quantitative and qualitative sustainability factors, to identify responsible, engaged companies (companies that demonstrate awareness and action surrounding the material environmental, social and governance issues facing their businesses and industries). The Team believes that a company's understanding of these principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value for a company. The Team considers a company's position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices. The Team conducts fundamental research to find companies with attractive financial and sustainability attributes. In conducting fundamental research, the Team combines traditional investment information with its proprietary three-tiered investment research process to identify companies which it believes represent leaders in sustainable business practices. The Team believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging sustainability risks and opportunities. The three-tiered sustainable investment research process consists of: 1) exclusionary screens; 2) materiality assessments and 3) environmental and social impact scoring, each of which is described in turn below. 1. Exclusionary Screens: This process results in identifying certain industries and business activities that, in the Team's belief, are too environmentally risky or present social outcomes that are too unattractive to warrant investment consideration, which are thus avoided by the Team. The Team will generally exclude an issuer from investment consideration where the issuer derives revenue or profits that exceed 5% from one or more of the below-listed industries/business activities, namely: • agricultural biotechnology, • alcohol, • animal testing*, • fossil fuels, • gambling, • metals & mining, • nuclear energy, • tobacco, and • weapons. * A company's activities involving animal testing are considered on a case-by-case basis depending on purpose and methods.2. Materiality Assessment: The Team then applies third-party materiality mapping tools combined with its own insights and emphasis on environmental and social leadership to develop materiality theses, which enable the Team to identify and analyze the key ESG risks/opportunities for a particular industry. 3. Environmental and Social Scoring: Overlaying these top-down and bottom-up approaches, the Team then utilizes a proprietary sustainable investment scoring system, which considers both quantitative and qualitative factors, to identify investments for the Fund. The scoring system also considers a company's position in respect of various environmental and social characteristics, including: product contribution to a sustainable economy; product lifecycle innovation; operational efficiencies; inclusive finance; ensuring health and providing basic services; as well as a company's corporate governance practices. These qualitative metrics are considered alongside quantitative factors produced by research, and together, a score is determined, applied, and monitored going forward. The abovementioned score is just one part of the process. While required as a minimum, a "good" environmental and/or social score, one higher than 3 (out of 5), does not automatically mean that the Fund will invest in an investee company. The Team utilizes a range of data sources as part of its proprietary sustainability ratings system. These data sources may include: corporate disclosures, third party research providers (e.g., ISS ESG, MSCI ESG, Bloomberg, etc.), non-governmental organizations ("NGOs") and non-profits (e.g., Greenpeace, Friends of Earth, etc.), academic publications, news services and memberships. While the Team may utilize the underlying data which supports a third party's ESG rating of an issuer, the Team does not rely on any ESG ratings of third-party research providers. The Team employs its proprietary sustainability ratings system for both initial company recommendations and ongoing monitoring of investments. The Team may sell an investment in cases of valuation adjustments, availability of more attractive alternatives, or breakdowns in financial fundamentals or sustainability performance. The Fund is classified as "diversified" under the Investment Company Act of 1940 (the "1940 Act"). An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. • Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline. • Portfolio Selection Risk — The value of your investment may decrease if the judgment of Calamos Advisors about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect. • Key-Person Dependence Risk — The Adviser is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Giannis Sina Ugo Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses. • Large-Capitalization Investing Risk — Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks. • American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs. • Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. • Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market, and it is possible that the Fund may underperform the broader market or experience greater volatility. • Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks. • Sustainability (ESG) Policy Risk — The Fund's sustainability policy or integration procedures could cause it to perform differently compared to similar funds that do not have such a policy. The application of the sustainability standards of Calamos Advisors may affect the Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of the Fund — positively or negatively — depending on whether such investments are in or out of favor. In executing the Fund's investment strategy Calamos Advisors has developed a proprietary sustainability rating system that relies in part on data provided by third parties. There is no assurance that third-party sustainability data sources will always be available or that such data will be accurate. • Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets. • Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. • Authorized Participant Concentration Risk — Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, Fund Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs, such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. • New Fund Risk — The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. • Costs of Buying and Selling Fund Shares — Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments. • Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. Calamos Advisors may determine not to hedge currency risks, even if suitable instruments appear to be available. • Market Maker Risk — If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund Shares are trading on the Exchange, which could result in a decrease in value of the Fund Shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund Shares trading at a discount to net asset value and also in greater than normal intra-day bid-ask spreads for Fund Shares. • National Closed Market Trading Risk — To the extent that the underlying securities and/or other assets held by the Fund trade on non-U.S. exchanges or in non-U.S. markets that may be closed when the securities exchange on which Fund Shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed non-U.S. market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund's underlying securities and/or other assets trade on that closed non-U.S. market or when the non-U.S. market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund's NAV that may be greater than those experienced by other ETFs. • Premium-Discount Risk — Fund Shares may trade above or below their net asset value ("NAV"). The market prices of Fund Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Fund Shares on the Exchange. The trading price of Fund Shares may deviate significantly from NAV during periods of market volatility. • Secondary Market Trading Risk — Investors buying or selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund Shares. Although the Fund Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Fund Shares on the Exchange may be halted. • Trading Issues Risk — Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders. Fund Performance The Fund commenced operations on February 3, 2023, and thus does not yet have annual returns for a full calendar year. Accordingly, performance data is not included. Performance information is available at no cost by visiting www.calamos.com. Past performance (before and after taxes) is not an indication of future performance. The Fund commenced operations on February 3, 2023, and thus does not yet have annual returns for a full calendar year. www.calamos.com Past performance (before and after taxes) is not an indication of future performance. false 2024-11-21 485BPOS 0001579881 Other Expenses is an estimate based on the expenses the Fund expects to incur for the current fiscal year.