UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. )

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☒	Definitive Proxy Statement

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☐	Soliciting Material Pursuant to §240.14a-12

CALAMOS ETF TRUST CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST
(Name of Registrant as Specified In Its Charter)


(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒	No fee required.
☐	Fee paid previously with preliminary materials.
☐	Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

2020 Calamos Court
Naperville, Illinois 60563-2787
1-866-363-9219 (Calamos ETF Trust)
1-800-582-6959 (Calamos Antetokounmpo Sustainable Equities Trust)

July 2, 2025

Dear Shareholder:

You are cordially invited to attend a joint special meeting of shareholders of each of the trusts named above (each, a "Trust"), on behalf of each fund organized as a series of the Trusts (each, a "Fund" and collectively, the "Funds") which will be held on Tuesday, August 19, 2025, at 3:00 p.m., central time, in the Calamos Café on the lower level of the offices of CALAMOS ADVISORS LLC, each Fund's investment adviser, 2020 Calamos Court, Naperville, Illinois.

The meeting has been called by the Board of Trustees of each Trust to elect the trustees of each Trust, as more fully discussed in the proxy statement.

Enclosed with this letter are the formal notice of the meeting, answers to questions you may have about the proposal, and the proxy statement. If you have any questions about the enclosed proxy or need any assistance in voting your shares or need directions to the meeting of shareholders, please call 1-866-363-9219 (Calamos ETF Trust) or 1-800-582-6959 (Calamos Antetokounmpo Sustainable Equities Trust).

Your vote is important. Please complete, sign, and date the enclosed proxy card and return it in the enclosed envelope. This will ensure that your vote is counted, even if you cannot attend the meeting in person.

Sincerely,

John P. Calamos, Sr.
Trustee and President

2020 Calamos Court
Naperville, Illinois 60563-2787
1-866-363-9219 (Calamos ETF Trust)
1-800-582-6959 (Calamos Antetokounmpo Sustainable Equities Trust)

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS
August 19, 2025

A joint special meeting of shareholders of each trust named above (each, a "Trust"), on behalf of each fund organized as a series of the Trusts (each, a "Fund" and collectively, the "Funds") has been called to be held in the Calamos Café on the lower level of the offices of CALAMOS ADVISORS LLC, the Fund's investment adviser, 2020 Calamos Court, Naperville, Illinois, at 3:00 p.m., central time, on Tuesday, August 19, 2025 for the following purpose:

To elect trustees to the board of trustees of each Trust for which you are an eligible shareholder; and to consider and act upon any other matters that may properly come before the meeting and at any adjournment thereof.

The election of a nominee to the Board of Trustees of a Trust requires the affirmative vote of a plurality of the votes cast at the Meeting of the Trust's shareholders.

Shareholders of record as of the close of business on June 20, 2025 are entitled to notice of, and to vote at, the meeting (or any adjournment of the meeting).

Important Notice Regarding the Availability of Proxy Materials for the Meeting to be Held on August 19, 2025: This Notice and the Proxy Statement are available on the Internet at www.Calamos.com/fundproxy

By Order of the Board of Trustees of each Trust,

/s/ Erik D. Ojala
Erik D. Ojala
Secretary

July 2, 2025
Naperville, Illinois

PLEASE COMPLETE AND RETURN THE ENCLOSED PROXY CARD WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE MEETING. YOU MAY STILL VOTE IN PERSON IF YOU ATTEND THE MEETING.

2020 Calamos Court
Naperville, Illinois 60563-2787
1-866-363-9219 (ETF Trust)
1-800-582-6959 (CASET)

JOINT PROXY STATEMENT

Joint Special Meeting of Shareholders
August 19, 2025

This joint proxy statement is being sent to you by the board of trustees of each trust named above (each, a "Trust"), on behalf of each fund organized as a series of the Trusts (each a "Fund" and collectively, the "Funds"). ETF Trust is comprised of 31 series which are listed in Appendix A of this proxy statement. CASET is comprised of a single series, Calamos Antetokounmpo Sustainable Equities Fund. The board of each Trust is asking you to complete and return the enclosed proxy card, permitting your shares of the Fund to be voted at the joint meeting of shareholders called to be held on August 19, 2025. Shareholders of record at the close of business on June 20, 2025 (the "record date") are entitled to vote at the meeting. You are entitled to one vote for each share you hold, with a fraction of a vote for each fraction of a share. This joint proxy statement and enclosed proxy are first being mailed to shareholders on or about July 2, 2025. Each Trust's board has determined that the use of this joint proxy statement for each special meeting is in the best interest of each Fund and its shareholders in light of the matters being considered and voted on by the shareholders.

You should have received your Fund's annual report to shareholders for the fiscal year ended July 31,2024 (for ETF Trust) or December 31, 2024 (for CASET). If you would like another copy of the annual report, please write to or call the Fund at the address or telephone number shown at the top of this page. The report will be sent to you without charge.

CALAMOS ADVISORS LLC, each Fund's investment adviser, is referred to as "Calamos Advisors." Calamos Advisors is a wholly owned subsidiary of CALAMOS INVESTMENTS LLC ("CILLC"). CILLC's assets under management as of December 31, 2024, were $40 billion ($38 billion of which represented Calamos Advisors' assets under manager). CALAMOS ASSET MANAGEMENT, INC. ("CAM") is the sole manager of CILLC. As of December 31, 2024, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by

CALAMOS PARTNERS LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and CALAMOS FAMILY PARTNERS, INC. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr. The Funds and Calamos Advisors may be contacted at the same address noted above.

ELECTION OF TRUSTEES

Six trustees are to be elected to the board of each Trust. The nominees for the board of each Trust are Hugh P. Armstrong, John S. Koudounis, Jeffrey S. Phlegar, Karen L. Stuckey, Christopher M. Toub and Lloyd A. Wennlund. Each nominee, except for Hugh P. Armstrong, John S. Koudounis and Jeffrey S. Phlegar, is currently a trustee of each Trust.

Unless otherwise directed, the persons named on the accompanying proxy card intend to vote at the meeting FOR the election of each nominee as described above. Currently, there are seven trustees, six of whom are non-interested trustees. If each of the nominees are elected at the meeting of the shareholders, there will be ten trustees, eight of whom will be non-interested trustees. In accordance with each Trust's Agreement and Declaration of Trust, each elected nominee will serve as a trustee until the Trust terminates; until such nominee's death, resignation, retirement or removal; or until his or her successor is duly elected. If a nominee is unable to serve because of an event not now anticipated, the persons named as proxyholders may vote for another person designated by the board of trustees.

The following tables set forth the trustees' and nominees' position(s) with each Trust, year of birth, principal occupation during the past five years, other directorships, and the year in which they first became trustees of the respective Trusts.

Nominee for election at the meeting who is an interested person of each Trust:

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

John S. Koudounis (1966)**^

Nominee

71^ (if elected)

President (since February 2021) and Chief Executive Officer, Calamos Asset Management, Inc., Calamos Investments LLC, Calamos Advisors, Calamos Wealth Management LLC, and Calamos Financial Services LLC (since 2016); Chairman and Chief Executive Officer (since 2022), Calamos Antetokounmpo Asset Management LLC; prior thereto, Director, Calamos Asset Management, Inc. (since 2016); prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.

* The address of each of the trustees is 2020 Calamos Court, Naperville, Illinois 60563-2787.

** If elected, Mr. Koudounis will be a trustee who is an "interested person" of the Trusts as defined in the Investment Company Act of 1940, as amended (the "1940 Act") because he is an officer of each Trust and is an affiliated person of Calamos Advisors and CFS.

^ Mr. Koudounis is the only Nominee of the Trusts who oversees the Calamos Aksia Alternative Credit and Income Fund and the Calamos Aksia Private Equity and Alternatives Fund.

Nominees for election at the meeting who are not interested persons of each Trust:

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee or
Nominee for
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

Hugh P. Armstrong (1961)

Nominee

69 (if elected)

Partner (1997-2021) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1988-1997); Chair of the Board of Trustees of Escuela De Guadalupe School (since 2024 and Trustee 2014-2017 and since 2021); Trustee and Treasurer of Denver Ballet Guild Endowment Trust (since 2021); Director of the Friends of Queen's University of Belfast, (since 2024); Former Chair of the Board and Trustee of St. Mary's Academy (2004-2012); Former Chair and President of the Learning Source (1999-2004)

Jeffrey S. Phlegar (1966)

Nominee

69 (if elected)

Chairman and CEO of MacKay Shields (2011-2024); EVP and Chief Investment Officer AllianceBernstein (1988-2011); former Senior member of the Management and M&A Committees of New York Life Investment Management, LLC (2018-Q1/2024); Chairman of the Plainview Funds (Irish QIAF) Board of Directors (2013-Q1/2024); Advisory Committee Member – Brewer Lane Ventures Fund I & II (2020-Present)

Karen L. Stuckey (1953)

Trustee (since 2022)

Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; formerly, Trustee, Denver Board of Oppenheimer Funds (open-end mutual funds) (2012-2019)

Christopher M. Toub (1959)

Trustee (since 2022)

Private investor; formerly Director of Equities, Alliance Bernstein LP (until 2012)

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee or
Nominee for
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

Lloyd A. Wennlund (1957)

Trustee (since 2022)

Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)

Continuing trustees who are not interested persons of each Trust:

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

John E. Neal (1950)

Trustee (of ETF Trust since 2014; of CASET since 2022); Lead Independent Trustee (of ETF Trust since 2019; of CASET since 2022)

71^

Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); formerly, Director, Centrust Bank (Northbrook, Illinois community bank) (until 2024); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018)

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

Virginia G. Breen (1964)

Trustee (of ETF Trust since 2015; of CASET since 2022)

Private investor; Trustee, UBS NY Fund Cluster (open-end funds) (since 2023)***; Director Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)****; Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)*****; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (2004-2023); Director, Tech and Energy Transition Corporation (blank check company) (2021-2023)

William R. Rybak (1951)

Trustee (of ETF Trust since 2014; of CASET since 2022)

Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, Jackson Credit Opportunities Fund (since 2023); Jackson Real Assets Fund (since 2024) (interval fund), JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020), and JNL Strategic Income Fund LLC (2007-2018) (open-end mutual funds)**; formerly Trustee, Lewis University (2012-2024); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000)

^ Mr. Neal is the only Trustee of the Trusts who oversees the Calamos Aksia Alternative Credit and Income Fund and the Calamos Aksia Private Equity and Alternatives Fund.

* The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563-2787.

** Overseeing 131 portfolios in fund complex.

*** Overseeing 39 portfolios in fund complex.

**** Overseeing 23 portfolios in fund complex.

***** Overseeing three portfolios in fund complex.

Continuing trustee who is an interested person of each Trust:

Name, Year of
Birth and Address*

Position(s) Held with
each Trust and Date
First Elected or
Appointed to Office

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Principal Occupation(s)
During Past 5 Years and
Other Directorships Held

John P. Calamos, Sr.** (1940)

Chairman, Trustee and President (of Calamos Investment Trust since 1988, of Calamos Advisors Trust since 1999)

Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC ("Calamos Advisors") and its predecessor and Calamos Wealth Management LLC ("CWM"); Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC ("CGAM"); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC ("CFS") and its predecessor, CAM, CILLC, Calamos Advisors, and CWM

* The address of the trustee is 2020 Calamos Court, Naperville, Illinois 60563-2787.

** Mr. Calamos is a trustee who is an "interested person" of the Funds as defined in the Investment Company Act of 1940, as amended (the "1940 Act") because he is an officer of each Fund and is an affiliated person of Calamos Advisors and CFS.

Officers. John P. Calamos, Sr. is president of each Trust. The earlier table gives more information about Mr. Calamos. The following table sets forth each other officer's name and year of birth, position with each Trust, principal occupation during the past five years, and the date on which he first became an officer of each Trust. Each officer serves until his successor is chosen and qualified or until his resignation or removal by the board of trustees.

Name, Year of Birth and Address*	Position(s) Held with each Trust and Date First Elected or Appointed to Office	Principal Occupation(s) During Past 5 Years
Stephen Atkins (1965)	Treasurer (since 2022)	Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)
Thomas P. Kiley III (1968)	Vice President (since 2024)	Senior Vice President, Chief Distribution Officer (since 2024), CAM, CILLC, and Calamos Advisors; Principal Executive Officer and Chief Distribution Officer (since 2024), CFS; Vice President (since 2024), CGAM; prior thereto Managing Director, RIA Eastern Divisional Sales Manager, Blackrock Investments, Inc. (2017-2024)
Thomas E. Herman (1961)	Vice President (of ETF Trust since 2016; of CASET since 2022) and Chief Financial Officer (of ETF Trust 2016-2017 and since 2019; of CASET since 2022)	Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer (since 2022), CGAM; prior thereto Chief Financial Officer and Treasurer, Harris Associates (2010-2016)

Name, Year of Birth and Address*	Position(s) Held with each Trust and Date First Elected or Appointed to Office	Principal Occupation(s) During Past 5 Years
Erik D. Ojala (1975)	Vice President and Secretary (since 2023)	Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; Chief Compliance Officer, Harbor ETF Trust (2021-2023); and Chief Compliance Officer of Harbor Funds (2017-2023)
John S. Koudounis (1966)	Vice President (of ETF Trust since 2016; of CASET since 2022)	President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); Chairman and Chief Executive Officer (since 2022), CGAM; prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Mark J. Mickey (1951)	Chief Compliance Officer (of ETF Trust since 2014; of CASET since 2022)	Chief Compliance Officer, Calamos Funds (since 2005)
Daniel Dufresne (1974)	Vice President (since 2022)	Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); President (since 2022), CGAM; prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020)

* The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563-2787.

Committees of the Boards of Trustees. Each Trust's board of trustees currently has five standing committees:

Executive Committee. Messrs. Calamos and Neal are members of the executive committee of each board, which has authority during intervals between meetings of the board of trustees to exercise the powers of the board, with certain exceptions. John P. Calamos, Sr. is an interested trustee of each Trust.

Dividend Committee. Mr. Calamos serves as the sole member of the dividend committee of each board. Each dividend committee is authorized, subject to board review, to declare distributions on the respective Trust's shares in accordance with the Trust's distribution policies, including, but not limited to, regular dividends, special dividends and short- and long-term capital gains distributions.

Audit Committee. Messrs. Neal, Rybak (Chair), Toub and Wennlund and Mses. Breen and Stuckey serve on the audit committee of each board. The audit committees operate under a written charter adopted and approved by each board. The audit committees select independent auditors, approve services to be rendered by the auditors, monitor the auditors' performance, review the results of each Trust's audit, determine whether to recommend to the board that the Trust's audited financial statements be included in the Trust's annual report and respond to other matters deemed appropriate by the boards. All members of the audit committee are independent trustees of each Trust.

Governance Committee. Messrs. Neal, Rybak, Toub, and Wennlund and Mses. Breen (Chair) and Stuckey serve on the governance committee of each board. The governance committee operates under a written charter adopted and approved by each board. The governance committee oversee the independence and effective functioning of the boards of trustees and endeavors to be informed about good practices for mutual fund boards. The committees also make recommendations to their respective boards regarding compensation of independent trustees.

The governance committees also function as a nominating committee by making recommendations to the boards of trustees regarding candidates for election as non-interested trustees. The governance committees look to many sources for recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of the Funds, search firms that are compensated for their services and other third party sources. Any such search firm identifies and evaluates potential candidates, conducts screening interviews and provides information to the governance committees with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committees consider a number of factors, including a candidate's

background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the written charter. Any prospective candidate is interviewed by the Trusts' trustees and officers, and references are checked. The governance committees will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committees for their consideration. Procedures for nominating a candidate are set forth in Appendix B to this proxy statement. A copy of the Governance Committee charter is available on the Trusts' website at https://www.calamos.com/resources/proxy-statement/.

Valuation Committee. Messrs. Neal, Rybak, Toub and Wennlund (Chair) and Mses. Breen and Stuckey serve on the valuation committee of each board. The valuation committees operate under a written charter approved by each board. The valuation committees oversee valuation matters of each Trust delegated to the pricing committee, including the fair valuation determinations and methodologies proposed and utilized by the valuation designee, review the Trusts' valuation procedures and their application by the valuation designee, review pricing errors and procedures for calculation of net asset value of each Fund and respond to other matters deemed appropriate by each board.

In addition to the above committees, each Trust's board of trustees has appointed and oversees a pricing committee comprised of officers of the Trust and employees of Calamos Advisors.

If elected to the board, it is anticipated that Mr. Armstrong and Mr. Phlegar will each serve on each Fund's Audit Committee, Governance Committee and Valuation Committee.

The following table shows the number of meetings the board and standing committees of each Trust held during its most recent fiscal year ended:

	ETF Trust (fiscal year ended 7/31/2024)		CASET (fiscal year ended 12/31/2024)
Board of Trustees		7		4
Executive Committee		0		0
Audit Committee		4		4
Governance Committee		2		3
Dividend Committee		0		0
Valuation Committee		4		4

All of the trustees and committee members then serving attended at least 75% of the meetings of the board of trustees and applicable committees of each Trust held during each Trust's most recent fiscal year ended July 31, 2024 (ETF Trust) or December 31, 2024 (CASET).

Leadership Structure and Qualifications of the Board of Trustees. Each Trust's board of trustees is responsible for oversight of its respective Funds. Each The Trust has engaged Calamos Advisors to manage its respective Fund(s) on a day-to-day basis. Each board of trustees oversees Calamos Advisors and certain other principal service providers in the operations of their respective Funds. Each board of trustees is currently composed of seven members, six of whom are non-interested trustees. If the nominees are elected at the special meeting of shareholders, each board of trustees will be composed of ten members, eight of whom will be non-interested trustees. Each board of trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, each board of trustees may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, each board of trustees has established five standing committees — Audit, Dividend, Executive, Governance and Valuation — and may establish ad hoc committees or working groups from time-to-time, to assist each board of trustees in fulfilling its oversight responsibilities. The non-interested trustees also have engaged independent legal counsel to assist them in fulfilling their responsibilities. Such independent legal counsel also serves as counsel to each Trust.

The chairman of each board of trustees is an "interested person" of each Trust (as such term is defined in the 1940 Act). The non-interested trustees have appointed a lead independent trustee. The lead independent trustee serves as a liaison between Calamos Advisors and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Trusts. Among other things, the lead independent trustee reviews and approves, with the chairman, the agenda for each board and committee meeting and facilitates communication among each Trust's non-interested trustees. The trustees believe that each board of trustees' leadership structure is appropriate given the characteristics and circumstances of each Trust, including but not limited to, the asset size of the funds, comprising each Trust overseen by each board, the nature and number of funds overseen by each board, the total number of trustees, the range of experience represented on each board and each board's responsibilities. The trustees also believe that this structure facilitates the exercise of each board of trustees' independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

Each board of trustees, including the independent trustees, has unanimously concluded that, based on each trustee's and each nominee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees and nominees, each continuing trustee should serve, and each nominee should be nominated to serve, as a member of each Board. In making this determination, the board of trustees has taken into account the actual service of the current trustees during their

tenure in concluding that each should continue to serve or be nominated to serve. The board of trustees also has considered each trustee's and each nominee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee and nominee that led each board of trustees to conclude that he or she should serve as a trustee.

Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, Toub and Wennlund has served for multiple years as a trustee of each Trust. In addition, each of Mses. Breen and Stuckey and Messrs. Armstrong, Calamos, Koudounis, Neal, Phlegar, Rybak, Toub and Wennlund has more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Calamos, Koudounis, Neal, Phlegar, Rybak, Toub, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Neal, Phlegar, Rybak, Toub, and Wennlund has earned a Masters of Business Administration degree.

Risk Oversight. The operation of a registered investment company, including its investment activities, generally involves a variety of risks. As part of its oversight of the Trusts, each the board of trustees oversees risk through various regular board and committee activities. Each board of trustees, directly or through its committees, reviews reports from, among others, Calamos Advisors, each Trust's Compliance Officer, each Trust's independent registered public accounting firm, independent outside legal counsel, and internal auditors of Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Funds and the risk management programs of Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Funds resides with Calamos Advisors and other service providers to the Funds. Although the risk management policies of Calamos Advisors and the service providers are designed to be effective, there is no guarantee that they will anticipate or mitigate all risks. Not all risks that may affect the Funds can be identified, eliminated or mitigated and some risks simply may not be anticipated or may be beyond the control of the board of trustees or Calamos Advisors, its affiliates or other service providers.

Trustee and Officer Compensation. Each Trust does not compensate any of the trustees who are affiliated persons of Calamos Advisors.

The compensation paid to the non-interested trustees of each Trust in the Fund Complex for their services as such consists of an annual retainer fee in the amount of $210,000, with annual supplemental retainers of $40,000 to the lead independent trustee, $20,000 to the chair of the audit committee and $10,000 to the chair of any other committee. Each non-interested trustee also receives a meeting attendance fee of $7,000 for

any special board meeting attended in person, and $3,500 for any special board meeting attended by telephone. If Messrs. Armstrong and Phlegar are elected to the boards of trustees of the Trusts, they will receive the same compensation as the other non-interested trustees.

The following table sets forth information with respect to the compensation paid by ETF Trust and the Fund Complex during the periods indicated to each of the trustees officers then serving. Mr. Mickey is the only Trust officer who receives compensation from ETF Trust.

Name	ETF Trust¹		Pension or Retirement Benefits Accrued as Part of ETF Trust Expenses		Estimated Annual Benefits Upon Retirement		Fund Complex²8/1/23–7/31/24
John P. Calamos, Sr.	$	0	$	0	$	0	$	0
Virginia Breen	$	25,614	$	0	$	0	$	207,500
John E. Neal³	$	29,107	$	0	$	0	$	297,500⁴
William R. Rybak	$	26,778	$	0	$	0	$	217,500
Karen Stuckey	$	24,449	$	0	$	0	$	197,500
Christopher Toub	$	24,449	$	0	$	0	$	197,500
Lloyd A. Wennlund	$	25,614	$	0	$	0	$	207,500
Mark J. Mickey	$	21,826	$	0	$	0	$	189,742

The following table sets forth information with respect to the compensation paid by CASET and the Fund Complex during the fiscal year ended December 31, 2024 to each of the trustees and officers then serving. Mr. Mickey is the only Trust officer who receives compensation from CASET.

Name	CASET		Pension or Retirement Benefits Accrued as Part of CASET Expenses		Estimated Annual Benefits Upon Retirement		Fund Complex⁵
John P. Calamos, Sr.	$	0	$	0	$	0	$	0
Virginia Breen	$	1,464	$	0	$	0	$	237,500
John E. Neal⁶	$	1,664	$	0	$	0	$	327,500⁷
William R. Rybak	$	1,531	$	0	$	0	$	247,500
Karen Stuckey	$	1,398	$	0	$	0	$	227,500
Christopher Toub	$	1,398	$	0	$	0	$	227,500
Lloyd A. Wennlund	$	1,464	$	0	$	0	$	237,500
Mark J. Mickey	$	1,312	$	0	$	0	$	189,742

Thus, the value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. If a participating trustee retires, the trustee may elect to receive payments under the plan in a lump sum or in equal annual installments over a period of five years. If a participating trustee dies, any amount payable under the Plan will be paid to the trustee's beneficiaries. Each Fund's obligation to make payments under the Plan is a general obligation of that Fund. No Fund is liable for any other Fund's obligations to make payments under the Plan.

Certain Relationships and Related Transactions. Each Trust has entered into an investment management agreement with Calamos Advisors. According to the terms of that agreement, Calamos Advisors provides portfolio management services to the Fund in consideration for fees based on each Fund's daily average net assets.

Required Vote. The election of a nominee to the board of trustees of a Trust requires the affirmative vote of a plurality of the votes cast at the meeting of that Trust's shareholders. Under a plurality vote, the candidate who receives the highest number of votes will be elected, even if they receive approval from less than a majority of the votes cast. Because each nominee is running unopposed, each nominee is expected to be elected as a trustee, as each nominee who receives votes in favor will be elected, while votes not cast or votes to withhold will have no effect on the election outcome.

Beneficial Ownership. At March 31, 2025, each trustee beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) shares of the Funds and of all Funds in the Fund Complex having values within the indicated dollar ranges. Mr. Armstrong and Mr. Phlegar, who are not currently trustees of the Trusts, did not beneficially own shares of any Fund as of March 31, 2025.

Trustee

Calamos
Antetokounmpo
Global
Sustainable
Equities ETF

Calamos
Convertible
Equity
Alternative
ETF

Calamos
CEF
Income &
Arbitrage
ETF

Calamos
Nasdaq
Equity &
Income ETF

Calamos
S&P 500
Structured Alt
Protection
ETF – May

John P. Calamos, Sr. ⁸

Over
$100,000

$50,001-
$100,000

$1-10,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

Over
$100,000

None

Trustee

Calamos
S&P 500
Structured Alt
Protection
ETF – July

Calamos
S&P 500
Structured Alt
Protection
ETF – August

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

John P. Calamos, Sr.⁸

$1-10,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

$50,001-
$100,000

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

None

Trustee

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

John P. Calamos, Sr.⁸

$1-10,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

None

Trustee

Calamos
Russell 2000
Structured Alt
Protection
ETF – April¹⁰

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

John P. Calamos, Sr.⁸

None

$1-10,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

None

Trustee

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 – April¹⁰

Calamos
S&P 500
Structured Alt
Protection
ETF – June¹⁰

Calamos
Laddered
S&P 500
Structured Alt
Protection
ETF

John P. Calamos, Sr.⁸

$1-10,000

None

Over
$100,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

None

Trustee

Calamos
Bitcoin
Structured Alt
Protection
ETF –
January

Calamos
Bitcoin
Structured Alt
Protection
ETF – April¹⁰

Calamos
Bitcoin
90 Series
Structured Alt
Protection
ETF –
January

Calamos
Bitcoin
90 Series
Structured Alt
Protection
ETF – April¹⁰

Calamos
Bitcoin
80 Series
Structured Alt
Protection
ETF –
January

John P. Calamos, Sr.⁸

Over
$100,000

None

$1-10,000

None

$1-10,000

Virginia G. Breen

None

John E. Neal

None

William R. Rybak

None

Karen L. Stuckey

$1-$10,000

None

Christopher M. Toub

None

Lloyd A. Wennlund

None

John S. Koudounis⁹

$50,001-
$100,000

None

$50,001-
$100,000

None

$50,001-
$100,000

Trustee

Calamos
Bitcoin
80 Series
Structured Alt
Protection
ETF – April¹⁰

Calamos
Antetokounmpo
Sustainable
Equities
Fund

Aggregate
Dollar Range
of Shares of
All Funds
in the Fund
Complex

John P. Calamos, Sr.⁸

None

Over $100,000

Virginia G. Breen

None

Over $100,000

John E. Neal

None

Over $100,000

William R. Rybak

None

Over $100,000

Karen L. Stuckey

None

Over $100,000

Christopher M. Toub

None

Over $100,000

Lloyd A. Wennlund

None

Over $100,000

John S. Koudounis⁹

None

Over $100,000

At March 31, 2025, each trustee, and the trustees and officers as a group, beneficially owned (as determined pursuant to Rule 13d-3 under the Exchange Act) the following number of shares of the Funds (and percentage of outstanding shares) as follows:

Fund	Name of Trustee (or Trustees and Officers As a Group)	Shares Held		Percentage of Shares Held
Calamos Antetokounmpo Global Sustainable Equities ETF	Trustee and Officers as Group		139,078.426		30.63	%
	John P. Calamos, Sr.		122,463.426		26.97	%
	John S. Koudounis		10,130.000		2.23	%
Calamos Convertible Equity Alternative ETF	Trustee and Officers as Group		9,220.406		1.08	%
Calamos CEF Income & Arbitrage ETF					*
Calamos Nasdaq Equity & Income ETF	Trustee and Officers as Group		3,964.175		1.59	%
	John P. Calamos, Sr		2,734.175		1.09	%
Calamos S&P 500 Structured Alt Protection ETF – May					*
Calamos S&P 500 Structured Alt Protection ETF – July					*
Calamos S&P 500 Structured Alt Protection ETF – August					*
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					*

Fund

Name of Trustee
(or Trustees and Officers
As a Group)

Shares
Held

Percentage
of Shares
Held

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

Fund	Name of Trustee (or Trustees and Officers As a Group)	Shares Held		Percentage of Shares Held
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	Trustee and Officers as Group		448,561.000		22.15	%
	John P. Calamos, Sr		448,261.000		22.14	%
Calamos Bitcoin Structured Alt Protection ETF – January	Trustee and Officers as Group		85, 698.000		4.63	%
	John P. Calamos, Sr		80,000.000		4.32	%
Calamos Bitcoin Structured Alt Protection ETF – April					*
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	Trustee and Officers as Group		12,200.000		1.28	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April					*
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January	Trustee and Officers as Group		19,200.000		1.42	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April					*
Calamos Antetokounmpo Sustainable Equities Fund – Class A	Trustee and Officers as Group		10,042.119		64.48	%
	John P. Calamos, Sr		10,042.119		64.48	%
Calamos Antetokounmpo Sustainable Equities Fund – Class C	Trustee and Officers as Group		10,000.000		100.00	%

Fund	Name of Trustee (or Trustees and Officers As a Group)	Shares Held		Percentage of Shares Held
	John P. Calamos, Sr		10,000.000		100.00	%
Calamos Antetokounmpo Sustainable Equities Fund – Class I	Trustee and Officers as Group		225,042.915		72.46	%
	John P. Calamos, Sr		225,042.915		72.46	%
Calamos Antetokounmpo Sustainable Equities Fund – Class R6	Trustee and Officers as Group		10,085.615		100.00	%
	John P. Calamos, Sr		10,085.615		100.00	%

* Indicates less than 1%.

Board Recommendation

Each Trust's board of trustees unanimously recommends that shareholders of each Fund vote "For" the nominees.

OTHER MATTERS

Each Trust's board of trustees knows of no other matters that are intended to be brought before the meeting. If other matters are properly presented for action at the meeting, and the respective Trust did not have notice of the matter at least 45 days prior to the date on which proxy materials were first sent to shareholders, the proxyholders named in the enclosed form of proxy will vote on those matters in their sole discretion.

Holders of shares of each Fund will vote together, as a single class, on any matter that may properly come before the meeting and at any adjournment or postponement thereof. It is not currently expected that any other matter will be raised at the meeting.

MORE INFORMATION ABOUT THE MEETING

Shareholders. At the record date, each Fund had the following number of shares issued and outstanding:

Fund	Outstanding Shares
Calamos Antetokounmpo Global Sustainable Equities ETF		504,000.000
Calamos Convertible Equity Alternative ETF		350,001.000
Calamos CEF Income & Arbitrage ETF		575,001.000
Calamos Nasdaq Equity & Income ETF		450,001.000

Fund	Outstanding Shares
Calamos S&P 500 Structured Alt Protection ETF – May		2,250,001.000
Calamos S&P 500 Structured Alt Protection ETF – July		1,325,001.000
Calamos S&P 500 Structured Alt Protection ETF – August		1,475,001.000
Calamos S&P 500 Structured Alt Protection ETF – September		1,000,001.000
Calamos Nasdaq-100 Structured Alt Protection ETF – June		1,750,001.000
Calamos Nasdaq-100 Structured Alt Protection ETF – September		900,001.000
Calamos Nasdaq-100 Structured Alt Protection ETF – December		625,001.000
Calamos Nasdaq-100 Structured Alt Protection ETF – March		625,000.000
Calamos Russell 2000 Structured Alt Protection ETF – July		1,875,001.000
Calamos Russell 2000 Structured Alt Protection ETF – October		1,125,001.000
Calamos Russell 2000 Structured Alt Protection ETF – January		2,375,000.000
Calamos Russell 2000 Structured Alt Protection ETF – April		300,000.000
Calamos S&P 500 Structured Alt Protection ETF – October		675,001.000
Calamos S&P 500 Structured Alt Protection ETF – November		775,001.000
Calamos S&P 500 Structured Alt Protection ETF – December		2,200,001.000
Calamos S&P 500 Structured Alt Protection ETF – January		925,000.000
Calamos S&P 500 Structured Alt Protection ETF – February		1,075,000.000
Calamos S&P 500 Structured Alt Protection ETF – March		950,000.000
Calamos S&P 500 Structured Alt Protection ETF – April		600,000.000
Calamos S&P 500 Structured Alt Protection ETF – June		950,000.000
Calamos Laddered S&P 500 Structured Alt Protection ETF		3,075,001.000

Fund	Outstanding Shares
Calamos Bitcoin Structured Alt Protection ETF – January		1,700,000.000
Calamos Bitcoin Structured Alt Protection ETF – April		200,000.000
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January		1,050,000.000
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April		200,000.000
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January		1,700,000.000
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April		100,000.000

Fund	Class		Outstanding Shares
Calamos Antetokounmpo Sustainable Equities Fund		A	12,763.290
Calamos Antetokounmpo Sustainable Equities Fund		C	10,000.000
Calamos Antetokounmpo Sustainable Equities Fund		I	310,557.349
Calamos Antetokounmpo Sustainable Equities Fund		R6	10,085.615

At the record date, the following persons owned of record or beneficially more than 5% of the outstanding securities of each of the following Funds:

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Russell 2000 Structured Alt Protection ETF – October	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		499,627.000		44.41	%
Calamos Russell 2000 Structured Alt Protection ETF – October	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		344,079.000		30.58	%
Calamos Russell 2000 Structured Alt Protection ETF – October	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		163,448.000		14.53	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos S&P 500 Structured Alt Protection ETF – September	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		218,329.000		21.83	%
Calamos S&P 500 Structured Alt Protection ETF – September	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		360,908.000		36.09	%
Calamos S&P 500 Structured Alt Protection ETF – September	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		64,430.000		6.44	%
Calamos S&P 500 Structured Alt Protection ETF – September	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		258,426.000		25.84	%
Calamos Nasdaq 100 Structured Alt Protection ETF – June	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		938,870.000		53.65	%
Calamos Nasdaq 100 Structured Alt Protection ETF – June	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		354,364.000		20.25	%
Calamos Nasdaq 100 Structured Alt Protection ETF – June	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		299,747.000		17.13	%
Calamos Nasdaq 100 Structured Alt Protection ETF – September	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		359,460.000		39.94	%
Calamos Nasdaq 100 Structured Alt Protection ETF – September	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		298,266.000		33.14	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Nasdaq 100 Structured Alt Protection ETF – September	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		121,256.000		13.47	%
Calamos Nasdaq 100 Structured Alt Protection ETF – December	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		239,401.000		38.30	%
Calamos Nasdaq 100 Structured Alt Protection ETF – December	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		193,017.000		30.88	%
Calamos Nasdaq 100 Structured Alt Protection ETF – December	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		58,171.000		9.31	%
Calamos Nasdaq 100 Structured Alt Protection ETF – December	VANGUARD MARKETING CORPORATION 14321 N. NORTHSIGHT BOULEVARD SCOTTSDALE, AZ 85260		36,321.000		5.81	%
Calamos Nasdaq 100 Structured Alt Protection ETF – March	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		200,125.000		32.02	%
Calamos Nasdaq 100 Structured Alt Protection ETF – March	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		125,328.000		20.05	%
Calamos Nasdaq 100 Structured Alt Protection ETF – March	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		175,575.000		28.09	%
Calamos Russell 2000 Structured Alt Protection ETF – July	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		234,450.000		12.50	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Russell 2000 Structured Alt Protection ETF – July	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		394,998.000		21.07	%
Calamos Russell 2000 Structured Alt Protection ETF – July	THE NORTHERN TRUST COMPANY 801 S CANAL STREET ATTN: CAPITAL STRUCTURES-C1N CHICAGO IL 60607		1,025,000.000		54.67	%
Calamos Russell 2000 Structured Alt Protection ETF – July	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		174,482.000		9.31	%
Calamos S&P 500 Structured Alt Protection ETF – October	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		153,301.000		22.71	%
Calamos S&P 500 Structured Alt Protection ETF – October	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		154,292.000		22.86	%
Calamos S&P 500 Structured Alt Protection ETF – October	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		35,091.000		5.20	%
Calamos S&P 500 Structured Alt Protection ETF – October	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		256,972.000		38.07	%
Calamos S&P 500 Structured Alt Protection ETF – November	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		197,887.000		25.53	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos S&P 500 Structured Alt Protection ETF – November	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		241,597.000		31.17	%
Calamos S&P 500 Structured Alt Protection ETF – November	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		258,512.000		33.36	%
Calamos S&P 500 Structured Alt Protection ETF – July	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		362,839.000		27.38	%
Calamos S&P 500 Structured Alt Protection ETF – July	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		331,477.000		25.02	%
Calamos S&P 500 Structured Alt Protection ETF – July	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		238,491.000		18.00	%
Calamos S&P 500 Structured Alt Protection ETF – July	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		260,131.000		19.63	%
Calamos S&P 500 Structured Alt Protection ETF – December	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		776,711.000		35.31	%
Calamos S&P 500 Structured Alt Protection ETF – December	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		845,058.000		38.41	%
Calamos S&P 500 Structured Alt Protection ETF – December	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		111,339.000		5.06	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos S&P 500 Structured Alt Protection ETF – December	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		272,580.000		12.39	%
Calamos S&P 500 Structured Alt Protection ETF – January	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		229,513.000		24.81	%
Calamos S&P 500 Structured Alt Protection ETF – January	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		224,219.000		24.24	%
Calamos S&P 500 Structured Alt Protection ETF – January	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		278,798.000		30.14	%
Calamos S&P 500 Structured Alt Protection ETF – February	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		369,401.000		34.36	%
Calamos S&P 500 Structured Alt Protection ETF – February	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		272,529.000		25.35	%
Calamos S&P 500 Structured Alt Protection ETF – February	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		274,161.000		25.50	%
Calamos S&P 500 Structured Alt Protection ETF – March	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		265,563.000		27.95	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos S&P 500 Structured Alt Protection ETF – March	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		94,521.000		9.95	%
Calamos S&P 500 Structured Alt Protection ETF – March	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		276,766.000		29.13	%
Calamos S&P 500 Structured Alt Protection ETF – April	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		132,909.000		22.15	%
Calamos S&P 500 Structured Alt Protection ETF – April	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		143,404.000		23.90	%
Calamos S&P 500 Structured Alt Protection ETF – April	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		247,981.000		41.33	%
Calamos S&P 500 Structured Alt Protection ETF – June	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		551,023.000		58.00	%
Calamos S&P 500 Structured Alt Protection ETF – June	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		255,463.000		26.89	%
Calamos Laddered S&P 500 Structured Alt Protection ETF	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		1,114,161.000		36.23	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Laddered S&P 500 Structured Alt Protection ETF	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		1,654,889.000		53.82	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		895,396.000		52.67	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January	MORGAN STANLEY SMITH BARNEY LLC 1300 THAMES ST 6TH FLOOR BALTIMORE, MD 21231		120,959.000		7.12	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		299,590.000		17.62	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	ALTRUIST FINANCIAL LLC 3030 S LA CIENEGA BLVD CULVER CITY, CA 90232		88,726.000		8.45	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		396,757.000		37.79	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	GOLDMAN SACHS & CO. LLC 30 HUDSON STREET PROXY DEPARTMENT JERSEY CITY, NJ 07302		83,440.000		7.95	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	MORGAN STANLEY SMITH BARNEY LLC 1300 THAMES ST 6TH FLOOR BALTIMORE, MD 21231		78,868.000		7.51	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		235,180.000		22.40	%
Calamos S&P 500 Structured Alt Protection ETF – August	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		348,910.000		23.65	%
Calamos S&P 500 Structured Alt Protection ETF – August	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		443,032.000		30.04	%
Calamos S&P 500 Structured Alt Protection ETF – August	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		160,380.000		10.87	%
Calamos S&P 500 Structured Alt Protection ETF – August	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		260,399.000		17.65	%
Calamos Bitcoin Structured Alt Protection ETF – January	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		697,142.000		41.01	%
Calamos Bitcoin Structured Alt Protection ETF – January	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		662,583.000		38.98	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Bitcoin Structured Alt Protection ETF – January	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		104,884.000		6.17	%
Calamos Bitcoin Structured Alt Protection ETF – April	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		88,993.000		44.50	%
Calamos Bitcoin Structured Alt Protection ETF – April	GOLDMAN SACHS & CO. LLC 30 HUDSON STREET PROXY DEPARTMENT JERSEY CITY, NJ 07302		43,104.000		21.55	%
Calamos Bitcoin Structured Alt Protection ETF – April	INTERACTIVE BROKERS LLC/RETAIL 2 PICKWICK PLAZA, 2ND FLOOR GREENWICH, CT 06830		12,900.000		6.45	%
Calamos Bitcoin Structured Alt Protection ETF – April	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		24,905.000		12.45	%
Calamos Bitcoin Structured Alt Protection ETF – April	RAYMOND JAMES & ASSOCIATES, INC. 880 CARILLON PKWY SAINT PETERSBURG, FL 33716		11,779.000		5.89	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		24,757.000		12.38	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April	GOLDMAN SACHS & CO. LLC 30 HUDSON STREET PROXY DEPARTMENT JERSEY CITY, NJ 07302		75,946.000		37.97	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April	INTERACTIVE BROKERS LLC/RETAIL 2 PICKWICK PLAZA, 2ND FLOOR GREENWICH, CT 06830		14,244.000		7.12	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		37,653.000		18.83	%
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April	WELLS FARGO CLEARING SERVICES LLC 2801 MARKET STREET H0006-09B ST. LOUIS, MO 63103		27,615.000		13.81	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		46,340.000		46.34	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April	GOLDMAN SACHS & CO. LLC 30 HUDSON STREET PROXY DEPARTMENT JERSEY CITY, NJ 07302		10,090.000		10.09	%
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		21,467.000		21.47	%
Calamos S&P 500 Structured Alt Protection ETF – May	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		933,137.000		41.47	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos S&P 500 Structured Alt Protection ETF – May	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		752,434.000		33.44	%
Calamos S&P 500 Structured Alt Protection ETF – May	STATE STREET BANK & TRUST/STATE STREET TOTALETF 1776 HERITAGE DRIVE NORTH QUINCY, MA 02169		240,754.000		10.70	%
Calamos Nasdaq^® Equity & Income ETF	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		133,903.000		29.76	%
Calamos Nasdaq^® Equity & Income ETF	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		56,734.000		12.61	%
Calamos Nasdaq^® Equity & Income ETF	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		107,356.000		23.86	%
Calamos Nasdaq^® Equity & Income ETF	RAYMOND JAMES & ASSOCIATES, INC. 880 CARILLON PKWY SAINT PETERSBURG, FL 33716		24,463.000		5.44	%
Calamos Nasdaq^® Equity & Income ETF	RBC CAPITAL MARKETS, LLC 60 S 6TH ST – P09 MINNEAPOLIS, MN 55402-4400		84,136.000		18.70	%
Calamos CEF Income & Arbitrage ETF	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		291,124.000		50.63	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos CEF Income & Arbitrage ETF	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		161,125.000		28.02	%
Calamos CEF Income & Arbitrage ETF	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		63,824.000		11.10	%
Calamos Russell 2000 Structured Alt Protection ETF – January	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		1,634,431.000		68.82	%
Calamos Russell 2000 Structured Alt Protection ETF – January	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		394,035.000		16.59	%
Calamos Russell 2000 Structured Alt Protection ETF – January	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		171,146.000		7.21	%
Calamos Russell 2000 Structured Alt Protection ETF – April	BOFA SECURITIES, INC. 9000 SOUTHSIDE BLVD BLDG 300 JACKSONVILLE, FL 32256		30,409.000		10.14	%
Calamos Russell 2000 Structured Alt Protection ETF – April	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		156,324.000		52.11	%
Calamos Russell 2000 Structured Alt Protection ETF – April	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		82,249.000		27.42	%

Fund	Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Russell 2000 Structured Alt Protection ETF – April	PERSHING LLC ONE PERSHING PLAZA JERSEY CITY, NJ 07399		15,511.000		5.17	%
Calamos Antetokounmpo Global Sustainable Equities ETF	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		261,041.000		51.79	%
Calamos Antetokounmpo Global Sustainable Equities ETF	J.P. MORGAN SECURITIES LLC/JPMC 383 MADISON AVENUE NEW YORK, NY 10179		47,068.000		9.34	%
Calamos Antetokounmpo Global Sustainable Equities ETF	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		174,350.000		34.59	%
Calamos Convertible Equity Alternative ETF	BOFA SECURITIES, INC. 9000 SOUTHSIDE BLVD BLDG 300 JACKSONVILLE, FL 32256		21,289.000		6.08	%
Calamos Convertible Equity Alternative ETF	CHARLES SCHWAB & CO., INC. 2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215		160,048.000		45.73	%
Calamos Convertible Equity Alternative ETF	J.P. MORGAN SECURITIES LLC/JPMC 383 MADISON AVENUE NEW YORK, NY 10179		22,319.000		6.38	%
Calamos Convertible Equity Alternative ETF	NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310		82,753.000		23.64	%

Fund	Class		Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Antetokounmpo Sustainable Equities Fund		A	NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995		10,042.121		78.68	%
Calamos Antetokounmpo Sustainable Equities Fund		A	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901		1,884.035		14.76	%
Calamos Antetokounmpo Sustainable Equities Fund		A	ADAM C WEGE & WHITNEY W WEGE JTWROS TOD 2020 CALAMOS COURT NAPERVILLE, IL 60563		702.582		5.50	%
Calamos Antetokounmpo Sustainable Equities Fund		C	CALAMOS INVESTMENTS LLC ATTN CORPORATE ACCOUNTING 2020 CALAMOS CT NAPERVILLE IL 60563-2787		10,000.000		100.00	%

Fund	Class		Name and Address of Beneficial Owner	Shares Held		Percentage of Shares Held
Calamos Antetokounmpo Sustainable Equities Fund		I	NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995		228,813.762		73.68	%
Calamos Antetokounmpo Sustainable Equities Fund		I	PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-0001		60,290.990		19.41	%
Calamos Antetokounmpo Sustainable Equities Fund		I	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901		21,452.597		6.91	%
Calamos Antetokounmpo Sustainable Equities Fund		R6	CALAMOS INVESTMENTS LLC ATTN CORPORATE ACCOUNTING 2020 CALAMOS CT NAPERVILLE IL 60563-2787		10,085.615		100.00	%

To each Trust's knowledge, no change in control of such Trust has occurred since the beginning of its last fiscal year.

How Proxies Will Be Voted. All proxies solicited by the board of trustees that are properly executed and received prior to the meeting, and that are not revoked, will be voted at the meeting. Shares represented by those proxies will be voted as indicated on the proxy card or in accordance with the voting instructions received online or by telephone, or in the

discretion of the proxyholders on any other matter that may properly come before the meeting.

How to Vote. Complete, sign and date the enclosed proxy card and return it in the enclosed envelope. Alternatively, call the toll-free number on the proxy card or access the internet address on the proxy card.

Expenses. The expenses of preparing, printing and mailing the enclosed proxy cards, the accompanying notice and this proxy statement and all other costs, in connection with the solicitation of proxies will be borne by the Trusts. The Trusts may also reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation material to the beneficial owners of shares of the Trusts. In order to obtain the necessary quorum at the meeting, additional solicitation may be made by mail, telephone, telegraph, facsimile or personal interview by representatives of the Trusts, Calamos Advisors, the Trusts' transfer agent, or by brokers or their representatives or by a solicitation firm that may be engaged by the Trusts to assist in proxy solicitations. Any costs associated with such additional solicitation are not anticipated to be significant.

Householding. The Trusts reduce the number of duplicate shareholder reports and proxy statements your household receives by sending only one copy of those documents to those addresses shared by two or more accounts. Call ETF Trust at 1-866-363-9219 or CASET at 1-800-582-6959 or write to the Trusts at the address on page one of this proxy statement to request individual copies of shareholder reports and proxy statements, or to request a single copy of shareholder reports and proxy statements if your household is receiving duplicate copies. We will begin sending your household single or multiple copies, as you request, as soon as practicable after receiving your request.

Revoking a Proxy. At any time before it has been voted, you may revoke your proxy by: (1) sending a letter saying that you are revoking your proxy to the Secretary of the Trusts at the Trusts' offices located at 2020 Calamos Court, Naperville, Illinois 60563-2787; (2) properly executing and sending a later-dated proxy; or (3) attending the meeting, requesting return of any previously delivered proxy, and voting in person. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A shareholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or a new proxy bearing a later date.

Quorum, Voting at the Meeting, and Adjournment. For any matter that may properly come before the meeting of each Trust, one-third of the shares entitled to vote on the matter constitutes a quorum for that matter. For purposes of determining the presence or absence of a quorum

and for determining whether sufficient votes have been received for approval of any matter to be acted upon at the meeting, abstentions and broker nonvotes will be treated as shares that are present at the meeting but have not been voted. If a quorum is not present in person or by proxy at the meeting, or if a quorum is present at the meeting but not enough votes to approve a proposal are received, the chairperson of the meeting may propose one or more adjournments of the meeting to permit further solicitation of proxies. No notice of adjournment of a meeting to another time or place need be given to shareholders of a Trust if such time and place (including that the meeting will be held by remote communication, as applicable) are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board in its sole discretion.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The audit committees of each Trust selected Deloitte & Touche LLP ("D&T") as the independent registered public accounting firm to audit the books and records of that Trust for its fiscal year ended July 31, 2024 (for ETF Trust) or December 31, 2024 (for CASET), as applicable. It is not currently expected that a representative of D&T will be present at the meeting.

AUDIT AND RELATED FEES

Audit Fees. D&T billed each Trust aggregate fees for professional services rendered with respect to the audits of the Trusts' annual financial statements or services that are typically provided by the accountant in connection with statutory and regulatory filings or engagements for the past two fiscal years in the following amounts:

Trust	Fiscal Year Ended July 31, 2024		Fiscal Year Ended July 31, 2023
ETF Trust	$	172,000	$	39,000
Trust	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
CASET	$	31,900	$	31,000

Audit Related Fees. D&T billed each Trust aggregate fees for assurance and related services that are reasonably related to the performance of the audit of the Trusts' financial statements and not reported above for the past two fiscal years in the following amounts:

Trust				Fiscal Year Ended July 31, 2024				Fiscal Year Ended July 31, 2023
ETF Trust				$	99,960			$	0

Trust				Fiscal Year Ended December 31, 2024				Fiscal Year Ended December 31, 2023
CASET				$	17,160			$	12,240

Tax Fees. D&T billed each Trust aggregate fees for professional services for tax compliance, tax advice, tax planning and tax return preparation services for the past two fiscal years in the following amounts:

Trust	Fiscal Year Ended July 31, 2024		Fiscal Year Ended July 31, 2023
ETF Trust	$	0	$	0
Trust	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
CASET	$	0	$	0

All Other Fees. During the past two fiscal years, D&T did not bill either of the Trusts for products and services other than the services reported above.

Audit Committee Pre-Approval Policies and Procedures. The charter of the audit committee of each Trust provides that the committee shall pre-approve the engagement of each Trust's independent accountant to provide audit and non-audit services to the Trust and non-audit services to Calamos Advisors or any entity controlling, controlled by or under common control with Calamos Advisors that provides ongoing services to the Trust if the engagement relates directly to the operations or financial reporting of the Trust, including the fees and other compensation to be paid to the independent accountants, with certain exceptions. Under the charter, the committee may delegate pre-approval authority to a member of the committee, who must report any pre-approvals to the committee at its next meeting.

All services provided to each Trust described under the paragraphs entitled Audit-Related Fees, Tax Fees and All Other Fees were pre-approved in accordance with the audit committee charter. There were no services provided to Calamos Advisors or any entity controlling, controlled by or under common control with Calamos Advisors described in the paragraphs entitled Audit-Related Fees, Tax Fees and All Other Fees that were required to be pre-approved by the audit committees.

Aggregate Non-Audit Fees. D&T billed each Trust aggregate fees for non-audit services for the past two fiscal years in the following amounts:

Trust	Fiscal Year Ended July 31, 2024		Fiscal Year Ended July 31, 2023
ETF Trust	$	0	$	0
Trust	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
CASET	$	0	$	0

Each Trust's audit committees approved all such non-audit services.

D&T billed Calamos Advisors or any entity controlling, controlled by or under common control with Calamos Advisors aggregate non-audit fees in the amounts of $0 and $0 for the fiscal years ended July 31, 2024 and July 31, 2023, respectively, for services rendered. D&T billed Calamos Advisors or any entity controlling, controlled by or under common control with Calamos Advisors aggregate non-audit fees in the amounts of $0 and $0 for the fiscal years ended December 31, 2024, and December 31, 2023, respectively, for services rendered.

Each Trust's audit committee has considered whether D&T's provision of services (other than audit services to the Trust) to Calamos Advisors and affiliates of Calamos Advisors that provide services to each Trust is compatible with maintaining D&T's independence in performing audit services.

CUSTODIAN AND TRANSFER AGENT

State Street Bank and Trust Company ("State Street"), 200 Clarendon Street, P.O. Box 9130, Boston, Massachusetts 02117-9130, is the custodian for the assets of each Trust. The custodian is responsible for holding all cash and securities of the Funds, directly or through a book entry system, delivering and receiving payment for securities sold by the Funds, receiving and paying for securities purchased by the Funds, collecting income from investments of the Funds and performing other duties, all as directed by authorized persons of the Trust. The custodian does not exercise any supervisory functions in such matters as the purchase and sale of securities by a Fund, payment of dividends or payment of expenses of a Fund.

U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201, serves as transfer agent and dividend paying agent for each Fund.

SHAREHOLDER COMMUNICATIONS

Shareholders are able to send communications to the Trusts' governance committee by mail addressed to the Secretary of the Trust at its principal office at 2020 Calamos Court, Naperville, Illinois 60563-2787. The Secretary will forward any communication received for the governance committee directly to the committee. The Trusts do not have a policy with regard to trustee attendance at special meetings.

SHAREHOLDER PROPOSALS

A shareholder proposal for inclusion in the proxy for any future special meeting of a Trust should be submitted in writing pursuant to Rule 14a-8 of the Exchange Act to the Secretary of the Trust at 2020 Calamos Court,

Appendix A

Series of Calamos ETF Trust

Calamos Antetokounmpo Global Sustainable Equities ETF

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 – July

Calamos S&P 500 Structured Alt Protection ETF – August

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 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – April

Calamos Bitcoin 80 Series Structured Alt Protection ETF – January

Calamos Bitcoin 80 Series Structured Alt Protection ETF – April

Appendix B

Procedures for Shareholder Nomination of Trustee Candidate

A Trust shareholder who wishes to nominate a candidate to a Trust's board of trustees must submit any such recommendation in writing via regular mail to the attention of the Trust's Secretary, at the address of the Trust's principal executive offices. The shareholder recommendation must include:

• the number and class of all Fund shares owned beneficially and of record by the nominating shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially;

• a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a director or senior officer of public or private companies, and directorships on other boards of other registered investment companies), current employment, date of birth, business and residence address, and the names and addresses of at least three professional references;

• information as to whether the candidate is, has been or may be an "interested person" (as such term is defined in the 1940 Act) of the Trust, Calamos Advisors or any of its affiliates, and, if believed not to be or have been an "interested person," information regarding the candidate that will be sufficient for the governance committee to make such determination;

• the written and signed consent of the candidate to be named as a nominee and to serve as a trustee of the Trust, if elected;

• a description of all arrangements or understandings between the nominating shareholder, the candidate and/or any other person or persons (including their names) pursuant to which the shareholder recommendation is being made, and if none, so specify;

• the class or series and number of all shares of the Fund owned of record or beneficially by the candidate, as reported by the candidate; and

• such other information that would be helpful to the governance committee in evaluating the candidate.

The governance committees may require the nominating shareholder to furnish other information they may reasonably require or deem necessary to verify any information furnished pursuant to the procedures delineated above or to determine the qualifications and eligibility of the candidate proposed by the nominating shareholder to serve as a trustee. If the nominating shareholder

[PROXY ID NUMBER HERE] [BAR CODE HERE] [CUSIP HERE]REG LINE1 REG LINE2 REG LINE3 REG LINE4 REG LINE5 SHAREHOLDER’S REGISTRATION PRINTED HERE *BOXES FOR TYPSETTING PURPOSES ONLY* VOTE BY MAIL Mail your signed and voted proxy back in the postage paid envelope provided. Postage-Paid Envelope FUND NAME HERE Trust Name Here PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS SCHEDULED TO BE HELD ON AUGUST 19, 2025 This proxy is solicited on behalf of the Board of Trustees of the above-mentioned Fund. I (we) the undersigned holder(s) of the Fund, having received notice of the meeting and the proxy statement, and revoking all prior proxies, hereby appoint John P. Calamos, Sr. and Erik D. Ojala, and each of them, my (our) attorneys (with full power of substitution in them and each of them) for and in my (our) name(s) to attend the Special Meeting of Shareholders (the “Special Meeting”) of the Fund scheduled to be held on August 19, 2025, at 3:00 p.m. Central Time at the offices of Calamos Advisors LLC. 2020 Calamos Court, Naperville, Illinois 60563 and any adjournment or postponement thereof, and to vote and act upon the following matters (as more fully described in the accompanying proxy statement) in respect of all shares of the Fund which I (we) would possess if personally present. DO YOU HAVE QUESTIONS? If you have any questions about the Special Meeting, the agenda or how to vote your proxy, please call toll-free (800) 758-5880. Representatives are available to assist you Monday through Friday 9:00 a.m. – 10:00 p.m. Eastern Time. Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Shareholders Scheduled to Be Held on August 19, 2025. The proxy material for this Meeting is available at: https://vote.proxyonline.com/Calamos/docs VOTE BY PHONE Call (888) 227-9349 to reach an automated touch-tone voting line or call the number below to speak with a live representative Monday through Friday 9 a.m. to 10 p.m. EST. (800) 758-5880 PROXY CARD VOTE ON THE INTERNET Go to the website below and enter your control number or simply use your camera on your smart phone to scan this QR code. Internet voting is available 24 hours day. vote.proxyonline.com SIGN, DATE ands VOTE on the reverse side VOTER PROFILE: Voter ID: 123456789 Security ID: 123456789 Shares Held: 1,234.567 Household ID: 000000 VOTE REGISTERED TO: YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. PLEASE CAST YOUR PROXY VOTE TODAY! CONTROL NUMBER: 123456789101

[PROXY ID NUMBER HERE] [BAR CODE HERE] [CUSIP HERE] FUND NAME HERE This proxy is solicited on behalf of the Fund’s Board of Trustees. If you specify a vote for the Proposals, your proxy will be voted as you indicate. If you simply sign and date the proxy card, but don’t specify a vote for the Proposals, your shares will be voted “FOR” the Proposals. The proxy will be voted in accordance with the proxy holders’ discretion as to any other business that may properly come before the Special Meeting of Shareholders or before any adjournment or postponement thereof. THE FUND’S BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR” THE PROPOSALS LISTED BELOW. TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example: ● 1. ELECTION OF TRUSTEES: FOR ALL WITHHOLD ALL FOR ALL EXCEPT 1. Hugh P. Armstrong 4. Karen L. Stuckey 2. John S. Koudounis 5. Christopher M. Toub ○ ○ ○ 3. Jeffrey S. Phlegar 6. Lloyd A. Wennlund INSTRUCTIONS: To withhold authority to vote for any nominee, mark the “For All Except” box and write the number associated with the nominee(s) in the space provided to the right. THANK YOU FOR VOTING! YOUR SIGNATURE IS REQUIRED FOR YOUR VOTE TO BE COUNTED. The signer(s) acknowledges receipt of the Notice of the Special Meeting of Shareholders and of the accompanying Proxy Statement. Your signature(s) on this proxy card should be exactly as your name(s) appear on the reverse side of this proxy card. If the shares are held jointly, each owner may sign this proxy card. Attorneys-in-fact, executors, administrators, trustees or guardians should indicate the full title and capacity in which they are signing. _____________________________________________________________ SIGNATURE (AND TITLE IF APPLICABLE) DATE _____________________________________________________________ SIGNATURE (IF HELD JOINTLY) DATE PROXY CARD