Exhibit (d)(xi)

CALAMOS ETF TRUST

May 2, 2025

Calamos Advisors LLC
2020 Calamos Court
Naperville, Illinois 60563

Ladies and Gentlemen:

Re: Investment Advisory Agreement

This letter confirms that effective May 2, 2025, Calamos ETF Trust (the “Trust”) and Calamos Advisors LLC (“CAL”) have mutually agreed that Schedule A and Exhibit A to the Investment Advisory Agreement between the Trust and CAL dated September 1, 2023, have each been amended and replaced by Schedule A and Exhibit A, respectively, attached hereto.

Please sign below to confirm our mutual agreement.

Very truly yours,
CALAMOS ETF TRUST
By	/s/ Erik D. Ojala
	Name:	Erik D. Ojala
	Title:	Vice President and Secretary

Amended Schedule A and Exhibit A attached hereto, accepted this 2^nd day of May 2025.

CALAMOS ADVISORS LLC
By	/s/ Thomas Herman
	Name:	Thomas E. Herman
	Title:	Chief Financial Officer

SCHEDULE A TO 

INVESTMENT ADVISORY AGREEMENT

Calamos Convertible Equity Alternative ETF 

Calamos CEF Income & Arbitrage ETF 

Calamos Nasdaq Equity & Income ETF 

Calamos S&P 500 Structured Alt Protection ETF – May 

Calamos S&P 500 Structured Alt Protection ETF – August 

Calamos S&P 500 Structured Alt Protection ETF – July 

Calamos S&P 500 Structured Alt Protection ETF – September 

Calamos Nasdaq-100 Structured Alt Protection ETF – June 

Calamos Nasdaq-100 Structured Alt Protection ETF – September 

Calamos Nasdaq-100 Structured Alt Protection ETF – December 

Calamos Nasdaq-100 Structured Alt Protection ETF – March 

Calamos Russell 2000 Structured Alt Protection ETF – July 

Calamos Russell 2000 Structured Alt Protection ETF – October 

Calamos Russell 2000 Structured Alt Protection ETF – January 

Calamos Russell 2000 Structured Alt Protection ETF – April 

Calamos S&P 500 Structured Alt Protection ETF – October 

Calamos S&P 500 Structured Alt Protection ETF – November 

Calamos S&P 500 Structured Alt Protection ETF – December 

Calamos S&P 500 Structured Alt Protection ETF – January 

Calamos S&P 500 Structured Alt Protection ETF – February 

Calamos S&P 500 Structured Alt Protection ETF – March 

Calamos S&P 500 Structured Alt Protection ETF – April 

Calamos S&P 500 Structured Alt Protection ETF – June 

Calamos Laddered S&P 500 Structured Alt Protection ETF 

Calamos Bitcoin Structured Alt Protection ETF – January 

Calamos Bitcoin Structured Alt Protection ETF – April 

Calamos Bitcoin Structured Alt Protection ETF – July 

Calamos Bitcoin Structured Alt Protection ETF – October 

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January 

Calamos Bitcoin 90 Series Structured Alt Protection ETF – April 

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July 

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October 

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January 

Calamos Bitcoin 80 Series Structured Alt Protection ETF – April 

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July 

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October 

Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul 

Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct

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EXHIBIT A TO 

INVESTMENT ADVISORY AGREEMENT

Calamos Convertible Equity Alternative ETF 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos Convertible Equity Alternative ETF at an annual rate of 0.69%.

Calamos CEF Income & Arbitrage ETF 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos CEF Income & Arbitrage ETF at an annual rate of 0.74%.

Calamos Nasdaq Equity & Income ETF 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos Nasdaq Equity & Income ETF at an annual rate of 0.74%.

Calamos S&P 500 Structured Alt Protection ETF – May 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – May at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – August 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – August at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – July 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – July at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – September 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – September at an annual rate of 0.69%.

Calamos Nasdaq-100 Structured Alt Protection ETF – June 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - June at an annual rate of 0.69%.

Calamos Nasdaq-100 Structured Alt Protection ETF – September 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF – September at an annual rate of 0.69%.

Calamos Nasdaq-100 Structured Alt Protection ETF – December 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - December at an annual rate of 0.69%.

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Calamos Nasdaq-100 Structured Alt Protection ETF – March 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - March at an annual rate of 0.69%.

Calamos Russell 2000 Structured Alt Protection ETF – July 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – July at an annual rate of 0.69%.

Calamos Russell 2000 Structured Alt Protection ETF – October 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – October at an annual rate of 0.69%.

Calamos Russell 2000 Structured Alt Protection ETF – January 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – January at an annual rate of 0.69%.

Calamos Russell 2000 Structured Alt Protection ETF – April 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – April at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – October 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – October at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – November 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – November at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – December 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – December at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – January 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – January at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – February 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – February at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – March 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – March at an annual rate of 0.69%.

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Calamos S&P 500 Structured Alt Protection ETF – April 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – April at an annual rate of 0.69%.

Calamos S&P 500 Structured Alt Protection ETF – June 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – June at an annual rate of 0.69%.

Calamos Laddered S&P 500 Structured Alt Protection ETF 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Laddered S&P 500 Structured Alt Protection ETF at an annual rate of 0.10%.

Calamos Bitcoin Structured Alt Protection ETF – January 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – January at an annual rate of 0.69%.

Calamos Bitcoin Structured Alt Protection ETF – April 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – April at an annual rate of 0.69%.

Calamos Bitcoin Structured Alt Protection ETF – July 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – July at an annual rate of 0.69%.

Calamos Bitcoin Structured Alt Protection ETF – October 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – October at an annual rate of 0.69%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – January at an annual rate of 0.69%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF – April 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April at an annual rate of 0.69%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – July at an annual rate of 0.69%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF – October 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – October at an annual rate of 0.69%.

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Calamos Bitcoin 80 Series Structured Alt Protection ETF – January 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – January at an annual rate of 0.69%.

Calamos Bitcoin 80 Series Structured Alt Protection ETF – April 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – April at an annual rate of 0.69%.

Calamos Bitcoin 80 Series Structured Alt Protection ETF – July 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – July at an annual rate of 0.69%.

Calamos Bitcoin 80 Series Structured Alt Protection ETF – October 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – October at an annual rate of 0.69%.

Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul at an annual rate of 0.69%.

Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct 

The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct at an annual rate of 0.69%.

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