# EDGAR Filing Document

**Accession Number:** 0001579881
**File Stem:** 0001104659-23-005496
**Filing Date:** 2023-1
**Character Count:** 1122894
**Document Hash:** b006edf700958a363902ced03d682c4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-005496.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001104659-23-005496

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 70

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230120

**EFFECTIVENESS DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos ETF Trust
- **CENTRAL INDEX KEY:** 0001579881
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22887
- **FILM NUMBER:** 23542220

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-245-8394

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos ETF Trust
- **CENTRAL INDEX KEY:** 0001579881
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-191151
- **FILM NUMBER:** 23542219

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-245-8394

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Series and Classes Contracts Data

### Calamos Antetokounmpo Global Sustainable Equities ETF (Series ID: S000079464)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000240501 | Calamos Antetokounmpo Global Sustainable Equities ETF |  |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on January 23, 2023**

**Securities Act File No. 333-191151 Investment Company Act File No. 811-22887**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM N-1A** 

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| ***UNDER THE SECURITIES ACT OF 1933*** | ☐ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 10** | ☒ |

---

 **and/or**

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| ***UNDER THE INVESTMENT COMPANY ACT***<br> ***OF 1940*** | ☐ |
| **Amendment No. 12** | ☒ |
| **(Check appropriate box or boxes)** |  |

---

**________________________**

**Calamos ETF Trust** 

**(Exact Name of Registrant as Specified in Charter)**

**________________________**

**2020 Calamos Court Naperville, Illinois (Address of Principal Executive Offices)**

 **60563 (Zip Code)**

**Registrant's Telephone Number, including Area Code: (630) 245-7200**

**J. Christopher Jackson** 

**2020 Calamos Court** 

**Naperville, Illinois 60563** 

**(Name and Address of Agent for Service)**

**________________________**

***With Copies to:***

---

| | |
|:---|:---|
| **Paulita A. Pike and Rita Rubin** | **Morrison C. Warren and Walt L. Draney** |
| **Ropes & Gray LLP** | **Chapman and Cutler LLP** |
| **191 North Wacker Drive, 32nd Floor** | **320 S. Canal Street, 26th Floor** |
| **Chicago, Illinois 60606** | **Chicago, Illinois 60606** |

---

**________________________**

**Approximate Date of Proposed Public Offering:** As soon as practicable following the effectiveness of the Registration Statement.

It is proposed that this filing will become effective:

☒ immediately upon filing pursuant to paragraph (b)

☐ on [ ] pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on [ ] pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

CALAMOS ETF TRUST

CONTENTS OF POST EFFECTIVE AMENDMENT NO. 10

This Registration Statement consists of the following papers and documents:

Cover Sheet

Part A – Prospectus

Part B – Statement of Additional Information

Part C – Other Information

Signature Page

Exhibit Index

**Prospectus**

[LOGO]

**Calamos Antetokounmpo Global Sustainable Equities ETF** 

(NYSE Arca—SROI)

**January 23, 2023**

Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund") is a series of the Calamos ETF Trust (the "Trust") and an exchange-traded fund ("ETF"). The Fund lists and principally trades its shares on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange").

**The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

• Calamos Antetokounmpo Asset Management LLC ("CGAM") serves as the adviser ("Adviser") to the Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund"). CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo.

• Mr. Antetokounmpo serves on the Adviser's Board of Directors and has indirect control of half of the Adviser's Board.

• Mr. Antetokounmpo is not a portfolio manager of the Fund and will not be involved in the day-to-day management of the Fund's investments, and neither Original C nor Mr. Antetokounmpo shall provide any "investment advice" to the Fund. Mr. Antetokounmpo provided input in selecting the initial strategy for the Fund.

• Mr. Antetokounmpo will be involved with marketing efforts on behalf of the Adviser.

• If Mr. Antetokounmpo is no longer involved with the Fund or the Adviser then "Antetokounmpo" will be removed from the name of the Fund and the Adviser. Further, shareholders would be notified of any change in the name of the Fund or its strategy.

**Table of Contents**

---

| | |
|:---|:---|
| [Calamos Antetokounmpo Global Sustainable Equities ETF](#a_001) | [1](#a_001) |
| [Other Important Information Regarding Fund Shares](#a_002) | [6](#a_002) |
| [Additional Information About Investment Strategies and Related Risks](#a_003) | [8](#a_003) |
| [Fund Facts](#a_004) | [16](#a_004) |
| [Who Manages the Fund?](#a_005) | [16](#a_005) |
| [How to Buy and Sell Shares](#a_006) | [18](#a_006) |
| [Dividends, Other Distributions and Taxes](#a_007) | [21](#a_007) |
| [Net Asset Value](#a_008) | [25](#a_008) |
| [Fund Service Providers](#a_009) | [26](#a_009) |
| [Premium/Discount Information](#a_010) | [26](#a_010) |
| [Investments by Other Investment Companies](#a_011) | [26](#a_011) |
| [Financial Highlights](#a_012) | [26](#a_012) |
| [Other Information](#a_013) | [27](#a_013) |

---

**Calamos Antetokounmpo Global Sustainable Equities ETF**

Investment Objective

Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund") seeks long-term capital appreciation.

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("Fund Shares"). **Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Annual Fund Operating Expenses** 

**(ongoing expenses that you pay each year as a percentage of the value of your investments)**

---

| | |
|:---|:---|
| Management Fees | 0.95% |
| Distribution and/or Service Fees (12b-1) | 0.0% |
| Other Expenses1 | 0.0% |
| Total Annual Fund Operating Expenses | 0.95% |

---

<sup>1</sup> Other Expenses is an estimate based on the expenses the Fund expects to incur for the current fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Fund Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs, whether you sell or hold your Fund Shares, would be:

---

| | |
|:---|:---|
| **Year 1** | **Year 3** |
| $97 | $303 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations, portfolio turnover information is unavailable at this time.

Principal Investment Strategies

The Fund is an actively managed exchange-traded fund ("ETF") that does not seek to replicate the performance of a specified index. The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of companies in developed markets (including the U.S.) and emerging markets (including frontier market countries) that, in the view of Calamos Advisors LLC ("Calamos Advisors" or the "Sub-adviser"), have above average growth potential and meet the environmental, social and governance ("ESG") criteria set out below. The Fund will maintain a minimum investment in non-U.S. equity securities, including emerging markets that will be no less than 40% of the Fund's net assets under normal market conditions. The Fund will generally be invested in a minimum of five (5) countries.

PROSPECTUS \| January 23, 2023

Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Foreign (non-U.S.) companies are those that either maintain their principal place of business outside of the United States, have their securities principally traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets are the least advanced capital markets in the developing world. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. To determine if a country is an emerging market or frontier market country, Calamos Advisors will use the classification provided by MSCI, Inc, a global investment research firm that provides stock indexes and portfolio risk and performance analytics. Foreign securities include American Depositary Receipts ("ADRs") or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers.

Calamos Advisers ("the team") utilizes a proprietary ESG rating system, considering both quantitative and qualitative factors, to identify responsible, engaged companies (companies that demonstrate awareness and action surrounding the material ESG issues facing their businesses and industries). The team believes that a company's understanding of ESG principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value for a company. Calamos Advisors considers a company's position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices. The team conducts fundamental research to find companies with attractive ESG and financial attributes. In conducting fundamental research, Calamos Advisors combines traditional investment information with its proprietary three-pronged ESG process to identify investments which it believes promote certain environmental and/or social characteristics. Calamos Advisors believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging ESG risks and opportunities. The three-pronged ESG process consists of: 1) exclusionary screens; 2) materiality assessments and 3) environmental and social impact scoring.

Calamos Advisors utilizes a range of data sources as part of its proprietary ESG ratings system. These data sources may include: corporate disclosures, third party research providers (e.g., ISS ESG, MSCI ESG, Bloomberg, etc.), non-governmental organizations ("NGOs") and non-profits (e.g., Greenpeace, Friends of Earth, etc.), academic publications, news services and memberships. While the team may utilize the underlying data which supports a third party's ESG rating of an issuer, the team does not rely on any ESG ratings of third-party research providers. Calamos Advisors employs its proprietary ESG ratings system for both initial company recommendations and ongoing monitoring of investments.

Calamos Advisors may sell an investment in cases of valuation adjustments, availability of more attractive alternatives, or breakdowns in financial fundamentals or ESG performance.

The Fund is classified as "diversified" under the Investment Company Act of 1940 (the "1940 Act").

PROSPECTUS \| January 23, 2023

Principal Risks

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. You should not consider investing in the Fund if your investment objective differs from the Funds' investment objective of long-term capital appreciation or if you are not willing to accept the principal risks associated with an investment in the Fund. The risks associated with an investment in the Fund can increase during times of significant market volatility. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in order of importance, with the most significant risks appearing first. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The principal risks of investing in the Fund include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund's securities may decline generally. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portfolio Selection Risk — The value of your investment may decrease if the judgment of Calamos Advisors about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Key-Person Dependence Risk - The Adviser is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Giannis Sina Ugo Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Large-Capitalization Investing Risk — Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● American Depositary Receipts Risk — The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs. U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sector Risk — To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market, and it is possible that the Fund may underperform the broader market or experience greater volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The prices of small and mid-sized company stocks tend to be more volatile than prices of large company stocks.

PROSPECTUS \| January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sustainability (ESG) Policy Risk — The Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. The application of the social and environmental standards of Calamos Advisors may affect the Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of the Fund — positively or negatively — depending on whether such investments are in or out of favor. In executing the Fund's investment strategy Calamos Advisors has developed a proprietary ESG rating system that relies in part on ESG related data provided by third parties. There is no assurance that third-party ESG data sources will always be available or that such data will be accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Emerging Markets Risk — Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Authorized Participant Concentration Risk — Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, Fund Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs, such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●New Fund Risk — The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Costs of Buying and Selling Fund Shares — Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Currency Risk — To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. Calamos Advisors may determine not to hedge currency risks, even if suitable instruments appear to be available.

PROSPECTUS \| January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Market Maker Risk — If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund Shares are trading on the Exchange, which could result in a decrease in value of the Fund Shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund Shares trading at a discount to net asset value and also in greater than normal intra-day bid-ask spreads for Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● National Closed Market Trading Risk — To the extent that the underlying securities and/or other assets held by the Fund trade on non-U.S. exchanges or in non-U.S. markets that may be closed when the securities exchange on which Fund Shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed non-U.S. market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund's underlying securities and/or other assets trade on that closed non-U.S. market or when the non-U.S. market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund's NAV that may be greater than those experienced by other ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Premium-Discount Risk — Fund Shares may trade above or below their net asset value ("NAV"). The market prices of Fund Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Fund Shares on the Exchange. The trading price of Fund Shares may deviate significantly from NAV during periods of market volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Secondary Market Trading Risk — Investors buying or selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund Shares. Although the Fund Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Fund Shares on the Exchange may be halted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading Issues Risk — Trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

PROSPECTUS \| January 23, 2023

Fund Performance

The Fund had not commenced operations as of the date of this prospectus. Accordingly, performance data is not included. When performance data becomes available, it will be posted to the following website: <u>www.calamos.com</u>. Past performance (before and after taxes) is not an indication of future performance.

Investment Adviser

Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM" or the "Adviser")

Subadviser

Calamos Advisors LLC

Portfolio Managers

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGER/<br> FUND TITLE (IF APPLICABLE)** | **PORTFOLIO MANAGER<br> EXPERIENCE IN THE FUND** | **PRIMARY TITLE<br> WITH SUB-ADVISER** |
| James Madden | since Fund's inception | SVP, Co-Portfolio Manager |
| Anthony Tursich | since Fund's inception | SVP, Co-Portfolio Manager |
| Beth Williamson | since Fund's inception | VP, Associate Portfolio Manager |

---

Other Important Information Regarding Fund Shares

**Portfolio Holdings.** The Fund's portfolio holdings are disclosed on its website daily after the close of trading on the Exchange and prior to the opening of trading on the Exchange the following day. A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's Statement of Additional Information ("SAI").

**Premium/Discount Information.** Information about the premiums and discounts at which the Fund's Shares have traded will be available at www.calamos.com.

Purchase and Sale of Fund Shares

The Fund will issue (or redeem) Fund Shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of Fund Shares known as "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities and/or cash.

Individual Fund Shares may only be purchased and sold on the Exchange, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at net asset value ("NAV"), Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Fund Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Fund Shares (bid) and the lowest price a seller is willing to accept for Fund Shares (ask) (the "bid-ask spread"). Recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available at <u>https://www.calamos.com/</u>.

PROSPECTUS \| January 23, 2023

Tax Information

Income and capital gains distributions you receive from the Fund generally are subject to federal income taxes and may also be subject to state and local taxes. The Fund intends to distribute income, if any, quarterly, and capital gains, if any, at least annually.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

PROSPECTUS \| January 23, 2023

Additional Information About Investment Strategies and Related Risks

The Fund's investment objective, the 80% investment strategy and each of the policies described herein are non-fundamental policies that may be changed by the Board of Trustees of the Trust (the "Board") without shareholder approval. The Fund may liquidate and terminate at any time without shareholder approval.

What are the investment objective and principal strategies for the Fund?

The Fund's investment objective is long-term capital appreciation.

The Fund will, under normal market circumstances, invest at least 80% of its net assets (plus any borrowings for investment purposes, if any) in equity securities of companies in developed markets (including the U.S.) and emerging markets (including frontier market countries), that have, in the view of Calamos Advisors, have above average growth potential and meet the ESG criteria set out below. The Fund will maintain a minimum investment in non-U.S. equity securities, including emerging markets that will be no less than 40% of the Fund's net assets under normal market conditions. Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. The Fund will generally be invested in a minimum of five (5) countries.

Emerging markets are markets of countries in the initial stages of industrialization and generally have low per capita income. Foreign (non-U.S.) companies are those that either maintain their principal place of business outside of the United States, have their securities principally traded on non-U.S. exchanges or were formed under the laws of non-U.S. countries. To determine if a country is an emerging market or frontier market country, Calamos Advisors will use the classification provided by MSCI, Inc. Foreign companies may include companies doing business in the United States but meet the general criteria of a foreign company described above. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets are the least advanced capital markets in the developing world. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets.

Calamos Advisors employs an integrated, fundamental, and proprietary ESG screening process to evaluate and select what the team deems are high-quality ESG-adherent growth opportunities. Calamos Advisors believes a portfolio of equity securities issued by high-quality growth companies characterized by a history of producing consistent returns above the cost of capital with sustainable competitive advantages is the best way to achieve steady, strong, enduring relative returns. Calamos Advisors believes that companies with strong ESG characteristics (as further described below) are better equipped to adapt to change, to evolve, and to avoid unnecessary liabilities (which could include, for example, litigation costs), which means that investment in such companies has the potential to contribute to investor return and risk reduction. Calamos Advisors believes that integrating this ESG analysis with traditional financial analysis produces better financial and societal results.

The team utilizes a proprietary ESG rating system, considering both quantitative and qualitative factors, to identify responsible, engaged companies (companies that demonstrate awareness and action surrounding the material ESG issues facing their businesses and industries). Calamos Advisors believes that a company's understanding of ESG principles demonstrates the qualities of innovation and leadership that create a distinct competitive advantage and build long-term value for a company. The team considers a company's position on various factors such as ecological limits, environmental stewardship, environmental strategies, stance on human rights and equality, societal impact as well as its corporate governance practices. The team conducts fundamental research to find companies with attractive ESG and financial attributes. In conducting fundamental research, Calamos Advisors combines traditional investment information with its proprietary three-pronged ESG process to identify investments which it believes promote certain environmental and/or social characteristics. Calamos Advisors believes that this creates a complete picture of how each company behaves commercially and how it deals with existing and emerging ESG risks and opportunities. The three-pronged ESG process consists of: 1) exclusionary screens; 2) materiality assessments and 3) environmental and social impact scoring, each of which is described in turn below.

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1. Exclusionary Screens: This process for considering ESG factors results in certain industries and business activities that, in the team's belief, are too environmentally risky or present social outcomes that are too unattractive to warrant investment consideration, which are thus avoided. Calamos Advisors will generally exclude a company from investment consideration where the company derives revenue or profits that exceed 5% from one or more of the below-listed industries/business activities, namely:

● agricultural biotechnology,

● alcohol,

● animal testing\*,

● fossil fuels,

● gambling,

● metals & mining,

● nuclear energy,

● tobacco, and

● weapons.

\*A company's activities involving animal testing are considered on a case-by-case basis depending on purpose and methods.

2. Materiality Assessment: Calamos Advisors then applies third-party materiality mapping tools combined with its own insights and emphasis on environmental and social leadership to develop materiality theses, which enable Calamos Advisors to identify and analyze the key ESG risks/opportunities for a particular industry.

3. Environmental and Social Scoring: Overlaying these top-down and bottom-up approaches, the team then utilizes a proprietary ESG scoring system, which considers both quantitative and qualitative factors, to identify investments for the Fund. The qualitative data includes metrics on greenhouse gas emissions, waste generation, electricity and water consumption, and general governance. This scoring system also considers a company's position in respect of various environmental and social characteristics, including product contribution to a sustainable economy; product lifecycle innovation; operational efficiencies; inclusive finance; ensuring health and providing basic services, as well as a company's corporate governance practices. These qualitative metrics are considered alongside quantitative factors produced by research, and together, a score is determined, applied, and monitored going forward.

Calamos Advisors utilizes a range of data sources as part of its proprietary ESG ratings system. These data sources may include: corporate disclosures, third party research providers (e.g., ISS ESG, MSCI ESG, Bloomberg, etc.), non-governmental organizations ("NGOs") and non-profits (e.g., Greenpeace, Friends of Earth, etc.), academic publications, news services and memberships. While the team may utilize the underlying data which supports a third party's ESG rating of an issuer, the team does not rely on any ESG ratings of third-party research providers. Calamos Advisors employs its proprietary ESG ratings system for both initial company recommendations and ongoing monitoring of investments.

PROSPECTUS \| January 23, 2023

Calamos Advisors may sell an investment in cases of valuation adjustments, availability of more attractive alternatives, or breakdowns in financial fundamentals or ESG performance.

Changes in 80% policy

The Fund has adopted a non-fundamental operating policy that requires it, under normal circumstances, to invest at least 80% of the Fund's net assets (plus borrowings for investment purposes, if any) in equity securities of companies in developed and emerging markets (including frontier market countries) that, in the view of Calamos Advisors, have above average growth potential and meet the environmental, social and governance ("ESG") criteria of Calamos Advisors. Although this requirement may be changed by the Board of Trustees without shareholder approval, the Fund will notify shareholders at least 60 days prior to any change in its 80% policy.

Fund Investments

Principal Investments

Equity Securities.

The Fund invests in equity securities, including common stock. Common stock represents an equity ownership interest in issuers. Holders of common stock are entitled to the income and increase in the value of the assets and business of the issuers after all debt obligations and obligations to preferred stockholders are satisfied.

Non-Principal Investments

Cash Equivalents and Short-Term Investments

The Fund may invest in securities with maturities of less than one year or cash equivalents, or it may hold cash. The percentage of the Fund invested in such holdings varies and depends on several factors, including market conditions. For temporary defensive purposes and during periods of high cash inflows or outflows, the Fund may invest part or all of its assets in these securities or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective. The Fund may adopt a defensive strategy when the portfolio managers believe securities in which such Fund normally invests have elevated risks due to political or economic factors and in other extraordinary circumstances. For more information on eligible short-term investments, see the SAI.

Illiquid Investments

The Fund may invest up to 15% of its net assets in securities and other instruments that are, at the time of investment, illiquid (determined using the Securities and Exchange Commission's standard applicable to investment companies, i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). For this purpose, illiquid investments may include, but are not limited to, certain restricted securities (securities the disposition of which is restricted under the federal securities laws), certain securities that may only be resold pursuant to Rule 144A under the Securities Act, and certain repurchase agreements, among others.

PROSPECTUS \| January 23, 2023

Risks of Investing in the Fund

This prospectus describes the risks you may face as an investor in the Fund. It is important to keep in mind that generally, investments with a higher potential reward also have a higher risk of losing money. The reverse is also commonly true: the lower the risk, the lower the potential reward. However, as you consider an investment in the Fund, you should also take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in this investment for a long period of time to ride out down periods.

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time, and it is possible to lose money. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

In response to market, economic, political, or other conditions, the Fund may temporarily invest for defensive purposes that are inconsistent with the Fund's principal investment strategies. If the Fund does so, different factors could affect the Fund's performance, and the Fund may not achieve its investment objective.

**Cybersecurity Risk**. Investment companies, such as the Fund, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to the Fund and its shareholders. Cyber- attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, "ransomware" that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or CGAM, Calamos Advisors, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing the Fund's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

**Authorized Participant Concentration Risk**. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, Fund Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs, such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

**Investment Management Risk**. Whether the Fund achieves its investment objective(s) is significantly impacted by whether Calamos Advisors is able to choose suitable investments for the Fund.

**Key-Person Dependence Risk.** The Adviser is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Giannis Sina Ugo Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

**Market Disruption Risk**. Certain events have a disruptive effect on securities markets, including but not limited to, terrorist attacks, war and other geopolitical events or catastrophes. Calamos Advisors cannot predict the effect of similar events in the future on the U.S. or foreign economies. Certain securities such as high yield and equity securities tend to be impacted more by these events than other types of securities in terms of price and volatility.

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**Market Risk**. The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security. If there is a general decline in the stock or fixed-income market, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests.

**Recent Market Events**. In the past decade, financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (including wars, terror attacks, and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi- governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates.

The coronavirus disease pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of the coronavirus disease, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries.

While the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007 and 2008 had, until the recent coronavirus outbreak, generally subsided, uncertainty and periods of volatility still remained, and risks to a robust resumption of growth persisted. Federal Reserve policy, including with respect to certain interest rates may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

In June 2016, the United Kingdom approved a referendum to leave the European Union ("EU") ("Brexit"). On March 29, 2017, the United Kingdom formally notified the European Council of its intention to leave the EU. The withdrawal agreement entered into between the United Kingdom and the EU entered into force on January 31, 2020, at which time the United Kingdom ceased to be a member of the EU. Following the withdrawal, there was an eleven-month transition period, ending December 31, 2020, during which the United Kingdom negotiated its future relationship with the EU. On January 1, 2021, the EU UK Trade and Cooperation Agreement, a bilateral trade and cooperation deal governing the future relationship between the UK and the EU, provisionally went into effect. The EU UK Trade and Cooperation Agreement was ratified by the UK Parliament in December 2020 and by the EU Parliament in April 2021. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the United Kingdom and throughout Europe. There is considerable uncertainty about the potential consequences for Brexit, how it will be conducted, the EU UK Trade and Cooperation Agreement, how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding, and as this process unfolds, markets may be further disrupted. Given the size and importance of the United Kingdom's economy, uncertainty about its legal, political, and economic relationship with the remaining member states of the EU may continue to be a source of instability. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the EU.

PROSPECTUS \| January 23, 2023

A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

As a result of political and military actions undertaken by Russia, the U.S. and the EU have instituted sanctions against certain Russian officials and companies. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia in the future may result in the devaluation of Russian currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian securities. Such actions could result in a freeze of Russian securities, impairing the ability of a fund to buy, sell, receive, or deliver those securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents' assets, and any such actions are likely to impair the value and liquidity of such assets. Any or all of these potential results could have an adverse/recessionary effect on Russia's economy. All of these factors could have a negative effect on the performance of funds that have significant exposure to Russia.

In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.

**American Depositary Receipts Risk**. The stocks of most foreign companies that trade in the U.S. markets are traded as American Depositary Receipts (ADRs). U.S. depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a U.S. exchange, the risks inherently associated with foreign investing still apply to ADRs.

**Costs of Buying and Selling Fund Shares**. Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments.

**Currency Risk**. To the extent that a Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although a Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. Calamos Advisors may determine not to hedge currency risks, even if suitable instruments appear to be available.

PROSPECTUS \| January 23, 2023

**Emerging Markets Risk**. Investment in foreign securities may include investment in securities of foreign issuers located in less developed countries, which are sometimes referred to as emerging markets. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries (such as reversals of economic liberalization, political unrest or changes in trading status). These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

**Equity Securities Risk**. Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Foreign Securities Risk**. There are special risks associated with investing in foreign securities that are not typically associated with investing in U.S. companies. These risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country. Other risks of investing in foreign securities include: less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity in foreign markets than in U.S. markets.

**Sustainability (ESG) Policy Risk**. The Fund's ESG policy could cause it to perform differently compared to similar funds that do not have such a policy. The application of the social and environmental standards of Calamos Advisors may affect the Fund's exposure to certain issuers, industries, sectors, and factors that may impact the relative financial performance of the Fund — positively or negatively — depending on whether such investments are in or out of favor. In executing the Fund's investment strategy Calamos Advisors has developed a proprietary ESG rating system that relies in part on ESG related data provided by third parties. There is no assurance that third-party ESG data sources will always be available or that such data will be accurate.

**Market Maker Risk.** If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's net asset value and the price at which the Fund Shares are trading on the Exchange, which could result in a decrease in value of the Fund Shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund Shares trading at a discount to net asset value and also in greater than normal intra-day bid-ask spreads for Fund Shares.

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**Portfolio Selection Risk**. The value of your investment may decrease if the judgment of Calamos Advisors about the attractiveness, value or market trends affecting a particular security, issuer, industry, or sector or about market movements is incorrect.

**Portfolio Turnover Risk.** Engaging in active and frequent trading of securities may result in a higher than average level of capital gains and greater transaction costs to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale and reinvestments of securities. Such sales may also result in the realization of capital gains, including short-term capital gains (which are taxed at ordinary income tax rates for federal income tax purposes, rather than at lower capital gains rates) and may adversely impact the Fund's performance. It is possible that the Fund engaging in active and frequent trading may be required to make significant distributions derived from taxable gains, regardless of the Fund's net longer term performance. The trading costs and tax effects associated with portfolio turnover will adversely affect the Fund's performance and lower the Fund's effective return for investors.

**Premium-Discount Risk**. The Fund Shares may trade above or below their net asset value ("NAV"). The market prices of Fund Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Fund Shares on the Exchange. The trading price of Fund Shares may deviate significantly from NAV during periods of market volatility.

**Secondary Market Trading Risk**. Investors buying or selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund Shares. Although the Fund Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Fund Shares on the Exchange may be halted.

**Large-Capitalization Investing Risk**. Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Fund to underperform funds that focus on other types of stocks. In addition, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer preferences. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Mid-Sized Company Risk**. Mid-sized company stocks have historically been subject to greater investment risk than large company stocks. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of mid-sized company stocks tend to be more volatile than prices of large company stocks.

**New Fund Risk.** The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

PROSPECTUS \| January 23, 2023

**National Closed Market Trading Risk**. To the extent that the underlying securities and/or other assets held by the Fund trade on non-U.S. exchanges or in non-U.S. markets that may be closed when the securities exchange on which Fund Shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed non-U.S. market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund's underlying securities and/or other assets trade on that closed non-U.S. market or when the non-U.S. market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund's NAV that may be greater than those experienced by other ETFs.

**Operational Risk**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Sector Risk**. To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

**Small Company Risk**. Small company stocks have historically been subject to greater investment risk than mid-sized and large company stocks. The risks generally associated with small companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel, and vulnerability to adverse market and economic developments. Accordingly, the prices of small company stocks tend to be more volatile than prices of mid-sized and large company stocks. Further, the prices of small company stocks are often adversely affected by limited trading volumes and the lack of publicly available information.

Portfolio security holdings disclosure

A description of the Fund's policies and procedures in connection with the disclosure of portfolio security holdings of the Fund is available in the SAI and on the Fund's website, www.calamos.com

Fund Facts

Who manages the Fund?

Investment Adviser

Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, serves as the Fund's adviser ("Adviser"). CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo.

PROSPECTUS \| January 23, 2023

Subject to the overall authority of the Board of Trustees, CGAM provides continuous investment supervision and management to the Fund under a management agreement. For these services, the Fund pays CGAM a fee based on its average daily net assets, which is accrued daily and paid on a monthly basis. The Fund will pay fees (before any reimbursement) under the management agreement in the following amounts as a percentage of its average net assets:

---

| | |
|:---|:---|
| **ETF** | **FEES** |
| Calamos Antetokounmpo Global Sustainable Equities ETF | 0.95% |

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Out of this management fee, CGAM pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees, except for distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, and extraordinary expenses.

At a meeting held on December 16, 2022, the Board of Trustees approved the Investment Management Agreement for the Fund. A discussion regarding the basis for the Board's approval of the Investment Management Agreement on behalf of the Fund will be included in the first shareholder report that covers the period in which the Fund commences operations.

Subadviser

The Fund is subadvised by Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser"), 2020 Calamos Court, Naperville, Illinois 60563. On November 30, 2022, Calamos Advisors managed approximately $36.9 billion in assets of individuals and institutions. Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2022, 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.

Calamos Advisors has full investment discretion and makes all determinations with respect to the investment of the Fund's assets, subject to the general supervision of the Adviser and the Board of Trustees. Calamos Advisors also furnishes office space, equipment and management personnel to the Calamos ETF Trust (the "Trust").

Pursuant to an investment sub-advisory agreement between CGAM, Calamos Advisors and the Trust, on behalf of the Fund (the "Investment Sub-Advisory Agreement"), CGAM has agreed to pay a monthly sub-advisory fee at an annual rate to Calamos Advisors in an amount based on the Fund's average daily net assets. CGAM is responsible for paying the entirety of Calamos Advisors's sub-advisory fee. The Fund does not directly pay Calamos Advisors.

At a meeting held on December 16, 2022, the Board of Trustees approved the Subadvisory Agreement for the Fund. A discussion regarding the basis for the approval by the Board of Trustees of the Subadvisory Agreement for the Fund will be included in the first shareholder report that covers the period in which the Fund commences operations.

PROSPECTUS \| January 23, 2023

Portfolio Managers

**James Madden**. James Madden joined Calamos Advisors on August 24, 2021 as a Senior Vice President and Co-Portfolio Manager. Previously, he was Portfolio Manager at Trillium Asset Management, LLC. Prior to that, he was Chief Investment Officer and Senior Portfolio Manager at Portfolio 21.

**Anthony Tursich**. Anthony Tursich joined Calamos Advisors on August 24, 2021 as a Senior Vice President and Co-Portfolio Manager. Previously, he was Chief Investment Officer and Portfolio Manager at Pearl Impact Capital, LLC since 2018. Prior to that, Mr. Tursich was a Partner, Senior Portfolio Manager and member of the Executive Committee at Portfolio 21.

**Beth Williamson**. Beth Williamson joined Calamos Advisors on November 3, 2021. She serves as Vice President, Head of Sustainable Equities Research and Associate Portfolio Manager. Previously, she was Director of ESG Research and Trillium Asset Management, LLC. Prior to that, she was a Senior Sustainability Analyst and member of the Executive Committee at Portfolio 21.

The Fund's SAI provides additional information about each portfolio manager, including other accounts they manage, their ownership in the Calamos Family of Funds and their compensation.

Management Approach

James Madden and Anthony Tursich, Co-Portfolio Managers, and Beth Williamson, Associate Portfolio Manager are the Fund's portfolio managers. The portfolio managers have responsibility for allocating the portfolio across the market capitalization spectrum, sectors, and geographies within the portfolio's eligible investment universe and for reviewing the overall composition of the portfolio to ensure compliance with its stated investment objective. The portfolio managers, in collaboration with other members of the Calamos Advisors investment teams, have the responsibility of overseeing the integration of the Fund's ESG investment approach and framework to ensure compliance with the Fund's stated investment approach.

How to Buy and Sell Shares

Fund Shares are listed for secondary trading on the Exchange under the symbol SROI and individual Fund Shares may only be purchased and sold in the secondary market through a broker-dealer. The Exchange and secondary markets are closed on weekends and also are generally closed on the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day (observed), Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Exchange may close early on the business day before certain holidays and on the day after Thanksgiving Day. Exchange holiday schedules are subject to change without notice. If you buy or sell Fund Shares in the secondary market, you will pay the secondary market price for Fund Shares. In addition, you may incur customary brokerage commissions and charges and may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The trading prices of Fund Shares will fluctuate continuously throughout trading hours based on market supply and demand rather than the relevant Fund's net asset value, which is calculated at the end of each business day. Fund Shares will trade on the Exchange at prices that may be above (*i.e.*, at a premium) or below (*i.e.*, at a discount), to varying degrees, the daily net asset value of Fund Shares. The trading prices of Fund Shares may deviate significantly from the Fund's net asset value during periods of market volatility. Given, however, that Fund Shares can be issued and redeemed daily in Creation Units, the Adviser believes that large discounts and premiums to net asset value should not be sustained over long periods.

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Authorized Participants may acquire shares directly from the Fund, and Authorized Participants may tender their shares for redemption directly to the Fund, at NAV per share only in Creation Units. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

The Fund may liquidate and terminate at any time without shareholder approval.

Book Entry

Fund Shares are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares of the Fund and is recognized as the owner of all Shares for all purposes.

Investors owning Fund Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Fund Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Fund Shares, you are not entitled to receive physical delivery of stock certificates or to have Fund Shares registered in your name, and you are not considered a registered owner of Fund Shares. Therefore, to exercise any right as an owner of Fund Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

Fund Share Trading Prices

The trading prices of Shares of the Fund on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares of the Fund.

The approximate value of Shares of the Fund, an amount representing on a per share basis the sum of the current market price of the cash or securities, as applicable, accepted by the Fund in exchange for Shares of the Fund and an estimated cash component, if any, is disseminated every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association. This approximate value should not be viewed as a "real-time" update of the NAV per Share of the Fund because the approximate value may not be calculated in the same manner as the NAV, which is computed once a day, generally at the end of the business day. The Fund is not involved in, or responsible for, the calculation or dissemination of the approximate value of the Fund Shares and the Fund does not make any warranty as to its accuracy.

Frequent Purchases and Redemptions of Fund Shares

Shares of the Fund may be purchased and redeemed directly from the Fund only in Creation Units by Authorize Participants. The vast majority of trading in Shares of the Fund occurs on the secondary market, and does not involve the Fund directly. In-kind purchases and redemptions of Creation Units by Authorized Participants and cash trades on the secondary market are unlikely to cause many of the harmful effects of frequent purchases and/or redemptions of Fund Shares. Cash purchases and/or redemptions of Creation Units, however, can result in disruption of portfolio management, dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective, and may lead to the realization of capital gains. These consequences may increase as the frequency of cash purchases and redemptions of Creation Units by Authorized Participants increases. However, direct trading by Authorized Participants is critical to ensuring that Fund Shares trade at or close to NAV.

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The Fund imposes no restrictions on the frequency of purchases and redemptions ("market timing"). To minimize these potential consequences of frequent purchases and redemptions of Fund Shares, the Fund employs fair valuation pricing, and imposes transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs the Fund incurs in effecting trades. In addition, the Adviser monitors trades by Authorized Participants for patterns of abusive trading and the Fund reserves the right to not accept orders from Authorized Participants that the Adviser has determined may be disruptive to the management of the Fund, or otherwise are not in the best interests of the Fund. For these reasons, the Board has not adopted policies and procedures with respect to frequent purchases and redemptions of Fund Shares. The Trust's policies and procedures regarding frequent purchases and redemptions may be modified by the Board of Trustees at any time.

The Trust's policies and procedures prohibit the practice of any officer or employee of the Trust, a Trust investment adviser (including any sub-adviser), the distributor, custodian, or transfer agent, or other affiliated person of the Trust placing orders to purchase or redeem shares of a series of the Trust after the designated time as of which the Fund calculates its NAV (*i.e.* "late trading").

Distribution and Service Plan

The Fund has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the Investment Company Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides such services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the Investment Company Act.

No distribution or service fees are currently paid by the Fund, however, and there are no current plans to impose these fees. In the event Rule 12b-1 fees are charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis.

Fund Website and Disclosure of Portfolio Holdings

The Trust maintains a website for the Fund at www.calamos.com. Among other things, this website includes this Prospectus and the SAI, and will include the Fund's holdings, the Fund's last annual and semi-annual reports (when available), pricing information about Fund Shares trading on the Exchange, daily NAV calculations and a historical comparison of the trading prices to NAV.

Each day the Fund is open for business, the Trust publicly disseminates the Fund's full portfolio holdings as of the close of the previous day through its website at www.calamos.com. A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI.

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Dividends, Other Distributions and Taxes

Fund Distributions

The Fund generally pays out dividends from its net investment income, and distributes its net capital gains, if any, to shareholders annually. The Fund typically earns dividends from stocks in which it invests. These amounts, net of expenses, are passed along to Fund shareholders as "income dividends." The Fund realizes capital gains or losses whenever it sells securities. Net long-term capital gains are distributed to shareholders as "capital gain dividends."

Brokers may make available to their customers who own Fund Shares the DTC book-entry dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require Fund shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net realized gains will be automatically reinvested in additional whole Fund Shares of the Fund purchased in the secondary market. Without this service, investors would receive their distributions in cash.

Taxes

As with any investment, you should consider how your investment in Fund Shares of the Fund will be taxed. The tax information in this prospectus is provided only as general information. This section is current as of the date of this prospectus. Tax laws and interpretations change frequently, and these summaries do not describe all of the tax consequences to all taxpayers. For example, these summaries generally do not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. However, with respect to certain tax issues, the summaries describe the general tax treatment of certain distributions made to corporations and non-U.S. persons. In addition, this section does not describe your state, local or non-U.S. tax consequences You should consult your own tax advisor about the tax consequences of an investment in Fund Shares.

Fund distributions to you and sale or redemption of your Shares in the Fund will have tax consequences to you. Such consequences may be different if you hold your Shares through a tax-exempt entity or tax-advantaged retirement account, such as an individual retirement account or 401(k) plan.

The Fund intends to elect, and intends to qualify each year, as a regulated investment fund (a "*RIC*") under the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund is generally not subject to corporate-level U.S. federal income tax on any net ordinary income or capital gains that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in corporate-level taxation and, consequently, a reduction in amounts available for distribution to shareholders.

Taxes on Distributions

Distributions by the Fund generally are taxable to you as ordinary income or capital gains. Distributions are subject to federal income tax, whether received in cash or reinvested in additional Fund shares or shares of another fund, and may be subject to state or local taxes. Distributions of the Fund's "investment company taxable income" generally will be taxable as ordinary income to the extent of the Fund's current or accumulated earnings and profits. Notwithstanding the foregoing, distributions that are attributable to "qualified dividends" received by the Fund may be eligible to be taxed at capital gains rates, as long as the Fund and the shareholder meet certain holding period requirements.

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Distributions of the Fund's net capital gain that are properly reported by the Fund as "capital gain dividends" will generally be taxable to you as long-term capital gains, currently at a maximum rate of 20%, regardless of your holding period in the Fund's Shares. Distributions in excess of the Fund's current and accumulated earnings and profits first will reduce your adjusted tax basis in your Fund Shares and, after the adjusted basis is reduced to zero, will constitute capital gain. Such capital gain will be long-term capital gain and thus, will be taxed at a maximum rate of 20%, if the distributions are attributable to Fund Shares that you have held for more than one year.

Certain non-corporate taxpayers will also be subject to a 3.8% U.S. federal Medicare contribution tax with respect to the lesser of (1) their "net investment income" or (2) the excess of their "modified adjusted gross income" over a threshold amount ($200,000 for single taxpayers and $250,000 for taxpayers who are married and filing jointly).

Corporate shareholders of the Fund are generally eligible for the 50% dividends-received deduction with respect to ordinary income dividends (but not capital gain dividends) properly designated as eligible for such deduction by the Fund, as long as the Fund and the corporate shareholder meet certain holding period and other requirements.

Under a dividend reinvestment service, you may have the option to have all cash distributions automatically reinvested in additional Fund Shares. Any distributions reinvested under such a service will nevertheless be taxable to you as described above.

You will have an adjusted basis in the additional Fund Shares purchased through such a reinvestment service equal to the amount of the reinvested distribution plus the amount of any fees charged for the transaction. The additional Fund Shares will have a holding period commencing on the day following the day on which they are credited to your account.

A distribution will reduce the Fund's NAV per Share and generally will be taxable to you as ordinary income or capital gain even if it is paid from income or gains earned by the Fund before you invested in the Fund and thus, from an investment standpoint, constitutes a return of capital. In general, distributions are subject to federal income tax as of the date of payment. However, distributions paid in January will be treated as paid on December 31 of the prior year if they were declared and payable to shareholders of record on a date in October, November or December of the prior year.

Income and proceeds received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on investments in such countries. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. In addition, the Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

The Fund's transactions in derivatives, as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules. These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders and thus taxes payable by shareholders.

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You may be subject to federal back-up withholding tax, if you do not provide the Fund with a taxpayer identification number (for an individual, a social security number) and make other required certifications, or the Internal Revenue Service informs the Fund that your tax identification number is incorrect. Backup withholding is not an additional tax. You may claim the amount withheld as a credit on your federal income tax return, provided you furnish the appropriate information to the Internal Revenue Service.

Taxes When Shares are Sold

Any capital gain or loss realized upon a sale of Fund Shares is generally treated as long-term capital gain or loss if you have held the Fund Shares for more than one year and as short-term capital gain or loss if you have held the Fund Shares for one year or less. The ability to deduct capital losses realized on a sale of Fund Shares may be limited.

Taxes on Purchase and Redemption of Creation Units

An Authorized Participant that exchanges equity securities for Creation Units will generally recognize a gain or a loss on the exchange. Any such gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and such Authorized Participant's aggregate basis in the securities surrendered plus (or minus) any cash paid (or received). A person who redeems Creation Units for equity securities will generally recognize a gain or loss equal to the difference between such person's basis in the Creation Units and the aggregate market value of the securities received plus (or minus) any cash received (or paid). The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in the Authorized Participant's economic position with respect to such Creation Units. Persons exchanging securities should consult their own tax advisor with respect to the applicability of the wash sale rules and the availability and timing of a deduction for any loss.

Any capital gain or loss realized upon a redemption of Creation Units is generally treated as long-term capital gain or loss if the Creation Units have been held for more than one year and as short-term capital gain or loss if the Creation Units have been held for one year or less. If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Fund Shares you purchased or sold and at what price.

Treatment of Fund Expenses

Expenses incurred and deducted by the Fund will generally not be treated as income taxable to you.

Non-U.S. Tax Credit

Because the Fund may invest in in non-U.S. securities, the tax statement that you receive may include an item showing non-U.S. taxes the Fund paid to other countries. In this case, dividends taxed to you will include your share of the taxes the Fund paid to other countries. You may be able to deduct or receive a tax credit for your share of these taxes.

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Non-U.S. Investors

If you are a non-U.S. investor (i.e., an investor other than a U.S. citizen or resident or a U.S. corporation, partnership, estate or trust), you should be aware that, generally, subject to applicable tax treaties, distributions from the Fund will be characterized as dividends for U.S. federal income tax purposes (other than dividends which the Fund properly reports as capital gain dividends) and will be subject to U.S. federal income taxes, including withholding taxes, subject to certain exceptions described below. However, distributions received by a non-U.S. investor from the Fund that are properly reported by the Fund as capital gain dividends may not be subject to U.S. federal income taxes, including withholding taxes, provided that the Fund makes certain elections and certain other conditions are met. Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. investors, provided that the Fund makes certain elections and certain other conditions are met.

Distributions may be subject to a U.S. withholding tax of 30% in the case of distributions to (i) certain non-U.S. financial institutions that have not entered into an agreement with the U.S. Treasury to collect and disclose certain information and are not resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury and (ii) certain other non-U.S. entities that do not provide certain certifications and information about the entity's U.S. owners. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

Investments in Certain Non-U.S. Corporations If the Fund holds an equity interest in any "passive foreign investment companies" ("PFICs"), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. The Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. The Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, the Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases 24 included in income. Under this election, the Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax. Dividends paid by PFICs are not treated as qualified dividend income.

Other Tax Matters

The foregoing is only a summary of certain federal income tax considerations of investing in the Fund under current law, which is subject to change in the future. Shareholders who are not U.S. persons within the meaning of the Code, such as non-resident aliens, foreign trusts or estates, or foreign corporations or partnerships may be subject to different U.S. federal income tax treatment.

You may also be subject to state and local taxes on distributions paid by the Fund, and sales and redemptions of Fund shares. You should consult your tax advisor for further information regarding federal, state, local and/or foreign tax consequences relevant to your specific tax situation. More information about taxes can be found in the Fund's SAI.

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Net Asset Value

The NAV of shares is determined at the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open. NAV is computed by determining the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for the Fund for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ official closing price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent (s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Futures, swaps and options contracts listed for trading on a futures or options exchange or board of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Total return swaps on exchange-listed securities are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price.

Securities held by the Fund are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the Investment Company Act of 1940 ("1940 Act") and approved by and subject to the oversight of the Trustees ("Valuation Procedures"). If market quotations are not readily available, securities or other assets will be valued at their fair value as determined in good faith by the Adviser in accordance with procedures approved by the Board and evaluated by the Board as to the reliability of the fair value method used. In these cases, the Fund's NAV will reflect certain portfolio securities' fair values rather than their market prices. Fair value pricing involves subjective judgments, and it is possible that the fair value determined for a security or other asset may be materially different than the value that could be realized upon the sale of that security or other asset. The fair value prices can differ from market prices. The board of trustees has designated CGAM as "valuation designee" for the Fund. The valuation designee is responsible for determining the value of the Fund's investments. The designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities or other assets.

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With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

Fund Service Providers

State Street Bank and Trust Company ("State Street"), located at 225 Franklin Street, Boston MA 02110, serves as the Fund's administrator, custodian, fund accounting and transfer agent.

Foreside Fund Services, LLC, an affiliate of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Fund Shares.

Deloitte & Touche LLP, located at 111 South Wacker Drive, Chicago, IL 60606, serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

Ropes & Gray LLP, located at 191 North Wacker Drive, 32<sup>nd</sup> Floor, Chicago, IL 60606, serves as legal counsel to the Trust.

Chapman and Cutler LLP, located at 320 S. Canal St. Chicago, IL 60606, serves as legal counsel to Calamos Advisors.

Premium/Discount Information

Information showing the number of days the market price of the Fund Shares was greater (at a premium) and less (at a discount) than the Fund's NAV for the most recently completed calendar year, and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter), is available at <u>www.calamos.com</u>.

Investments by Other Investment Companies

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including Fund Shares. The SEC adopted Rule 12d1-4 under the 1940 Act on November 19, 2020, which became effective January 19, 2021. The Fund is required to comply with the conditions of Rule 12d1-4, which allows, subject to certain conditions, the Fund to invest in other registered investment companies and other registered investment companies to invest in the Fund beyond the limits contained in Section 12(d)(1) of the 1940 Act.

Financial Highlights

The Fund is new and has no performance history as of the date of this prospectus. Financial information is therefore not available.

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Other Information

Continuous Offering

The method by which Creation Units of Fund Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Fund Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Fund Shares and sells the Fund Shares directly to customers or if it chooses to couple the creation of a supply of new Fund Shares with an active selling effort involving solicitation of secondary market demand for Fund Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Fund Shares, whether or not participating in the distribution of Fund Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the Investment Company Act of 1940, as amended (the "Investment Company Act"). As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Fund Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Experts

The financial statement, including the notes thereto, provided in the statement of additional information, which is incorporated by reference in its entirety into this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is also included in the statement of additional information and incorporated by reference herein. Such financial statement is included and incorporated in reliance upon the report and consent of such firm given upon the firm's authority as experts in accounting and auditing.

Summary of Certain Provisions of the Second Amended and Restated Trust Instrument

The summary below is a synopsis of certain provisions contained in the Trust's Second Amended and Restated Trust Instrument (the "Trust Instrument"). Shareholders should refer to the Trust Instrument for further information. Defined terms have the meanings contained in the Trust Instrument.

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Derivative Actions

The Second Amended and Restated Trust Instrument (the "Trust Instrument") requires, within Section 9 of Article IV, that before bringing any derivative action on behalf of the Fund, Shareholders must have made a written demand to the Board of Trustees requesting that they cause the Trust or affected Series or Class, as applicable, to file the action itself.

In order to warrant consideration, any such written demand must include at least the following:

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made;

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Trust or the affected Series or Class, as applicable and an explanation of why the complaining Shareholders believe that to be the case;

(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certification that the following requirements have been met, as well as information reasonably designed to allow the Trustees to verify that certification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, as of the time the demand required by Section 9 of Article IV was made; and

(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Series or Class, as applicable as of the commencement of the derivative action.

The Trust Instrument further provides that at least 10% of the Shareholders of the Trust or the affected Series or Class, as applicable, must join in bringing the derivative action. This provision does not apply to claims brought under the federal securities laws.

The Trust Instrument also provides that a copy of the derivative complaint must be served on the Trust, assuming the requirements described above have already been met and the derivative action has not been barred as further described in the Trust Instrument.

Forum and Waiver of Jury Trial

Section 10 of Article X of the Trust Instrument outlines which shareholder actions must be brought in state court and which must be brought in federal court. This section states in particular that, unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law. This provision may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find more convenient or favorable. While the enforceability of the exclusive forum provisions may be challenged, this section also provides that if any provisions of Section 10 shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining portions will still apply.

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Section 10 of Article X of the Trust Instrument also states that shareholders and all other such persons bringing any such suit, action, or proceeding in the Superior Court in the State of Delaware waive the right to a trial by jury to the fullest extent permitted by law.

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[LOGO]

For more detailed information on the Fund, several additional sources of information are available to you. The Fund's SAI, incorporated by reference into this prospectus, contains detailed information on the Fund's policies and operation. Additional information about the Fund's investments is available in the annual and semi-annual reports to shareholders. In the Fund's annual reports, you will find a discussion of the market conditions and investment strategies that significantly impacted the Fund's performance during the last fiscal year. The Fund's most recent SAI, annual or semi-annual reports and certain other information are available free of charge by calling the Fund at (866) 363-9219, on the Fund's website at www.calamos.com or through your financial advisor. Shareholders may call the toll-free number above with any inquiries.

You may obtain this and other information regarding the Fund, including the SAI and Codes of Ethics adopted by the Adviser, Sub-Adviser, Distributor and the Trust, directly from the SEC. Information on the SEC's website is free of charge. Visit the SEC's on-line EDGAR database at http://www.sec.gov. You may also request information regarding the Fund by sending a request (along with a duplication fee) to the SEC by sending an electronic request to publicinfo@sec.gov.

200 Calamos Court

Naperville, IL 60563-2787

866.363.9219 www.calamos.com

SEC File

#811-23801

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| | |
|:---|:---|
| **Fund** | **Ticker** |
| Calamos Antetokounmpo Global Sustainable Equities ETF | SROI |

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STATEMENT OF ADDITIONAL INFORMATION January 23, 2023

2020 Calamos Court

Naperville, Illinois 60563

800.582.6959 This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the prospectus dated January 23, 2023, as it may be revised from time to time (the "Prospectus"), for the Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund"), a series of the Calamos ETF Trust (the "Trust"). Capitalized terms used herein that are not defined have the same meanings as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by calling the Fund at (866) 363-9219, visiting the Fund's website at www.calamos.com or through your financial advisor*.*

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [The Trust and the Fund](#a_001-0) | [1](#a_001-0) |
| [Exchange Listing and Trading](#a_002-0) | [2](#a_002-0) |
| [Disclosure of Portfolio Holdings](#a_003-0) | [2](#a_003-0) |
| [Investment Objective](#a_004-0) | [2](#a_004-0) |
| [Investment Practices](#a_005-0) | [3](#a_005-0) |
| [Investment Restrictions](#a_006-0) | [17](#a_006-0) |
| [Management](#a_007-0) | [19](#a_007-0) |
| [Control Persons and Principal Holders of Securities](#a_008-0) | [33](#a_008-0) |
| [Investment Advisory Services](#a_009-0) | [33](#a_009-0) |
| [Distributor](#a_010-0) | [36](#a_010-0) |
| [Other Compensation to Intermediaries](#a_011-0) | [37](#a_011-0) |
| [Portfolio Transactions](#a_012-0) | [38](#a_012-0) |
| [Additional Information Concerning The Shares](#a_013-0) | [39](#a_013-0) |
| [Creation and Redemption of Creation Units](#a_014) | [42](#a_014) |
| [Taxation](#a_016) | [53](#a_016) |
| [Custodian and Transfer Agent](#a_017) | [58](#a_017) |
| [Fund Accounting and Financial Accounting Agent](#a_018) | [59](#a_018) |
| [Miscellaneous](#a_021) | [59](#a_021) |
| [Financial Statements](#a_019) | [59](#a_019) |

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**THE TRUST AND THE FUND**

The Trust was organized as a Delaware statutory trust on June 17, 2013. The Trust is an open-end, registered management investment company. The Trust currently offers shares in one series of the Trust. Additional series may be added or launched in the future. The offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act").

The Fund is a diversified, actively managed exchange-traded fund. The Fund offers and issues Shares at net asset value ("NAV") only in aggregations of a specified number of Shares, generally in exchange for a basket of securities constituting the portfolio holdings of the Fund, together with the deposit of a specified cash payment, or, in certain circumstances, for an all cash payment. Shares of the Fund will be listed and principally traded on NYSE Arca, Inc. (the "Exchange"). Shares will trade on the Exchange at market prices that may be below, at, or above NAV.

Unlike mutual funds, Fund Shares are not individually redeemable securities. Rather, the Fund issues and redeems Shares on a continuous basis at NAV, only in creation units of 50,000 Shares (each, a "Creation Unit"). In the event of the liquidation of the Fund, the Trust may lower the number of Shares in a Creation Unit. Financial entities known as "authorized participants" (which are discussed in greater detail below) have contractual arrangements with the Fund or the Distributor to purchase and redeem Fund Shares directly with the Fund in Creation Units in exchange for the securities comprising the Fund and/or cash, or some combination thereof. Fund Shares are traded in the secondary market and elsewhere at market prices that may be at, above, or below the Fund's NAV. Fund Shares are only redeemable in Creation Units by authorized participants. An authorized participant that purchases a Creation Unit of Fund Shares deposits with the Fund a "basket" of securities and/or other assets identified by the Fund that day, and then receives the Creation Unit of Fund Shares in return for those assets. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of Fund Shares for a basket of securities and other assets. The basket is generally representative of the Fund's portfolio, and together with a cash balancing amount, it is equal to the NAV of the Fund Shares comprising the Creation Unit. Pursuant to Rule 6c-11 of the 1940 Act ("Rule 6c-11"), the Fund may utilize baskets that are not representative of the Fund's portfolio. Such "custom baskets" are discussed in the section entitled "Creations and Redemptions of Creation Units." Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

Unlike index-based ETFs, the Fund is "actively managed" and does not seek to replicate the performance of a specified index.

The Board of Trustees of the Trust (the "Board of Trustees" or the "Trustees") has the right to establish additional series in the future, to determine the preferences, voting powers, rights and privileges thereof and to modify such preferences, voting powers, rights and privileges without shareholder approval. Shares of any series may also be divided into one or more classes at the discretion of the Trustees. The Trust or any series or class thereof may be terminated at any time by the Board of Trustees upon written notice to the shareholders.

**EXCHANGE LISTING AND TRADING**

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "*Exchange*"). Shares trade on the Exchange or in secondary markets at prices that may differ from their NAV or Intraday Indicative Value ("IIV"), because such prices may be affected by market forces (such as supply and demand for Shares). As is the case of other securities traded on an exchange, when you buy or sell Shares on the Exchange or in the secondary markets your broker will normally charge you a commission or other transaction charges. Further, the Trust reserves the right to adjust the price of Shares in the future to maintain convenient trading ranges for investors (namely, to maintain a price per Share that is attractive to investors) by share splits or reverse share splits, which would have no effect on the NAV.

There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Shares of the Fund will continue to be met. The Exchange may, but is not required to, remove the Fund Shares from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund Shares, there are fewer than 50 record and/or beneficial owners of Fund Shares; (ii) a Fund is no longer eligible to operate in reliance on Rule 6c-11; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of the Fund from listing and trading upon termination of the Fund.

The Fund is not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objectives. The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Fund.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Board has adopted a policy regarding the disclosure of information about the Fund's portfolio securities. Under the policy, portfolio holdings of the Fund, which will form the basis for the calculation of NAV on any day on which the Trust is open for business ("Business Day"), are publicly disseminated prior to the opening of trading on the Exchange that Business Day through financial reporting or news services, including the website www.calamos.com. In addition, each Business Day a portfolio composition file, which displays the basket of securities to be deposited to purchase Creation Units of the Fund ("In-Kind Creation Basket") and the amount of cash necessary to equal the difference between the NAV of a Creation Unit and the market value of the In-Kind Creation Basket ("Cash Component"), is publicly disseminated prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**INVESTMENT OBJECTIVE**

The Calamos Antetokounmpo Global Sustainable Equities ETF seeks long-term capital appreciation.

The Fund's investment objective is non-fundamental and may be changed by a vote of the Fund's Board, without shareholder approval.

The Fund has adopted a non-fundamental operating policies that requires it, under normal circumstances, to invest least 80% of the Fund's net assets (plus borrowings for investment purposes, if any) in equity securities companies in developed and emerging markets (including frontier market countries) that, in the view of Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser"), have above average growth potential and meet the environmental, social and governance ("ESG") criteria of Calamos Advisors. Although these requirements may be changed by the Board of Trustees without shareholder approval, the Fund will notify shareholders at least 60 days prior to any change in its 80% policy.

**INVESTMENT PRACTICES**

The prospectus contains information concerning the Fund's investment objective and principal investment strategies and risks. This Statement of Additional Information provides additional information concerning certain securities and strategies used by the Fund and their associated risks.

In pursuing its investment objective, the Fund will invest as described below and in the Fund's prospectus. The table below indicates whether the Fund, directly or indirectly through its investment in the underlying funds, invests in the securities and instruments listed as part of its principal (P) or non-principal (N) investment strategies.

Unless otherwise noted, all investment policies and restrictions described in the Prospectus and Statement of Additional Information are measured at the time of the transaction in the security. If market action affecting fund securities (including, but not limited to, appreciation, depreciation, or a credit rating event) causes the Fund to exceed an investment policy or restriction, neither Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM" or the"Adviser") nor Calamos Advisors LLC ("Calamos Advisors") is required to take immediate action. Under normal market conditions, however, Calamos Advisors will not make any acquisitions that will make the Fund further outside the investment restriction.

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| | |
|:---|:---|
| **INVESTMENTS AND INVESTMENT-<br> RELATED PRACTICES** | **CALAMOS <br> ANTETOKOUNMPO <br> GLOBAL<br> SUSTAINABLE<br> EQUITIES ETF** |
| Currency Exchange Transactions | N |
| Equity Securities | P |
| Foreign Securities | P |
| Futures Contracts and Options on Futures Contracts | N |
| Illiquid Securities | N |
| Initial Public Offerings | N |
| Lending of Portfolio Securities | N |
| Master Limited Partnerships | N |
| Options on Securities, Indexes and Currencies | N |
| Portfolio Turnover | N |
| Real Estate Investment Trusts | N |
| Repurchase Agreements | N |
| Reverse Repurchase Agreements and Other Borrowings | N |
| Rule 144A Securities | N |
| Short Sales | N |
| Stripped Securities | N |
| Swaps, Caps, Floors and Collars | N |
| Synthetic Foreign Money Market Positions | N |
| Temporary Investments | N |
| U.S. Government Obligations | N |
| Warrants | N |
| "When-Issued" and Delayed Delivery Securities | N |

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**CURRENCY EXCHANGE TRANSACTIONS**

Currency exchange transactions may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through forward currency exchange contracts ("forward contracts"). Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract.

Forward contracts are usually entered into with banks, foreign exchange dealers and broker-dealers, are not exchange traded, and are usually for less than one year, but may be renewed.

Forward currency exchange transactions may involve currencies of the different countries in which the Fund may invest and serve as hedges against possible variations in the exchange rate between these currencies. Currency exchange transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described below under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward contracts with respect to specific receivables or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or the receipt of dividends or interest thereon. Portfolio hedging is the use of forward contracts with respect to portfolio security positions denominated or quoted in a particular foreign currency. Portfolio hedging allows the Fund to limit or reduce its exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) at a future date for a price payable in U.S. dollars so that the value of the foreign denominated portfolio securities can be approximately matched by a foreign denominated liability. The Fund may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that the Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currencies or currency act as an effective proxy for other currencies. In such a case, the Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward contracts for each currency held in the Fund. The Fund may not engage in "speculative" currency exchange transactions.

If the Fund enters into a forward contract, its custodian will segregate liquid assets of the Fund having a value equal to the Fund's commitment under such forward contract from day to day, except to the extent that the Fund's forward contract obligation is covered by liquid portfolio securities denominated in, or whose value is tied to, the currency underlying the forward contract. At the maturity of the forward contract to deliver a particular currency, the Fund may either sell the portfolio security related to the contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for the Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver.

If the Fund retains the portfolio security and engages in an offsetting currency transaction, it will incur a gain or a loss to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting currency transaction, it subsequently may enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded in that currency or prevent a loss if the value of the security declines. Hedging transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for the Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to the Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

**EQUITY SECURITIES**

Equity securities include common and preferred stocks, warrants, rights, and depository receipts. An investment in the equity securities of a company represents a proportionate ownership interest in that company. Therefore, the Fund participates in the financial success or failure of any company in which it has an equity interest.

Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. See the prospectus for additional information regarding equity investments and their risks.

**FOREIGN SECURITIES**

A foreign security is a security issued by a foreign government or a company whose country of incorporation is a foreign country. For this purpose, foreign securities include American Depositary Receipts (ADRs) or securities guaranteed by a U.S. person but which represent underlying shares of foreign issuers, and may include foreign securities in the form of European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs) or other securities representing underlying shares of foreign issuers. Positions in those securities are not necessarily denominated in the same currency as the common stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts listed on the Luxembourg Stock Exchange evidencing a similar arrangement. GDRs are U.S. dollar-denominated receipts issued by international banks evidencing ownership of foreign securities. Generally, ADRs, in registered form, are designed for the U.S. securities markets and EDRs and GDRs, in bearer form, are designed for use in foreign securities markets. A Fund may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, a Fund is likely to bear its proportionate share of the expenses of the depository and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

To the extent positions in portfolio securities are denominated in foreign currencies, the Fund's investment performance is affected by the relative strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. (See discussion of transaction hedging and portfolio hedging under "Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities, which are generally denominated in foreign currencies, and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; greater costs of buying, holding and selling securities, including brokerage, tax and custody costs; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements.

Although the Fund intends to invest in companies and government securities of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations.

However, the Fund may invest in the securities of emerging countries (including frontier markets). The securities markets of emerging countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Disclosure and regulatory standards in many respects are less stringent than in the U.S. and other major markets. There also may be a lower level of monitoring and regulation of emerging markets and the activities of investors in such markets, and enforcement of existing regulations has been extremely limited. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Economies in individual emerging markets may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency depreciation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many emerging market countries have experienced high rates of inflation for many years, which has had and may continue to have very negative effects on the economies and securities markets of those countries. Certain emerging markets are sometimes referred to as "frontier markets." Frontier markets, the least advanced capital markets in the developing world, are among the riskiest markets in the world in which to invest. Frontier markets have the fewest number of investors and investment holdings and may not even have stock markets on which to trade. Investments in this sector are typically illiquid, nontransparent and subject to very low regulation levels as well as high transaction fees, and may also have substantial political and currency risk. Emerging and frontier markets both offer the prospect of higher returns with higher risk. However, emerging markets are more stable and developed than frontier markets. The economies of emerging market countries have achieved a rudimentary level of development, while frontier markets represent the least economically developed nations in the global marketplace. Emerging and frontier markets also carry several types of investment risk, including market, political and currency risk, as well as the risk of nationalization.

A portion of the Fund's investments may be in Russian securities and instruments. The United States and the European Union have imposed sanctions on certain Russian persons and issuers. The United States and other nations or international organizations may impose additional, broader economic sanctions or take other actions that may adversely affect Russian-related issuers in the future. These sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of the Fund's investments. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in Russian companies, prohibiting the Fund from buying, selling or otherwise transacting in these investments. Russia may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of the Fund's portfolio and potentially disrupt its operations. For these or other reasons, the Fund could seek to suspend redemptions of shares, including in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine its NAV. During the period that redemptions are affected, shares could trade at a significant premium or discount to their NAV.

The Fund may purchase certain listed eligible China A-Shares traded on the Shanghai Stock Exchange ("SSE") through the Shanghai-Hong Kong Stock Connect program as well as traded on the Shenzhen Stock Exchange ("SZSE") through the Shenzhen-Hong Kong Stock Connect program (both programs collectively referred to herein as "Stock Connect"). Stock Connect is a securities trading and clearing program developed by The Stock Exchange of Hong Kong Limited ("SEHK"), SSE, SZSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK, SSE and SZSE. In contrast to certain other regimes for foreign investment in Chinese securities, no individual investment quotas or licensing requirements apply to investors in Stock Connect securities through Stock Connect. In addition, there are no lock-up periods or restrictions on the repatriation of principal and profits.

However, trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, a primary feature of the Stock Connect program is the application of the home market's laws and rules to investors in a security. Thus, investors in Stock Connect securities are generally subject to Chinese securities regulations and the listing rules of the respective exchange, among other restrictions. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Fund's ability to invest in Stock Connect securities. For example, an investor cannot purchase and sell the same security on the same trading day. Stock Connect also is generally available only on business days when both the respective exchange and the SEHK are open. Trading in the Stock Connect program is subject to trading, clearance and settlement procedures that are untested in China, which could pose risks to the Fund. Additionally, the withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.

Investments in China A-shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository of the SSE and the SZSE defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process. In addition, because all trades on Stock Connect in respect of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, a Fund investing through Stock Connect must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The existence of a liquid trading market for China A-shares may depend on whether there is supply of, and demand for, such China A-shares. Market volatility and settlement difficulties in the China A-share markets may also result in significant fluctuations in the prices of the securities traded on such markets.

China A-shares purchased through Stock Connect are held in nominee name and not the Fund's name as the beneficial owner. It is possible, therefore, that a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A-shares may be limited because the nominee structure has not been tested in Chinese courts. In addition, a Fund may not be able to participate in corporate actions affecting China A-shares held through Stock Connect due to time constraints or for other operational reasons.

There can be no assurance as to whether or how such developments in the Stock Connect may restrict or affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect program, are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

**Risks Related to Investment in China**

Investments in China A-Shares are subject to various risks, including the risks associated with investing in China generally. In particular, the Mainland Chinese exchanges have lower trading volumes, the market capitalizations of companies listed on these exchanges are generally smaller, the securities listed on these exchanges are less liquid and may experience materially greater volatility, and government supervision and regulation of the Chinese securities market are less developed. The Chinese government continues to exercise significant control over China's economy, and any changes to existing policies and new reform-oriented policies and measures, which are often unprecedented or experimental, could negatively impact the Fund's investments in China A-Shares. The Chinese government has implemented, and may implement in the future, various measures to control inflation, which if unsuccessful, may negatively impact the Chinese economy. The Chinese legal system is still developing, and laws, regulations, government policies and political and economic climate in China may change with little or no advance notice. Any such change could adversely affect market conditions.

The tax law and regulations of China are constantly changing, sometimes with retroactive effect, and the interpretation and application thereof are not as consistent and transparent as in more developed nations and may vary from region to region within China. There has been, and continues to be, uncertainty over taxation of SSE equities in the Stock Connect program, and any taxes imposed on the earnings of the Fund will reduce its overall returns.

Some Chinese companies may have less established shareholder governance and disclosure standards. Accounting, auditing, financial and other reporting standards, practices and disclosure requirements applicable to Chinese companies are different, sometimes in fundamental ways, from those applicable to companies in the U.S. and other developed markets.

**ILLIQUID SECURITIES**

The Fund may invest up to 15% of its net assets under regulatory rules, taken at market value, in illiquid investments that are assets, including any securities that are not readily marketable either because they are restricted securities or for other reasons. Restricted securities are securities that are subject to restrictions on resale because they have not been registered for sale under the Securities Act of 1933, as amended ("Securities Act"). A position in restricted securities might adversely affect the liquidity and marketability of a portion of the Fund's portfolio, and the Fund might not be able to sell or dispose of its holdings in such securities promptly or at reasonable prices. In those instances where the Fund is required to have restricted securities held by it registered prior to sale by the Fund and the Fund does not have a contractual commitment from the issuer or seller to pay the costs of such registration, the gross proceeds from the sale of securities would be reduced by the registration costs and underwriting discounts. Any such registration costs are not included in the percentage limitation on the Fund's investment in restricted securities.

The liquidity of an investment will be determined based on relevant market, trading and investment specific considerations as set out in the Fund's liquidity risk management program (the "Liquidity Program") as required by Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). Illiquid investments may trade at a discount to comparable, more liquid investments and the Fund may not be able to dispose of illiquid investments in a timely fashion or at their expected prices. If illiquid investments exceed 15% of the Fund's net assets, the Liquidity Rule and the Liquidity Program will require that certain remedial actions be taken.

**INITIAL PUBLIC OFFERINGS**

The Fund may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public, typically to raise additional capital. Shares are given a market value reflecting expectations for the company's future growth. The market for these securities may be more volatile and entail greater risk of loss than investments in larger companies due to the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history.

The purchase of IPO shares may involve high transaction costs. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. Calamos Advisors cannot guarantee continued access to IPOs.

**LENDING OF PORTFOLIO SECURITIES**

In seeking to earn additional income, the Fund may lend its portfolio securities to qualified parties (typically broker-dealers and banks) who need to borrow securities in order to cover transactions into which they have entered. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of income earned on the collateral. The Fund may experience losses as a result of a diminution in value of its cash collateral investments. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not less than five business days. The Fund would not have the right to vote the securities during the existence of the loan; however, the Fund may attempt to call back the loan and vote the proxy if time permits prior to the record date. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the Fund's securities lending agent will monitor, and report to Calamos Advisors on, the creditworthiness of the firms to which the Fund lends securities.

**MASTER LIMITED PARTNERSHIPS**

MLPs differ from investments in common stock as a result of limited control and limited rights to vote on matters affecting the MLP. MLP common units, like other equity securities, can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards an issuer or certain market sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs, like the prices other equity securities, also can be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios. MLPs generally do not pay federal income tax at the partnership level. Rather, each Partner is allocated a share of the partnerships' income, gains, losses, deductions and credits. A change in current tax law, or a change in the underlying business of an MLP, could result in an MLP being treated as a corporation, instead of a partnership, for federal income tax purposes, which would result in such MLP being required to pay income tax on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP, potentially reducing the value of the Fund's investment and consequently your investment in the Fund. Although common units of MLPs trade on various exchanges, certain MLP securities trade less frequently than those of larger companies due to their smaller capitalization. As a result, the price of such MLPs may display abrupt and erratic movements at times. Additionally it may be more difficult for the Fund to buy and sell significant amounts of such securities without unfavorable impact on prevailing market process. As a result, these securities may be difficult to dispose of at a fair price when Calamos Advisors desires to do so.

**PORTFOLIO TURNOVER**

Although the Fund does not purchase securities with a view to rapid turnover, there are no limitations on the length of time that a portfolio security must be held. Portfolio turnover can occur for a number of reasons, including calls for redemption, general conditions in the securities markets, more favorable investment opportunities in other securities, or other factors relating to the desirability of holding or changing a portfolio investment. The portfolio turnover rates may vary greatly from year to year. A high rate of portfolio turnover in the Fund would result in increased transaction expense, which must be borne by the Fund. High portfolio turnover may also result in the realization of capital gains or losses and, to the extent net short-term capital gains are realized, any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Portfolio turnover for the Fund is shown under "Financial Highlights" in the prospectus. A portfolio turnover rate of 100% would mean that the Fund had sold and purchased securities valued at 100% of its net assets within a one-year period.

**REPURCHASE AGREEMENTS**

As part of its strategy for the temporary investment of cash, the Fund may enter into "repurchase agreements" pertaining to U.S. Government securities with member banks of the Federal Reserve System or primary dealers (as designated by the Federal Reserve Bank of New York) in such securities. The Fund may invest in repurchase agreements, provided that the Fund may not invest more than 15% of its net assets in illiquid securities, including repurchase agreements maturing in more than seven days, and any other illiquid securities. A repurchase agreement arises when the Fund purchases a security and simultaneously agrees to resell it to the vendor at an agreed upon future date. The resale price is greater than the purchase price, reflecting an agreed upon market rate of return that is effective for the period of time the Fund holds the security and that is not related to the coupon rate on the purchased security.

Such agreements generally have maturities of no more than seven days and could be used to permit the Fund to earn interest on assets awaiting long-term investment. The Fund requires continuous maintenance by the custodian for the Fund's account in the Federal Reserve/Treasury Book Entry System of collateral in an amount equal to, or in excess of, the market value of the securities that are the subject of a repurchase agreement. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors will monitor the creditworthiness of the firms with which the Fund enters into repurchase agreements.

**REVERSE REPURCHASE AGREEMENTS AND OTHER BORROWINGS**

The Fund may enter into reverse repurchase agreements, and economically similar transactions to the extent permitted under the leverage limitations of the 1940 Act and the Fund's investment restrictions described below. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. A reverse repurchase agreement enables the Fund to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without needing to sell portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

The Fund also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

**RULE 144A SECURITIES**

The Fund may purchase securities that have been privately placed but that are eligible for purchase and sale by certain qualified institutional buyers, such as the Fund, under Rule 144A ("Rule 144A Securities") under the Securities Act. Calamos Advisors, under the supervision and oversight of the Trust's Board of Trustees, will consider whether Rule 144A Securities are illiquid and thus subject to the Fund's restriction of investing no more than a specified percentage of its net assets in securities that are illiquid at the time of purchase. A determination of whether a Rule 144A Security is liquid or not is a question of fact. In making this determination, Calamos Advisors will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A Security. In addition, Calamos Advisors may consider the (1) frequency of trades and quotes for the security, as well as equivalent or underlying securities (e.g. the underlying common stock of a convertible security), (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer).

The liquidity of Rule 144A Securities will be monitored and, if as a result of changed conditions, it is determined that a Rule 144A Security is no longer liquid, the Fund's holdings of illiquid securities would be reviewed to determine what, if any, steps are required to assure that the Fund does not invest more than 15% of its net assets in illiquid securities. Investing in Rule 144A Securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**TEMPORARY INVESTMENTS**

The Fund may make temporary investments without limitation when Calamos Advisors determines that a defensive position is warranted, or as a reserve for possible cash needs. Such investments may be in money market instruments, consisting of obligations of, or guaranteed as to principal and interest by, the U.S. Government or its agencies or instrumentalities; certificates of deposit, bankers' acceptances and other obligations of domestic banks having total assets of at least $500 million and that are regulated by the U.S. Government, its agencies or instrumentalities; commercial paper rated in the highest category by a recognized rating agency; cash; and repurchase agreements. See "Exhibit A - Description of Ratings" for a description of ratings of certain rating agencies and their significance.

**U.S. GOVERNMENT OBLIGATIONS**

U.S. Government Obligations include securities that are issued or guaranteed by the U.S. Treasury or by various U.S. Government agencies and instrumentalities. U.S. Treasury obligations ("U.S. Treasuries") include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasuries also include the separate principal and interest components of U.S. Treasuries that are traded under the Separate Trading of Registered Interest and Principal of Securities ("STRIPS") program. U.S. Treasury obligations are backed by the full faith and credit of the U.S. Obligations issued or guaranteed by U.S. Government agencies and instrumentalities may be supported by any of the following: (a) the full faith and credit of the U.S., (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (c) the discretionary authority of the U.S. Treasury to lend to such Government agency or instrumentality, or (d) the credit of the agency or instrumentality.

Government agencies that issue or guarantee securities backed by the full faith and credit of the U.S. include the Government National Mortgage Association ("GNMA") and the Small Business Administration. Government agencies and instrumentalities that issue or guarantee securities not backed by the full faith and credit of the U.S. include the Federal Farm Credit Banks, the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("FHLMC"), the Federal National Mortgage Association ("FNMA"), the Federal Land Bank, the Bank for Cooperatives, the Federal Intermediate Credit Bank, the Federal Financing Bank, the Resolution Funding Corporation, the Financing Corporation of America and the Tennessee Valley Authority. In the case of securities not backed by the full faith and credit of the U.S., the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. in the event the agency or instrumentality does not meet its commitment.

In September 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced that FNMA and FHLMC had been placed in conservatorship. The conservatorship is still in effect as of the date of this SAI and has no specified termination date. There can be no assurance as to when or how the conservatorship will be terminated or whether FNMA or FHLMC will continue to exist following the conservatorship or what their respective business structures will be during or following the conservatorship. Since that time, FNMA and FHLMC have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases of their mortgage backed securities ("MBS"). The FHFA and the U.S. Treasury (through its agreement to purchase FNMA and FHLMC preferred stock) have imposed strict limits on the size of their mortgage portfolios. The FHFA, as conservator, has the power to repudiate any contract entered into by FNMA or FHLMC prior to its appointment if it determines that performance of the contract is burdensome and repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. Further, the FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC MBS would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. No assurance can be given that the Federal Reserve or the U.S. Treasury will ensure that FNMA and FHLMC remain successful in meeting their obligations with respect to the debt and mortgage-backed securities that they issue.

In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act ("TCCA") of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to Treasury with respect to all loans acquired by FNMA and FHLMC on or after April 1, 2012 and before January 1, 2022. Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured, or eliminated altogether. FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship." FHLMC faces similar uncertainty about its future role. FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.

The Fund may invest in securities issued or guaranteed by any of the entities listed above or by any other agency established or sponsored by the U.S. Government, provided that the securities are otherwise permissible investments of the Fund. Certain U.S. Government Obligations that have a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

The Fund's yield will fluctuate due to changes in interest rates, economic conditions, quality ratings and other factors. The prepayment experience of the mortgages underlying mortgage-related securities, such as obligations issued by GNMA, may affect the value of, and return on, an investment in such securities

**WARRANTS**

The Fund may invest in warrants. A warrant is a right to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant may have a life ranging from less than a year to 20 years or longer, but a warrant becomes worthless unless it is exercised or sold before expiration. In addition, if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant, the warrant will expire worthless. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock.

**"WHEN-ISSUED" AND DELAYED DELIVERY SECURITIES**

The Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. The Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. The Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

The use of this investment strategy, as well as entering into reverse repurchase agreements or engaging in other borrowing as described below, may increase net asset value fluctuation.

**RECENT MARKET CONDITIONS**

Since the 2008 financial crises, financial markets throughout the world have experienced periods of increased volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. Both domestic and international equity and fixed income markets experienced heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected.

In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Reduced liquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in some issuers having more difficulty obtaining financing and ultimately may lead to a decline in their stock prices. The values of some sovereign debt and of securities of issuers that hold that sovereign debt have fallen. These events, and the potential for continuing market turbulence, may have an adverse effect on the Fund. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region.

The U.S. federal government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. Certain foreign governments and central banks are implementing or discussing so-called negative interest rates (e.g., charging depositors who keep their cash at a bank) to spur economic growth. Further Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including interest rate increases or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

The situation in the financial markets has led to increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators new leverage. The Dodd-Frank Act initiated a dramatic revision of the U.S. financial regulatory framework that continues to unfold. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal financial regulators; a process intended to improve financial systemic stability and the resolution of potentially insolvent financial firms; the creation of the Consumer Financial Protection Bureau; the registration and additional regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which the Fund may invest, or the issuers of such instruments, may be affected by the new legislation and regulation in ways that may be unforeseeable. Because these requirements are relatively new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear.

The statutory provisions of the Dodd-Frank Act significantly change in several respects the ways in which investment products are marketed, sold, settled or terminated. For example, the Dodd-Frank Act mandates the elimination of references to credit ratings in numerous securities laws, including the 1940 Act. In addition, some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared. Clearinghouses and futures commission merchants have broad rights to increase margin requirements for existing cleared transactions or to terminate cleared transactions at any time. Any increase in margin requirements or termination by the clearing member or the clearinghouse may have an effect on the performance of the Fund.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. Widespread disease and virus epidemics, such as the recent coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected.

European financial markets are vulnerable to volatility and losses arising from concerns about the potential exit of member countries from the European Union and/or the Eurozone and, in the latter case, the reversion of those countries to their national currencies. Defaults by Economic Monetary Union member countries on sovereign debt, as well as any future discussions about exits from the Eurozone, may negatively affect the Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. In addition, the United Kingdom left the European Union on January 31, 2020(commonly referred to as "Brexit"). During an 11-month transition period, ending December 31, 2020, the United Kingdom and the European Union agreed to a Trade and Cooperation Agreement which sets out the agreement for certain parts of the future relationship between the European Union and the United Kingdom from January 1, 2021. The Trade and Cooperation Agreement does not provide the United Kingdom with the same level of rights or access to all goods and services in the European Union as the United Kingdom previously maintained as a member of the European Union and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services. Accordingly, uncertainty remains in certain areas as to the future relationship between the United Kingdom and the European Union. The uncertainty caused by the United Kingdom's departure from the European Union could lead to prolonged political, legal, regulatory, tax and economic uncertainty and wider instability and volatility in the financial markets of the United Kingdom and more broadly across Europe. It may also lead to weakening corporate and financial confidence in such markets as the United Kingdom renegotiates the regulation of the provision of financial services within and to persons in the European Union. Brexit could lead to market dislocation, heightened counterparty risk, an adverse effect on the management of market risk and, in particular, asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on the management, operation and investment in the Fund and increased legal, regulatory or compliance burden for the Fund which may have a negative impact on the operations, financial condition, returns or prospects of the Fund. The consequences of the United Kingdom's or another country's potential exit from the European Union and/or Eurozone could also threaten the stability of the euro for remaining countries and could negatively affect the financial markets of other countries in the European Union and beyond.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which, became effective on August 19<sup>,</sup> 2022. Rule 18f-4 applies to the Fund's use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, funds are no longer be required to comply with the asset segregation framework arising from prior SEC guidance for covering certain derivative instruments and related transactions. As of the date of this prospectus, the Fund operates as a limited derivatives user and will comply with the applicable requirements under Rule 18f-4.

**INVESTMENT RESTRICTIONS**

The Fund is classified as a diversified, open-end management investment company. Except as noted below, the Fund operates under the following investment restrictions and may not:

(i) make any investment inconsistent with the Fund's classification as a diversified investment company under the 1940 Act if the Fund is classified as a diversified investment company;<sup>1</sup>

(ii) acquire more than 10%, taken at the time of a particular purchase, of the outstanding voting securities of any one issuer;

(iii) act as an underwriter of securities, except insofar as it may be deemed an underwriter for purposes of the Securities Act on disposition of securities acquired subject to legal or contractual restrictions on resale;

(iv) purchase or sell real estate (although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate or interests therein), commodities or commodity contracts, except that the Fund may enter into (a) futures, options and options on futures, (b) forward contracts and (c) other financial transactions not requiring the delivery of physical commodities;

(v) make loans, but this restriction shall not prevent the Fund from (a) investing in debt obligations, (b) investing in repurchase agreements or (c) lending portfolio securities, provided, however, that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33% of its total assets (taken at market value at the time of such loan);

<sup>1</sup> Currently, under the 1940 Act, for the Fund to be classified as a diversified investment company, at least 75% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), government securities, securities of other investment companies, and securities of other issuers, which for the purposes of this calculation are limited in respect of any one issuer to an amount (valued at the time of investment) not greater in value than 5% of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

(vi) borrow, except from banks, other affiliated funds and other entities to the extent permitted under the 1940 Act;<sup>234</sup>

(vii) invest in a security if more than 25% of the Fund's total assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular industry or group of industries, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

(viii) issue any senior security, except to the extent permitted under the 1940 Act;<sup>5</sup>

The above restrictions are fundamental policies and may not be changed with respect to the Fund without the approval of a "majority" of the outstanding shares of the Fund, which for this purpose means the approval of the lesser of (a) more than 50% of the outstanding voting securities of the Fund or (b) 67% or more of the outstanding shares if the holders of more than 50% of the outstanding shares of the Fund are present or represented at the meeting by proxy.

In addition to the fundamental restrictions listed above, the Fund has adopted the following as non-fundamental policies:

(a) To the extent other Calamos Funds invest in the Fund in reliance on section 12(d)(1)(G), the Fund may not acquire any securities of registered open-end investment companies or unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the 1940 Act;<sup>6</sup>

<sup>2</sup> The Fund does not intend to purchase securities when its borrowings exceed 5% of total assets.

<sup>3</sup> The Fund's borrowing practices are limited by the 1940 Act. Currently, under the 1940 Act, the Fund may borrow in an aggregate amount not exceeding 33 1/3% of its total assets, including the proceeds of borrowings, for any purpose, but borrowings from entities other than banks may not exceed 5% of its total assets and may be only as a temporary measure for extraordinary or emergency purposes, unless the Fund has received an exemptive order from the SEC permitting it to borrow from other affiliated funds in excess of 5% of its total assets.

<sup>4</sup> Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivatives transactions" and comply with Rule 18f-4 with respect to such transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

<sup>5</sup> Currently, under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where the indebtedness is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

<sup>6</sup> Under Section 12(d)(1)(A) of the 1940 Act, the Fund generally must limit its investment in other investment companies so that, as determined immediately after the Fund invests in another investment company: (i) not more than 3% of the outstanding voting shares of any one investment company will be owned by the Fund; (ii) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; and (iii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group, except as permitted under the 1940 Act, the rules thereunder or SEC exemptive relief. Currently, under the 1940 Act, the rules thereunder and SEC exemptive relief, the Fund may invest in other investment companies in excess of the above limitations if certain requirements are met, including (i) that the Fund complies with Rule 12d1-4 under the 1940 Act or (ii) that any Fund whose shares are acquired by another Fund in accordance with Section 12(d)(1)(G) of the 1940 Act shall not purchase securities of a registered open-end investment company or registered unit investment trust in reliance on either Section 12(d)(1) (F) or Section 12(d)(1)(G) of the 1940 Act. The Fund may also invest without limitation in money market funds, provided the Fund complies with Rule 12d1-1 under the 1940 Act. These limitations do not apply in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company.

(b) The Fund may not invest in companies for the purpose of exercising control or management;

(c) The Fund may not purchase securities on margin (except for use of such short-term credits as are necessary for the clearance of transactions, including transactions in options, futures and options on futures), or participate on a joint or a joint and several basis in any trading account in securities, except in connection with transactions in options, futures and options on futures;

(d) The Fund may not make short sales of securities, except that the Fund may make short sales of securities (i) if the Fund owns an equal amount of such securities, or owns securities that are convertible or exchangeable, without payment of further consideration, into an equal amount of such securities, (ii) other than those described in clause (i), provided that no more than 20% of its net assets would be deposited with brokers as collateral or allocated to segregated accounts in connection with all outstanding short sales other than those described in clause (i);

(e) The Fund will invest no more than 15% of its net assets in illiquid securities. Illiquid securities means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

The non-fundamental investment restrictions above may be changed by the Board of Trustees without shareholder approval. Notwithstanding the foregoing investment restrictions, the Fund may purchase securities pursuant to the exercise of subscription rights, subject to the condition that such purchase will not result in the Fund's ceasing to be a diversified investment company. Far Eastern and European corporations frequently issue additional capital stock by means of subscription rights offerings to existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights would result in the Fund's interest in the issuing company being diluted. The market for such rights is not well developed in all cases and, accordingly, the Fund may not always realize full value on the sale of rights. The exception applies in cases where the limits set forth in the investment restrictions would otherwise be exceeded by exercising rights or would have already been exceeded as a result of fluctuations in the market value of the Fund's portfolio securities with the result that the Fund would be forced either to sell securities at a time when it might not otherwise have done so, to forego exercising the rights.

**MANAGEMENT**

TRUSTEES AND OFFICERS

The management of the Trust, including general supervision of the duties performed for the Fund under the investment management agreement between the Trust and CGAM and the subadvisory agreement among CGAM, Calamos Advisors and the Trust, is the responsibility of its Board of Trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years.

The following table sets forth each trustee's name, year of birth, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees series of the Trust, including the Fund.

TRUSTEES WHO ARE INTERESTED PERSONS OF THE TRUST:

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME AND<br> YEAR OF <br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND COMPLEX<br> OVERSEEN** | **PRINCIPAL<br> OCCUPATION(S)<br> DURING THE PAST 5<br> YEARS<br> AND OTHER<br> DIRECTORSHIPS** | **EXPERIENCE,<br> QUALIFICATIONS,<br> ATTRIBUTES,<br> SKILLS FOR<br> BOARD<br> MEMBERSHIP** |
| John P. Calamos, Sr. (1940)\* | Chairman, Trustee and President (since 1988) | 30 | Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM"); Director, CAM; and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM | Served for multiple years as a trustee of the Trust; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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| | | | | |
|:---|:---|:---|:---|:---|
| **TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:** | **TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:** | **TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:** | **TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE TRUST:** | |
| **NAME AND<br> YEAR OF <br> BIRTH** | **POSITION(S)<br> AND<br> LENGTH OF<br> TIME<br> WITH THE<br> TRUST** | **PORTFOLIOS IN<br> FUND COMPLEX^<br> OVERSEEN** | **PRINCIPAL <br> OCCUPATION(S)<br> DURING THE PAST 5 <br> YEARS<br> AND OTHER <br> DIRECTORSHIPS** |<br>**EXPERIENCE,<br> QUALIFICATIONS,<br> ATTRIBUTES,<br> SKILLS FOR <br> BOARD<br> MEMBERSHIP** |
| John E. Neal (1950) | Trustee (since 2001); Lead Independent Trustee (since July 2019) | 30 | Retired; private investor; Director, Creation Investments (private international microfinance company); Director, Equity Residential Trust (publicly-owned REIT); Director, Centrust Bank (Northbrook, Illinois community bank); Director, formerly, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018) | Served for multiple years as a trustee of the Trust; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| William R. Rybak (1951) | Trustee (since 2002) | 30 | Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, 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)\*\*; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000) | Served for multiple years as a trustee of the Trust; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |
| Virginia G. Breen (1964) | Trustee (since 2015) | 30 | Private Investor; Director, Tech and Energy Transition Corporation (blank check company) (since 2021); Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)\*\*\*; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (since 2004); Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)\*\*\*\* | Served for multiple years as a trustee of the Trust; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree |

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| | | | | |
|:---|:---|:---|:---|:---|
| Lloyd A. Wennlund (1957) | Trustee (since 2022) | 30.0 | 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) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |
| Karen L. Stuckey (1953) | Trustee (since December 2022) | 30.0 | Member (2015-2021) of Desert Mountain Community Foundation Advisory Board (non-profit organization); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various position 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of Oppenheimer Funds (open-end mutual funds) (2012-2019) | More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies |

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Christopher M. Toub (1959) Trustee (since December 2022) 30 Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012) More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree

^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust and Calamos Antetokounmpo Sustainable Equities Trust.

\* Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

\*\* Overseeing 131 portfolios in fund complex.

\*\*\* Overseeing eighteen portfolios in fund complex.

\*\*\*\* Overseeing four portfolios in fund complex.

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

OFFICERS.

The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee, and President of the Trust. The following table sets forth each other officer's name, date of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the Board of Trustees.

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| | | |
|:---|:---|:---|
| **NAME AND<br> YEAR OF<br> BIRTH** | **POSITION(S) WITH<br> TRUST** | **PRINCIPAL OCCUPATION(S)** |
| Robert Behan (1964) | Vice President (since 2013) | Executive Vice President, Chief Distribution Officer (since February 2021), CAM, CILLC, Calamos Advisors, and CFS; Vice President, CGAM (since inception); prior thereto President (2015-February 2021), Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010- 2013) |

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| | | |
|:---|:---|:---|
| Thomas E. Herman (1961) | Vice President (since 2016) and Chief Financial Officer (2016-2017 and since August 2019) | Executive Vice President (since February 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer and Treasurer, CGAM (since inception); prior thereto, Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |
| J. Christopher Jackson (1951) | Vice President and Secretary (since 2010) | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2010); Director, Calamos Global Funds plc (since 2011); Chief Legal Officer, CGAM (since inception) |
| John S. Koudounis (1966) | Vice President (since 2016) | President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Chairman and Chief Executive Officer, CGAM (since inception); prior thereto, Director, CAM (since 2016); prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. |
| Daniel Dufresne (1974) | Vice President (since June 30, 2021) | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since April 2021); President, CGAM (since inception); 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). |
| Mark J. Mickey (1951) | Chief Compliance Officer (since 2005) | Chief Compliance Officer, Calamos Funds (since 2005) |
| Stephen Atkins (1965) | Treasurer (since March 2020) | Senior Vice President, Head of Fund Administration (since February 2020), Calamos Advisors; prior thereto Consultant, Fund Accounting and Administration, Vx Capital Partners (March 2019-February 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) |
| Susan L. Schoenberger (1963) | Vice President and Assistant Secretary (since 2020) | Vice President, Associate Counsel, Calamos Advisors (since 2022); prior thereto Vice President, Legal Counsel (2011-2022), Ariel Investments, LLC |

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

**COMMITTEES OF THE BOARD OF TRUSTEES.** The Trust's Board of Trustees has established five standing committees: the Executive Committee, the Dividend Committee the Audit Committee, the Valuation Committee and the Governance Committee. The Trust commenced operations in 2023, and has not had operations for a full year.

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

**Dividend Committee.** Mr. John Calamos serves as the sole member of the dividend committee. The dividend committee is authorized, subject to Board review, to declare distributions on the shares of the Trust's series in accordance with such series' 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. The audit committee operates under a written charter adopted and approved by the board. The audit committee selects independent auditors, approves services to be rendered by the auditors, monitors the auditors' performance, reviews the results of the Trust's audit and responds to other matters deemed appropriate by the board. All members of the audit committee are independent trustees of the Trust.

**Valuation Committee.** Messrs. Neal, Rybak, Toub, and Wennlund (Chair) and Mses. Breen and Stuckey serve on the valuation committee. The valuation committee operates under a written charter approved by the board. The valuation committee oversees valuation matters of the Trust delegated to the pricing committee, including the fair valuation determinations and methodologies proposed and utilized by the pricing committee, reviews the Trust's valuation procedures and their application by the pricing committee, reviews pricing errors and procedures for calculation of net asset value of each series of the Trust and responds to other matters deemed appropriate by the board.

**Governance Committee.** Messrs. Neal, Rybak, Toub and Wennlund and Mses. Breen (Chair) and Stuckey serve on the governance committee. The governance committee operates under a written charter adopted and approved by the board. The governance committee oversees the independence and effective functioning of the Board of Trustees and endeavors to be informed about good practices for fund boards. It also makes recommendations to the board regarding compensation of independent trustees. The governance committee also functions as a nominating committee by making recommendations to the Board of Trustees regarding candidates for election as non- interested trustees. The governance committee looks to many sources for recommendations of qualified trustees, including current trustees, employees of Calamos Advisors, current shareholders of the Fund, 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 committee with respect to the individual candidates and the market for available candidates. In making trustee recommendations, the governance committee considers a number of factors, including a candidate's background, integrity, knowledge and relevant experience. These factors are set forth in an appendix to the committee's charter. Any prospective candidate is interviewed by the trustees and officers, and references are checked. The governance committee will consider shareholder recommendations regarding potential trustee candidates that are properly submitted to the governance committee for its consideration.

A Fund shareholder who wishes to propose a trustee candidate 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 shares of the Trust's series owned beneficially or 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 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 Trust's series 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 committee may require the nominating shareholder to furnish other information it 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 fails to provide such additional information in writing within seven days of receipt of written request from the governance committee, the recommendation of such candidate will be deemed not properly submitted for consideration, and the governance committee is not required to consider such candidate.

Unless otherwise specified by the governance committee's chairman or by legal counsel to the non-interested trustees, the Trust's Secretary will promptly forward all shareholder recommendations to the governance committee's chairman and the legal counsel to the non-interested trustees, indicating whether the shareholder recommendation has been properly submitted pursuant to the procedures adopted by the governance committee for the consideration of trustee candidates nominated by shareholders.

Recommendations for candidates as trustees will be evaluated, among other things, in light of whether the number of trustees is expected to change and whether the trustees expect any vacancies. During periods when the governance committee is not actively recruiting new trustees, shareholder recommendations will be kept on file until active recruitment is under way. After consideration of a shareholder recommendation, the governance committee may dispose of the shareholder recommendation.

**LEADERSHIP STRUCTURE AND QUALIFICATIONS OF THE BOARD OF TRUSTEES.** The Board of Trustees is responsible for oversight of the Trust. The Trust has engaged CGAM to manage the Fund on a day-to-day basis. The Board of Trustees oversees CGAM, Calamos Advisors and certain other principal service providers in the operations of the Fund. The Board of Trustees is currently composed of seven members, six of whom are non-interested trustees. The Board of Trustees meets in-person at regularly scheduled meetings four times throughout the year. In addition, the board may meet in-person or by telephone at special meetings or on an informal basis at other times. As described above, the 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 the 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 the Trust.

The chairman of the Board of Trustees is an "interested person" of the 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 CGAM and the non-interested trustees and leads the non-interested trustees in all aspects of their oversight of the Fund. 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 the Trust's non-interested trustees. The trustees believe that the board's leadership structure is appropriate given the characteristics and circumstances of the Trust. The trustees also believe that this structure facilitates the exercise of the board's independent judgment in fulfilling its oversight function and efficiently allocates responsibility among committees.

The Board of Trustees has concluded that, based on each trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other trustees, each trustee should serve as a member of the board. In making this determination, the board has taken into account the actual service of the trustees during their tenure in concluding that each should continue to serve. The board also has considered each trustee's background and experience. Set forth below is a brief discussion of the specific experience qualifications, attributes or skills of each trustee that led the board 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 more than 25 years of experience in the financial services industry. Each of Mses. Breen and Stuckey and Messrs. Calamos, Neal, Rybak, and Wennlund has experience serving on boards of other entities, including other investment companies. Each of Ms. Breen and Messrs. Calamos, Neal, Rybak and Toub has earned a Masters of Business Administration degree.

**RISK OVERSIGHT.** The operation of an ETF, including its investment activities, generally involves a variety of risks. As part of its oversight of the Fund, the Board of Trustees oversees risk through various regular board and committee activities. The Board of Trustees, directly or through its committees, reviews reports from, among others, CGAM and Calamos Advisors, the Trust's Compliance Officer, the Trust's independent registered public accounting firm, outside legal counsel, and internal auditors of CGAM and Calamos Advisors or its affiliates, as appropriate, regarding risks faced by the Fund and the risk management programs of CGAM and Calamos Advisors and certain service providers. The actual day-to-day risk management with respect to the Fund resides with Calamos Advisors and other service providers to the Fund. Although the risk management policies of CGAM and 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 Fund 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 CGAM and Calamos Advisors, its affiliates or other service providers.

**TRUSTEE AND OFFICER COMPENSATION.** John P. Calamos, Sr., the trustee who is an "interested person" of the Trust, does not receive compensation from the Trust. Although they are compensated, the non-interested trustees do not receive any pension or retirement benefits from the Trust. Mr. Mickey is the only Trust officer who receives compensation from the Trust. The following table sets forth the total compensation (including any amounts deferred, as described below) paid by the Trust during the periods indicated to each of the current trustees and officers compensated by the Trust. As the Fund was not in operation as of the date of this SAI, no Trustee received any compensation from the Fund during that time.

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| | | |
|:---|:---|:---|
| **NAME** | **AGGREGATE<br> COMPENSATION<br> FROM THE TRUST<sup>(1)</sup>** | **TOTAL<br> COMPENSATION<br> FROM CALAMOS<br> FUNDS<br> COMPLEX<sup>(2)</sup> 11/01/2021-10/31/2022** |
| John P. Calamos | $0 | $0 |
| Virginia G. Breen | $1853 | $196778 |
| John E. Neal<sup>(3)</sup> | $2138 | $233250 |
| William R. Rybak | $1948 | $258250 |
| Karen L. Stuckey | $1758 | $233250 |
| Christopher M. Toub | $1758 | $233250 |
| Lloyd A. Wennlund | $1853 | $245750 |
| Mark J. Mickey | $1779 | $195770 |

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(1) Compensation to be paid to the Independent Trustees for the Fund's initial fiscal year ending October 31, 2023.

(2) Consisting of 30 portfolios as of the end of the period indicated.

(3) Includes fees deferred during the relevant period pursuant to a deferred compensation plan. Deferred amounts are treated as though such amounts have been invested and reinvested in shares of one or more of the Funds as selected by the trustee. As of October 31, 2022, the value of the deferred compensation account of Mr. Neal was $2,337,627.

The compensation paid to the non-interested trustees of Calamos Funds for their services as such consists of an annual retainer fee in the amount of $185,000, 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 receives a meeting attendance fee of $7,000 for any special board meeting attended in person or $3,500 for any special board meeting attended by telephone.

Compensation paid to the non-interested trustees is allocated among the series of the Calamos Funds in accordance with a procedure determined from time to time by the board.

The Trust has adopted a deferred compensation plan for non-interested trustees (the "Plan"). Under the Plan, a trustee who is not an "interested person" of Calamos Advisors and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his or her compensation from the Trust in order to defer payment of income taxes or for other reasons. The deferred compensation payable to the participating trustee is credited to the trustee's deferred compensation account as of the business day such compensation otherwise would have been paid to the trustee. The value of a trustee's deferred compensation account at any time is equal to what the value would be if the amounts credited to the account had instead been invested in shares of one or more of the Funds as designated by the trustee. 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. The 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.

As of the date of this Statement of Additional Information, Calamos Investments LLC, parent of Calamos Advisors, owns 100% of the outstanding Shares of the Fund. As a result of such ownership interest, Calamos Investments LLC may be in control and be able to affect the outcome of certain matters presented for a vote of shareholders.

The Fund had not yet publicly offered any shares for sale prior to the date of this SAI. Accordingly, no trustee owned "beneficially" (within the meaning of that term as defined in Rule 16a-1(a)(2) under the 1934 Act) any shares of the Fund as of the date of this SAI. As of December 31, 2022, each trustee beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("1934 Act")) shares of all funds in the Fund Complex having values within the indicated dollar ranges.\*

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| | |
|:---|:---|
|  | **AGGREGATE DOLLAR <br> RANGE<br> OF SHARES OF ALL FUNDS<br> IN THE FUND COMPLEX** |
| John P. Calamos, Sr.<sup>(1)</sup> | Over $100,000 |
| Virginia G. Breen | Over $100,000 |
| John E. Neal | Over $100,000 |
| William R. Rybak | Over $100,000 |
| Karen L. Stuckey | Over $100,000 |
| Christopher M. Toub | Over $100,000 |
| Lloyd A. Wennlund | Over $100,000 |

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(1) Pursuant to Rule 16a-1(a)(2) of the 1934 Act, John P. Calamos, Sr. may be deemed to have indirect beneficial ownership of Fund shares held by Calamos Investments LLC, its subsidiaries, and its parent companies (Calamos Asset Management, Inc. and Calamos Partners LLC, and its parent company Calamos Family Partners, Inc.) due to his direct or indirect ownership interest in those entities. As a result, these amounts reflect any holdings of those entities in addition to the individual, personal accounts of John P. Calamos, Sr.

\* Valuation as of December 31, 2022.

**CODE OF ETHICS.**

Personnel of CGAM, Calamos Advisors and Calamos Financial Services LLC ("CFS") are permitted to make personal securities transactions, including transactions in securities that the Trust may purchase, sell or hold, subject to requirements and restrictions set forth in the Code of Ethics of the Trust and CGAM and the Code of Ethics of Calamos Advisors and CFS. The Codes of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act contain provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities of CGAM, Calamos Advisors and CFS personnel and the interests of investment advisory clients such as the Trust. Among other things, the Codes of Ethics prohibit certain types of transactions absent prior approval, impose time periods during which personal transactions may not be made in certain securities, and require the submission of duplicate broker confirmations and statements and quarterly reporting of securities transactions. Additional restrictions apply to portfolio managers, traders, research analysts and others involved in the investment advisory process. Exceptions to these and other provisions of the Codes of Ethics may be granted in particular circumstances after review by appropriate personnel. For purposes of the Code of Ethics of CGAM, CGAM's Board of Directors and its Chief Compliance Officer have determined that Giannis Antetokounmpo, a Director of CGAM, is not an "Access Person" of CGAM as that term is defined in the CGAM Code of Ethics. However, Mr. Antetokounmpo is subject to certain conditions, restrictions and requirements contained in the Code of Ethics related to personal securities transactions and confidential information. The CGAM Code of Ethics provides for periodic review of this exclusion.

Affiliates of Calamos Advisors and CFS, CAM, CILLC, Calamos Partners LLC ("CPL"), Calamos Family Partners, Inc. ("CFP") and the owners of these affiliates, which include John P. Calamos, Sr. and members of his family ("Calamos Family"), may invest in products managed by Calamos Advisors to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in the Code of Ethics, investments made by CAM, CILLC, CPL, CFP and the Calamos Family in products managed by Calamos Advisors are not subject to restrictions of the Code of Ethics regarding short term or speculative trading. As a result, such entities or individuals may hedge corporate or personal investments in such products. However, these hedging transactions are subject to pre-clearance by the Compliance Department and reporting to the CAM Audit Committee. In addition, the trading execution order must be (1) products or accounts managed by Calamos Advisors (2) CAM, (3) CILLC, (4) and CPL, CFP and/or the Calamos Family. All other provisions of the Code of Ethics are otherwise applicable.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any customer activity.

**PROXY VOTING PROCEDURES.**

The Fund has delegated proxy voting responsibilities to Calamos Advisors, subject to the board of trustees' general oversight and any specific written instructions to the contrary provided to Calamos Advisors by CGAM. The Fund expects Calamos Advisors to vote proxies related to the Fund's portfolio securities for which the Fund has voting authority consistent with the Fund's best interests. Calamos Advisors has adopted its own Proxy Voting Policies and Procedures for Sustainable Investment Strategies (the "Policies"). The Policies address, among other things, conflicts of interest that may arise between the Fund's interests, and the interests of Calamos Advisors and its affiliates.

The Policies consider all stakeholders, including the environment, society at large, local communities, and employees. Furthermore, the Policies are oriented to reflect long-term impact. Calamos Advisors will vote proxies in an effort to mitigate negative environmental and societal impact and encourage positive environmental and social behavior, which Calamos Advisors believes is beneficial to all stakeholders.

The following is a summary of the Policies used by Calamos Advisors in voting proxies.

Calamos Advisors' ESG proxy voting guidelines have been developed based on its years of experience with proxy voting. Calamos Advisors seeks to influence certain ESG initiatives on a long-term and ongoing basis. These principles have been reviewed by various members of Calamos Advisors' organization, including Portfolio Management, Legal, Compliance, and other officers.

While Calamos Advisors has adopted ESG proxy voting guidelines, it may deviate from its guidelines when it determines that the particular facts and circumstances warrant such deviation to protect the interests of its clients, including the Fund. Each proxy and proposal will be considered based on the relevant facts and circumstances. The guidelines cannot provide an exhaustive list of all the issues that may arise nor can Calamos Advisors anticipate all future situations. ESG concerns are diverse and continually evolving, and Calamos Advisors devotes significant time and resources to monitor these changes.

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment team — research analysts and portfolio management), and administrative processing to its Corporate Actions Group within the Operations Department.

Calamos Advisors subscribes to a supplementary, unaffiliated, third-party corporate proxy research service, Glass Lewis, which provides in-depth analyses of shareholder meeting agendas and vote recommendations. Glass Lewis facilitates the voting decision of each proxy in accordance with Calamos Advisors' ESG proxy voting guidelines (the "ESG Custom Voting Policy"). Said differently, Glass Lewis analyzes the ballot item and recommends a vote for the ballot item based on the ESG Custom Voting Policy. Calamos Advisors will generally follow its ESG Custom Voting Policy unless the Proxy Group and/or the Proxy Review Committee (described below) determines that the client's interests are best served by voting otherwise or unless otherwise directed by the client or, for the Fund, as otherwise directed by CGAM.

Proxies are voted solely in the best interests of Calamos Advisors clients, namely in-scope Funds, separate account clients, and where employee benefit plan assets are involved, in the interests of the plan participants and beneficiaries (collectively, "Advisory Clients") that have properly delegated such responsibility to Calamos Advisors.

Calamos Advisors considers whether actual or potential conflicts of interests exist with regard to proxies voted on behalf of clients. Potential conflicts of interest are identified based upon analyses of client, broker and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings relative to the matters for which a portfolio security is seeking shareholder approval. Calamos Advisors will generally apply its ESG Custom Voting Policy to proxy matters regardless if a conflict has been identified. Even while a proxy may involve an entity with which a relationship exists, generally the matters put to vote do not cause a material conflict of interest between Calamos Advisors and the client.

However, in situations where a conflict has been identified the Proxy Group will refer the matter, along with the recommended course of action by Calamos Advisors (based on its ESG Custom Voting Policy), if any, to Calamos Advisors' legal and compliance department for evaluation. The legal department independently reviews the proxies, they will instruct Corporate Actions of the appropriate action to be taken.

The Trust is required to file with the SEC its complete proxy voting record for the 12-month period ending June 30, by no later than August 31 of each year.

The Trust's proxy voting record for the most recent 12-month period ending June 30 is available by August 31 of each year (1) on the SEC's website at <u>www.sec.gov</u>, and (2) without charge, upon request, by calling 800-582-6959.

You may obtain a copy of Calamos Advisors' Policies by calling 800.582.6959, by visiting Calamos Advisors' website at <u>www.calamos.com</u>, by writing Calamos Advisors at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the SEC's website at <u>www.sec.gov</u>.

**DISCLOSURE OF PORTFOLIO HOLDINGS.** The Trust has adopted a policy regarding the disclosure of information about the Trust's portfolio holdings. The Board must approve all material amendments to this policy. The Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services including publicly accessible Internet web sites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for Shares, together with estimates and actual cash components, is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC"). The basket represents one Creation Unit of a Fund. The Trust and Calamos Advisors will not disseminate non-public information concerning the Trust.

CGAM, Calamos Advisors and CFS carry out the policies and procedures governing disclosure of portfolio security holdings, and as such have access to information regarding portfolio security holdings on a daily basis and may disclose that information to the Fund's service providers and other third parties only in accordance with the policies and procedures adopted by the Board of Trustees.

**NON-PUBLIC DISCLOSURE**

**Disclosures required by Applicable Law.** The Fund, CGAM, Calamos Advisors and CFS may disclose portfolio security holdings information of the Fund as may be required by applicable law, rule, regulation or court order. Any officer of the Fund, CGAM, Calamos Advisors or CFS is authorized to disclose portfolio security holdings pursuant to these policies and procedures.

As part of the Fund's compliance program under Rule 38a-1 under the 1940 Act, the Trust's Chief Compliance Officer periodically will review or cause to be reviewed portfolio security holding disclosures in order to seek compliance with these policies and procedures. The Board of Trustees will oversee disclosures through the reporting of the Chief Compliance Officer.

The Fund, CGAM, Calamos Advisors and CFS do not receive compensation or other consideration for the disclosure of portfolio security holdings.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control.

**INVESTMENT ADVISORY SERVICES**

**Investment Adviser**

Investment management and certain other services are provided to the Trust by CGAM pursuant to a Management Agreement (the "Management Agreement") dated January 12, 2023, as amended. CGAM is an investment adviser registered with the SEC under the Investment Advisers Act of 1940.

The Fund pays CGAM a fee based on its average daily net assets that is accrued daily and paid on a monthly basis. The Fund pays a fee on its average daily net assets at the annual rate of 0.95% on average daily net assets.

With respect to the Fund in the Calamos Family of Funds (each an "Acquiring Fund") that invests in shares of the Fund, CGAM agrees to waive an amount equal to the portion of the advisory fee payable to the Fund that is attributable to the Acquiring Fund's investment in the Fund, based on daily net assets.

CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo. Original C Fund, LLC provides a number of support services to CGAM, including: branding, sales and marketing assistance; ongoing annual marketing support; fund launch marketing support; board meeting support; governance support; and compliance support. John P. Calamos, Sr., is an affiliated person of the Fund and CGAM by virtue of his position as Global Chief Investment Officer ("Global CIO") of CGAM. Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, John S. Koudounis, and Daniel Dufresne are affiliated persons of the Fund and CGAM by virtue of their positions as Vice President; Chief Financial Officer and Treasurer; Chief Legal Officer; Chairman and Chief Executive Officer; and President of CGAM, respectively.

The use of the name "Antetokounmpo" in the name of the Trust and in the name of the Fund are pursuant to licenses granted by Original C Fund, LLC, and the Trust has agreed to change the names to remove those references if Original C Fund, LLC ceases to be a member of CGAM.

**Subadviser**

Calamos Advisors LLC ("Calamos Advisors" or the "Subadviser") serves as subadviser to the Fund pursuant to a Subadvisory Agreement (the "Subadvisory Agreement) dated January 12, 2023, as amended. Calamos Advisors also furnishes office space, equipment and management personnel to the Trust. For more information, see the prospectus under "Fund Facts".

Calamos Advisors is a wholly owned subsidiary of Calamos Investments LLC ("CILLC"). Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2022, 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. In addition, Mr. Koudounis has the option to purchase a controlling interest in CPL upon the death or permanent disability of John P. Calamos, Sr., provided Mr. Koudounis is then serving as Chief Executive Officer of CAM and CILLC. John P. Calamos, Sr., is an affiliated person of the Fund and Calamos Advisors by virtue of his position as Chairman, Trustee and President of the Trust and Chairman and Global Chief Investment Officer ("Global CIO") of Calamos Advisors. John S. Koudounis, Robert F. Behan, Thomas E. Herman, J. Christopher Jackson, Stephen Atkins, Daniel Dufresne and Susan Schoenberger are affiliated persons of the Fund and Calamos Advisors by virtue of their positions as Vice President; Vice President; Vice President and Chief Financial Officer; Vice President and Secretary; Treasurer; and Vice President of the Trust; respectively, and as President and Chief Executive Officer; Executive Vice President and Chief Distribution Officer; Executive Vice President and Chief Financial Officer; Senior Vice President, General Counsel and Secretary; Senior Vice President and Head of Fund Administration; Executive Vice President and Chief Operating Officer; and Vice President, Associate Counsel of Calamos Advisors, respectively.

The use of the name "Calamos" in the name of the Trust and in the name of the Fund are pursuant to licenses granted by Calamos Investments LLC, and the Trust has agreed to change the names to remove those references if Calamos Advisors ceases to act as subadviser to the Fund.

**EXPENSES**

Out of its management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other service and license fees, except for distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, brokerage commissions and other expenses connected with the execution of portfolio transactions, taxes, interest, and extraordinary expenses. In addition, out of its management fee, the Adviser pays Calamos Advisors compensation for its services as Subadviser a monthly sub-advisory fee at an annual rate based on average daily net assets of the Fund.

Fees and expenses related to the Fund's organization and registration and qualification of the Fund and its shares under federal and state securities laws will be borne by CGAM.

The Portfolio Managers also have responsibility for the day-to-day management of accounts other than the Fund. Information regarding these other accounts as of November 30, 2022 is set forth below.

Other Accounts Managed and Assets by Account Type as of November 30, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered<br> Investment Companies** | **Registered<br> Investment Companies** | **Other Pooled<br> Investment Vehicles** | **Other Pooled<br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
| Jim Madden | 1 | $6744608 | 0 |  | 62 | $64768460 |
| Anthony Tursich | 1 | $6744608 | 0 |  | 62 | $64768460 |
| Beth Williamson | 1 | $6744608 | 0 |  | 62 | $64768460 |

---

Number of Accounts and Assets for which Advisory Fee is Performance Based as of November 30, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered<br> Investment Companies** | **Registered<br> Investment Companies** | **Other Pooled<br> Investment Vehicles** | **Other Pooled<br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
| Jim Madden | 0 |  | 0 |  | 0 |  |
| Anthony Tursich | 0 |  | 0 |  | 0 |  |
| Beth Williamson | 0 |  | 0 |  | 0 |  |

---

The Portfolio Managers may invest for their own benefit in securities held in brokerage and fund accounts. The information shown in the table does not include information about those accounts where the Portfolio Managers or members of their family have a beneficial or pecuniary interest because no advisory relationship exists with CGAM or Calamos Advisors or any of its affiliates.

The Fund's Portfolio Managers are responsible for managing both the Fund and other accounts, including separate accounts.

Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between the Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Fund in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis. The allocation methodology employed by Calamos Advisors varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given Calamos Advisors brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed Calamos Advisors to execute trades through a specific broker. However, if the directed broker allows Calamos Advisors to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given Calamos Advisors full brokerage discretion. Calamos Advisors and its affiliates frequently use a "rotational" method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients.

A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded Calamos Advisors from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. Calamos Advisors' head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to Calamos Advisors' Chief Compliance Officer on a monthly basis. Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, Calamos Advisors may consider subjective elements in attempting to allocate a trade, in which case the Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, Calamos Advisors is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

As of October 31, 2022, Messrs. Madden and Tursich and Ms. Williamson receive all of their compensation from Calamos Advisors. They receive compensation in the form of an annual base salary, a discretionary bonus (payable in cash) and are eligible for discretionary deferred bonus payments, which fluctuate in value over time based upon the performance of certain managed investment products for investment professionals. In addition to the forms of compensation described above, Messrs. Madden, Tursich, and Ms. Williamson each receive additional payments. Also, Messrs. Madden, Tursich, and Ms. Williamson are eligible to receive a percentage of the "Net Contribution Margin" which is defined as management fees received with respect to the assets managed by Messrs. Madden, Tursich, and Ms. Williamson minus expenses.

The existence of these separate asset or fee-based payments could create a conflict of interest with regard to Mr. Madden's, Mr. Tursich's, and Ms. Williamson's allocation of investment opportunities among the accounts for which they act as portfolio manager. Calamos Advisors maintains policies and procedures reasonably designed to mitigate such conflicts of interest.

This compensation structure considers annually the performance of the various strategies managed by the Portfolio Managers, among other factors, including, without limitation, the overall performance of the firm.

The Fund had not yet publicly offered any shares for sale prior to the date of this SAI. Accordingly, the Portfolio Managers do not own any shares of the Fund as of the date of this SAI.

**DISTRIBUTOR**

The Distributor is Foreside Fund Services, LLC, an affiliate of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Distributor"), Three Canal Plaza, Suite 100, Portland, Maine 04101. The Distributor has entered into a distribution agreement (the "Distribution Agreement") with the Trust pursuant to which it distributes Fund Shares.

Shares will be continuously offered for sale by the Trust through the Distributor only in Creation Units, as described below under "Transactions in Creation Units." Shares in less than Creation Units are not distributed by the Distributor. The Distributor also acts as agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the 1934 Act and a member of the Financial Industry Regulatory Authority, Inc. The Distributor has no role in determining the investment policies of the Fund, or which securities are to be purchased or sold by the Fund.

**12b-1 Plan**. The Board has adopted a distribution and service plan ("Distribution and Service Plan") pursuant to Rule 12b-1 under the Investment Company Act ("Plan"). In accordance with its Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. In addition, if the payment of management fees by the Fund is deemed to be indirect financing by the Fund of the distribution of its shares, such payment is authorized by the Plan. The Plan specifically recognizes that Calamos Advisors may use management fee revenue, as well as past profits or other resources, to pay for expenses incurred in connection with providing services intended to result in the sale of Shares. The Investment Adviser may pay amounts to third parties for distribution or marketing services on behalf of the Fund.

The Plan was adopted in order to permit the implementation of the Fund's method of distribution. No fees are currently paid by the Fund under a Plan, however, and there are no current plans to impose such fees. In the event such fees were to be charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis. If fees were charged under the Plan, the Trustees would receive and review at the end of each quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made.

The Plan will remain in effect for a period of one year and is renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Trustees and (2) by a vote of the majority of the independent trustees, cast in person at a meeting called for the purpose of voting on such approval. The Plan may not be amended to increase materially the amount of fees paid by the Fund unless such amendment is approved by majority vote of the outstanding shares and by the independent trustees in the manner described above. The Plan is terminable with respect to the Fund at any time by a vote of a majority of the independent trustees or by 1940 Act majority vote of the outstanding shares.

**OTHER COMPENSATION TO INTERMEDIARIES**

Calamos Advisors, CFS and their affiliates are currently subject to supplemental compensation payment requests by certain securities broker- dealers, banks or other intermediaries, including third party administrators of qualified plans (each an "Intermediary") whose customers have purchased Fund shares. In their discretion, Calamos Advisors, CFS or their affiliates may make payments to an Intermediary for various purposes. These payments do not increase the amount paid by you or the Fund, as they are paid from the legitimate profits from these entities in what is generally referred to as "revenue sharing."

Revenue sharing payments are generally a percentage of the account's average annual net assets. Calamos Advisors and CFS may make these payments to an Intermediary for various purposes, including to help defray costs incurred by the Intermediary to educate financial advisers about the Fund so they can make recommendations and provide services that are suitable and meet shareholder needs, to access the Intermediary's representatives, to provide marketing support and other specified services. To the extent that the Fund does not pay for these costs directly, Calamos Advisors and CFS may also make payments to certain financial intermediaries for administrative services such as record keeping, sub-accounting for shareholder accounts, client account maintenance support, statement preparation, transaction processing, payment of ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in connection with certain trading systems, or one-time payments for services such as setting up the Fund on a intermediary's trading system.

In addition, CFS and/or Calamos Advisors may also share certain marketing expenses with intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Fund. CFS and/or Calamos Advisors may make payments to participate in intermediary marketing support programs which may provide CFS and/or Calamos Advisors, as applicable, with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary's marketing and communication infrastructure, fund analysis tools, data and data analytics, business planning and strategy sessions with intermediary personnel, information on industry- or platform specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of the Fund and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Fund to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Fund available to their customers.

These payments may provide Intermediaries with an incentive to favor shares of the Fund over sales of shares of other ETFs or non-ETF investments. These payments may influence the Intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your Intermediary's website for more information. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and you should discuss this matter with your Intermediary and its representatives. The Fund may utilize an Intermediary that offers and sells shares of the Fund to execute portfolio transactions for the Fund. The Fund, Calamos Advisors and CFS do not consider sales of shares of the Fund as a factor in the selection of broker-dealers to execute portfolio transactions for the Fund.

**PORTFOLIO TRANSACTIONS**

Calamos Advisors is responsible for decisions to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation of prices and any brokerage commissions on such transactions.

Portfolio transactions on behalf of the Fund effected on stock exchanges involve the payment of negotiated brokerage commissions. There is generally no stated commission in the case of securities traded in the OTC markets, but the price the Fund pays usually includes an undisclosed dealer commission or mark-up. For securities purchased in an underwritten offering, the price the Fund pays includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

In executing portfolio transactions, Calamos Advisors uses its best efforts to obtain for the Fund the most favorable combination of price and execution available. In seeking the most favorable combination of price and execution, Calamos Advisors considers all factors it deems relevant, including price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the execution capability of the broker- dealer and the quality of service rendered by the broker-dealer in other transactions.

In allocating the Fund's portfolio brokerage transactions to unaffiliated broker-dealers, Calamos Advisors may take into consideration the research, analytical, statistical and other information and services provided by the broker-dealer, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, and the availability of the brokerage firm's analysts for consultation. Although Calamos Advisors believes these services have substantial value, they are considered supplemental to Calamos Advisors' own efforts in performing its duties under the Management Agreement.

Calamos Advisors does not guarantee any broker the placement of a predetermined amount of securities transactions in return for the research or brokerage services it provides. Calamos Advisors does, however, have internal procedures for allocating transactions in a manner consistent with its execution policies to brokers that it has identified as providing research, research-related products or services, or execution-related services of a particular benefit to its clients. Calamos Advisors has entered into client commission agreements ("CCAs") with certain broker-dealers under which the broker-dealers may use a portion of their commissions to pay third parties or other broker-dealers that provide Calamos Advisors with research or brokerage services, as permitted under Section 28(e) of the Exchange Act. CCAs allow Calamos Advisors to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third parties or other broker-dealers for research or brokerage services. All uses of CCAs by Calamos Advisors are subject to applicable law and their best execution obligations. Brokerage and research products and services furnished by brokers may be used in servicing any or all of the clients of Calamos Advisors and such research may not necessarily be used by Calamos Advisors in connection with the accounts which paid commissions to the broker providing such brokerage and research products and services.

As permitted by Section 28(e) of the 1934 Act, Calamos Advisors may pay a broker-dealer that provides brokerage and research services an amount of commission for effecting a securities transaction for the Fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if Calamos Advisors believes the amount to be reasonable in relation to the value of the overall quality of the brokerage and research services provided. Other clients of Calamos Advisors may indirectly benefit from the availability of these services to Calamos Advisors, and the Fund may indirectly benefit from services available to Calamos Advisors as a result of research services received by Calamos Advisors through transactions for other clients. In addition, Calamos Advisors may execute portfolio transactions for the Fund, to the extent permitted by law, through broker-dealers affiliated with the Fund, Calamos Advisors, CFS, or other broker-dealers distributing shares of the Fund if it reasonably believes that the combination of price and execution is at least as favorable as with unaffiliated broker-dealers, and in such transactions any such broker-dealer would receive brokerage commissions paid by the Fund.

In certain cases, Calamos Advisors may obtain products or services from a broker that have both research and non-research uses. Examples of non-research uses are administrative and marketing functions. These are referred to as "mixed use" products. In each case, Calamos Advisors makes a good faith effort to determine the proportion of such products or services that may be used for research and non-research purposes. That determination is based upon the time spent by Calamos Advisors personnel for research and non-research uses. The portion of the costs of such products or services attributable to research usage may be defrayed by Calamos Advisors through brokerage commissions generated by transactions of its clients, including the Fund. Calamos Advisors pays the provider in cash for the non-research portion of its use of these products or services.

**ADDITIONAL INFORMATION CONCERNING THE SHARES**

**Organization and Description of Shares of Beneficial Interest**

The Trust is a Delaware statutory trust and registered open-end investment company. The Trust was organized on June 17, 2013, and has authorized capital of unlimited Shares of beneficial interest of no par value that may be issued in more than one class or series. Currently, the Trust consists of one actively managed series. The Board of Trustees may designate additional series.

Under Delaware law, the Trust is not required to hold an annual shareholders meeting if the 1940 Act does not require such a meeting. Shareholders holding two-thirds of Shares outstanding of the relevant Fund may remove Trustees from office by votes cast at a meeting of Trust shareholders or by written consent.

All Shares are freely transferable. Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption, or any other feature. Shares have equal voting rights. The Trust Instrument confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares of the Fund may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through stock splits or reverse stock splits that would have no effect on the NAV of the Fund.

The Trust Instrument of the Trust disclaims liability of the shareholders or the officers of the Trust for acts or obligations of the Trust that are binding only on the assets and property of the Trust. The Trust Instrument provides for indemnification out of the Fund's property for all loss and expense of the Fund's shareholders being held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. The risk of a Trust shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Fund itself would not be able to meet the Trust's obligations and this risk should be considered remote.

If the Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

**Book Entry Only System**

The following information supplements, and should be read in conjunction with, the section in the Prospectus entitled "Fund Facts - Book Entry."

The Depository Trust Company ("DTC") acts as Securities Depository for Shares. Shares of the Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC.

DTC, a limited purpose trust company, was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by NYSE and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Shares of the Fund held by each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Fund distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares of the Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

The Trust is required to disclose on a quarterly basis the complete schedule of the Fund's portfolio holdings with the SEC on Form N-PORT. Form N-PORT for the Trust is available on the SEC's website at https://www.sec.gov. The Fund' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's Forms N-PORT are available without charge, upon request, by calling (866) 363-9219 or by writing to Calamos ETF Trust, 2020 Calamos Court, Naperville, IL 60563.

**CREATION AND REDEMPTION OF CREATION UNITS**

**General**

The Fund will issue and sell Shares only in Creation Units on a continuous basis, without an initial sales load, at their NAV next determined after receipt, on any Business Day (as defined herein), of an order in proper form. An Authorized Participant (defined below) that is not "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

A "Business Day" with respect to the Fund is any day on which the NYSE is open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day (Washington's Birthday), Good Friday, Memorial Day (observed), Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

**Distribution of Shares**

In connection with its launch, the Fund was seeded through the sale of one or more Creation Units to one or more initial investors. Initial investors participating in the seeding may be Authorized Participants or a lead market maker, other third party investor or an affiliate of the Fund or the Adviser purchasing from an Authorized Participant. Each such initial investor may sell some or all of the shares underlying the Creation Unit(s) held by them pursuant to the registration statement for the Fund (each, a "Selling Shareholder"), which shares have been registered to permit the resale from time to time after purchase. No Fund will receive any of the proceeds from the resale by the Selling Shareholders of these shares. Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in the over-the-counter market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem the shares held in Creation Unit size by them through an Authorized Participant. Any Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act, in connection with such sales. Any Selling Shareholder and any other person participating in such distribution will be subject to any applicable provisions of the Exchange Act and the rules and regulations thereunder.

**Fund Deposit**

The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, and the Cash Component (defined below), computed as described below. The Trust reserves the right to permit or require the substitution of Deposit Cash to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant.

The Fund, through NSCC, make available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for a Fund Deposit for a Fund changes as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser with a view to the investment objective of the Fund.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders"). The adjustments described above will reflect changes, known to the Adviser on the date of announcement to be in effect by the time of delivery of a Fund Deposit from certain corporate actions.

**Procedures for Purchase of Creation Units**

To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of a Fund, an entity must be (i) a "Participating Party" (i.e., a broker- dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "Book Entry Only System"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from a Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for the Fund for orders to purchase Creation Units is expected to be 4:00 p.m. Eastern Time, which time may be modified by a Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. In the case of custom orders, the order must be received by the Transfer Agent no later than 3:00 p.m. Eastern Time or such earlier time as may be designated by a Fund and disclosed to Authorized Participants. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from a Fund in Creation Units have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund' investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the applicable Fund or its agents by no later than 12:00 p.m. Eastern Time (or such other time as specified by the Trust) on the Settlement Date. If a Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. The "Settlement Date" for a Fund is generally the second Business Day after the Order Placement Date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the Settlement Date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the Settlement Date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the applicable Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form), with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form) on the Settlement Date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit**

Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the sub-custodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Transfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the second Business Day following the day on which the purchase order is deemed received by the Transfer Agent. The Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to up to 115% of the market value of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 12:00 p.m. Eastern Time (or such other time as specified by the Trust) on the Settlement Date. If a Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases.

The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

**Acceptance of Orders of Creation Units**

The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (d) the acceptance of a Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**

A fixed purchase (i.e., creation) transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund is $500, or such other amount as agreed to in writing between the parties, regardless of the number of Creation Units created in the transaction. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to a maximum of 0.20% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional cost (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, e.g., for creation orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order. Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Risks of Purchasing Creation Units**

There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemptions**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. Except upon liquidation of a Fund, the Trust will not redeem shares in amounts less than Creation Units. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities - as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. In the event that the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

**Redemption Transaction Fee**

A fixed redemption transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund is $500, or such other amount as agreed to in writing between the parties, regardless of the number of Creation Units redeemed in the transaction. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Fund's custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to a maximum of 0.20% of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, e.g., for redemption orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order.

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units**

Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to 4:00 p.m. Eastern Time. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures**

In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within two business days of the trade date.

The Trust may in its discretion exercise its option to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). A Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserve the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to a Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of Shares or determination of the NAV of Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a foreign market due to emergencies may also prevent the Trust from delivering securities within normal settlement period.

The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with foreign market holiday schedules, will require, in certain circumstances, a delivery process longer than seven calendar days for the Fund. Although certain holidays may occur on different dates in subsequent years, the number of days required to deliver redemption proceeds in any given year is not expected to exceed the maximum number of days listed below for the Fund. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein at some time in the future.

**Custom Baskets**

Creation and Redemption baskets may differ and the Fund may accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings; (ii) a representative basket that is different from the initial basket used in transactions on the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. The Fund have adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are in the best interests of the Fund and their shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Adviser who are required to review each custom basket for compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of the Fund may be taken into account. The policies and procedures distinguish among different types of custom baskets that may be used and impose different requirements for different types of custom baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant. The Adviser has established a governance process to oversee basket compliance for the Fund, as set forth in the Fund's policies and procedures.

**DETERMINATION OF NET ASSET VALUE**

The NAV of shares is determined at the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time) on each day the NYSE is open. NAV is computed by determining the aggregate market value of all assets of the applicable Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a Fund for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Futures, swaps and options contracts listed for trading on a futures or options exchange or board of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Total return swaps on exchange-listed securities are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price.

If market quotations are not readily available, securities or other assets will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board and evaluated by the Board as to the reliability of the fair value method used. In these cases, a Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments, and it is possible that the fair value determined for a security or other asset may be materially different than the value that could be realized upon the sale of that security or other asset. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated execution of these procedures to CGAM as "valuation designee" for the Fund. CGAM may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. CGAM reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities or other assets. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. Because the Fund may invest in securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the Fund does not price its shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing the NAV, the Fund value foreign securities held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in a Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Fund' fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund' NAVs by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES."

**General Policies**

The Fund expects to declare and distribute all of their net investment income, if any, to shareholders as dividends at least annually. The Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

**Dividend Distributions**

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

**Dividend Reinvestment Service**

The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the same Fund at NAV per Share. Distributions reinvested in additional Shares of the Fund will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**TAXATION**

This section summarizes some of the main U.S. federal income tax consequences of owning shares of the Fund. This section is current as of the date of this SAI. Tax laws and interpretations change frequently, and these summaries do not describe all of the tax consequences to all taxpayers. For example, these summaries generally do not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. In addition, this section does not describe your state, local or foreign tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Fund. The Internal Revenue Service could disagree with any conclusions set forth in this section. In addition, our counsel was not asked to review, and has not reached a conclusion with respect to the federal income tax treatment of the assets to be deposited in the Fund. This may not be sufficient for prospective investors to use for the purpose of avoiding penalties under federal tax law.

As with any investment, prospective investors should seek advice based on their individual circumstances from their own tax advisor.

The Fund intends to qualify annually and to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, the Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stock, securities or foreign currencies or other income derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in certain publicly traded partnerships; (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the market value of the Fund's assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer generally limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer, or two or more issuers which the Fund controls which are engaged in the same, similar or related trades or businesses, or the securities of one or more of certain publicly traded partnerships; and (iii) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends, interest and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its net tax-exempt interest income each taxable year. There are certain exceptions for failure to qualify if the failure is for reasonable cause or is de minimis, and certain corrective action is taken and certain tax payments are made by the Fund.

As a regulated investment company, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes to shareholders. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain. If the Fund retains any net capital gain or investment company taxable income, it will generally be subject to federal income tax at regular corporate rates on the amount retained. In addition, amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax unless, generally, the Fund distributes during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. In order to prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Subject to certain reasonable cause and de minimis exceptions, if the Fund fails to qualify as a regulated investment company or failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be taxed as an ordinary corporation on its taxable income (even if such income were distributed to its shareholders) and all distributions out of earnings and profits would be taxed to shareholders as ordinary income.

**Distributions.**

Dividends paid out of the Fund's investment company taxable income are generally taxable to a shareholder as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares. However, certain ordinary income distributions received from the Fund may be taxed at capital gains tax rates. In particular, ordinary income dividends received by an individual shareholder from a regulated investment company such as the Fund are generally taxed at the same rates that apply to net capital gain, provided that certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by the Fund itself.

The Fund will provide notice to its shareholders of the amount of any distributions that may be taken into account as a dividend, which is eligible for the capital gains tax rates. The Fund cannot make any guarantees as to the amount of any distribution, which will be regarded as a qualifying dividend.

Income from the Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to net investment income if the taxpayer's adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

A corporation that owns Fund Shares generally will not be entitled to the dividends received deduction with respect to many dividends received from the Fund because the dividends received deduction is generally not available for distributions from regulated investment companies. However, certain ordinary income dividends on shares that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be reported by the Fund as being eligible for the dividends received deduction.

Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, properly reported as capital gain dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund Shares. An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements. Shareholders receiving distributions in the form of additional Fund Shares, rather than cash, generally will have a tax basis in each such Fund Share equal to the value of a share of the Fund on the reinvestment date. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's basis in his or her Fund Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Fund Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Fund Shares.

Shareholders will be notified annually as to the U.S. federal income tax status of distributions, and shareholders receiving distributions in the form of additional Fund Shares will receive a report as to the value of those Fund Shares.

**Sale or Exchange of Fund Shares**.

Upon the sale or other disposition of Fund Shares, which a shareholder holds as a capital asset, such a shareholder may realize a capital gain or loss, which will be long-term or short-term, depending upon the shareholder's holding period for the Fund Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the Fund Shares have been held for more than one year.

Any loss realized on a sale or exchange will be disallowed to the extent that shares disposed of are replaced (including through reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after disposition of shares or to the extent that the shareholder, during such period, acquires or enters into an option or contract to acquire, substantially identical stock or securities. In such a case, the basis of the Fund Shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of Fund Shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of long-term capital gain received by the shareholder with respect to such Fund Shares.

**Taxes on Purchase and Redemption of Creation Units** **.**

If a shareholder exchanges securities for Creation Units the shareholder will generally recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the shareholder's aggregate basis in the securities surrendered and the Cash Component paid. If a shareholder exchanges Creation Units for securities, then the shareholder will generally recognize a gain or loss equal to the difference between the shareholder's basis in the Creation Units and the aggregate market value of the securities received and the Cash Redemption Amount. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

**Nature of Fund Investments** **.**

Certain of the Fund's investment practices are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur; and (vi) adversely alter the characterization of certain complex financial transactions.

**Investments in Certain Non-U.S. Corporations** **.**

If the Fund holds an equity interest in any "passive foreign investment companies" ("PFICs"), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income, the Fund could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is timely distributed to its shareholders. The Fund will not be able to pass through to its shareholders any credit or deduction for such taxes. The Fund may be able to make an election that could ameliorate these adverse tax consequences. In this case, the Fund would recognize as ordinary income any increase in the value of such PFIC shares, and as ordinary loss any decrease in such value to the extent it did not exceed prior increases included in income. Under this election, the Fund might be required to recognize in a year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax (described above). Dividends paid by PFICs are not treated as qualified dividend income.

**Backup Withholding**.

The Fund may be required to withhold U.S. federal income tax from all taxable distributions and sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or fail to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. This withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability.

**Non-U.S. Shareholders** **.**

U.S. taxation of a shareholder who, as to the United States, is a nonresident alien individual, a non-U.S. trust or estate, a non-U.S. corporation or non-U.S. partnership ("non-U.S. shareholder") depends on whether the income of the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

In addition to the rules described in this section concerning the potential imposition of withholding on distributions to non-U.S. persons, distributions to non-U.S. persons that are "financial institutions" may be subject to a withholding tax of 30% unless an agreement is in place between the financial institution and the U.S. Treasury to collect and disclose information about accounts, equity investments, or debt interests in the financial institution held by one or more U.S. persons or the institution is resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury. For these purposes, a "financial institution" means any entity that (i) accepts deposits in the ordinary course of a banking or similar business; (ii) holds financial assets for the account of others as a substantial portion of its business; or (iii) is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting or trading in securities, partnership interests, commodities or any interest (including a futures contract or option) in such securities, partnership interests or commodities. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

Distributions to non-financial non-U.S. entities (other than publicly traded non-U.S. entities, entities owned by residents of U.S. possessions, non-U.S. governments, international organizations, or non-U.S. central banks), will also be subject to a withholding tax of 30% if the entity does not certify that the entity does not have any substantial U.S. owners or provide the name, address and TIN of each substantial U.S. owner. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

**Income Not Effectively Connected.**

If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions.

Distributions of capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax at the rate of 30% (or lower treaty rate) unless the non-U.S. shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% U.S. tax. In the case of a non-U.S. shareholder who is a nonresident alien individual, the Fund may be required to withhold U.S. income tax from distributions of net capital gain unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption. If a non-U.S. shareholder is a nonresident alien individual, any gain such shareholder realizes upon the sale or exchange of such shareholder's Fund Shares in the United States will ordinarily be exempt from U.S. tax unless the gain is U.S. source income and such shareholder is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. investors, provided that the Fund makes certain elections and certain other conditions are met.

In addition, capital gain distributions attributable to gains from U.S. real property interests (including certain U.S. real property holding corporations) will generally be subject to United States withholding tax and will give rise to an obligation on the part of the non-U.S. shareholder to file a United States tax return.

**Income Effectively Connected.**

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains and any gains realized upon the sale or exchange of Fund Shares will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code. The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Capital Loss Carryforward**.

Net capital gains of the Fund that are available for distribution to shareholders will be computed by taking into account any applicable capital loss carryforward.

**Other Taxation**.

Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**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 the Fund. The custodian is responsible for holding all cash and securities of the Fund, directly or through a book entry system, delivering and receiving payment for securities sold by the Fund, receiving and paying for securities purchased by the Fund, collecting income from investments of the Fund 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 the Fund, payment of dividends or payment of expenses of the Fund.

State Street Bank and Trust Company ("State Street"), 200 Clarendon Street, P.O. Box 9130, Boston, Massachusetts 02117-9130, serves as transfer agent and dividend paying agent for the Fund.

**FUND ACCOUNTING AND FINANCIAL ACCOUNTING AGENT**

Under the arrangements with State Street located at One Iron Street, Boston, MA 02111 to provide fund accounting services, State Street provides certain administrative and accounting services including providing daily reconciliation of cash, trades and positions; maintaining general ledger and capital stock accounts; preparing daily trial balance; calculating NAV; providing selected general ledger reports; preferred share compliance; calculating total returns; and providing monthly distribution analysis to the Fund. The Fund has also entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Fund. These services include: monitoring the calculation of expense accrual amounts for the Fund and making any necessary modifications; managing the Fund's expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for the Fund; preparing financial reporting statements for the Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Funds.

**MISCELLANEOUS**

**Counsel**. Ropes & Gray LLP, located at 191 North Wacker Drive, 32<sup>nd</sup> Floor, Chicago, IL 60606, is counsel to the Trust. Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, is counsel to Calamos Advisors.

**Independent Registered Public Accounting Firm**. Deloitte & Touche LLP, an independent registered public accounting firm, is the Trust's independent auditor and is located at 111 South Wacker Drive, Chicago, IL 60606. Deloitte & Touche LLP audits and reports on the Fund's annual financial statements and performs audit, audit-related and other services when approved by the Trust's audit committee.

**FINANCIAL STATEMENTS**

Deloitte & Touche LLP. will audit the Fund's annual financial statements, once the Fund becomes operational. A copy of the Fund's Annual Report, once available, may be obtained upon request and without charge by writing or by calling the Fund at 1-800-617-0004.

The Fund's Statement of Assets and Liabilities and accompanying Notes to the Financial Statement, dated as of January 11, 2023, and Deloitte & Touche LLP's report thereon, are attached to this Registration Statement and can be found starting on page 69.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Calamos ETF Trust

**Opinion on the Financial Statement**

We have audited the accompanying statement of assets and liabilities of Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund"), a series of Calamos ETF Trust (the "Trust"), as of January 11, 2023 and the related notes. In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of January 11, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

Deloitte & Touche LLP

Chicago, Illinois

January 13, 2023

We have served as the auditor of one or more Calamos investment companies since 2003.

CALAMOS ETF TRUST

Calamos Antetokounmpo Global Sustainable Equities ETF

**<u>STATEMENT OF ASSETS AND LIABILITIES</u>**

---

| | |
|:---|:---|
| January 11, 2023 |  |
| **ASSETS** |  |
| Cash with custodian (non-interest bearing) | $100000 |
| Total assets | 100000 |
| **ANALYSIS OF NET ASSETS** |  |
| Paid in capital | 100000 |
| NET ASSETS | $100000 |
| Shares outstanding<sup>(a)</sup> | 4000.00 |
| Net asset value and redemption price per share | $25.00 |

---

<sup>(a)</sup> No par value, unlimited number of shares authorized

*The accompanying notes are an integral part of this financial statement.*

**<u>CALAMOS ETF TRUST</u>**

**<u>Calamos Antetokounmpo Global Sustainable Equities ETF</u>**

**<u>NOTES TO THE FINANCIAL STATEMENT</u>**

**1. Organization**

**Organization.** Calamos ETF Trust (the "Trust"), a Delaware statutory trust organized on June 17, 2013, consists of one series, Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently offers shares of beneficial interest ("Shares") of the Fund. The Fund is a diversified portfolio with an investment objective to achieve long-term capital appreciation. The Fund is a diversified, actively managed exchange-traded fund. The Fund offers and issues Shares at net asset value ("NAV") only in aggregations of a specified number of Shares, generally in exchange for a basket of securities constituting the portfolio holdings of the Fund, together with the deposit of a specified cash payment, or, in certain circumstances, for an all cash payment. Shares of the Fund will be listed and principally traded on NYSE Arca, Inc. (the "Exchange"). Shares will trade on the Exchange at market prices that may be below, at, or above NAV.

**Investment Adviser and Sub Adviser.** Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, serves as the Fund's adviser ("Adviser"). The Fund is subadvised by Calamos Advisors LLC.

**Operating History.** The Fund has had no operations other than the sale and issuance of 4,000 shares of beneficial interest at an aggregate purchase price of $100,000 to Calamos Investments, LLC, the parent of Calamos Advisors, LLC (the "Calamos Advisors"). The proceeds of the 4,000 shares in the Fund are held in cash.

**Organization and Offering Costs.** Offering and organizational costs will be paid by CGAM.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946. "Financial Services - Investment Companies."

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Statement of Assets and Liabilities. Actual results could differ from these estimates.

**3. Agreements**

Pursuant to an investment advisory agreement with CGAM, the Fund will pay a monthly unitary investment advisory fee based on the average daily net assets of the Fund of 0.95%.

A trustee and certain officers of the Fund are also officers and/or directors of CGAM. A trustee and certain officers of the Fund are also officers and/or directors of Calamos Advisors. Such trustee and officers serve without direct compensation from the Fund.

**4. Federal Income Taxes**

The Fund intends to qualify as a "regulated investment company" and as such (and by complying with the applicable provisions of the Internal Revenue Code of 1986, as amended) will not be subject to Federal income tax on taxable income (including realized capital gains) that is distributed to shareholders.

**EXHIBIT A —DESCRIPTION OF RATINGS** **<sup>7</sup>**

A rating of a rating service represents the service's opinion as to the credit quality of the security being rated. However, the ratings are general and are not absolute standards of quality or guarantees as to the creditworthiness of an issuer. Consequently, Calamos Advisors believes that the quality of debt securities in which the Fund invests should be continuously reviewed. A rating is not a recommendation to purchase, sell or hold a security, because it does not take into account market value or suitability for a particular investor. When a security has received a rating from more than one service, each rating should be evaluated independently. Ratings are based on current information furnished by the issuer or obtained by the ratings services from other sources that they consider reliable. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or for other reasons.

The following is a description of the characteristics of ratings used by Moody's Investors Service ("Moody's") and Standard & Poor's Corporation, a division of The McGraw-Hill Companies ("S&P").

<u>MOODY'S GLOBAL SHORT-TERM RATING SCALE</u>

*<u>P-1</u>*: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

*<u>P-2</u>*: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

*<u>P-3</u>*: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

*<u>NP</u>*: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

<u>MOODY'S GLOBAL LONG-TERM RATING SCALE</u>

**Aaa**—Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of creditrisk.

**Aa**—Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**—Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa**—Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**—Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**—Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**—Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca**—Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

<sup>7</sup> The ratings indicated herein are believed to be the most recent ratings available at the date of this prospectus for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the rating indicated do not necessarily represent ratings which will be given to these securities on the date of the Fund's fiscal year-end.

**C**—Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

<u>S&P SHORT-TERM ISSUE CREDIT RATINGS</u>

*<u>A-1</u>*: A short-term obligation rated 'A-1' is rated in the highest category by **S&P Global Ratings**. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

*<u>A-2</u>*: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

*<u>A-3</u>*: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

*<u>B</u>*: A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics.

The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

*<u>C</u>*: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

*<u>D</u>*: A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed exchange offer.

S&P LONG-TERM ISSUE CREDIT RATINGS\*

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations:

• The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise we impute; and

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA**—An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**—An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**—An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**—An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC and C**—Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB**—An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**B**—An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**—An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

**CC**—An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C**—An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**—An obligation rated 'D' is in payment default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**NR** indicates that a rating has not been assigned or is no longer assigned.

**Local Currency and Foreign Currency Ratings**

S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency versus obligations denominated in a foreign currency.

CALAMOS ETF TRUST

PART C

OTHER INFORMATION

**Item 28.** **EXHIBITS.**

(a) (i) [Certificate of Trust of the Registrant (incorporated by reference to Exhibit (a)(1) to Pre-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A, filed on June 30, 2014).](http://www.sec.gov/Archives/edgar/data/1579881/000119312514253801/d595787dex99a.htm)

(ii) [Amended and Restated Certificate of Trust of the Registrant (filed herewith).](tm2229294d3_ex99-aii.htm)

(iii) [Second Amended and Restated Trust Instrument (filed herewith)](tm2229294d3_ex99-aiii.htm)

(b) [Bylaws of the Registrant (filed herewith)](tm2229294d3_ex99-b.htm)

(c) Not applicable.

(d) (i) [Investment Advisory Contract, (filed herewith).](tm2229294d3_ex99-di.htm)

(ii) [Subadvisory Contract, (filed herewith).](tm2229294d3_ex99-dii.htm)

(e) [Distribution Agreement (filed herewith).](tm2229294d3_ex99-e.htm)

(f) Not applicable.

(g) (i) [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11, 2009 (filed herewith)](tm2229294d3_ex99-gi.htm)

(ii) [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009 (filed herewith)](tm2229294d3_ex99-gii.htm)

(h) Other Material Contracts.

(i) [Transfer Agency and Service Agreement, with State Street Bank and Trust Company dated as of March 21, 2014 (incorporated by reference to exhibit (h)(2) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A, filed on May 28, 2014.)](http://www.sec.gov/Archives/edgar/data/1579881/000119312514215215/d595787dex99h2.htm)

(ii) [Notification of Additional Fund, dated December 21, 2022, pursuant to Transfer Agency and Service Agreement, effective March 21, 2014 (filed herewith)](tm2229294d3_ex99-hii.htm)

(iii) [Administration Agreement, effective November 1, 2018 with State Street Bank (filed herewith)](tm2229294d3_ex99-hiii.htm)

(iv) [Notification of Additional Fund, dated December 21, 2022, pursuant to Administration Agreement, effective November 1, 2018 (filed herewith).](tm2229294d3_ex99-hiv.htm)

(v) [Master Services Agreement, dated March 15, 2004, with State Street Bank and Trust Company (filed herewith).](tm2229294d3_ex99-hv.htm)

(vi) [Notification of Additional Funds, dated December 21, 2022, pursuant to the Master Services Agreement, dated March 15, 2004 (filed herewith).](tm2229294d3_ex99-hvi.htm)

(vii) [Form of Authorized Participant Agreement (filed herewith).](tm2229294d3_ex99-hvii.htm)

(i) [Legal Opinion and Consent (filed herewith).](tm2229294d3_ex99-i.htm)

(j) [Consent of Independent Registered Accounting Firm (filed herewith).](tm2229294d3_ex99-j.htm)

(k) Not applicable.

(l) Not applicable.

(m) [Rule 12b-1 Plan (filed herewith).](tm2229294d3_ex99-m.htm)

(n) Not applicable.

(o) Not applicable.

(p) Code of Ethics.

(i) [Code of Ethics of the Adviser, CGAM LLC (filed herewith).](tm2229294d3_ex99-pi.htm)

(ii) [Code of Ethics of the Subadviser, Calamos Advisors LLC (filed herewith).](tm2229294d3_ex99-pii.htm)

(q) [Powers of Attorney (incorporated by reference to Exhibit (q) to Post-Effective Amendment No. 6 to Registrant's Registration Statement on Form N-1A filed on November 4, 2022).](http://www.sec.gov/Archives/edgar/data/1579881/000110465922114934/tm2229294d1_ex99-q.htm)

**Item 29. CONTROL PERSONS**.

No person is directly or indirectly controlled by or under common control with the registrant.

**Item 30. INDEMNIFICATION.**

Article IX of the Second Amended and Restated Trust Instrument of the registrant (the "Trust Instrument") (Exhibit (a)(ii) to this registration statement) provides that, subject to certain exceptions and limitations, every person who is, or has been, a trustee or an officer or employee of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust and each series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. To the extent required under the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person: (i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or (ii) in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those trustees who are neither interested persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

The Trust Instrument also provides that if any shareholder or former shareholder of any series is held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason, the shareholder or former shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected series, shall, upon request by such shareholder or former shareholder, assume the defense of any claim made against him or her for any act or obligation of the series and satisfy any judgment thereon from the assets belonging to the series. Neither the Trust nor the applicable series shall be responsible for satisfying any obligation arising from such a claim that has been settled by the shareholder without the prior written notice to, and consent of, the Trust. Except as otherwise specifically provided in this Trust Instrument or in the Bylaws, the Trust shall have no obligation to indemnify or hold harmless any shareholder against any loss or expense arising under any circumstances whether in connection with a proceeding of any kind or otherwise.

The registrant, its trustees and officers, its investment adviser, the other investment companies advised by the adviser and certain persons affiliated with them are insured, within the limits and subject to the limitations of the insurance, against certain expenses in connection with the defense of actions, suits or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings. The insurance expressly excludes coverage for any trustee or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or intention to deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Securities Act") may be permitted to trustees, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER**.

With regard to directors and officers of Calamos Antetokounmpo Asset Management LLC ("CGAM"), and Calamos Advisors LLC ("CAL") that serve as trustees and officers of the registrant, information in the Statement of Additional Information under the captions "Management" and "Investment Advisory Services" is incorporated by reference. With regard to directors and officers of CGAM and CAL that do not serve in such capacity, see below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Positions<sup>1</sup>** |
| &nbsp;&nbsp;John H. "Yanni" Sianis | &nbsp;&nbsp;Director of CGAM; Chief of Staff of CAL |
| &nbsp;&nbsp;Giannis Sina Ugo Antetokounmpo | &nbsp;&nbsp;Director of CGAM; Professional athlete, Milwaukee Bucks, National Basketball Association<sup>2</sup> |
| &nbsp;&nbsp;Alexandros Constantinos Saratsis | &nbsp;&nbsp;Director of CGAM; Managing Director, Basketball, of Octagon<sup>3</sup> |
| &nbsp;&nbsp;Christian Helmetag | &nbsp;&nbsp;Vice President of CGAM; Senior Vice President, Corporate Controller of CAL; Principal Financial Officer & Principal Operations Officer of Calamos Financial Services LLC |
| &nbsp;&nbsp;Constance S. Palas | &nbsp;&nbsp;Chief Compliance Officer of CGAM; Vice President, Associate Counsel and Director of Corporate Responsibility of CAL |
| &nbsp;&nbsp;Christopher Russell | &nbsp;&nbsp;Secretary of CGAM; Senior Vice President, Head of Strategic Planning and Analysis and CRM Operations of CAL |
| &nbsp;&nbsp;William J. Takahashi | &nbsp;&nbsp;Vice President of CGAM; Senior Vice President, Head of Human Resources of CAL; Senior Vice President, Head of Human Resources of Calamos Financial Services LLC |
| &nbsp;&nbsp;Joe Mariano | &nbsp;&nbsp;Head of Trading, Co-Head of Risk of CGAM; Senior Vice President, Global Head of Trading and Co-Head of Risk of CAL |
| &nbsp;&nbsp;Derek Olsen | &nbsp;&nbsp;Head of Investment Operations and Information Technology, Co-Head of Risk of CGAM; Senior Vice President, Head of Investment Operations and Information Technology, Co-Head of Risk Management of CAL |
| &nbsp;&nbsp;Jacqueline Sinker | &nbsp;&nbsp;Senior Vice President, Chief Compliance Officer of CAL; Chief Compliance Officer of Calamos Financial Services LLC |

---

<sup>1</sup> The principal business address for all named individuals with respect to their positions with CGAM, CAL and Calamos Financial Services LLC is: 2020 Calamos Court, Naperville, Illinois 60563.

<sup>2</sup> The principal business address for Mr. Antetokounmpo with respect to his position with the Milwaukee Bucks is: 1543 North 2<sup>nd</sup> Street, 6<sup>th</sup> Floor, Milwaukee, Wisconsin 53212.

<sup>3</sup> The principal business address for Mr. Saratsis with respect to his position with Octagon is: 875 North Michigan Avenue, Suite 2300, Chicago, Illinois 60657.

**Item 32. PRINCIPAL UNDERWRITER**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside Fund Services, LLC, an affiliate of Foreside Financial
 Group, LLC (d/b/a ACA Group) (the "Distributor") serves as principal underwriter
 for the following investment companies registered under the Investment Company Act of 1940,
 as amended:

&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. Absolute Shares Trust

4. Adaptive Core ETF, Series of Collaborative Investment Series Trust

5. AdvisorShares Trust

6. AFA Multi-Manager Credit Fund

7. AGF Investments Trust

8. AIM ETF Products Trust

9. Alexis Practical Tactical ETF, Series of Listed Funds Trust

10. Alpha Intelligent – Large Cap Growth ETF, Series of Listed Funds Trust

11. Alpha Intelligent – Large Cap Value ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

15. Applied Finance Core Fund, Series of World Funds Trust

16. Applied Finance Explorer Fund, Series of World Funds Trust

17. Applied Finance Select Fund, Series of World Funds Trust

18. ARK ETF Trust

19. ARK Venture Fund

20. ASYMmetric ETFs Trust

21. B.A.D. ETF, Series of Listed Funds Trust

22. Bitwise Funds Trust

23. Bluestone Community Development Fund

24. BondBloxx ETF Trust

25. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

26. Bridgeway Funds, Inc.

27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

29. Build Funds Trust

30. Calamos Convertible and High Income Fund

31. Calamos Convertible Opportunities and Income Fund

32. Calamos Dynamic Convertible and Income Fund

33. Calamos Global Dynamic Income Fund

34. Calamos Global Total Return Fund

35. Calamos Strategic Total Return Fund

36. Carlyle Tactical Private Credit Fund

37. Cboe Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

38. Cboe Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

39. Cboe Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

40. Cboe Vest US Large Cap 10% Buffer VI Fund, Series of World Funds Trust

41. Cboe Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

42. Cboe Vest US Large Cap 20% Buffer VI Fund, Series of World Funds Trust

43. Center Coast Brookfield MLP & Energy Infrastructure Fund

44. Changebridge Capital Long/Short ETF, Series of Listed Funds Trust

45. Changebridge Capital Sustainable Equity ETF, Series of Listed Funds Trust

46. Clifford Capital Focused Small Cap Value Fund, Series of World Funds Trust

47. Clifford Capital International Value Fund, Series of World Funds Trust

48. Clifford Capital Partners Fund, Series of World Funds Trust

49. Cliffwater Corporate Lending Fund

50. Cliffwater Enhanced Lending Fund

51. Cohen & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;52. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

53. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

54. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

55. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

56. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

57. Davis Fundamental ETF Trust

58. Defiance Daily Short Digitizing the Economy ETF, Series of ETF Series Solutions

59. Defiance Digital Revolution ETF, Series of ETF Series Solutions

60. Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

61. Defiance Next Gen Connectivity ETF, Series of ETF Series Solutions

62. Defiance Next Gen H2 ETF, Series of ETF Series Solutions

63. Defiance Quantum ETF, Series of ETF Series Solutions

64. Direxion Shares ETF Trust

65. Dividend Performers ETF, Series of Listed Funds Trust

66. Dodge & Cox Funds

67. DoubleLine ETF Trust

68. DoubleLine Opportunistic Credit Fund

69. DoubleLine Yield Opportunities Fund

70. Eaton Vance NextShares Trust

71. Eaton Vance NextShares Trust II

72. EIP Investment Trust

73. Ellington Income Opportunities Fund

74. ETF Opportunities Trust

75. Evanston Alternative Opportunities Fund

76. Exchange Listed Funds Trust

77. Fiera Capital Series Trust

78. FlexShares Trust

79. Forum Funds

80. Forum Funds II

81. Forum Real Estate Income Fund

82. Goose Hollow Tactical Allocation ETF, Series of Collaborative Investment Series Trust

83. Grayscale Future of Finance ETF, Series of ETF Series Solutions

84. Grizzle Growth ETF, Series of Listed Funds Trust

85. Guinness Atkinson Funds

86. Harbor ETF Trust

87. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

88. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

89. IDX Funds

90. Innovator ETFs Trust

91. Ironwood Institutional Multi-Strategy Fund LLC

92. Ironwood Multi-Strategy Fund LLC

93. John Hancock Exchange-Traded Fund Trust

94. Kelly Strategic ETF Trust

95. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

96. LifeGoal Conservative Wealth Builder ETF, Series of Northern Lights Fund Trust II

97. LifeGoal Home Down Payment ETF, Series of Northern Lights Fund Trust II

98. LifeGoal Wealth Builder ETF, Series of Northern Lights Fund Trust II

99. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

100. Mairs & Power Growth Fund, Series of Trust for Professional Managers

101. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

102. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;103. Manor Investment Funds

104. Merk Stagflation ETF, Series of Listed Funds Trust

105. Milliman Variable Insurance Trust

106. Mindful Conservative ETF, Series of Collaborative Investment Series Trust

107. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

108. Mohr Growth ETF, Series of Collaborative Investment Series Trust

109. Mohr Sector Navigator ETF, Series of Collaborative Investment Series Trust

110. Morgan Creek-Exos Active SPAC Arbitrage ETF, Series of Listed Funds Trust

111. Morningstar Funds Trust

112. OTG Latin American Fund, Series of World Funds Trust

113. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

114. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

115. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

116. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

118. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

119. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

120. Palmer Square Opportunistic Income Fund

121. Partners Group Private Income Opportunities, LLC

122. Performance Trust Mutual Funds, Series of Trust for Professional Managers

123. Perkins Discovery Fund, Series of World Funds Trust

124. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

125. Plan Investment Fund, Inc.

126. PMC Funds, Series of Trust for Professional Managers

127. Point Bridge America First ETF, Series of ETF Series Solutions

128. Preferred-Plus ETF, Series of Listed Funds Trust

129. Putnam ETF Trust

130. Quaker Investment Trust

131. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

132. Rareview Inflation/Deflation ETF, Series of Collaborative Investment Series Trust

133. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

134. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

135. Renaissance Capital Greenwich Funds

136. Revere Sector Opportunity ETF, Series of Collaborative Investment Series Trust

137. Reynolds Funds, Inc.

138. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

139. RiverNorth Patriot ETF, Series of Listed Funds Trust

140. RMB Investors Trust

141. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

142. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

143. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

144. Roundhill Cannabis ETF, Series of Listed Funds Trust

145. Roundhill IO Digital Infrastructure ETF, Series of Listed Funds Trust

146. Roundhill MEME ETF, Series of Listed Funds Trust

147. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

148. Roundhill Video Games ETF, Series of Listed Funds Trust

149. Rule One Fund, Series of World Funds Trust

150. Securian AM Balanced Stabilization Fund, Series of Investment Managers Series Trust

151. Securian AM Equity Stabilization Fund, Series of Investment Managers Series Trust

152. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

153. SHP ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;154. Six Circles Trust

155. Sound Shore Fund, Inc.

156. Sparrow Funds

157. Spear Alpha ETF, Series of Listed Funds Trust

158. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

159. STF Tactical Growth ETF, Series of Listed Funds Trust

160. Strategy Shares

161. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

162. Syntax ETF Trust

163. Teucrium Agricultural Strategy No K-1 ETF, Series of Listed Funds Trust

164. The Community Development Fund

165. The Finite Solar Finance Fund

166. The Private Shares Fund

167. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

168. Third Avenue Trust

169. Third Avenue Variable Series Trust

170. Tidal ETF Trust

171. Tidal Trust II

172. TIFF Investment Program

173. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

174. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

175. Timothy Plan International ETF, Series of The Timothy Plan

176. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

178. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

179. Total Fund Solution

180. Touchstone ETF Trust

181. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

182. TrueShares ESG Active Opportunities ETF, Series of Listed Funds Trust

183. TrueShares Low Volatility Equity Income ETF, Series of Listed Funds Trust

184. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

185. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

186. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

187. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

188. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

189. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

190. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

191. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

192. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

193. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

194. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

195. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

196. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

197. U.S. Global Investors Funds

198. Union Street Partners Value Fund, Series of World Funds Trust

199. Variant Alternative Income Fund

200. Variant Impact Fund

201. VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

202. VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

203. VictoryShares Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

204. VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

&nbsp;&nbsp;&nbsp;&nbsp;205. VictoryShares International Value Momentum ETF, Series of Victory Portfolios II

206. VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

207. VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II

208. VictoryShares Protect America ETF, Series of Victory Portfolios II

209. VictoryShares Top Veteran Employers ETF, Series of Victory Portfolios II

210. VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

211. VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

212. VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

213. VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

214. VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

215. VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

216. VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

217. VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

218. VictoryShares US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

219. VictoryShares US Value Momentum ETF, Series of Victory Portfolios II

220. VictoryShares USAA Core Intermediate-Term Bond ETF, Series of Victory Portfolios II

221. VictoryShares USAA Core Short-Term Bond ETF, Series of Victory Portfolios II

222. VictoryShares WestEnd US Sector ETF, Series of Victory Portfolios II

223. Walthausen Funds

224. West Loop Realty Fund, Series of Investment Managers Series Trust

225. WisdomTree Digital Trust

226. WisdomTree Trust

227. WST Investment Trust

228. XAI Octagon Floating Rate & Alternative Income Term Trust

&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the Officers and Manager
 of the Distributor, the Registrant's underwriter. The Distributor's main business
 address is Three Canal Plaza, Suite 100, Portland, Maine 04101:

---

| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza<br>Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101<br>Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President<br>Vice President |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone<br>Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101<br>111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | Secretary<br>Treasurer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

**Item 33. LOCATION OF ACCOUNTS AND RECORDS**.

All such accounts, books, and other documents are maintained at the offices of the registrant, at the offices of the registrant's adviser, Calamos Antetokounmpo Asset Management LLC, the registrant's subadviser, Calamos Advisors LLC, and CFS, the Registrant's principal underwriter, 2020 Calamos Court, Naperville, Illinois 60563, at the offices of the custodian, State Street Bank and Trust Company, 1 Lincoln Street, Boston, Massachusetts, 02111, or at the offices of the transfer agent, U.S. Bank Global Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201.

**Item 34. MANAGEMENT SERVICES**.

None.

**Item 35. UNDERTAKINGS**.

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and it has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Naperville, and the State of Illinois on the 23<sup>rd</sup> day of January, 2023.

---

| | |
|:---|:---|
| Calamos ETF Trust | Calamos ETF Trust |
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Trustee and President |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ John P. Calamos, Sr. | Trustee and President (principal executive officer) | January 23, 2023 |
| John P. Calamos, Sr. | Trustee and President (principal executive officer) |  |
| /s/ John E. Neal\* | Trustee | January 23, 2023 |
| John E. Neal |  |  |
| /s/ William Rybak\* | Trustee | January 23, 2023 |
| William Rybak |  |  |
| /s/ Virginia G. Breen\* | Trustee | January 23, 2023 |
| Virginia G. Breen |  |  |
| /s/ Lloyd A. Wennlund\* | Trustee | January 23, 2023 |
| Lloyd A. Wennlund |  |  |
| /s/ Karen L. Stuckey\* | Trustee | January 23, 2023 |
| Karen L. Stuckey |  |  |
| /s/ Christopher M. Toub\* | Trustee | January 23, 2023 |
| Christopher M. Toub |  |  |
| /s/ Thomas E. Herman | Vice President and Chief Financial Officer (principal accounting officer) | January 23, 2023 |
| Thomas E. Herman | Vice President and Chief Financial Officer (principal accounting officer) |  |

---

\* An original power of attorney authorizing John P. Calamos, Sr. to execute this Registration Statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this Registration Statement is filed, were previously executed, and [previously filed](http://www.sec.gov/Archives/edgar/data/1579881/000110465922114934/tm2229294d1_ex99-q.htm) as an exhibit.

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
|  | John P. Calamos, Sr. |
|  | Attorney-in-Fact |
|  | January 23, 2023 |

---

**Exhibit Index**

---

| | |
|:---|:---|
| [(a)(ii)](tm2229294d3_ex99-aii.htm)[(a)(ii)](tm2229294d3_ex99-aii.htm) | [Amended and Restated Certificate of Trust](tm2229294d3_ex99-aii.htm) |
| [(a)(iii)](tm2229294d3_ex99-aiii.htm) [(a)(iii)](tm2229294d3_ex99-aiii.htm) | [Second Amended and Restated Trust Instrument](tm2229294d3_ex99-aiii.htm) |
| [(b)](tm2229294d3_ex99-b.htm) [(b)](tm2229294d3_ex99-b.htm) | [Bylaws of the Registrant](tm2229294d3_ex99-b.htm) |
| [(d)(i)](tm2229294d3_ex99-di.htm) [(d)(i)](tm2229294d3_ex99-di.htm) | [Investment Advisory Contract](tm2229294d3_ex99-di.htm) |
| [(d)(ii)](tm2229294d3_ex99-dii.htm) [(d)(ii)](tm2229294d3_ex99-dii.htm) | [Subadvisory Contract](tm2229294d3_ex99-dii.htm) |
| [(e)](tm2229294d3_ex99-e.htm) [(e)](tm2229294d3_ex99-e.htm) | [Distribution Agreement](tm2229294d3_ex99-e.htm) |
| [(g)(i)](tm2229294d3_ex99-gi.htm) [(g)(i)](tm2229294d3_ex99-gi.htm) | [Master Custodian Agreement with State Street Bank and Trust Company, dated September 11,](tm2229294d3_ex99-gi.htm) |
| [(g)(ii)](tm2229294d3_ex99-gii.htm) [(g)(ii)](tm2229294d3_ex99-gii.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Master Custodian Agreement, dated as of September 11, 2009](tm2229294d3_ex99-gii.htm) |
| [(h)(ii)](tm2229294d3_ex99-hii.htm) [(h)(ii)](tm2229294d3_ex99-hii.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Transfer Agency and Service Agreement, effective March 21, 2014](tm2229294d3_ex99-hii.htm) |
| [(h)(iii)](tm2229294d3_ex99-hiii.htm) [(h)(iii)](tm2229294d3_ex99-hiii.htm) | [Administration Agreement, effective November 1, 2018 with State Street Bank](tm2229294d3_ex99-hiii.htm) |
| [(h)(iv)](tm2229294d3_ex99-hiv.htm) [(h)(iv)](tm2229294d3_ex99-hiv.htm) | [Notification of Additional Fund, dated December 21, 2022, pursuant to Administration Agreement, effective November 1, 2018](tm2229294d3_ex99-hiv.htm) |
| [(h)(v)](tm2229294d3_ex99-hv.htm) [(h)(v)](tm2229294d3_ex99-hv.htm) | [Master Services Agreement, dated March 15, 2004, with State Street Bank and Trust Company](tm2229294d3_ex99-hv.htm) |
| [(h)(vi)](tm2229294d3_ex99-hvi.htm) [(h)(vi)](tm2229294d3_ex99-hvi.htm) | [Notification of Additional Funds, dated December 21, 2022, pursuant to the Master Services Agreement, dated March 15, 2004](tm2229294d3_ex99-hvi.htm) |
| [(h)(vii)](tm2229294d3_ex99-hvii.htm) [(h)(vii)](tm2229294d3_ex99-hvii.htm) | [Form of Authorized Participant Agreement](tm2229294d3_ex99-hvii.htm) |
| [(i)](tm2229294d3_ex99-i.htm) [(i)](tm2229294d3_ex99-i.htm) | [Legal Opinion and Consent](tm2229294d3_ex99-i.htm) |
| [(j)](tm2229294d3_ex99-j.htm) [(j)](tm2229294d3_ex99-j.htm) | [Consent of independent registered public accounting firm](tm2229294d3_ex99-j.htm) |
| [(m)](tm2229294d3_ex99-m.htm) [(m)](tm2229294d3_ex99-m.htm) | [Rule 12b-1 Distribution Plan](tm2229294d3_ex99-m.htm) |
| [(p)(i)](tm2229294d3_ex99-pi.htm) [(p)(i)](tm2229294d3_ex99-pi.htm) | [Code of Ethics of the Adviser, CGAM LLC](tm2229294d3_ex99-pi.htm) |
| [(p)(ii)](tm2229294d3_ex99-pii.htm) [(p)(ii)](tm2229294d3_ex99-pii.htm) | [Code of Ethics of the Subadviser, Calamos Advisors LLC](tm2229294d3_ex99-pii.htm) |

---

EX-101.SCH XBRL Taxonomy Extension Schema Document

EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB XBRL Taxonomy Extension Label Linkbase

EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

## Ex-99.(A)(Ii)

**Exhibit 99.(a)(ii)**

AMENDED AND RESTATED CERTIFICATE OF TRUST

OF

CALAMOS ETF TRUST

This Amended and Restated Certificate of Trust of CALAMOS ETF TRUST (the "Trust") is being duly executed and filed by the undersigned, as a trustee of the Trust, pursuant to the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801 <u>et seq.</u> (the "Act"), to amend and restate the Certificate of Trust of the Trust filed in the Office of the Secretary of State of the State of Delaware (the "State Office") on June 17, 2013, as amended and restated by the Amended and Restated Certificate of Trust as filed in the State Office on January 17, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. <u>Name</u>. The name of the statutory trust is CALAMOS ETF TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office and Registered Agent</u>. The business address of the registered office of the Trust in the State of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, DE 19801. The name of the Trust's registered agent at such address is The Corporation Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Registered Investment Company</u>. The Trust is, or will become prior to or within 180 days following the first issuance of beneficial interests therein, a registered investment company under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Series Trust</u>. Notice is hereby given that, pursuant to Section 3804 of the Act, the Trust has or may establish one or more designated series and that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series of the Trust shall be enforceable against the assets of such series only and not against the assets of the Trust generally or any other series thereof, and, unless otherwise provided in the governing instrument of the Trust, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other series thereof shall be enforceable against the assets of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Original Certificate of Trust</u>. The date of the filing of the original Certificate of Trust of the Trust in the State Office was June 17, 2013. An Amended and Restated Certificate of Trust of the Trust was filed in the State Office on January 17, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date</u>. This Certificate of Trust shall be effective immediately upon filing in the State Office.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned, being a trustee of the Trust, has duly executed this Amended and Restated Certificate of Trust in accordance with the Act.

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| as Trustee and not individually |

---

## Ex-99.(A)(Iii)

#### Exhibit 99.(a)(iii)

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129680460_15 CALAMOS ETF TRUST 2020 Calamos Court Naperville, Illinois 60563 SECOND AMENDED AND RESTATED TRUST INSTRUMENT As adopted January 10, 2023  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - i- 129680460_15 **Table of Contents** Page ARTICLE I NAME AND DEFINITIONS ..................................................................................... 1 Section 1. NAME ........................................................................................................................ 1 Section 2. DEFINITIONS ........................................................................................................... 1 ARTICLE II THE TRUSTEES ...................................................................................................... 3 Section 1. MANAGEMENT OF THE TRUST .......................................................................... 3 Section 2. ELECTION AND NUMBER OF TRUSTEES .......................................................... 3 Section 3. TERM OF OFFICE OF TRUSTEES ......................................................................... 4 Section 4. VACANCIES; APPOINTMENT OF TRUSTEES .................................................... 4 Section 5. TEMPORARY VACANCY OR ABSENCE; FEWER THAN DESIGNATED NUMBER OF TRUSTEES ....................................................... 4 Section 6. CHAIRPERSON ........................................................................................................ 4 Section 7. ACTION BY THE TRUSTEES ................................................................................. 5 Section 8. OWNERSHIP OF TRUST PROPERTY ................................................................... 5 Section 9. EFFECT OF TRUSTEES NOT SERVING ............................................................... 5 Section 10. TRUSTEES AND OTHERS AS SHAREHOLDERS ............................................. 5 Section 11. DELEGATION ........................................................................................................ 5 ARTICLE III POWERS OF THE TRUSTEES .............................................................................. 6 Section 1. POWERS .................................................................................................................... 6 Section 2. CERTAIN TRANSACTIONS ................................................................................. 10 ARTICLE IV SERIES; CLASSES; SHARES ............................................................................. 10 Section 1. ESTABLISHMENT OF SERIES AND CLASSES ................................................. 10 Section 2. SHARES ................................................................................................................... 11 Section 3. PREEMPTIVE AND APPRAISAL RIGHTS ......................................................... 12 Section 4. INVESTMENTS IN THE TRUST .......................................................................... 12 Section 5. ASSETS AND LIABILITIES OF SERIES AND CLASSES .................................. 12 Section 6. OWNERSHIP AND TRANSFER OF SHARES ..................................................... 13 Section 7. STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY ......... 14 Section 8. FRACTIONS ............................................................................................................ 14 Section 9. DERIVATIVE ACTIONS ....................................................................................... 14 ARTICLE V DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE ...................... 16 Section 1. DISTRIBUTIONS .................................................................................................... 16  |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-ii-129680460_15Section 2. REDEMPTIONS ...................................................................................................... 17 Section 3. REDEMPTION BY TRUST .................................................................................... 18 Section 4. PREVENTION OF PERSONAL HOLDING COMPANY STATUS ..................... 18 Section 5. DETERMINATION OF NET ASSET VALUE PER SHARE ................................ 18 Section 6. SUSPENSION OF RIGHT OF REDEMPTION ..................................................... 19 ARTICLE VI SHAREHOLDERS' VOTING POWERS AND MEETINGS .......................... 19 Section 1. VOTING POWERS ................................................................................................. 19 Section 2. [RESERVED] ........................................................................................................... 20 Section 3. QUORUM; REQUIRED VOTE .............................................................................. 20 Section 4. INSPECTION OF RECORDS ................................................................................. 20 Section 5. ADDITIONAL PROVISIONS ................................................................................ 20 ARTICLE VII CONTRACTS WITH SERVICE PROVIDERS .................................................. 20 Section 1. INVESTMENT ADVISER ...................................................................................... 20 Section 2. PRINCIPAL UNDERWRITER/DISTRIBUTOR ................................................... 21 Section 3. CUSTODIAN ........................................................................................................... 21 Section 4. TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS ............................................................ 21 Section 5. PARTIES TO CONTRACTS WITH SERVICE PROVIDERS .............................. 21 ARTICLE VIII EXPENSES OF THE TRUST, SERIES AND CLASSES ................................. 21 ARTICLE IX LIMITATION OF LIABILITY AND INDEMNIFICATION .............................. 22 Section 1. LIMITATION OF LIABILITY ............................................................................... 22 Section 2. INDEMNIFICATION .............................................................................................. 22 Section 3. INDEMNIFICATION OF SHAREHOLDERS ....................................................... 24 ARTICLE X MISCELLANEOUS ............................................................................................... 24 Section 1. TRUST NOT A PARTNERSHIP ............................................................................ 24 Section 2. TRUSTEE ACTION; EXPERT ADVICE; NO BOND OR SURETY .................... 25 Section 3. TERMINATION OR REORGANIZATION OF THE TRUST .............................. 25 Section 4. TRUST INSTRUMENT .......................................................................................... 27 Section 5. APPLICABLE LAW ................................................................................................ 27 Section 6. AMENDMENTS ...................................................................................................... 28 Section 7. FISCAL YEAR ....................................................................................................... 28 Section 8. SEVERABILITY ..................................................................................................... 28 Section 9. INTERPRETATION ................................................................................................ 29 Section 10. JURISDICTION AND WAIVER OF JURY TRIAL .............................................29  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - iii- 129680460_15  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1- 129680460_15 CALAMOS ETF TRUST SECOND AMENDED AND RESTATED TRUST INSTRUMENT This SECOND AMENDED AND RESTATED TRUST INSTRUMENT (this "Trust Instrument") is made as of January 10, 2023 by the Trustees to amend and restate the Trust Instrument of the Trust adopted June 17, 2013 in its entirety (the "Existing Trust Instrument"). The Trustees declare that the Existing Trust Instrument is amended and restated in its entirety by this Trust Instrument and all money and property contributed to the Trust shall be held and managed pursuant to this Trust Instrument. ARTICLE I NAME AND DEFINITIONS Section 1. NAME. The name of the Trust is Calamos ETF Trust. The Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine. The Trustees may, without Shareholder approval, change the name of the Trust or any Series or Class and adopt such other name as they deem proper. Any name change of any Series or Class shall become effective upon approval by the Trustees of such change or any document (including any Registration Statement) reflecting such change. Any name change of the Trust shall become effective upon the effectiveness of the filing of a certificate of amendment under the Delaware Act reflecting such change. Any such action shall have the status of an amendment to this Trust Instrument. In the event of any name change, the Trustees shall cause notice to be given to the affected Shareholders within a reasonable time after the implementation of such change, which notice will be deemed given if the changed name is reflected in any Registration Statement. Section 2. DEFINITIONS. Unless otherwise provided or required by the context: (a) "Assets belonging to" a Series has the meaning set forth in Article IV, Section 5; (b) "Board of Trustees" means the board of the Trust comprised of the Trustees; (c) "By-laws" means the By-laws of the Trust adopted by the Trustees, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the "governing instrument" within the meaning of the Delaware Act; (d) "Class" means a class of Shares of a Series established pursuant to Article IV; (e) "Commission," "Interested Person" and "Principal Underwriter" have the meanings provided in the 1940 Act; (f) "Continuing Trustee" means a Trustee who either (a) has been a member of the Board of Trustees for a period of at least thirty-six months (or since the commencement of the Trust's operations, if less than thirty-six months) or (b) was nominated to serve as a member of the  |

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&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2- 129680460_15 Board of Trustees, or designated as a Continuing Trustee, by a majority of the Continuing Trustees then members of the Board of Trustees; (g) "Covered Person" means a person so defined in Article IX, Section 2; (h) "Delaware Act" means Chapter 38 of Title 12 of the Delaware Code, entitled "Treatment of Delaware Statutory Trusts," as amended from time to time; (i) "Exchange" means a national securities exchange, including as defined in Section 2(a)(26) of the 1940 Act or in Section 6 of the Securities Exchange Act of 1934; (j) "Existing Trust Instrument" has the meaning set forth in the preamble; (k) "IIV" means the intraday indicative value of a Series as calculated by a national securities exchange or agent of the Trust or Series; (l) "Liabilities" means liabilities, debts, obligations, expenses, costs, charges and reserves; (m) "Majority Shareholder Vote" means "the vote of a majority of the outstanding voting securities" as defined in the 1940 Act; (n) "Net Asset Value per Share" means the net asset value of each Series or Class, determined as provided in Article V, Section 3; (o) "Outstanding Shares" means Shares shown in the records of the Trust or its transfer agent or similar agent or entity as then issued and outstanding but does not include Shares that have been repurchased or redeemed by the Trust and are held in the treasury of the Trust; (p) "Person" shall mean and include individuals, corporations, limited liability companies, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign; (q) "Registration Statement" means the Trust's registration statement or statements as filed with the Commission, as from time to time in effect and any amendments thereto, and shall include any prospectus or statement of additional information forming a part thereof; (r) "Series" means a series of Shares established pursuant to Article IV; (s) "Shareholder" means a record owner of Outstanding Shares; (t) "Shares" means the equal proportionate transferable units of interest into which the beneficial interest of each Series or Class is divided from time to time (including whole Shares and fractions of Shares); (u) "Tax Code" means the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder, all as amended from time to time;  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3- 129680460_15 (v) "Trust" means the Delaware statutory trust established under the Delaware Act by the filing of the certificate of trust in the Office of the Secretary of State of Delaware and governed by this Trust Instrument, and reference to the Trust, when applicable to one or more Series of the Trust, shall refer to any such Series; (w) "Trust Instrument" has the meaning set forth in the preamble; (x) "Trust Property" means any and all property, real or personal, tangible or intangible, that is from time to time owned or held by or for the account of the Trust or any Series or the Trustees on behalf of the Trust or any Series; (y) "Trustees" means the persons who may from time to time be duly qualified, elected or appointed, and serving as Trustees in accordance with Article II, in each case so long as such persons continue in office in accordance with the terms hereof, and reference herein to a Trustee or the Trustees refers to such person or persons in his or her capacity as Trustees hereunder; and (z) "1940 Act" means the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time. ARTICLE II THE TRUSTEES Section 1. MANAGEMENT OF THE TRUST. The business and affairs of the Trust shall be managed by or under the direction of the Trustees. The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Trust Instrument. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of an investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Act, and in connection therewith the Trust shall have and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Trustees may execute all instruments and take all action they deem necessary, proper or desirable to promote the interests of the Trust. Any construction or interpretation of this Trust Instrument by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes. Section 2. ELECTION AND NUMBER OF TRUSTEES. The Trustees on the date hereof shall be the persons signing this Trust Instrument. Thereafter, the number of Trustees shall be fixed from time to time by a majority of the Trustees; provided, however, that there shall be at least one (1) Trustee. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act or under this Trust Instrument.  |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4- 129680460_15 Section 3. TERM OF OFFICE OF TRUSTEES. Subject to any limitations on the term of service imposed by the By-laws and any retirement policy adopted by the Trustees, each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner; except that (a) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein, (b) any Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the then Continuing Trustees, specifying the effective date of removal, (c) any Trustee who has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a majority of the other Trustees, specifying the effective date of retirement, and (d) any Trustee may be removed at any meeting of the Shareholders by a vote of at least two-thirds of the Outstanding Shares. Section 4. VACANCIES; APPOINTMENT OF TRUSTEES. Whenever a vacancy exists in the Board of Trustees, regardless of the reason for such vacancy, the remaining Continuing Trustees may appoint any person as they determine in their sole discretion to fill that vacancy, consistent with the limitations under the 1940 Act, including Section 10 thereunder. No appointment of any Trustee shall take effect if such appointment would cause the number of Trustees who are Interested Persons to exceed the number permitted by Section 10 of the 1940 Act. Any such appointment shall be made by a written instrument signed by a majority of the Continuing Trustees or by a resolution of the Continuing Trustees, duly adopted and recorded in the records of the Trust, specifying the effective date of the appointment. The Continuing Trustees may appoint a new Trustee as provided above in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in number of Trustees, provided that such appointment shall become effective only at or after the expected vacancy occurs. As soon as any such Trustee has accepted his or her appointment in writing, the trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance, and he or she shall be deemed a Trustee hereunder. The Trustees' power of appointment is subject to Section 16(a) of the 1940 Act. Section 5. TEMPORARY VACANCY OR ABSENCE; FEWER THAN DESIGNATED NUMBER OF TRUSTEES. Whenever a vacancy in the Board of Trustees occurs, until such vacancy is filled or otherwise eliminated, or while any Trustee is absent from his or her domicile (unless that Trustee has made arrangements to be informed about, and to participate in, the affairs of the Trust during such absence), or is physically or mentally incapacitated, the remaining Trustees shall have all the powers hereunder and their determination as to such vacancy, absence or incapacity shall be conclusive. Further, whenever there shall be fewer than the designated number of Trustees, until additional Trustees are elected or appointed as provided herein to bring the total number of Trustees equal to the designated number, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties of the Trustees by this Trust Instrument. As evidence of such vacancy, an instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a Trustee. Section 6. CHAIRPERSON. The Continuing Trustees shall appoint one of their members to be Chairperson of the Board of Trustees. The Chairperson shall preside at all meetings of the Trustees and shall assume such other duties as the Trustees may assign to the Chairperson from time to time.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5- 129680460_15 Section 7. ACTION BY THE TRUSTEES. Unless otherwise specified herein or in the By-laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a duly called meeting of Trustees (including a meeting by telephonic or other electronic means, unless the 1940 Act requires that a particular action be taken only at a meeting of the Trustees in person) at which a quorum is present or by written consent of a majority of Trustees (or such greater number as may be required by applicable law) without a meeting. To the extent permitted by the Delaware Act, a majority of the Trustees then in office shall constitute a quorum at any meeting. Section 8. OWNERSHIP OF TRUST PROPERTY. Title to the Trust Property shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other person as nominee, on such terms as the Trustees may determine. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee. Upon the resignation, removal, retirement, incapacity, refusal or inability to serve or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. Section 9. EFFECT OF TRUSTEES NOT SERVING. The death, resignation, retirement, removal, incapacity or inability or refusal to serve of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Trust Instrument. Section 10. TRUSTEES AND OTHERS AS SHAREHOLDERS. Subject to any restrictions in the law and/or By-laws, any Trustee, officer, agent or independent contractor of the Trust may acquire, own and dispose of Shares to the same extent as any other Shareholder; the Trustees may sell Shares to, and acquire and redeem Shares from, any such Person or any firm or other entity in which such Person is interested, subject only to any general limitations herein or in the By-laws relating to the sale and redemption of such Shares. Section 11. DELEGATION. Subject only to any limitations required by federal law including the 1940 Act, the Trustees may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Trust, to any Trustee or committee of the Trustees, any committee composed of Trustees and other Persons and any committee composed only of Persons other than Trustees, to any agent, independent contractor or employee of the Trust or to any custodian, administrator, transfer or shareholder servicing agent, manager, investment adviser or sub-adviser, Principal Underwriter or other service provider, provided that such delegation of power or authority by the Trustees shall not cause any Trustee to cease to be a Trustee of the Trust or cause such Person, officer, agent, independent contractor, employee, custodian, administrator, transfer or shareholder servicing agent, manager, investment adviser or sub-adviser, Principal Underwriter or other service provider to whom any power or authority has been delegated to be a Trustee of the Trust. The reference in this Trust Instrument to the right of the Trustees to, or circumstances under which they may, delegate any power or authority, or the reference in this Trust Instrument to the authorized agents of the Trustees or any other Person to  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6- 129680460_15 whom any power or authority has been or may be delegated pursuant to any specific provision of this Trust Instrument, shall not limit the authority of the Trustees to delegate any other power or authority under this Trust Instrument to any Person, subject only to any limitations under federal law including the 1940 Act. ARTICLE III POWERS OF THE TRUSTEES Section 1. POWERS. The Trustees in all instances shall act as principals, free of the control of the Shareholders. The Trustees shall have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider necessary, proper or desirable in the management of the Trust. The Trustees shall not in any way be bound or limited by current or future laws or customs applicable to trust investments, but shall have full power and authority to make any investments which they, in their sole discretion, deem proper to accomplish the purposes of the Trust. The Trustees may exercise all of their powers without recourse to any court or other authority. No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees or to see to the application of any payments made or property transferred to the Trust or the Trustees or upon their order. Except as required by federal law, including the 1940 Act, neither the Trustees nor any officer of the Trust shall owe any fiduciary duty to the Trust or any Series or Class or any Shareholder. Unless another standard is specified herein, in conducting the business of the Trust and in exercising their rights and powers hereunder, the Trustees shall take any actions and make any determinations in their subjective belief that such actions or determinations are in, or not opposed to, the best interests of the Trust. Unless otherwise expressly provided herein or required by federal law, including the 1940 Act, the Trustees shall act in their sole discretion and may take any action or exercise any power without any vote or consent of the Shareholders. Subject to any applicable express limitation herein or in the By-laws or resolutions of the Trust, the Trustees shall have power and authority, without limitation: (a) To operate as and carry on the business of an investment company registered under the 1940 Act, and exercise all the powers necessary and proper to conduct such a business; (b) Subject to the limits of applicable law (including the provisions of the 1940 Act) to subscribe for, invest in, reinvest in, purchase, or otherwise acquire, hold, lend, pledge, mortgage, hypothecate, write options on, lease, sell, assign, transfer, exchange, distribute, or otherwise deal in or dispose of any form of property, including, but not limited to, cash (U.S. currency), foreign currencies and related instruments, and securities of any kind that are permissible investments for registered investment companies under applicable law (including, but not limited to, common and preferred stocks, warrants, bonds, debentures, time notes, and all other evidences of indebtedness, negotiable or non-negotiable instruments, obligations, certificates of deposit or indebtedness, commercial paper, repurchase agreements, reverse repurchase agreements, dollar rolls, convertible securities, forward contracts, options, futures contracts, swaps, other financial contracts or derivative instruments, securities issued by an investment company or any series thereof (whether registered under the 1940 Act or unregistered), securities of any issuer that would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act, and other securities of any kind issued, created, guaranteed or sponsored by any and all Persons, including  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7- 129680460_15 the United States, individual states or the District of Columbia, territories and possessions of the United States, any political subdivision, agency or instrumentality of the United States and any foreign government or subdivision thereof, without regard to whether any such instruments or securities mature before or after the possible termination of the Trust or one or more of its Series; to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description; and to hold cash or other property uninvested, without in any event being bound or limited by any current or future law or custom concerning investments by trustees; (c) To adopt By-laws not inconsistent with this Trust Instrument providing for the conduct of the business of the Trust and to amend and repeal them; (d) To elect and remove such officers, and appoint and terminate such agents, as the Trustees deem appropriate; (e) To employ one or more investment advisers, administrators, depositories, custodians and other Persons; (f) To employ as custodian of any assets of the Trust, subject to any provisions herein or in the By-laws, one or more banks, trust companies or companies that are members of an Exchange or other entities permitted by the Commission to serve as such and authorize any depository or custodian to employ sub-custodians or agents and to deposit all or any part of the Trust's assets in a system or systems for the central handling of securities and debt instruments; (g) To retain one or more transfer, dividend, securities lending, accounting and Shareholder servicing agents and registrars, to retain auditors and counsel, and with respect to Series whose Shares trade on an Exchange, to retain one or more market makers, Exchange specialists, listing and IIV agents; (h) To provide for the distribution of Shares through a Distributor, Principal Underwriter, by the Trust itself or by any other method, including pursuant to a distribution plan of any kind, and to arrange for the listing and trading of Shares on one or more Exchanges, as appropriate; (i) To pay or cause to paid all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or any Series or Class or in connection with the management thereof, including but not limited to the Trustees' compensation and such expenses and charges for the Trust's officers, employees, investment advisers, administrator, distributor, principal underwriter, auditors, counsel, depository, custodian, transfer agent, registrar, dividend disbursing agent, accounting agent, shareholder servicing agents and other agents; (j) To set record dates in the manner provided for herein or in the By-laws; (k) To establish a registered office and have a registered agent in the State of Delaware; (l) To delegate such authority as the Trustees consider desirable to any officers of the Trust and to any agent, independent contractor, manager, investment adviser, sub-advisers, custodian, administrator, underwriter or other service provider;  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8- 129680460_15 (m) To sell, exchange or otherwise dispose of any or all of the assets of the Trust or any Series; (n) To vote or give assent, or exercise any rights of ownership, with respect to securities or other property, and to execute and deliver proxies or powers of attorney delegating such power to such Persons as the Trustees deem proper; (o) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities; (p) To hold any security or other property (i) in a form not indicating any trust, whether in bearer, book entry, unregistered or other negotiable form or (ii) either in the Trust's or Trustee's own name or in the name of a custodian or a nominee or nominees, subject to safeguards according to the usual practice of statutory trusts or investment companies; (q) To establish separate and distinct Series with separately defined investment objectives and policies, distinct investment purposes and separate Shares representing beneficial interests in such Series, and to establish separate Classes, all in accordance with the provisions of Article IV; (r) To interpret the investment policies, practices, or limitations of any Series or Class; (s) To the full extent permitted by Section 3804 of the Delaware Act, to allocate assets and Liabilities of the Trust to a particular Series, and Liabilities to a particular Class, or to apportion the same between or among two or more Series or Classes, provided that any Liabilities incurred by a particular Series or Class shall be payable solely out of the Assets belonging to that Series or Class, respectively, as provided for in Article IV, Section 4; (t) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer whose securities are held by the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust; (u) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including, but not limited to, claims for taxes; (v) To declare and make distributions of income and of capital gains to Shareholders; (w) To borrow money or otherwise obtain credit and to secure the same by mortgaging, pledging, or otherwise subjecting as security any assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation, contract, or engagement of any other Person; (x) To establish, from time to time, a minimum total investment for Shareholders in the Trust or in one or more Series or Classes, and to require the redemption of the Shares of any Shareholders whose investment is less than such minimum or take such other action as the Trustees in their discretion shall determine;  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9- 129680460_15 (y) To establish committees for such purposes, with such membership, and with such responsibilities as the Trustees may consider proper, including a committee consisting of fewer than all of the Trustees then in office, which may act for and bind the Trustees and the Trust with respect to the institution, prosecution, dismissal, settlement, review or investigation of any legal action, suit or proceeding, pending or threatened to be brought before any court, administrative agency, or other adjudicatory body; (z) To issue, sell, repurchase, redeem, cancel, retire, acquire, hold, resell, reissue, dispose of and otherwise deal in Shares; to suspend or terminate the sales or trading of Shares of any Series or Class for any period of time; to establish terms and conditions, including any fees or expenses, regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition of or dealing in Shares; and, subject to Articles IV and V, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust or of the particular Series with respect to which such Shares are issued; (aa) To adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust; (bb) To purchase, and pay for, out of Trust Property or the assets belonging to any appropriate Series, such insurance as the Trustees may deem necessary or appropriate for the conduct of business, including insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, the Shareholders, Trustees, officers, employees, agents, and/or independent contractors of the Trust (including the investment adviser of any Series) against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not the Trust would have the power to indemnify such Person against such claim, or to otherwise indemnify such Persons, out of Trust Property or the assets belonging to any appropriate Series, to the fullest extent permitted by this Trust Instrument or the Delaware Act; (cc) To enter into contracts or carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary or desirable to accomplish any purpose or to further any of the foregoing powers, and to take every other action incidental to the foregoing business or purposes, objects or powers; (dd) To enter into joint ventures, general or limited partnerships and any other combinations or associations; (ee) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts or guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property (or Series property) or any part thereof to secure any or all such obligations; and (ff) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-10- 129680460_15 The powers and authorities enumerated in the preceding clauses shall be construed as objects and powers, and the enumeration of specific powers shall not limit in any way the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the applicable Series and not an action in an individual capacity. In construing this Trust Instrument, the presumption shall be in favor of a grant of power to the Trustees. Section 2. CERTAIN TRANSACTIONS. Except as prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm or other entity of which any such Trustee or officer is a member acting as principal, or have any such dealings with any investment adviser, administrator, distributor or transfer agent for the Trust or with any Interested Person of such Person. The Trust may employ any such Person or entity in which such Person is an Interested Person, as broker, legal counsel, registrar, investment adviser, administrator, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms. ARTICLE IV SERIES; CLASSES; SHARES Section 1. ESTABLISHMENT OF SERIES AND CLASSES. The Trust shall consist of one or more separate and distinct Series established, designated and maintained in accordance with Article III, Section l(q), and this Article IV. The Trustees may designate the rights, privileges, voting powers and preferences of the Shares of each Series and Class relative to the Shares of any other Series or Class and the relative rights and preferences of each Series and Class shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless otherwise provided in the resolution establishing such Series or Class. The Trustees may divide the Shares of any Series into any number of Classes representing interests in the Assets belonging to that Series. Each Series or Class shall be established and designated and is effective upon the adoption of a resolution of a majority of the Trustees or a majority of the Trustees serving on a committee to which such authority has been delegated by the Board of Trustees or any alternative date specified in such resolution. Such resolution may establish and designate such Series or Classes directly in such resolution or by reference to, or approval of, another document that sets forth such Series or Classes, including any Registration Statement, or as otherwise provided in such resolution. The Trust shall maintain separate and distinct records for each Series and shall hold and account for the Assets belonging thereto separately from the other assets of the Trust or Assets belonging to any other Series. A Series or Class may issue any number of Shares and need not issue Shares. Each holder of Shares of a Series or Class shall be entitled to receive his or her pro rata share of all distributions made with respect to such Series or Class. Upon redemption of Shares of a Series or Class, the redeeming Shareholder shall be paid solely out of the Assets belonging to that Series or Class. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Series or Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series and Class, except as the context otherwise requires. The Trustees are authorized to cause the Trust to issue Shares in the Trust and, upon any such issuance, to the extent applicable, all references to Shares  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-11- 129680460_15 in this Trust Instrument (including all provisions relating to the issuance of Shares) shall apply to Shares of the Trust and all references to Series in this Trust Instrument shall apply to the Trust. Section 2. SHARES. The beneficial interest in each Series may be divided into Shares of one or more Classes of such Series. The number of Shares of each Series and Class shall be unlimited, and each Share shall have no par value. All Shares issued hereunder, including Shares issued in connection with a dividend or other distribution of Shares or a split or reverse split of Shares, shall be fully paid and nonassessable. The Trustees shall have full power and authority, in their sole discretion and without obtaining Shareholder approval, (1) to issue original or additional Shares at such times and on such terms and conditions as they deem appropriate, (2) to issue fractional Shares and Shares held in the Trust's treasury, (3) to establish and to change in any manner Shares of any Series or Class with such preferences, terms of conversion, voting powers, rights and privileges as the Trustees may determine, (4) to divide or combine the Shares of any Series or Class into a greater or lesser number, (5) to classify or reclassify any unissued Shares of any Series or Class into one or more Series or Classes (whether the Shares to be classified or reclassified are issued and outstanding or unissued and whether such Shares constitute part or all of the Shares of the Trust or such Series or Class), (6) to abolish any one or more Series or Classes, (7) to issue Shares to acquire other assets (including assets subject to, and in connection with, the assumption of liabilities) and businesses, (8) to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class and in connection therewith to cause the Shareholders of each such Series or Class to become shareholders of such single Series or Class, (9) to provide that the Shareholders of any Series or Class shall have the right to exchange such Shares for Shares of one or more other Series or Class of Shares or for interests in one or more trusts, corporations or other business entities (or a series or class of any of the foregoing) in accordance with such requirements and procedures as may be established by the Trustees, (10) at any time that there are no Shares outstanding of any particular Series or Class previously established, to abolish that Series or Class and rescind the establishment thereof, (11) to divide the assets and liabilities held with respect to any Series or Class into assets and liabilities held with respect to an additional one or more Series or Classes and in connection therewith to cause some or all of the Shareholders of such Series or Class to be admitted as Shareholders of such additional one or more Series or Classes and (12) to take such other action with respect to the Shares as the Trustees may deem desirable. Shares held in the Trust's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares. Notwithstanding any other provision of this Trust Instrument, the Trustees in their sole discretion may, from time to time, without the vote of the Shareholders, determine to issue Shares of any Series or Class only in lots of such aggregate number of Shares as shall be determined at any time by the Trustees in their sole discretion (each such aggregation, a "Creation Unit") and, in connection with the issuance of Creation Units, to charge such transaction fees or such other fees as the Trustees in their sole discretion shall determine, and the Trustees in their sole discretion may, from time to time, without the vote of the Shareholders, alter the number of Shares constituting a Creation Unit or the fees associated with a Creation Unit. Without limiting the general authority of the Trustees under this Trust Instrument and the Delaware Act to delegate their authority, the authority of the Trustees under this Section 2 with respect to establishing and altering the size of Creation Units and the fees associated with Creation Units may be delegated to any officer of the Trust or to the investment manager or otherwise as the Trustees consider desirable.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-12- 129680460_15 Section 3. PREEMPTIVE AND APPRAISAL RIGHTS. Shareholders shall have no preemptive or other right to acquire, purchase or subscribe to any additional Shares or other securities issued by the Trust, other than such right, if any, as the Trustees in their discretion may determine. Shareholders shall have no appraisal rights with respect to their Shares. Further, except as otherwise determined by action of the Trustees in their sole discretion, Shareholders shall have no exchange or conversion rights with respect to their Shares. Section 4. INVESTMENTS IN THE TRUST. The Trustees shall accept investments in any Series from such Persons, on such terms, and for such consideration, which may consist of tangible or intangible property or a combination thereof, as they may from time to time authorize. At the Trustees' sole discretion, such investments in a Series, subject to applicable law, may be in the form of cash or securities in which that Series is authorized to invest, valued as provided in Article V, Section 5. Investment in a Series shall be credited to the investing Shareholder's account in the form of full Shares at the Net Asset Value per Share next determined after the investment is received or accepted as may be determined by the Trustees; provided, however, that the Trustees may, in their sole discretion, (a) impose a sales charge, transaction fee or any other legally permissible fee or charge upon investments in any Series or Class in such manner and at such times as determined by the Trustees, (b) issue fractional Shares or (c) determine the Net Asset Value per Share of the initial capital contribution for any Series. The Trustees shall have the right to refuse to accept investments in any Series or by any Person at any time without any cause or reason therefor whatsoever. Section 5. ASSETS AND LIABILITIES OF SERIES AND CLASSES. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively "Assets belonging to" that Series), shall be recorded, held and accounted for separately from the other assets of the Trust and Assets belonging to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits and proceeds thereof, funds and/or payments that are not readily identifiable as belonging to any particular Series shall be allocated by the Trustees between or among one or more Series as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a Series shall be charged with all Liabilities of the Trust with respect to that Series and/or attributable to that Series, except that Liabilities allocated solely to a particular Class shall be borne by that Class. Any Liabilities of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees between or among any one or more Series or Classes in such manner as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities as herein provided, the Liabilities incurred, contracted for or otherwise existing with  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-13- 129680460_15 respect to a particular Series shall be enforceable only against the Assets belonging to that Series and not against the assets of the Trust generally or the Assets belonging to any other Series and none of the Liabilities incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets of such Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees' sole discretion, be set forth in the Trust's certificate of trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Act, and upon the giving of such notice in the certificate of trust, the provisions of Section 3804(a) of the Delaware Act relating to limitations on Liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. To the extent required by Section 3804(a) of the Delaware Act in order to give effect to the limitation on inter-series liabilities set forth in this Section 5, (i) separate and distinct records shall be maintained for each Series, (ii) assets held with respect to each Series shall be held in such separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets held with respect to all other Series and the general assets of the Trust not allocated to such Series and/or (iii) the records maintained for each Series shall account for the assets held with respect to such Series separately from the assets of any other Series and from any general assets of the Trust not allocated to such Series. Any Person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any Assets belonging to any other Series. Section 6. OWNERSHIP AND TRANSFER OF SHARES. The ownership of Shares shall be recorded on the books of the Trust or those of a transfer agent or similar agent or entity that has access to Share ownership information for the Trust or a Series or Class, which books shall be maintained separately for the Shares of each Series or Class of the Trust. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates of each Series or Class of the Trust and any other similar matters. The Trustees may make such rules as they consider appropriate for the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer agent or similar agent or entity, as the case may be, shall be conclusive as to who are the Shareholders of each Series or Class of the Trust, as to the number of Shares of each Series or Class of the Trust held from time to time by each Shareholder and as to who shall be entitled to receive dividends or distributions or otherwise exercise or enjoy the rights of Shareholders, including in connection with the establishment of a record date. Shares shall be transferable on the records of the Trust or its transfer agent or similar agent or entity in accordance with such rules as the Trust may establish from time to time. Except as provided in the following paragraph of this Section 6, Shares are transferable only by the Shareholder of record or by its agent thereto. Upon receipt by the Trust or its transfer agent or similar agent or entity of a request from a Shareholder of record to transfer Shares held by such Shareholder to another Person, accompanied by such information as may be required by the Trust or its transfer agent or similar agent or entity, the transfer shall be recorded on the applicable register of the Trust or its transfer agent or similar agent or entity. Until such transfer  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-14- 129680460_15 is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer agent or similar agent or entity for the Trust nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any Person entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of such evidence thereof as the Trust or its transfer agent or similar agent or entity may require, but until such transfer is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer agent or similar agent or entity nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law. The Trustees may make such additional rules as they consider appropriate for the transfer of Shares of each Series or Class and any other similar matters. Section 7. STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY. Shares shall be deemed to be personal property giving Shareholders only the rights provided in this Trust Instrument. Every Shareholder, by virtue of having acquired a Share, shall be held expressly to have assented to and agreed to be bound by the terms of this Trust Instrument and to have become a party hereto. Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust or any Series. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a participation or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. No Shareholder shall be personally liable for the Liabilities incurred by, contracted for or otherwise existing with respect to the Trust or any Series or Class thereof. Neither the Trust nor the Trustees, nor any officer, employee, or agent of the Trust shall have any power to bind any Shareholder personally or to demand payment from any Shareholder for anything, other than as agreed by the Shareholder. Shareholders shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the State of Delaware. Any note, bond, contract or other written obligation of the Trust or any Series may contain a statement to the effect that such obligation may be enforced only against the assets of the Trust or Assets belonging to one or more Series; however, the omission of such statement shall not operate to bind, or create personal liability for, any Shareholder or Trustee. Section 8. FRACTIONS. Any fractional Shares of a Series or Class shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, as applicable, including with respect to voting, dividends, distributions, redemption of Shares and termination of the Trust, Series or Class. Section 9. DERIVATIVE ACTIONS. In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-15- 129680460_15 Shareholder of the Trust or any Series or Class thereof agrees that any claim that affects all Shareholders of the Trust or any Series or Class equally, that is, proportionately based on their number of Outstanding Shares in such Series or Class, must be brought as a derivative claim subject to this Section 9 of Article IV irrespective of whether such claim involves a violation of the Shareholders' rights under this Trust Instrument or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. (a) Shareholders may not bring a derivative action to enforce the right of the Trust or an affected Series or Class, as applicable, unless each of the following conditions is met: (i) Each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time; (ii) Each complaining Shareholder was a Shareholder of the Trust or the affected Series or Class, as applicable, as of the time the demand required by subparagraph (iii) below was made; (iii) Prior to the commencement of such derivative action, the complaining Shareholders have made a written demand to the Board of Trustees requesting that they cause the Trust or affected Series or Class, as applicable, to file the action itself. In order to warrant consideration, any such written demand must include at least the following: (1) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made; (2) a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Trust or the affected Series or Class, as applicable and an explanation of why the complaining Shareholders believe that to be the case; (3) a certification that the requirements of sub-paragraphs (i) and (ii) have been met, as well as information reasonably designed to allow the Trustees to verify that certification; and (4) a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Series or Class, as applicable as of the commencement of the derivative action; (iv) Shareholders holding at least 10% of the Outstanding Shares of the Trust or the Outstanding Shares of the affected Series or Class, as applicable, must join in bringing the derivative action (provided, that the requirements of this clause (iv) shall not apply to derivative claims brought under federal securities law); and (v) A copy of the derivative complaint must be served on the Trust, assuming the requirements of sub-paragraphs (i)-(iv) above have already been met and the derivative action has not been barred in accordance with paragraph (b)(ii) below.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-16- 129680460_15 (b) Demands for derivative action submitted in accordance with the requirements above will be considered by those Trustees who are not deemed to be Interested Persons of the Trust. Within 30 calendar days of the receipt of such demand by the Board of Trustees, those Trustees who are not deemed to be Interested Persons of the Trust will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Trust or the affected Series or Class, as applicable. Trustees that are not deemed to be Interested Persons of the Trust are deemed independent for all purposes, including for the purpose of approving or dismissing a demand for derivative action. (i) If the demand for derivative action has not been considered within 30 calendar days of the receipt of such demand by the Board of Trustees, a decision has not been communicated to the complaining Shareholders within the time permitted by sub- paragraph (ii) below, and sub-paragraphs (i)-(iv) of paragraph (a) above have been met, the complaining Shareholders shall not be barred by this Trust Instrument from commencing a derivative action. (ii) If the demand for derivative action has been considered by the Board of Trustees, and a majority of those Trustees who are not deemed to be Interested Persons of the Trust, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Trust or the affected Series or Class, as applicable, the complaining Shareholders shall be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board determine that such a suit should be maintained, then the appropriate officers of the Trust shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Board of Trustees, or the appropriate officers of the Trust, shall inform the complaining Shareholders of any decision reached under this sub-paragraph (ii) in writing within five business days of such decision having been reached. A Shareholder of a particular Series or Class of the Trust shall not be entitled to participate in a derivative action on behalf of any other Series or Class of the Trust. ARTICLE V DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE Section 1. DISTRIBUTIONS. The Trustees may declare and pay dividends and other distributions, including dividends on Shares of a particular Series or Class and other distributions to a Series or Class from the Assets belonging to that Series. The amount and payment of dividends or distributions and their form, whether they are in cash, Shares or other Trust Property, shall be determined by the Trustees. Dividends and other distributions may be paid pursuant to a standing resolution adopted once or more often as the Trustees determine. All dividends and other distributions on Shares of a particular Series or Class shall be distributed pro rata to the Shareholders of that Series or Class in proportion to the number of Shares of that Series or Class they held on the record date established for such payment, except that such dividends and distributions shall appropriately reflect expenses allocated to a particular Class of such Series. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or similar plans as the Trustees deem appropriate.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-17- 129680460_15 Section 2. REDEMPTIONS. Each Shareholder of a Series or Class thereof shall have the right, on any business day to require the Trust to redeem all or any part of the Shareholder's Shares of a Series or Class, upon and subject to the terms and condition provided in this Article V, Section 2, in accordance with and pursuant to procedures or methods prescribed or approved by the Trustees; provided, however, if the Trustees determine to issue Creation Units pursuant to Article IV, Section 2, then such Shares shall be redeemable only at such times and in such manner as may be determined by or pursuant to procedures or methods prescribed or approved by the Trustees. The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit for each Series or Class by written consent or by resolutions adopted at any regular or special meeting of the Trustees. Each Shareholder of a Series or Class, upon request to the Trust in accordance with such procedures as may from time to time be in effect, accompanied by surrender of any certificated Shares in proper form, shall be entitled to require the Trust to redeem all or any number of such Shareholder's Shares standing in the name of such holder on the books of the Trust; provided, however, in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be issued in Creation Units, such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregates to one or more Creation Units, and unless the Board of Trustees otherwise determines, there shall be no redemption of partial or fractional Creation Units hereunder. The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem from such Shareholder his Outstanding Shares or Creation Units, as applicable, for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption; and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder. The procedures for effecting and suspending redemption shall be as set forth in the Trust's Registration Statement. Payment may be in any form permitted by Article IV, Section 4, including in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series to redeem Shares during any period of time when and to the extent permissible under the 1940 Act or any exemptive relief therefrom. Subject to applicable federal law including the 1940 Act, and except as otherwise determined by the Trustees, upon redemption, Shares shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which such Shares were entitled to vote had been set on a date prior to the date on which such Shares were redeemed. In making a determination as to whether redeemed Shares shall be deemed outstanding and carry any voting rights with respect to any matter on which such Shares were entitled to vote prior to redemption, subject to applicable federal law including the 1940 Act, the Trustees may, among other things, determine that Shares redeemed either before or after a date specified by the Trustees between the record date for such matter and the meeting date for such matter shall be deemed outstanding and retain voting rights, which determination may be made for any reason including that it would not be reasonably practicable to obtain a quorum if all of the Shares redeemed after the record date for such matter and before the voting date no longer were deemed outstanding and carried any voting rights.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-18- 129680460_15 Section 3. REDEMPTION BY TRUST. The Trustees may cause the Trust to redeem the Shares of any Series or Class held by a Shareholder at the redemption price that would be applicable if such Shares were then being redeemed by the Shareholder pursuant to Article V, Section 2, at any time, for any reason and upon such conditions as may from time to time be determined by the Trustees. Upon redemption of Shares pursuant to this Article V, Section 3, the Trust shall promptly cause payment of the full redemption price to be made to such Shareholder for Shares so redeemed. Section 4. PREVENTION OF PERSONAL HOLDING COMPANY STATUS. The Trust may reject any purchase order, refuse to transfer any Shares, and compel the redemption of Shares if, (a) at the time thereof the Shareholder affected owns Shares equal to or in excess of a maximum percentage of the Shares of such Series or Trust determined from time to time by the Trustees, or (b) in the Trustees' opinion, any such rejection, refusal, or redemption would prevent the Trust from becoming a personal holding company as defined by the Tax Code. Section 5. DETERMINATION OF NET ASSET VALUE PER SHARE. The term "Net Asset Value per Share" of any Series or Class shall be determined in accordance with the methods and procedures established by the Trustees from time to time and, to the extent required by applicable law, as disclosed in the then current prospectus or statement of additional information for the Series. In the absence of action by the Trustees, the term "Net Asset Value per Share" of any Series or Class shall mean that amount by which the assets belonging to that Series or Class exceed its liabilities divided by the number of relevant Outstanding Shares. The Trustees may delegate the power and duty to determine the Net Asset Value per Share to one or more Trustees or officers of the Trust or to a manager, investment adviser, administrator, custodian, depository or other agent appointed for such purpose. The Net Asset Value per Share shall be determined separately for each Series and Class at times prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of regular trading on the New York Stock Exchange on each day for all or part of which such exchange is open for regular trading. At any time the Trustees may cause the Net Asset Value per Share last determined to be determined again in a similar manner and may fix the time when such redetermined values shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Series: (i) to offset each Shareholder's pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends or distributions declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) above; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend or distribution out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-19- 129680460_15 adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset value per Share of the Series at a constant amount. In the event that any Series are divided into Classes, the provisions of this Section 5, to the extent applicable as determined in the sole discretion of the Trustees and consistent with applicable law, may be equally applied to each such Class. Section 6. SUSPENSION OF RIGHT OF REDEMPTION. If, as referred to in Section 2 of this Article V, the Trustees suspend the right of Shareholders to redeem their Shares, such suspension shall take effect at the time the Trustees shall specify, but not later than the close of business on the business day next following the declaration of suspension. Thereafter Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension or the suspension terminates or expires pursuant to the 1940 Act or any exemptive relief thereunder. If the right of redemption is suspended, a Shareholder may either withdraw his or her request for redemption or receive payment based on the Net Asset Value per Share next determined after the suspension terminates. ARTICLE VI SHAREHOLDERS' VOTING POWERS AND MEETINGS Section 1. VOTING POWERS. The Shareholders shall have power to vote only with respect to (a) the election of Trustees as provided in Article II, Section 2, (b) the removal of Trustees as provided in Article II, Section 3(d), (c) any investment advisory or management contract as provided in Article VII, Section 1, and (d) such additional matters relating to the Trust to the extent required by law, this Trust Instrument or the By-laws or any registration statement of the Trust with the Commission or any state, or as the Trustees may consider desirable. Notwithstanding any other provision of this Trust Instrument, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted separately by individual Series, except: (a) when required by the 1940 Act, Shares shall be voted in the aggregate and not by individual Series; (b) when the Trustees have determined that the matter affects only the interests of one or more Classes, then only the Shareholders of the affected Class(es) shall be entitled to vote thereof; and (c) when the Trustees have determined that the matter affects the interests of more than one Series, then the Shareholders of all such affected Series shall be entitled to vote thereon. A Shareholder of each Series or Class thereof shall be entitled to one vote for each Share of such Series or Class thereof on any matter on which such Shareholder is entitled to vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy or in any manner provided for in the By- laws, which may provide that proxies may be given in writing or by any electronic or telecommunications device or in any other manner described in the By-laws or in a resolution of the Trustees. Notwithstanding anything else herein or in the By-Laws, in the event a proposal by anyone other than the officers or Trustees of the Trust is submitted to a vote of the Shareholders of one or more Series or Classes or of the Trust, or in the event of any proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be voted only in person or by written proxy. Until Shares of a Series are issued, as  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-20- 129680460_15 to that Series the Trustees may exercise all rights of Shareholders and may take any action required or permitted to be taken by Shareholders by law, this Trust Instrument or the By-laws. Section 2. [RESERVED]. Section 3. QUORUM; REQUIRED VOTE. Except when a larger quorum is required by law, this Trust Instrument or the By-laws, a quorum for the transaction of business at a Shareholders' meeting with respect to a Series or Class, or with respect to the Trust, as applicable, shall be, respectively, with respect to any Series or Class(es) that is or are listed on an Exchange one-third of the Outstanding Shares of such Series or Class(es) and with respect to any Series or Class(es) that is or are not listed on an Exchange one-tenth of the Outstanding Shares of such Series or Class(es), or one-third of the Outstanding Shares of the Trust, entitled to vote in person or by proxy. Except when a larger vote is required by law, this Trust Instrument or the By-laws, a majority of the Outstanding Shares voted in person or by proxy shall decide any matters to be voted upon with respect to the entire Trust and a plurality of such Outstanding Shares shall elect a Trustee; provided, that if this Trust Instrument or applicable law permits or requires that Shares be voted on any matter by individual Series or Classes, then a majority of the Outstanding Shares of that Series or Class (or, if required by law, a Majority Shareholder Vote of that Series or Class) voted in person or by proxy on the matter shall decide that matter insofar as that Series or Class is concerned. Shareholders may act as to the Trust or any Series or Class by written consent as provided in the By-laws. Section 4. INSPECTION OF RECORDS. Except as conferred by the Trustees, no Shareholder shall have any right to inspect any records, account, book or document of the Trust. Section 5. ADDITIONAL PROVISIONS. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters not inconsistent with the provisions hereof. ARTICLE VII CONTRACTS WITH SERVICE PROVIDERS Section 1. INVESTMENT ADVISER. Subject to a Majority Shareholder Vote when required by law, the Trustees may enter into one or more investment advisory or management contracts on behalf of the Trust or any Series, providing for investment advisory services, statistical and research facilities and services, and other facilities and services to be furnished to the Trust or Series on terms and conditions acceptable to the Trustees. Any such contract may provide for the investment adviser to effect purchases, sales or exchanges of portfolio securities or other Trust Property on behalf of the Trustees or may authorize any officer or agent of the Trust to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser. The Trustees may authorize the investment adviser to employ one or more sub-advisers to perform such of the acts and services of the investment adviser as agreed upon between the investment adviser and sub-adviser, and any reference herein to the investment advisers shall be construed to include any sub-adviser, unless the context requires otherwise.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-21- 129680460_15 Section 2. PRINCIPAL UNDERWRITER/DISTRIBUTOR. The Trustees may enter into contracts on behalf of the Trust or any Series or Class, providing for the distribution and sale of Shares by the other party, either directly or as sales agent, on terms and conditions acceptable to the Trustees. The Trustees may adopt a plan or plans of distribution with respect to Shares of any Series or Class and enter into any related agreements, whereby the Series or Class finances directly or indirectly any activity that is primarily intended to result in sales of its Shares, subject to applicable rules and regulations. Such contract may also provide for the repurchase or sale of Shares by such other party as principal or agent of the Trust. Section 3. CUSTODIAN. The Trustees shall at all times place and maintain the securities and similar investments of the Trust and of each Series and Class with a custodian meeting the requirements of Section 17(f) of the 1940 Act and the rules thereunder or as otherwise permitted by the Commission or its staff. The Trustees, on behalf of the Trust or any Series, may enter into an agreement with a custodian on terms and conditions acceptable to the Trustees, providing for the custodian, among other things, (a) to hold the securities owned by the Trust or any Series or Class and deliver the same upon written order or oral order confirmed in writing, (b) to receive and give a receipt for money paid for any moneys due to the Trust or any Series or Class and on behalf of the Trust or any Series or Class, and deposit the same in its own banking department or elsewhere, (c) to disburse such funds upon orders or vouchers, (d) to keep books and accounts of the Trust and Series or Class, as necessary or appropriate, and (e) to employ one or more sub- custodians. Section 4. TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS. The Trustees, on behalf of the Trust or any Series or Class, may enter into transfer agency agreements, shareholder service agreements, administration agreements and any other agreements with any party or parties on terms and conditions acceptable to the Trustees. Section 5. PARTIES TO CONTRACTS WITH SERVICE PROVIDERS. The Trustees may enter, or direct designated officers of the Trust to enter, into any contract on behalf of the Trust referred to in this Article VII with any entity, including the investment adviser, any sub-adviser or any affiliated Person of the investment adviser or a sub-adviser, although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, partner, shareholder, or member of such entity, and no such contract shall be invalidated or rendered void or voidable because of such relationship. No Person having such a relationship shall be disqualified from voting on or executing a contract in his or her capacity as Trustee and/or Shareholder, or be liable merely by reason of such relationship for any loss or expense to the Trust with respect to such a contract or accountable for any profit realized directly or indirectly therefrom; provided, that the contract was reasonable and fair and not inconsistent with this Trust Instrument or the By-laws. ARTICLE VIII EXPENSES OF THE TRUST, SERIES AND CLASSES Subject to the provisions of Article IV, Section 5 hereof, the Trust or a particular Series shall pay, or shall reimburse the Trustees from the assets belonging to all Series or the  |

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| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-22- 129680460_15 appropriate Series for their expenses (or the expenses of a Class of such Series) and disbursements, including, without limitation, fees and expenses of Trustees, interest expense, taxes, fees and commissions of every kind, expenses of pricing Trust portfolio securities, expenses of issue, repurchase and redemption of shares, including expenses attributable to a program of periodic repurchases or redemptions, expenses of registering and qualifying the Trust and its Shares under Federal and State laws and regulations or under the laws of any foreign jurisdiction, charges of third parties, including investment advisors, managers, custodians, transfer agents, portfolio accounting and/or pricing agents, and registrars, expenses of preparing and setting up in type prospectuses and statements of additional information and other related Trust documents, expenses of printing and distributing prospectuses sent to existing Shareholders, auditing and legal expenses, reports to Shareholders, expenses of meetings of Shareholders and proxy solicitations therefor, insurance expenses, association membership dues and for such non-recurring items as may arise, including litigation to which the Trust (or a Trustee acting as such) is a party, and for all losses and liabilities by them incurred in administering the Trust, and for the payment of such expenses, disbursements, losses and liabilities the Trustees shall have a lien on the assets belonging to the appropriate Series, on the assets of each such Series, prior to any rights or interests of the Shareholders thereto. This Article VIII shall not preclude the Trust from directly paying any of the aforementioned fees and expenses. ARTICLE IX LIMITATION OF LIABILITY AND INDEMNIFICATION Section 1. LIMITATION OF LIABILITY. All Persons contracting with or having any claim against the Trust or a particular Series shall look only to the assets of the Trust or Assets belonging to such Series, respectively, for payment under such contract or claim; and neither the Trustees nor any of the Trust's officers or employees, whether past, present or future, shall be personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series may contain a statement to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder. The Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment adviser, principal underwriter or independent contractor of the Trust, but nothing contained in this Trust Instrument or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Section 2. INDEMNIFICATION. (a) Subject to the exceptions and limitations contained in subsection (b) below: (i) every Person who is, or has been, a Trustee or an officer, employee or agent of the Trust, including Persons who act at the request of the Trust as directors, trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise ("Covered Person") shall be indemnified by the Trust  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-23- 129680460_15 or the appropriate Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. (ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (whether civil, criminal or administrative proceedings, regulatory investigations, or other proceedings, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, counsel fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities. (b) To the extent provided in the 1940 Act, but only to such extent, no indemnification shall be provided hereunder to a Covered Person: (i) who shall have been adjudicated by a court or body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or (ii) in the event of a settlement, if there has been a determination that such Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry). (c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under law. (d) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section 2 shall be paid by the Trust and each Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission. The advancement of any expenses pursuant to this Section 2(d) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002, as amended from time to time, or for any other reason.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-24- 129680460_15 (e) Any repeal or modification of this Article IX or adoption or modification of any other provision of this Trust Instrument inconsistent with this Article shall be prospective only to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification or right to advancement of expenses available to any Covered Person with respect to any act or omission that occurred prior to such repeal, modification or adoption. (f) To the extent that any determination is required to be made as to whether a Covered Person engaged in conduct for which indemnification is not provided as described herein, or as to whether there is reason to believe that a Covered Person ultimately will be found entitled to indemnification, the Person or Persons making the determination shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in such conduct and that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification. (g) Notwithstanding any other provision in this Trust Instrument to the contrary, any liability and/or expense against which any Covered Person is indemnified under this Article IX and any advancement of expenses that any Covered Person is entitled to be paid under Section 2(d) of this Article IX shall be deemed to be joint and several obligations of the Trust and each Series, and the assets of the Trust and each Series shall be subject to the claims of any Covered Person therefor under this Article IX; provided that any such liability, expense or obligation may be allocated and charged by the Trustees between or among the Trust and/or any one or more Series (and Classes) in such manner as the Trustees in their sole discretion deem fair and equitable. Section 3. INDEMNIFICATION OF SHAREHOLDERS. If any Shareholder or former Shareholder of any Series is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the Assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Series and satisfy any judgment thereon from the Assets belonging to the Series. ARTICLE X MISCELLANEOUS Section 1. TRUST NOT A PARTNERSHIP. This Trust Instrument creates a statutory trust pursuant to the Delaware Act and not a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship. No Trustee shall have any power to bind personally either the Trust's officers, other Trustees or any Shareholder. Nothing in this Trust Instrument shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.  |

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&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-27- 129680460_15 the Trust and/or such Series shall be discharged of any and all further liabilities and duties hereunder with respect thereto and the right, title and interest of all parties therein shall be canceled and discharged. Following completion of winding up of the Trust's business and affairs, the Trustees shall cause a certificate of cancellation of the Trust's certificate of trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee and the Trust shall thereby terminate. (c) Any agreement of merger or consolidation or certificate of merger may be signed by a majority of Continuing Trustees, and electronic signatures conveyed by electronic or telecommunication means shall be valid. Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 3 may effect any amendment to the Trust Instrument or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation. (d) The Continuing Trustees may, by vote of a majority of the Continuing Trustees, cause any Series (the "Applicable Fund") to (i) if permitted by the Delaware Act, merge or consolidate in accordance with the provisions thereof with or into, (ii) sell, convey and transfer all or substantially all of its assets to, or (iii) exchange its Shares for Shares of, one or more other Series, whether then existing or to be established in connection with such merger, consolidation, asset sale or Share exchange as provided in (i)-(iii) above. Any such merger, consolidation, asset sale or Share exchange shall not require the vote of the Shareholders unless such vote is required by the 1940 Act. Unless the 1940 Act or other applicable law or regulation provides otherwise, the Continuing Trustees shall have the power to prescribe additional procedures or terms necessary or appropriate to accomplish any such merger, consolidation, asset sale or Share exchange, including the power (x) to create one or more Series or separate statutory trusts (or series thereof) or other business entities to which all or any part of the assets, liabilities, profits or losses of the Applicable Fund may be transferred, (y) to provide for the conversion of Shares into beneficial interests in such Series or separate statutory trust or trusts (or series thereof) or other business entities and (z) to condition or not to condition any asset sale upon the assumption by the transferee of the liabilities associated with the Applicable Fund the assets of which are so transferred. To the extent of any conflicting or inconsistent provision(s) in Article X, Section 3(a) of this Trust Instrument, the provisions of this Article X, Section 3(d) shall control. Section 4. TRUST INSTRUMENT. The original or a copy of this Trust Instrument and of each amendment and/or restatement hereto or Trust Instrument supplemental shall be kept at the office of the Trust. Anyone dealing with the Trust may rely on a certificate by a Trustee or an officer of the Trust as to the authenticity of the Trust Instrument or any such amendments, restatements or supplements and as to any matters in connection with the Trust. Section 5. APPLICABLE LAW. This Trust Instrument and the Trust created hereunder are governed by and construed and administered according to the Delaware Act and the applicable laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-28- 129680460_15 and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets or (vii) the establishment of fiduciary or other standards of responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. Section 6. AMENDMENTS. This Trust Instrument may be restated and/or amended at any time by (i) an instrument in writing (including a written consent) signed by a majority of the Trustees then holding office or (ii) adoption by a majority of the Trustees then holding office of a resolution specifying the restatement and/or amendment. Any such restatement and/or amendment hereto shall be effective immediately upon such execution or adoption, unless otherwise specified by the Trustees. No vote or consent of any Shareholder shall be required for any amendment to this Trust Instrument except (i) as determined by the Trustees in their sole discretion or (ii) as required by federal law, including the 1940 Act, but only to the extent so required. Any amendment that is submitted to Shareholders for approval, which the Trustees determine would affect the Shareholders of a particular Series or Class, shall be authorized by vote of the Shareholders of such Series or Class, and no vote shall be required of Shareholders of any Series or Class not affected. Any officer of the Trust is authorized from time to time to restate this Trust Instrument into a single instrument to reflect all amendments hereto made in accordance with the terms hereof. The Certificate of Trust of the Trust may be restated and/or amended by any Trustee as necessary or desirable to reflect any change in the information set forth therein, and any such restatement and/or amendment shall be effective immediately upon filing with the Office of the Secretary of State of the State of Delaware or upon such future date as may be stated therein. Notwithstanding anything else herein, any amendment to this Trust Instrument shall not limit the rights to indemnification, advancement or insurance provided therein with respect to action or omission of Covered Persons prior to such amendment. Section 7. FISCAL YEAR. The fiscal year of each Series of the Trust shall end on a specified date as set forth in the By-laws or by resolution. The Trustees may change the fiscal year of the Trust or any Series without Shareholder approval. Different Series may have different fiscal years. Section 8. SEVERABILITY. The provisions of this Trust Instrument are severable. If the Trustees determine, with the advice of counsel, that any provision hereof conflicts with the 1940 Act, the regulated investment company provisions of the Tax Code or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-29- 129680460_15 Trust Instrument; provided, however, that such determination shall not affect any of the remaining provisions of this Trust Instrument or render invalid or improper any action taken or omitted prior to such determination. If any provision hereof is held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision of this Trust Instrument. Section 9. INTERPRETATION. As used herein, the singular includes the plural and vice versa. Words denoting any gender include all genders. The Trustees may construe any of the provisions of this Trust Instrument insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Trustees in good faith shall be conclusive as to the meaning to be given to such provisions. Headings herein are for convenience only and shall not affect the construction of this Trust Instrument. The terms "include," "includes" and "including" and any comparable terms shall be deemed to mean "including, without limitation." Any reference to any statute, law, code, rule or regulation shall be deemed to refer to such statute, law, code, rule or regulation as amended or restated from time to time and any successor thereto. Section 10. JURISDICTION AND WAIVER OF JURY TRIAL. Unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for any suit, action or proceeding brought by or in the right of any Shareholder or any Person claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Trust Instrument, the By-laws or the Trust, any Series or Class or any Shares, and any claim of any nature against the Trust, any Series or Class, the Trustees or officers or employees of the Trust, including (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or other employee of the Trust to the Trust, any Series or Class or the Shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Act, (iv) any action to interpret, apply, enforce or determine the validity of this Trust Instrument or the By-laws or (v) any action asserting a claim governed by the internal affairs doctrine, shall be the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware (each, a "Delaware Action"); provided, however, that unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law (each a "Federal Securities Action" and together with a Delaware Action, a "Covered Action"). IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW. Except as otherwise provided below, all Shareholders and other such Persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such Person at the address shown on the books and records of the Trust for such Person or at the address of the Person shown on the books and records of the Trust with respect to the Shares that such Person claims an interest in. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service made in accordance with this Section 10  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2229294d3_ex99aiiiimg034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-30- 129680460_15 shall be effective as if personally made in the State of Delaware. Any Person purchasing or otherwise acquiring or holding any interest in Shares shall be (i) deemed to have notice of and consented to the provisions of this Section 10, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this Section 10. If any Covered Action is filed in a court other than the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware or the Federal District Courts of the United States of America, as applicable as set forth above (a "Foreign Action"), in the name of any Shareholder, such Shareholder shall be deemed to have consented to (i) the personal jurisdiction of the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware or the Federal District Courts of the United States of America, as applicable, in connection with any action brought in any such courts to enforce the first paragraph of this Section 10 (an "Enforcement Action") and (ii) having service of process made upon such Shareholder in any such Enforcement Action by service upon such Shareholder's counsel in the Foreign Action as agent for such Shareholder. Furthermore, if any Shareholder shall initiate or assert a Foreign Action without the written consent of the Trust, then each such Shareholder shall be obligated jointly and severally to reimburse the Trust and any officer or Trustee of the Trust made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys' fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this Section 10. If any provision or provisions of this Section 10 shall be held to be invalid, illegal or unenforceable as applied to any Person or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision(s) in any other circumstance and of the remaining provisions of this Section 10 (including each portion of any sentence of this Section 10 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other Persons and circumstances shall not in any way be affected or impaired thereby.  |

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IN WITNESS WHEREOF, the Trustees named below do hereby make and enter into this Second Amended and Restated Trust Instrument of Calamos ETF Trust as of the date first written above.

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| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| As Trustee and not individually |
| /s/ John E. Neal |
| Name: John E. Neal |
| As Trustee and not individually |
| /s/ William R. Rybak |
| Name: William R. Rybak |
| As Trustee and not individually |
| /s/ Virginia G. Breen |
| Name: Virginia G. Breen |
| As Trustee and not individually |
| /s/ Lloyd A. Wennlund |
| Name: Lloyd A. Wennlund |
| As Trustee and not individually |
| /s/ Karen L. Stuckey |
| Name: Karen L. Stuckey |
| As Trustee and not individually |
| /s/ Christopher M. Toub |
| Name: Christopher M. Toub |
| As Trustee and not individually |

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## Ex-99.(B)

**Exhibit 99.(b)**

CALAMOS ETF TRUST

BY-LAWS

As amended and restated on December 16, 2022

**TABLE OF CONTENTS**

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|:---|:---|
|  | **Page** |
| ARTICLE I PRINCIPAL OFFICE AND SEAL | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Principal Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Delaware Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Seal | 1 |
| ARTICLE II TRUSTEES | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Powers | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Compensation of Trustees | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Place of Meetings and Meetings by Telephone | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Regular Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Special Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Quorum; Action by Trustees | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Notice | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. Adjournment. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. Action Without a Meeting | 2 |
| ARTICLE III COMMITTEES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Establishment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Proceedings; Quorum; Action | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Audit Committee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Governance Committee | 3 |
| ARTICLE IV BOARD CHAIR AND TRUST OFFICERS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Chairperson of the Board | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Lead Independent Trustee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Trust Officers | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Election, Tenure and Qualifications of Officers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Vacancies and Newly Created Offices | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Removal and Resignation | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. President | 5 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. Vice President(s) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. Treasurer and Assistant Treasurer(s) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10. Secretary and Assistant Secretaries | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11. Subordinate Officers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12. Compensation of Officers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13. Surety Bond | 7 |
| ARTICLE V MEETINGS OF SHAREHOLDERS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Annual Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Special Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Advance Notice of Shareholder Nominations for Trustee and Other Shareholder Proposals | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Notice of Meeting | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Manner of Giving Notice; Waiver of Notice | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Postponed and Adjourned Meetings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Validity of Proxies | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. Organization of Meetings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. Record Date | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10. Action Without a Meeting | 15 |
| ARTICLE VI SHARES OF BENEFICIAL INTEREST | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. No Share Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Register | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Transfer of Shares | 15 |
| ARTICLE VII INSPECTION OF RECORDS AND REPORTS | 15 |
| ARTICLE VIII AMENDMENTS | 16 |
| ARTICLE IX GENERAL MATTERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Checks, Drafts, Evidence of Indebtedness | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Contracts and Instruments; How Executed | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Severability | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Headings | 16 |

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-ii-

**BY-LAWS**

**OF**

**CALAMOS ETF TRUST**

These By-laws of Calamos ETF Trust (the "Trust"), a Delaware statutory trust, amend and restate in their entirety all previously-adopted by-laws of the Trust and are subject to the Amended and Restated Trust Instrument of the Trust dated December 16, 2022, as from time to time amended, supplemented or restated (the "Trust Instrument"). Capitalized terms used herein and not defined herein have the same meanings as in the Trust Instrument. In the event of any inconsistency between the terms hereof and the terms of the Trust Instrument, the terms of the Trust Instrument shall control. The provisions of Article X, Sections 5 and 10 of the Trust Instrument apply *mutatis mutandis* to the By-laws.

<u>ARTICLE I<br> PRINCIPAL OFFICE AND SEAL</u>

<u>Section 1. Principal Office</u>. The principal executive office of the Trust shall be located in the State of Illinois or such other location as the Trustees determine. The Trust may establish and maintain other branch of subordinate offices and places of business as the Trustees determine.

<u>Section 2. Delaware Office</u>. The registered office of the Trust in the State of Delaware and the name of the registered agent of the Trust for service of process at such location shall be as set forth in the Certificate of Trust of the Trust, as amended from time to time.

<u>Section 3. Seal</u>. The Trustees may adopt a seal for the Trust in such form and with such inscription as the Trustees determine. Any Trustee or officer of the Trust shall have authority to affix the seal to any document.

<u>ARTICLE II<br> TRUSTEES</u>

<u>Section 1. Powers</u>. The business and affairs of the Trust shall be managed and all powers shall be exercised by or under the direction of the Trustees.

<u>Section 2. Compensation of Trustees</u>. Trustees and members of committees may receive for their services as such compensation and reimbursement of expenses as may be fixed or determined by resolution of the Trustees. This Section 2 shall not be construed to preclude any Trustee from serving the Trust in any other capacity as an officer, agent, employee, or otherwise and receiving compensation for those services.

<u>Section 3. Place of Meetings and Meetings by Telephone</u>. All meetings of the Trustees may be held at any place (which shall include a meeting held by means of remote communications) that has been selected from time to time by the Trustees. Subject to any applicable requirements of the 1940 Act, any meeting, regular or special, may be held by conference telephone or similar communication equipment, so long as all Trustees participating in the meeting can hear one another and all such Trustees shall be deemed to be present in person at the meeting.

<u>Section 4. Regular Meetings</u>. Regular meetings of the Trustees shall be at such time and place (which shall include a meeting held by means of remote communications) as shall be fixed by the Trustees. Such regular meetings may be held without notice.

<u>Section 5. Special Meetings</u>. Special meetings of the Trustees or any Committee for any purpose or purposes may be called at any time by the Chairperson of the Board of Trustees, the Lead Independent Trustee or any two (2) Trustees.

<u>Section 6. Quorum; Action by Trustees</u>. A meeting of the Trustees at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of Trustees if any action taken is approved by at least a majority of the required quorum for that meeting.

<u>Section 7. Notice</u>. Except as provided herein, notice of the time, date and place (including that the meeting will be held by remote communication, as applicable) of all Trustees meetings shall be given to each Trustee by telephone, facsimile or other electronic means at least twenty-four hours in advance of the meeting. Notice need not be given to any Trustee who attends the meeting without objecting at the start thereof to the lack of notice or who signs a waiver of notice either before or after the meeting. Any written consent or waiver may be provided and delivered to the Trust by electronic signature, electronic means or electronic transmission.

<u>Section 8. Adjournment</u>. A majority of the Trustees present, whether or not constituting a quorum, may adjourn any meeting to another time and place (including a meeting held by remote communication, as applicable).

<u>Section 9. Action Without a Meeting</u>. Unless the 1940 Act requires that a particular action be taken only at a meeting at which the Trustees are present in person, any action to be taken by the Trustees or Continuing Trustees at a meeting may be taken without such meeting by the written consent of a majority of the Trustees or Continuing Trustees, as applicable, then in office. Any such written consent may be executed and given by electronic signature, electronic means or electronic transmission. Such written consents shall be filed with the minutes of the proceedings of the Trustees. If any action is so taken by the Trustees by the written consent of less than all of the Trustees, prompt notice of the taking of such action shall be furnished to each Trustee who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

<u>ARTICLE III<br> COMMITTEES</u>

<u>Section 1. Establishment</u>. The Trustees may designate one or more committees of the Trustees, which shall include a Governance Committee and an Audit Committee (together, the "Established Committees"). The Trustees shall determine the number of members of each committee and its powers and shall appoint its members. The Trustees may designate one or more Trustees as alternate members of any committee, who may replace any absent or recused member at any meeting of such committee. Each committee member shall serve at the pleasure of the Trustees. The Trustees may abolish any committee, other than the Established Committees, at any time. Each committee shall maintain records of its meetings and report its actions to the Trustees when required. The Trustees may rescind any action of any committee, but such rescission shall not have retroactive effect. The Trustees may delegate to any committee any of its powers, subject to the limitations of applicable law.

<u>Section 2. Proceedings; Quorum; Action</u>. In the absence of an appropriate resolution of the Trustees, each committee may adopt such rules governing its proceedings, quorum and manner of acting as it shall deem proper and desirable. In the absence of such rules, a majority of any committee shall constitute a quorum, and a committee shall act by the vote of a majority of a quorum.

<u>Section 3. Audit Committee</u>. The Trustees shall elect from their own number an Audit Committee composed entirely of trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") The Audit Committee shall have the power to review and evaluate the Trust's audit function, including, as appropriate, responsibility relating to the appointment, retention, compensation and oversight of an independent registered public accounting firm and shall have such other powers and perform such other duties as may be assigned to it from time to time by the Trustees. One member of the committee may be designated as chairperson to serve for a term to be determined by such committee, or as provided for in any charter adopted by the Audit Committee, and until a successor is elected.

<u>Section 4. Governance Committee</u>. The Trustees shall elect from their own number a Governance Committee composed entirely of Independent Trustees. The Governance Committee shall have the power to select and nominate Independent Trustees, and shall have such other powers and perform such other duties as may be assigned to it from time to time by the Trustees. One member of the Committee may be designated as chairperson to serve for a term to be determined by such Committee, or as provided for in any charter adopted by the Governance Committee, and until a successor is elected.

<u>ARTICLE IV<br> BOARD CHAIR AND TRUST OFFICERS</u>

<u>Section 1. Chairperson of the Board</u>. The Continuing Trustees shall be required to elect a Chairperson of the Board. Any Chairperson of the Board shall be elected from among the Trustees of the Trust and may hold such office only so long as he or she continues to be a Trustee. The Chairperson shall preside at meetings of the Board of Trustees. The Chairperson shall have such additional powers and perform such additional duties as may be assigned to him or her from time to time by the Board of Trustees. The Continuing Trustees may elect a Vice chair who shall exercise the powers of the Chairperson in his or her absence.

<u>Section 2. Lead Independent Trustee</u>. If the Chairperson is an "interested person" of the Trust, as defined in the 1940 Act, the Independent Trustees shall appoint one of their number to be "Lead Independent Trustee", who shall have such duties as may be assigned by the Independent Trustees from time to time.

<u>Section 3. Trust Officers</u>. The officers of the Trust shall be a President, a Treasurer and a Secretary, and may include one or more Vice Presidents, Assistant Treasurers, Secretaries, Assistant Secretaries and such other officers ("Other Officers") as the Trustees may determine.

<u>Section 4. Election, Tenure and Qualifications of Officers</u>. The Trustees shall elect the officers of the Trust. Each officer elected by the Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Any person may hold one or more offices, except that the President and the Secretary may not be the same individual. No officer need be a Shareholder.

<u>Section 5. Vacancies and Newly Created Offices</u>. Whenever a vacancy shall or is to occur in any office or if any new office is created, the Trustees may fill such vacancy or new office. The Trustees may appoint a new officer in anticipation of a vacancy expected to occur because of the retirement, resignation or removal of a officer, or an increase in number of officers, provided that such appointment shall become effective only at or after the expected vacancy occurs.

<u>Section 6. Trustee Qualifications</u>. Except to the extent that such requirements are waived by a majority of the Continuing Trustees then in office at the time of the nomination of such Trustee, only persons satisfying the following qualification requirements may be nominated, elected, appointed, qualified or seated ("nominated or seated") to serve as Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or seated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An individual nominated or seated as a Trustee shall, at the time the individual is nominated or seated, serve as a trustee or director of no more than 5 investment companies (including the Trust) having securities registered under the Exchange Act (investment companies or individual series thereof having the same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An individual nominated or seated as a Trustee shall not serve or have served within the past 3 years as a trustee of any closed-end investment company which, while such individual was serving as a trustee or within one year after the end of such service, ceased to be a closed-end investment company registered under the 1940 Act, unless such individual was initially nominated for election as a trustee by the board of trustees of such closed-end investment company or had served as a trustee since the inception of such closed-end investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Except as set forth in this Section 6, an individual nominated or seated as a Trustee shall not be an employee, officer, partner, member, trustee, director or 5% or greater shareholder in any investment adviser (other than the Trust's investment adviser or any investment adviser affiliated with the Trust's investment adviser), collective investment vehicle primarily engaged in the business of investing in "investment securities" (as defined in the 1940 Act) (an "investment company") or entity controlling or controlled by any investment adviser (other than the Trust's investment adviser or any investment adviser affiliated with the Trust's investment adviser) or investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An individual nominated or seated as a Trustee shall not be and shall not have been subject to any censure, order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings) or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory organizations), barring or suspending such individual from participation in or association with any investment-related business or restricting such individual's activities with respect to any investment-related business, nor shall an individual nominated or seated as a Trustee be the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or seated as a Trustee failing to satisfy the requirements of this paragraph, nor shall any individual nominated or seated as a Trustee be or have engaged in any conduct that has resulted in, or could have reasonably been expected or would reasonably be expected to result in, the SEC censuring, placing limitations on the activities, functions, or operations of, suspending, or revoking the registration of any investment adviser under Section 203(e) or (f) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. An individual nominated or seated as a Trustee shall not have been charged (unless such charges were dismissed or the individual was otherwise exonerated) with a criminal offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or have pled guilty or nolo contendere with respect to a felony under the laws of the United States or any state thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. An individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the ineligibility provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been expected or would reasonably be expected to permit, the SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from serving or acting as an employee, officer, trustee, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter.

<u>Section 7. Removal and Resignation</u>. Officers serve at the pleasure of the Trustees and may be removed at any time with or without cause. The Trustees may delegate this power to the President with respect to any Other Officer. Such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer may resign from office at any time by delivering a written resignation to the Trustees, or if an Other Officer to the President. Unless otherwise specified therein, such resignation shall take effect upon delivery. Any resignation is without prejudice to the rights, if any, of the Trust under any contract to which the officer is a party.

<u>Section 8. President</u>. The President shall be the Chief Executive Officer of the Trust. Subject to the direction of the Trustees, the President shall have general charge, supervision and control over the Trust's business affairs and shall be responsible for the management thereof and the execution of policies established by the Trustees. In the absence of the Chairperson, Lead Independent Trustee and Vice chair, the President shall preside at any Shareholders' meetings. Except as the Trustees may otherwise order, the President shall have the power to grant, issue, execute or sign such powers of attorney, proxies, agreements or other documents on the Trust's behalf. The President also shall have the power to employ attorneys, accountants and other advisers and agents for the Trust, except as the Board of Trustees may otherwise direct. The President shall have such other powers and perform such other duties as the Trustees may determine.

<u>Section 9. Vice President(s)</u>. The Vice President(s), if any, shall have such powers and perform such duties as the Trustees or the President may determine. At the request or in the absence or disability of the President, the Vice President (or, if there are two or more Vice Presidents, then the senior of the Vice Presidents present and able to act) shall perform all the duties of the President and, when so acting, shall have all the powers of the President. The Trustees may designate a Vice President as the Chief Financial Officer of the Trust or to serve one or more other functions. If a Vice President is designated as Chief Financial Officer of the Trust, he or she shall have general charge of the finances and books of the Trust and shall report to the Trustees annually regarding the financial condition of each Series as soon as possible after the close of such Series' fiscal year. The Trustees also may designate one or more of the Vice Presidents as Executive Vice President.

<u>Section 10. Treasurer and Assistant Treasurer(s)</u>. The Treasurer may be designated as the Chief Financial Officer or as the principal accounting officer of the Trust. If designated as Chief Financial Officer, the Treasurer shall have general charge of the finances and books of the Trust, and shall report to the Trustees annually regarding the financial condition of each Series as soon as possible after the close of such Series' fiscal year. The Treasurer shall be responsible for the delivery of all funds and securities of the Trust to such company as the Trustees shall retain as custodian. The Treasurer shall furnish such reports concerning the financial condition of the Trust as the Trustees may request. The Treasurer shall perform all acts incidental to the office of Treasurer, subject to the Trustees' supervision, and shall perform such additional duties as the Trustees or President may designate.

Any Assistant Treasurer may perform such duties of the Treasurer as the Trustees or the Treasurer may assign, and, in the absence of the Treasurer, may perform all the duties of the Treasurer.

<u>Section 11. Secretary and Assistant Secretaries</u>. The Secretary shall record all votes and proceedings of the meetings of Trustees and Shareholders in books to be kept for that purpose. The Secretary shall be responsible for giving and serving notices of the Trust. The Secretary shall have custody of any seal of the Trust and shall be responsible for the records of the Trust, including the Share register and such other books and documents as may be required by the Trustees or by law, but may delegate such responsibilities as deemed to be appropriate by the Trustees or Trust officers. The Secretary shall perform all acts incidental to the office of Secretary, subject to the supervision of the Trustees, and shall perform such additional duties as the Trustees or President may designate.

Any Assistant Secretary may perform such duties of the Secretary as the Trustees or the Secretary may assign, and, in the absence of the Secretary, may perform all the duties of the Secretary.

<u>Section 12. Subordinate Officers</u>. The Trustees may appoint from time to time such other officers and agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine. The Trustees may delegate from time to time to one or more officers or committees of Trustees the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties. Any officer or agent appointed in accordance with the provisions of this Section 12 may be removed, either with or without cause, by any officer upon whom such power of removal shall have been conferred by the Trustees.

<u>Section 13. Compensation of Officers</u>. Each officer may receive such compensation from the Trust for services and reimbursement for expenses as the Trustees may determine.

<u>Section 14. Surety Bond</u>. The Trustees may require any officer or agent of the Trust to execute a bond (including, without limitation, any bond required by the 1940 Act and the rules and regulations of the Commission to the Trust in such sum and with such surety or sureties as the Trustees may determine, conditioned upon the faithful performance of his or her duties to the Trust, including responsibility for negligence and for the accounting of any of the Trust's property, funds or securities that may come into his or her hands.

<u>ARTICLE V<br> MEETINGS OF SHAREHOLDERS</u>

<u>Section 1. Annual Meetings</u>. The Trust shall not hold annual meetings, unless required by law.

<u>Section 2. Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Special meetings of the Shareholders may be called at any time by the Chairperson, the President or the Trustees. Subject to subsection (c) of this Section 2, a special meeting of Shareholders shall also be called by the Secretary of the Trust upon the written request of the Shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any Shareholder of record seeking to have Shareholders request a special meeting shall, by sending written notice to the Secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Trustees to fix a record date to determine the Shareholders entitled to request a special meeting (the "Requested Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more Shareholders of record as of the date of signature (or their duly authorized agents), shall bear the date of signature of each such Shareholder (or other agent) and shall set forth all information relating to each such Shareholder that must be disclosed in solicitations of proxies for election of trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder. Upon receiving the Record Date Request Notice, the Trustees may fix a Requested Record Date. The Requested Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Requested Record Date is adopted by the Trustees. If the Trustees, within thirty days after the date on which a valid Record Date Request Notice is received, fail to adopt a resolution fixing the Requested Record Date and make a public announcement of such Requested Record Date, the Requested Record Date shall be the close of business on the 30th day after the first date on which the Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In order for any Shareholder to request a special meeting, one or more written requests for a special meeting signed by Shareholders of record (or their duly authorized agents) as of the Requested Record Date entitled to cast not less than a majority (the "Special Meeting Percentage") of all of the votes entitled to be cast at such meeting (the "Special Meeting Request") shall be delivered to the Secretary. The purpose of the meeting and the matters proposed to be acted on at it, which may be presented by the Special Meeting Request, shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary. The Special Meeting Request shall bear the date of signature of each such Shareholder (or other agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Trust's books, of each Shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class and number of shares of the Trust which are owned of record and beneficially by each such Shareholder, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary within sixty days after the Request Record Date. Any requesting Shareholder may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Secretary shall inform the requesting Shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request and such meeting shall not be held unless, in addition to the documents required by paragraphs (b) and (c) of this Article V, Section 2, the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Except as provided in the next sentence, any special meeting shall be held at such place (which shall include a meeting held by means of remote communications), date and time as may be designated by the President, Chairperson or Trustees, whoever has called the meeting. In the case of any special meeting called by the Secretary upon the request of Shareholders (a "Shareholder Requested Meeting"), such meeting shall be held at such place (which shall include a meeting held by means of remote communications), date and time as may be designated by the Trustees; PROVIDED, however, that the date of any Shareholder Requested Meeting shall be not more than ninety days after the record date for such meeting (the "Meeting Record Date"); and PROVIDED FURTHER that if the Trustees fail to designate, within thirty days after the date that a valid Special Meeting Request is actually received by the Secretary (the "Delivery Date"), a date and time for a Shareholder Requested Meeting, then such meeting shall be held at 2:00 p.m. Central Time on the 90th day after the date the request for such meeting is actually received by the Trust or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and PROVIDED FURTHER that in the event that the Trustees fail to designate a place (which shall include a meeting held by means of remote communications) for a Shareholder Requested Meeting within thirty days after the Delivery Date, then such meeting shall be held at the principal office of the Trust. In fixing a date for any special meeting, the President, Chairperson or Trustees may consider such factors as he, she, or they deem(s) relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for a meeting and any plan of the Trustees to call a special meeting. In the case of any Shareholder Requested Meeting, if the Trustees fail to fix a Meeting Record Date that is a date within thirty days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If at any time as a result of written revocations of requests for the special meeting, Shareholders of record (or their duly authorized agents) as of the Request Record Date entitled to cast less than the Special Meeting Percentage shall have delivered and not revoked requests for a special meeting, the Secretary may refrain from mailing the notice of the meeting or, if the notice of the meeting has been mailed, the Secretary may revoke the notice of the meeting at any time before ten days prior to the meeting if the Secretary has first sent to all other requesting Shareholders written notice of such revocation and of intention to revoke the notice of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Chairperson, the President or the Trustees may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i) five Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Trust that the valid requests received by the Secretary represent at least a majority of the issued and outstanding shares that would be entitled to vote at such meeting. Nothing contained in this paragraph (g) shall in any way be construed to suggest or imply that the Trust or any Shareholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. For purposes of these By-laws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

<u>Section 3. Advance Notice of Shareholder Nominations for Trustee and Other Shareholder Proposals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust's notice of meeting. Nominations of persons for election to the Trustees and other lawfully permissible proposals of business to be considered by Shareholders may be made at a special meeting of Shareholders at which trustees are to be elected (i) pursuant to the Trust's notice of meeting (or any supplement thereto), (ii) by or at the direction of the Trustees or any committee thereof or (iii) provided that the Trustees have determined that trustees shall be elected at such special meeting, by any Shareholder of the Trust who is a Shareholder of record both at the time the notice provided for in this Article V, Section 3 is delivered to the Secretary and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Article V, Section 3. In the event the Trust calls a special meeting of Shareholders for the purpose of electing one or more Trustees, any such Shareholder may nominate a person or persons (as the case may be) for election to such position as specified in the Trust's notice of meeting, if the Shareholder's notice containing the information required by paragraph (b) of this Article V, Section 3 shall have been delivered to the Secretary at the principal offices of the Trust not earlier than the close of business on the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and the nominees proposed by the Trustees to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting to a later date or time commence a new time period for the giving of a Shareholder's notice as described above. For the avoidance of doubt, the foregoing clause (iii) shall be the exclusive means for a Shareholder to present a nomination or a proposal before a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A Shareholder's notice to be proper must set forth: (a) as to the Shareholder giving the notice and the beneficial owners, if any, on whose behalf the nomination or proposal is made (i) the name and address of such Shareholder, as they appear in the Trust's books, and of such beneficial owner, (ii) the class or series and number of all shares of the Trust owned beneficially and of record by Shareholder at the time the recommendation is submitted and the dates on which such shares were acquired, specifying the number of shares owned beneficially, (iii) a description of all arrangements, agreements, or understandings between the Shareholder and any other person or persons (including their names) pursuant to which the Shareholder recommendation is being made (including, in the case of a nomination, the candidate), and if none, so specify, (iv) a representation, which is complied with, that the Shareholder is a Shareholder of record of the Trust entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (v) a representation, which is complied with, that the Shareholder or the beneficial owner, if any, intends or is part of a group which intends to deliver a proxy statement and/or form of proxy to Shareholders entitled to cast the requisite number of votes to approve or adopt the proposal or elect the nominee, and (vi) any other information relating to such Shareholder and beneficial owner, if any, that must be disclosed in solicitation of proxies for election of trustees in an election contest (even if an election contest is not involved), or otherwise would be required, in each case pursuant to the Exchange Act and the rules and regulations promulgated thereunder; (b) as to each person whom the Shareholder proposes to nominate for election as a Trustee (i) a full listing of the proposed candidate's education, experience (including knowledge of the investment company industry, experience as a trustee or 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, (ii) information as to whether the candidate is, has been or may be an Interested Person of the Trust, Calamos Advisors LLC (the "Adviser") or any affiliate of the Adviser, and, if believed not to be or have been an Interested Person, information regarding the candidate that will be sufficient for the Trustees to make such determination, (iii) 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, (iv) the class or series and number of all shares of the Trust or any other Trust owned of record or beneficially by the candidate, as reported by the candidate, and (v) such other information that would be helpful to the Trustees in evaluating the candidate; and (c) as to any other business that the Shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting and any material interest in such business of such Shareholder and the beneficial owner, if any, on whose behalf the proposal is made. A Shareholder providing notice of any nomination or any other business proposed to be made at a meeting shall further update and supplement such notice so that: (a) the information provided in such notice pursuant to this Article V, Section 3 shall be complete and correct as of the record date for determining the Shareholders entitled to receive notice of the meeting, and such update and supplement shall be delivered to, or be mailed and received by, the Secretary at the principal executive office of the Trust not later than five (5) business days after the record date for determining the Shareholders entitled to receive notice of such meeting and (b) with respect to nominations of persons for election as a Trustee, any additional information reasonably requested by the Trustees to determine that each person whom the Shareholder proposes to nominate for election as a Trustee is qualified to act as a Trustee, including information reasonably requested by the Trustees to determine that such proposed candidate has met the trustee qualifications as set out in Article IV Section 6 of these By-Laws, is provided, and such update and supplement shall be delivered to, or be mailed and received by, the Secretary at the principal executive office of the Trust not later than five (5) business days after the request by the Trustees for additional information regarding trustee qualifications has been delivered to, or mailed and received by, such Shareholder providing notice of any nomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A Shareholder providing notice of any nomination or any other business proposed to be made at a meeting shall further update and supplement such notice so that: (a) the information provided in such notice pursuant to this Article V, Section 3 shall be complete and correct as of the record date for determining the Shareholders entitled to receive notice of the meeting, and such update and supplement shall be delivered to, or be mailed and received by, the Secretary at the principal executive office of the Trust not later than five (5) business days after the record date for determining the Shareholders entitled to receive notice of such meeting and (b) with respect to nominations of persons for election as a Trustee, any additional information reasonably requested by the Trustees to determine that each person whom the Shareholder proposes to nominate for election as a Trustee is qualified to act as a Trustee, including information reasonably requested by the Trustees to determine that such proposed candidate has met the trustee qualifications as set out in Article IV Section 6 of these By-Laws, is provided, and such update and supplement shall be delivered to, or be mailed and received by, the Secretary at the principal executive office of the Trust not later than five (5) business days after the request by the Trustees for additional information regarding trustee qualifications has been delivered to, or mailed and received by, such Shareholder providing notice of any nomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Only such persons who are nominated in accordance with the procedures and requirements set forth in this Article V, Section 3 shall be eligible to serve as trustee, and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting in accordance with the procedures and requirements set forth in this Article V, Section 3. The chairperson of the meeting shall have the power and duty to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures and requirements set forth in this Article V, Section 3 and, if any proposed nomination or other business is not in compliance with this Article V, Section 3, to declare that such nomination or proposal shall be disregarded. Without limiting the generality of the foregoing or any other requirements herein, (i) a Shareholder shall be disqualified from bringing any business proposed to be brought before a meeting if all of the information in such Shareholder's notice, or provided in connection therewith, is not correct and complete or if such Shareholder does not comply fully with the representations in such notice and (ii) if the Shareholder (or a qualified representative of such Shareholder) does not appear at the special meeting of Shareholders of the Trust to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Trust. For purposes of this Article V, Section 3, to be considered a qualified representative of a Shareholder, a person must be a duly authorized officer, manager or partner of such Shareholder or must be authorized by a writing executed by such Shareholder or an electronic transmission delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. For purposes of this Article V, Section 3 (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of trustees and (b) "public announcement" shall mean disclosure (i) in a press release either transmitted to the principal securities exchange on which Shares are traded or reported by a recognized news service or (ii) in a document publicly filed by the Trust with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding the foregoing provisions of this Article V, Section 3, a Shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Article V, Section 3. Nothing in this Article V, Section 3 shall be deemed to affect any right of a Shareholder to request inclusion of a proposal in, nor the right of the Trust to omit a proposal from, the Trust's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trustees may from time to time require any individual nominated to serve as a Trustee to agree in writing with regard to matters of business ethics and confidentiality while such nominee serves as a Trustee, such agreement to be on the terms and in a form determined satisfactory by the Trustees, as amended and supplemented from time to time in the discretion of the Trustees

<u>Section 4. Notice of Meeting</u>. Except as otherwise set forth herein, the Chairperson or Trustees shall call a meeting of Shareholders by giving written notice of the place (including that the meeting will be held by remote communication, as applicable), date, time and general nature of the business to be transacted at that meeting at least ten (10) days before the date of such meeting, and a meeting of Shareholders of any Series or Class shall be held at such time and place (including that the meeting will be held by remote communication, as applicable) as is determined by the Trustees and stated in the notice of that meeting.

<u>Section 5. Manner of Giving Notice; Waiver of Notice</u>. Notice of any meeting of Shareholders shall be (i) given either by hand delivery, telephone, overnight courier, facsimile, telex, telecopier, electronic mail or other electronic means or electronic transmission or by mail, postage prepaid, and (ii) addressed to the Shareholder at the physical or electronic address of that Shareholder appearing in the records of the Trust or its transfer agent or similar agent or entity or given by the Shareholder to the Trust for the purpose of notice. If no such address appears in the Trust's records or those of its transfer agent or similar agent or entity and is not given to the Trust, notice shall be deemed to have been given if sent to that Shareholder at the Trust's principal executive office, or if published at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by electronic means, electronic transmission or other means of written communication or, where notice is given by publication, on the date of publication. Whenever any notice of any meeting of Shareholders is required to be given, a written waiver or a waiver by electronic means or transmission, signed by the person or persons entitled to such notice and filed with the records of the meeting, whether before or after the meeting is held, or attendance at the meeting in person or by proxy shall be deemed equivalent to the giving of such notice to such persons.

<u>Section 6. Postponed and Adjourned Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Trustees may postpone such meeting one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Article V, Section 4. Any Shareholders' meeting may be adjourned by the chairperson of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chairperson of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders 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 Trustees in its sole discretion. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

<u>Section 7. Validity of Proxies</u>. Subject to the provisions of the Trust Instrument, Shareholders entitled to vote may vote either in person or by proxy; provided, that either the Shareholder or his or her duly authorized agent or attorney-in-fact has (i) signed a written instrument authorizing such proxy to act, or (ii) transmitted by electronic, telephonic, computerized, facsimile, telecommunication, telex or other alternative to execution of a written instrument authorizing such proxy to act. Every such transmission shall contain, or be accompanied by, information that can be used to reasonably determine that the Shareholder transmitted or authorized such transmission. Acceptable methods of authorizing a proxy to act shall be set forth in the proxy statement soliciting such proxy. Any person charged with determining whether a Shareholder transmitted or authorized the transmission of any communication authorizing a proxy to act per clause (ii) of the first sentence of this Section 7, shall specify the information upon which the determination is to be made. Unless the proxy provides otherwise, it shall not be valid for more than three (3) years before the date of the meeting. Unless otherwise specifically limited by their terms, proxies shall entitle the Shareholder to vote at any adjournment of a Shareholders' meeting. Subject to the provisions of the Delaware Code entitled "Treatment of Delaware Statutory Trusts", the Trust Instrument, or these By-laws, the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder shall govern all matters concerning the giving, voting or validity of proxies, as if the Trust were a Delaware corporation and the Shareholders were shareholders of a Delaware corporation.

<u>Section 8. Organization of Meetings</u>. The Chairperson of the Board of Trustees or the Lead Independent Trustee shall preside at each meeting of Shareholders. In the absence of the Chairperson or the Lead Independent Trustee, the meeting shall be chaired by the President or a Vice chair, or if the President and a Vice chair shall not be present, by a Vice President. In the absence of all such officers, the meeting shall be chaired by a person elected for such purpose at the meeting. The Secretary of the Trust, if any and if present, shall act as Secretary of such meetings, or if the Secretary is not present, an Assistant Secretary of the Trust shall so act, and if no Assistant Secretary is present, then a person designated by the Secretary of the Trust shall so act, and if the Secretary has not designated a person or if there is no Secretary, then the meeting shall elect a secretary for the meeting.

The Board of Trustees of the Trust shall be entitled to make such rules and regulations for the conduct of meetings of Shareholders as it shall deem necessary, appropriate or convenient. Subject to such rules and regulations of the Board of Trustees, if any, the chairperson of any meeting of the Shareholders shall determine the order of business and the procedures for conduct of business at the meeting, including regulation of the manner of voting, the conduct of discussion, the appointment of inspectors and the determination of all questions relating to the qualifications of voters, the validity of proxies, and the acceptance or rejection of votes.

<u>Section 9. Record Date</u>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting, or who are entitled to participate in any dividend or distribution, or for the purpose of any other action, the Trustees may from time to time close the transfer books for such period, not exceeding thirty days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books the Trustees may fix a date and time, as permitted by applicable law, prior to the date of any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders entitled to vote at such meeting or to be treated as Shareholders of record for purposes of such other action. Except as set forth in Article V, Section 2 of the Trust Instrument, any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or to be treated as a Shareholder of record for purposes of such other action, even though such Shareholder has since that date and time disposed of its Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or to be treated as a Shareholder of record for purposes of such other action. The record books of the Trust as kept by the Trust or any transfer agent or similar agent or entity, as the case may be, shall be conclusive as to who are the Shareholders of the Trust, including any Series or Class, the number of Shares of the Trust, including any Series or Class, held from time to time by each Shareholder and as to who shall be deemed to be a Shareholder as of any date and time fixed by the Trustees.

<u>Section 10. Action Without a Meeting</u>. Shareholders may take any action without a meeting if a majority (or such greater amount as may be required by law) of the Outstanding Shares entitled to vote on the matter consent to the action in writing and such written consents are filed with the records of Shareholders' meetings. Such written consent shall be treated for all purposes as a vote at a meeting of the Shareholders.

<u>Section 11. Virtual Meetings</u>. Notwithstanding any other provision of these By-laws, pursuant to Section 3806(b)(5) and (f) of the Delaware Statutory Trust Act, the Trustees shall have the power and authority to determine that any special meeting of Shareholders be held solely or partially by means of conference telephone or other communications equipment, in lieu of being held at any designated place, and participation in such a meeting shall constitute presence in person at the meeting. Any such meeting shall be subject to such guidelines and procedures as the Board of Trustees may adopt and the notice for any such meeting need not designate a "place" of the meeting if it is to be held solely by means of conference telephone or other communications equipment. The Trustees may, in their sole discretion, notify Shareholders of any postponement, adjournment or a change of the place of a meeting of Shareholders (including a change to hold the meeting by means of remote communication) by a document publicly filed by the Trust with the Commission without the requirement of any further notice hereunder.

<u>ARTICLE VI<br> SHARES OF BENEFICIAL INTEREST</u>

<u>Section 1. No Share Certificates</u>. Neither the Trust nor any Series or Class shall issue certificates certifying the ownership of Shares, unless the Trustees may otherwise specifically authorize such certificates.

<u>Section 2. Register</u>. A register shall be kept, directly or indirectly, by the Trust or by the transfer agent, similar agent or entity, which register shall contain, to the extent practicable, the names and addresses of the Shareholders and interests held by each Shareholder. Each such register shall be conclusive as to the identity of the Shareholders of the Trust and the persons who shall be entitled to payments of distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any distribution, or to have notice given to it as herein provided, until it has given its address to such officer or agent of the Trust as shall keep the said register for entry thereon. The record books of the Trust as kept by the Trust or any transfer agent or similar agent or entity may be deemed to constitute the register contemplated by this Article VI, Section 2.

<u>Section 3. Transfer of Shares</u>. Shares shall be transferable, so as to effect the rights of the Trust, only by transfer recorded on the books of the Trust. The Trust shall be entitled to treat the holder of record of any Share or Shares as the absolute owner for all purposes, and shall not be bound to recognize any legal, equitable or other claim or interest in such Share or Shares on the part of any other person except as otherwise expressly provided by law.

<u>ARTICLE VII<br> INSPECTION OF RECORDS AND REPORTS</u>

Every Trustee shall have the absolute right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents. No Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by the Trustees.

<u>ARTICLE VIII<br> AMENDMENTS</u>

These By-laws may be amended by the Trustees of the Trust without any Shareholder vote.

<u>ARTICLE IX<br> GENERAL MATTERS</u>

<u>Section 1. Checks, Drafts, Evidence of Indebtedness</u>. All checks, drafts, or other orders for payment of money, notes or other evidences of indebtedness issued in the name of or payable to the Trust shall be signed or endorsed in such manner and by such person or persons as shall be designated from time to time in accordance with the resolution of the Board of Trustees.

<u>Section 2. Contracts and Instruments; How Executed</u>. The Trustees, except as otherwise provided in these By-laws, may authorize any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances; and unless so authorized or ratified by the Trustees or within the agency power of an officer, no officer, agent, or employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

<u>Section 3. Severability</u>. The provisions of these By-laws are severable. If the Board of Trustees determines, with the advice of counsel, that any provision hereof conflicts with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986, as amended, or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of these By-laws; provided, however, that such determination shall not affect any of the remaining provisions of these By-laws or render invalid or improper any action taken or omitted prior to such determination. If any provision hereof shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision of these By-laws.

<u>Section 4. Headings</u>. Headings are placed in these By-laws for convenience of reference only and in case of any conflict, the text of these By-laws rather than the headings shall control.

## Ex-99.(D)(I)

**Exhibit 99.(d)(i)**

**CALAMOS ETF TRUST**

**INVESTMENT ADVISORY AGREEMENT**

**AGREEMENT** made as of the 10<sup>th</sup> day of January 2023, by and between Calamos ETF Trust (the "Trust") on behalf of each of its series (each, a "Fund") as set forth on <u>Schedule A</u> attached hereto, and Calamos Antetokounmpo Asset Management LLC (the "<u>Advisor</u>").

**WHEREAS,** the Trust is an open-end, management investment company registered as such with the Securities and Exchange Commission (the "<u>Commission</u>") pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

**WHEREAS**, the Advisor is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

**WHEREAS**, the Trust desires to retain the Advisor to serve as investment advisor for the Fund(s) and the Advisor is willing to do so;

**NOW, THEREFORE,** in consideration of the mutual promises and covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed by and between the parties, as follows:

1. **General Provision.** 

The Trust hereby employs the Advisor and the Advisor hereby undertakes to act as the investment advisor for the Funds and to perform such other duties and functions as are hereinafter set forth. The Advisor shall, in all matters, give to the Trust and its Board of Trustees (the "<u>Board</u>" and each trustee of the Trust, a "<u>Trustee</u>" and collectively, the "<u>Trustees</u>") the benefit of its judgment, effort, advice and recommendations and shall, at all times conform to, and use its best efforts to enable the Trust to conform to: (a) the provisions of the 1940 Act and any rules or regulations thereunder; (b) any other applicable provisions of state or federal law; (c) the provisions of the Trust's Declaration of Trust ("<u>Declaration of Trust</u>") and By-Laws ("<u>By-Laws</u>") as amended from time to time; (d) policies and determinations of the Board; (e) the Fund's fundamental policies and investment restrictions as reflected in its registration statement under the 1940 Act or as such policies may, from time to time, be amended by the Fund's shareholders; and (f) the Fund's prospectus ("<u>Prospectus</u>") and statement of additional information ("<u>Statement of Additional Information</u>") in effect from time to time. The appropriate officers and employees of the Advisor shall be available upon reasonable notice for consultation with any of the Trustees and officers of the Trust with respect to any matters dealing with the business and affairs of the Trust or the Funds.

2. **Investment Management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor shall, subject to the oversight of the Board, (i) regularly provide, or arrange for and oversee the provision of, investment advice and recommendations to each Fund with respect to its investments, investment policies and the purchase and sale of securities and other investments; (ii) supervise the investment program of each Fund and the composition of its portfolio and determine, or oversee the determination of, what securities and other investments shall be purchased or sold by each Fund; and (iii) arrange, subject to the provisions of paragraph 7 hereof, for the purchase of securities and other investments for each Fund and the sale of securities and other investments held in the portfolio of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Trust shall not be required to pay any compensation other than as provided by the terms of this Agreement and subject to the provisions of subparagraph (c) of paragraph 7 hereof, the Advisor may obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by applicable law, the Advisor may, from time to time with Board approval, appoint one or more sub-advisors, including without limitation affiliates of the Advisor, to perform investment advisory services with respect to the Fund(s) (including, without limitation, those set forth in subparagraph (a) of this paragraph 2), and may, in its sole discretion, terminate any or all such sub-advisors at any time to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall have the authority to (i) enter into, on behalf of the Trust and as its advisor and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Trust and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents (collectively, "<u>Investment Instruments</u>"), (ii) pledge and deliver cash, securities, commodities or other assets of the Trust as collateral security in connection with any Investment Instrument, and (iii) otherwise act on behalf of the Trust in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Trust under any Investment Instruments or other agreement or documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provided that nothing herein shall be deemed to protect the Advisor from its willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement, the Advisor, each of its affiliates and all respective partners, members, directors, officers, trustees and employees and each person, if any, who within the meaning of Section 15 of the Securities Act of 1933, as amended, controls, is controlled by or is under common control with the Advisor ("<u>Control Persons</u>") shall not be liable for any error of judgment or mistake of law and shall not be subject to any expenses or liability to the Trust or any of the Trust's shareholders, in connection with the matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this Agreement shall prevent the Advisor or any officer thereof from acting as investment advisor for any other person, firm or corporation and shall not in any way limit or restrict the Advisor or any of its directors, officers or employees from buying, selling or trading any securities or other instruments for its own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Advisor of its duties and obligations under this Agreement and under the Advisers Act.

3. **Other Duties of the Advisor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary or useful to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Advisor shall be deemed to include persons employed or otherwise retained by the Advisor to furnish statistical and other factual data, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as the Advisor may desire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor shall also furnish such reports, evaluations, information or analyses to the Trust as the Board may request from time to time or as the Advisor may deem to be desirable. The Advisor shall make recommendations to the Board with respect to Fund policies, and shall carry out such policies as are adopted by the Trustees. The Advisor shall, subject to review by the Board, furnish such other services as the Advisor shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will, from time to time, furnish or otherwise make available to the Advisor such financial reports, proxy statements and other information relating to the business and affairs of the Fund(s) as the Advisor may reasonably require in order to discharge its duties and obligations hereunder. The Advisor shall as agent for the Trust maintain the Trust's records required in connection with the performance of its obligations under this Agreement and required to be maintained under the Investment Company Act. All such records so maintained shall be the property of the Trust and, upon request therefore, the Advisor shall surrender to the Trust such of the records so requested; provided that the Advisor may, at its own expense, make and retain copies of any such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall bear the cost of rendering the investment advisory and supervisory services to be performed by it under this Agreement, and shall, at its own expense, pay the compensation of the officers and employees, if any, of the Trust who are also directors, officers or employees of the Advisor.

4. **Trust Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Adviser shall pay all of the expenses of each Fund of the Trust (including the cost of transfer agency, sub-advisory, custody, fund administration, legal, audit and other services and license fees, if any) but excluding the fee payment under this Agreement, interest, taxes, brokerage commissions, acquired fund fees, if any, and other expenses connected with the execution of portfolio transactions (such as dividend and distribution expenses from securities sold short and/or other investment related costs), distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses. For purposes of this Agreement, brokerage commissions paid by a Fund upon the purchase or sale of a Fund's portfolio securities or other assets shall be considered a cost of the securities or assets of the Fund and shall be paid by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall reimburse the Advisor or its affiliates for any expenses of the Trust or a Fund as may be reasonably incurred as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Advisor or its affiliates on the behalf of the Trust or a Fund) or as specifically agreed to by the Board. The Advisor shall keep and supply to the Trust reasonable records of all such expenses.

5. **Compensation of the Advisor.** 

The Trust agrees to pay the Advisor and the Advisor agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a fee as set forth on Exhibit A. If this Agreement expires or is terminated, the Advisor shall be entitled to receive all amounts (including any accrued by unreimbursed expenses) payable to it and not yet paid pursuant to this Section.

6. **Use of Names.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees and consents that: (i) the name "Calamos" is proprietary to Calamos Advisors LLC (or one or more of its affiliates), a member of the Advisor; (ii) it will only use the name "Calamos" as a component of its name or a name of its series and for no other purpose; (iii) it will not purport to grant to any third party the right to use the name for any other purpose; (iv) Calamos Advisors LLC, or one or more of its affiliates may use or grant to others the right to use the name "Calamos" as all or a portion of a corporate or business name or for any commercial purpose, including, without limitation, a grant of such right to any other investment company or other pooled vehicle; (v) upon termination of this Agreement, the Trust shall promptly take whatever action may be necessary to change its name and the name of its series and discontinue any further use of the name "Calamos" in the name of the Trust, a Fund or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees and consents that: (i) the name "Antetokounmpo" is proprietary to Giannis Sina Ugo Antetokounmpo (or one or more of his affiliates), a member of the Advisor; (ii) it will only use the name "Antetokounmpo" as a component of its name or a name of its series and for no other purpose; (iii) it will not purport to grant to any third party the right to use the name for any other purpose; (iv) Giannis Sina Ugo Antetokounmpo, or one or more of his affiliates may use or grant to others the right to use the name "Antetokounmpo" as all or a portion of a corporate or business name or for any commercial purpose, including, without limitation, a grant of such right to any other investment company or other pooled vehicle; (v) upon termination of this Agreement, the Trust shall promptly take whatever action may be necessary to change its name and the names of its series and discontinue any further use of the name "Antetokounmpo" in the name of the Trust, a Fund or otherwise.

7. **Portfolio Transactions and Brokerage.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor is authorized, subject to the supervision and oversight of the Board, to establish and maintain accounts on behalf of a Fund with, and place orders for the purchase and sale of a Fund's portfolio securities or other investments with or through, such persons, brokers or dealers, futures commission merchants or other counterparties ("<u>brokers</u>") as the Advisor may elect and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with the Advisor shall be used only in transactions permissible under applicable laws, rules and regulations, including without limitation the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder, as well as permitted by the Policies adopted by the Trust or a Fund. The Advisor, upon reasonable request of the Board, shall promptly provide the Board with copies of all agreements regarding brokerage arrangements related to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On occasions when the Advisor deems the purchase or sale of a security to be in the best interests of a Fund as well as other clients of the Advisor, the Advisor, to the extent permitted by applicable laws and regulations (including, without limitation, any applicable exemptive orders or Commission guidance) and subject to the trade allocation procedures, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Advisor in accordance with the approved procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall render reports to the Board as requested regarding commissions generated as a result of trades executed by the Advisor for a Fund, as well as information regarding third-party services, if any, received by the Advisor as a result of trading activity relating to a Fund with brokers and dealers.

8. **Duration.** 

This Agreement will take effect on the date first set forth above. Unless earlier terminated pursuant to paragraph 9 hereof, this Agreement shall remain in effect until two years from the date hereof, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least annually by the Board, including, without limitation, the vote of the majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or by the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Trust and by such a vote of the Board.

9. **Termination.** 

This Agreement may be terminated as to a Fund: (a) by the Advisor at any time without penalty upon giving at least sixty days' written notice (which notice may be waived with respect to a Fund); (b) by the Trust at any time without penalty upon at least sixty days' written notice to the Advisor (which notice may be waived by the Advisor); or (c) by the Trust upon delivery of written notice from the Trust to the Advisor in the event of a material breach of any provision of this Agreement by the Advisor, provided that, to the extent such material breach is capable of being cured, the Trust shall have first provided the Advisor written notice of the material breach and the Advisor shall have failed to cure such breach to the reasonable satisfaction of the Trust within 10 days after the delivery of such notice; provided that termination by the Trust under (b) or (c) above shall be directed or approved by the vote of a majority of all of the Trustees then in office or by the vote of the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of such Fund.

10. **Assignment or Amendment.** 

This Agreement may not be amended without the affirmative vote of the Board, including a majority of the Trustees who are not parties to this Agreement or interested persons of any such party, cast at a meeting called for the purposes of voting on such approval and, where required by the 1940 Act, by a vote or written consent of a "majority" of the outstanding voting securities, and shall automatically and immediately terminate in the event of its "assignment," as defined in the 1940 Act.

11. **Disclaimer of Shareholder Liability.** 

The Advisor understands that the obligations of the Trust under this Agreement are not binding upon any Trustee or shareholder of a Fund personally, but bind only the Trust and the Trust's property. The Advisor represents that it has notice of the provisions of the Declaration of Trust of the Trust disclaiming shareholder liability for acts or obligations of the Trust.

12. **Definitions.** 

The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions of the 1940 Act.

13. **Counterparts** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken altogether shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (*e.g*., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

14. **Governing Law, Jurisdiction, *etc*.** 

This Agreement shall be governed by and construed in accordance with substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. The state and federal courts sitting within the State of Delaware shall be the sole and exclusive forums for any action or proceeding hereunder and the parties hereto consent to the jurisdiction thereof. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

15. **Severability** 

If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

16. **Entire Agreement** 

This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof. Each party shall perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement.

17. **Survival** 

The provisions of Sections 5, 6, 11, 14 and 17 shall survive termination of this Agreement.

[*Remainder of page left intentionally blank*. *The signature page follows.*]

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| |
|:---|
| CALAMOS ETF TRUST |
| By: |
| Name: J. Christopher Jackson |
| Title: Secretary |
| Calamos Antetokounmpo Asset Management LLC |
| By: |
| Name: Thomas Herman |
| Title: Chief Financial Officer |

---

**SCHEDULE A TO**

**ADVISORY AGREEMENT**

Calamos Antetokounmpo Global Sustainable Equities ETF

**EXHIBIT A TO**

**ADVISORY AGREEMENT**

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 such Fund at an annual rate of 0.95%.

## Ex-99.(D)(Ii)

**Exhibit 99.(d)(ii)**

**CALAMOS ETF TRUST**

**SUB-ADVISORY AGREEMENT**

**THIS AGREEMENT** is made and entered into on this 10<sup>th</sup> day of January 2023 by and among Calamos Antetokounmpo Asset Management LLC, a Delaware limited liability company (the "<u>Advisor</u>"), Calamos Advisors LLC, a Delaware limited liability company (the "<u>Sub-Advisor</u>"), and Calamos ETF Trust, a Delaware statutory trust (the "<u>Trust</u>").

**W I T N E S S E T H:**

**WHEREAS**, the Trust is registered with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

**WHEREAS**, the Trust has appointed Calamos Antetokounmpo Asset Management LLC (the "<u>Advisor</u>") as the investment advisor for the Calamos Antetokounmpo Global Sustainable Equities ETF, a series of the Trust (the "Fund") pursuant to the terms of an Investment Advisory Agreement (the "<u>Advisory Agreement</u>");

**WHEREAS**, the Advisor and Sub-Advisor are registered investment advisors under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>");

**WHEREAS**, the Advisory Agreement permits the Advisor, at its option, subject to approval by the Trust's Board of Trustees (the "<u>Board</u>") and, to the extent necessary, shareholders of its series, to delegate certain of its duties under the Advisory Agreement to other investment advisors, subject to the requirements of the 1940 Act; and

**WHEREAS**, the Advisor desires to retain the Sub-Advisor to assist it in the provision of a continuous investment program for the Trust's assets, and the Sub-Advisor is willing to render such services, subject to the terms and conditions set forth in this Agreement;

**NOW, THEREFORE**, the parties do mutually agree and promise as follows:

1. <u>Appointment and Acceptance as Sub-Advisor.</u> The Advisor hereby retains the Sub-Advisor to act as
Sub-Advisor and manage on a discretionary basis any or all of the Trust's assets and investments allocated by the Advisor to the
Sub-Advisor (the " <u>Allocated Portion</u> "), and to provide investment advice to the series of the Trust as hereinafter set
forth, subject to the oversight of the Advisor and the Board and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts
such appointment.

2. <u>Duties of Sub-Advisor.</u> 

a. <u>Investments</u>. The Sub-Advisor is hereby authorized and directed and hereby agrees, subject to the
stated investment objectives, investment policies and restrictions of each Fund as set forth in the Fund's registration statement,
prospectus and Statement of Additional Information as currently in effect and as supplemented or amended from time to time (collectively
referred to hereinafter as the " <u>Prospectus</u> ") along with the requirements applicable to registered investment companies
under applicable laws (including the 1940 Act), the oversight and direction (excluding, for the avoidance of doubt, any direction with
respect to the selection and management of the specific investments) of the Advisor and the Board, and any portfolio guidelines (including
the list of securities permitted to be and/or restricted from trading) agreed from time to time in writing by the Advisor and Sub-Advisor
(" <u>Guidelines</u> "), at its own expense as provided in Section 4 hereof in consideration of the fees payable as provided
in Section 5 hereof, with respect to the Allocated Portion to: (i) regularly provide investment advice, research and recommendations
to a Fund; (ii) furnish, supervise and monitor a continuous investment program for a Fund and the composition of its portfolio to
determine in its discretion what securities, cash and other investments shall be purchased, retained or sold; and (iii) arrange,
subject to the provisions of paragraph (d) below, for the purchase and sale of securities and other investments. The Advisor shall
provide the Sub-Advisor with such assistance as may be reasonably requested by the Sub-Advisor in connection with its activities under
this Agreement, including, without limitation, information concerning a Fund and the Fund's affairs.

The Advisor hereby authorizes the Sub-Advisor, at all times in accordance with the Prospectus and the Guidelines, with respect to the Allocated Portion to (i) enter into, on behalf of the Trust and as its Sub-Advisor and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission ("<u>CFTC</u>") to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Trust and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over-the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents (collectively, "<u>Investment Instruments</u>"), (ii) pledge and deliver cash, securities, commodities or other assets of the Trust as collateral security in connection with any Investment Instrument, and (iii) otherwise act on behalf of the Trust in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Trust under any Investment Instruments or other agreement or documentation.

b. <u>Compliance with Applicable Laws and Governing Documents</u>. In the performance of its duties and obligations
under this Agreement or otherwise, the Sub-Advisor shall act in conformity with the Trust's Declaration of Trust (as it may be amended
or modified from time to time), By-Laws (as they may be amended or modified from time to time), procedures and policies (" <u>Policies</u> ")
adopted by the Board and/or by the Advisor, the Guidelines, and the Prospectus and with instructions and directions received in writing
from the Advisor or the Board and will conform to and comply with the requirements of the 1940 Act, the Advisers Act and, to the extent
applicable, the Commodity Exchange Act, as amended (" <u>CEA</u> "), and the rules and regulations adopted under the 1940
Act, the Advisers Act and, to the extent applicable, the CEA, from time to time, the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "),
and all applicable federal and state laws and regulations necessary to allow the Trust to qualify as a "regulated investment company"
as defined in Subchapter M of the Code. The Sub-Advisor shall maintain compliance procedures and processes that are reasonably designed
to ensure compliance with all laws, rules, regulations and requirements applicable to the investment advisor of a closed-end investment
company like the Trust under the Advisers Act, including Rule 206(4)-7 thereunder, and the 1940 Act. No supervisory activity undertaken
by the Advisor shall limit the Sub-Advisor's full responsibility for all of its obligations and responsibilities hereunder. To the
extent that the CEA and the CFTC regulations require: (A) registration by the Sub-Advisor as a commodity pool operator or commodity
trading advisor and/or membership with the National Futures Association (" <u>NFA</u> ") with respect to the Fund, (B) specific
disclosure, as applicable to the investors in the Fund, or (C) filing of reports and other documents with respect to the Fund, Sub-Advisor
shall promptly and fully comply, or work with the Advisor to take reasonable steps to cause the Trust to comply, with all such requirements.

The Advisor shall provide the Sub-Advisor with copies of the Trust's Declaration of Trust, By-Laws, Policies, the Guidelines, and the Prospectus, and shall provide the Sub-Advisor with reasonable notice of any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus or in any Policies or Guidelines adopted by the Board and/or the Advisor, and the Sub-Advisor shall, in the performance of its duties and obligations under this Agreement, manage the Fund's portfolio in compliance with such documents and changes, provided that the Sub-Advisor has received notice of the effectiveness of such changes from the Fund or the Advisor and any such changes to the investment objectives, policies, restrictions or guidelines for the Fund shall be reasonably acceptable to the Sub-Advisor, provided, further, that any such changes shall be deemed to be acceptable to the Sub-Advisor unless the Sub-Advisor has provided the Advisor written notice within seven (7) business days of receiving such documents that any of the changes are not reasonably acceptable. In addition to such notice, the Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus reflecting such changes.

The Sub-Advisor shall not delegate investment advisory services to any third-party concerning transactions for a Fund without the prior written consent of the Advisor or the Board.

c. <u>Voting of Proxies</u>. Absent specific written instructions to the contrary provided to the Sub-Advisor
by the Advisor, the Sub-Advisor shall vote, either in person or by proxy, all securities in which a Fund may be invested from time to
time with respect to the Allocated Portion in accordance with its proxy voting procedures and provide a record of votes cast containing
all of the voting information required by Form N-PX in an electronic format to enable a Fund to file Form N-PX as required.
The Sub-Advisor shall provide its proxy voting policy (" <u>Proxy Policy</u> ") to the Board and the Advisor, and, if requested
by the Advisor, shall provide a summary of the Proxy Policy suitable for including in the Prospectus. The Sub-Advisor shall provide the
Board and the Advisor with any material amendment to the Proxy Policy within a reasonable time after such amendment has taken effect.
The Sub-Advisor shall promptly inform the Advisor of all tender offers, rights offerings and other voluntary corporate action requests
affecting securities in a Fund with respect to the Allocated Portion and, absent specific written instructions to the contrary provided
to the Sub-Advisor by the Advisor, shall respond on behalf of a Fund to all such corporate action requests and shall complete and file
notices of claims in connection with class action lawsuits concerning securities in a Fund with respect to the Allocated Portion.

d. <u>Brokerage</u>. With respect to the Allocated Portion, the Sub-Advisor is authorized, subject to the
supervision and oversight of the Advisor and the Board, to establish and maintain accounts on behalf of a Fund with, and place orders
for the purchase and sale of the Fund's portfolio securities or other investments with or through, such persons, brokers or dealers,
futures commission merchants or other counterparties (" <u>brokers</u> ") as the Sub-Advisor may elect and negotiate commissions
to be paid on such transactions; provided, however, that a broker affiliated with the Sub-Advisor shall be used only in transactions permissible
under applicable laws, rules and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and
regulations promulgated thereunder, as well as permitted by the Policies adopted by the Fund. The Sub-Advisor, upon reasonable request
of the Advisor, shall promptly provide the Advisor with copies of all agreements regarding brokerage arrangements related to a Fund.

On occasions when the Sub-Advisor deems the purchase or sale of a security to be in the best interests of the Trust as well as other clients of the Sub-Advisor, the Sub-Advisor, to the extent permitted by applicable laws and regulations (including any applicable exemptive orders or SEC guidance) and subject to the trade allocation procedures approved by the Trust's Board or the Advisor, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in accordance with the approved procedures.

The Sub-Advisor shall render reports to the Advisor and/or to the Board as reasonably requested regarding commissions generated as a result of trades executed for the Trust, as well as information regarding third-party services, if any, received by the Sub-Advisor as a result of trading activity relating to the Trust with brokers and dealers.

e. <u>Code of Ethics</u>. The Sub-Advisor, including its Access Persons (as defined in subsection (e) of
Rule 17j-1 under the 1940 Act), shall observe and comply with Rule 17j-1 and the Sub-Advisor's written code of ethics,
as the same may be amended from time to time (" <u>Code of Ethics</u> "). On at least a quarterly basis, the Sub-Advisor shall,
at the request of the Advisor, either (i) certify to the Advisor that the Sub-Advisor and its Access Persons have complied in all
material respects with the Sub-Advisor's Code of Ethics or (ii) identify any (A) material violations which have occurred
with respect to the Code of Ethics or (B) with respect to any Access Persons who provide services to the Trust, multiple violations
(whether or not material) by the same individual(s) which have occurred with respect to the Code of Ethics. Quarterly, the Sub-Advisor
shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning its Code of Ethics, to the Trust and
the Advisor. The Sub-Advisor shall notify the Advisor promptly of any material violation of the Code of Ethics involving employees providing
services to the Trust and provide information relevant to the Trust related to any such violation. Further, the Sub-Advisor represents
that it has policies and procedures regarding the detection and prevention of the misuse of material, nonpublic information by the Sub-Advisor
and its employees. Upon the written request of the Advisor or Sub-Advisor, the Sub-Advisor shall permit the Advisor, its employees or
agents, to examine the reports (or summaries of the reports) required to be made by the Sub-Advisor under Rule 17j-1(c)(1) and
other records evidencing enforcement of the Code of Ethics.

f. <u>Books and Records</u>. The Sub-Advisor shall maintain, and provide to the Fund's Administrator
for inclusion in the Fund's records, all records that are required of an investment advisor of a registered investment company pursuant
to the applicable laws, rules and regulations, including, without limitation, the 1940 Act, the Advisers Act, the 1934 Act, the CEA
and the rules and regulations under the 1940 Act, the Advisers Act and, to the extent applicable, the CEA. The Sub-Advisor acknowledges
that the records that it maintains with respect to the Fund that are included in the Fund's records are property of the Fund and
further agrees that all accounts, books and other records maintained and preserved by it shall be surrendered promptly to the Fund, or
to any third party at the Fund's direction, including the Advisor or any governmental agency or other instrumentality having regulatory
authority over the Advisor or the Fund; provided, that the Sub-Advisor may at its own expense make and retain copies of any such records.

g. <u>Information Concerning the Trust's Assets and Sub-Advisor</u>. From time to time as the Advisor
or the Board may request, the Sub-Advisor shall furnish the requesting party information and reports on portfolio transactions and on
the securities and other assets held in the portfolio, all in such detail, form and frequency as the Advisor or the Board may reasonably
request. The Sub-Advisor shall respond in writing to any request or questionnaire from the Trust's Board under Section 15(c) of
the 1940 Act.

The Advisor shall furnish to the Sub-Advisor the Prospectus, proxy statements, reports to shareholders, financial statements, Declaration of Trust and By-Laws, and any amendments thereto, and such other information with regard to the affairs of the Trust as the Sub-Advisor may reasonably request.

The Advisor acknowledges and agrees that, provided that the Sub-Advisor has provided the Advisor with complete, accurate and timely information regarding the Sub-Advisor's activities relating to the Trust, the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust, including, without limitation, the 1940 Act, the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), and the rules and regulations thereunder, and that the Sub-Advisor shall have no liability in connection therewith, except as to the accuracy of (x) material information furnished in writing by the Sub-Advisor to the Trust or to the Advisor specifically for inclusion in the Prospectus, or (y) information which was provided to the Sub-Advisor to review and which the Sub-Advisor approved as to the accuracy of such information. The Sub-Advisor shall provide to the Advisor in a timely manner such information relating to the Sub-Advisor and its relationship to, and actions for, a Fund as may be required to be contained in the Prospectus. The Sub-Advisor shall review all disclosure about the Fund(s) and the Sub-Advisor contained in a Fund's Prospectus and certain advertisements for accuracy and shall approve or disapprove of such disclosure within seven (7) business days of receiving such disclosure.

The Sub-Advisor shall further provide to the Advisor, the Trust or the Board in a timely manner with such information and assurances (including certifications and sub-certifications) and with such assistance as the Advisor, the Trust or the Board may reasonably request from time to time (subject to the Sub-Advisor's receipt of any necessary information from issuers held in a Fund's portfolio) in order to assist it in complying with applicable laws, rules, regulations and exemptive orders, including requirements in connection with the Advisor's, the Sub-Advisor's or the Board's fulfillment of its responsibilities under Section 15(c) of the 1940 Act and the preparation and/or filing of periodic and other reports and filings required to maintain the registration and qualification of the Trust, or to meet other regulatory or tax requirements applicable to the Trust. The Sub-Advisor shall review all draft reports to shareholders, Prospectus or amendments thereto or portions thereof that relate to the Sub-Advisor and its relationship to a Fund (including the Fund's investments, strategies and risks) and other documents related to the Fund provided to the Sub-Advisor and shall provide comments on such drafts and/or certifications or sub-certifications as to the accuracy of the information provided by the Sub-Advisor and/or contained in such reports or other documents within seven (7) business days of receiving such draft report, Prospectus (including any amendment to the Prospectus) or other document.

The Sub-Advisor shall report regularly on a timely and ongoing basis to the Advisor and to the Board and shall make appropriate persons, including portfolio managers, available for the purpose of reviewing with representatives of the Advisor and the Board on a regular basis at reasonable times the management of a Fund, the performance of the Fund in relation to standard industry indices and the Fund's own performance benchmark, and general conditions affecting the marketplace. The Sub-Advisor shall render to the Advisor and the Board on a timely basis such other periodic and special reports regarding its activities under this Agreement as the Advisor or the Board may reasonably request. The Sub-Advisor shall, (i) on a continuing basis, provide the distributor of a Fund (the "<u>Distributor</u>") with assistance with diligence, educational and informational efforts of consultants, financial advisors, other intermediaries and possible investors in the Fund in such amount and form as the Distributor may reasonably request from time to time, and (ii) upon reasonable notice from the Distributor, use reasonable efforts to cause the portfolio manager(s) or other person who manages or is responsible for overseeing the management of the Fund to provide such diligence, educational and informational assistance to the Distributor, including, without limitation, by participating in conference calls, meetings and road trips.

The Sub-Advisor shall further notify the Advisor promptly upon detection of any (i) error in connection with its management of a Fund, including, but not limited to, any trade errors, (ii) breach of any of the Policies or Guidelines, (iii) violation of any applicable law or regulation, including the 1940 Act and the Code, or (iv) material violation of the Sub-Advisor's own compliance policies and procedures, in each case that relate to the Fund. In the event of detection of such an error, breach or violation, the Sub-Advisor shall promptly inform the Advisor and also provide a memorandum to the Advisor that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Advisor has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws). The Sub-Advisor shall maintain errors and omission insurance coverage and fidelity insurance coverage, each in at least such minimum amounts as agreed upon from time to time by the Advisor and the Sub-Advisor, and from insurance providers that are in the business of regularly providing insurance coverage to investment advisors. The Sub-Advisor shall provide prior written notice to the Advisor: (A) of any material changes in its insurance policies or insurance coverage; or (B) if any material claims will be made on its insurance policies.

The Sub-Advisor shall, upon becoming aware, promptly notify the Advisor and the Trust in writing if: (i) there is a material breach of this Agreement; (ii) any of the representations and warranties of the Sub-Advisor contained herein (x) that are qualified by materiality becomes inaccurate after the execution of this Agreement or (y) that are not qualified by materiality becomes materially inaccurate after the execution of this Agreement; (iii) the Sub-Advisor is, or likely will become subject to, any statutory disqualification pursuant to Section 9(b) of the 1940 Act or otherwise that would prevent the Sub-Advisor from serving as an investment advisor or performing its duties pursuant to this Agreement. The Sub-Advisor shall notify the Advisor and the Trust promptly if any statement regarding the Sub-Advisor contained in a Fund's Prospectus with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

h. <u>Custody Arrangements</u>. The Sub-Advisor shall at no time have custody or physical control of any
assets or cash of the Trust. The Sub-Advisor shall on each business day provide the Advisor, the Trust and the Trust's custodian
such information as the Advisor, the Trust and the Trust's custodian may reasonably request relating to all transactions and portfolio
holdings of a Fund. The Sub-Advisor shall advise the Trust's custodian and the Advisor on a prompt basis of each purchase and sale
of a portfolio investment specifying the name of the issuer, the description and amount purchased or sold, the market price, commission
or spread and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information
as may reasonably be required. The Sub-Advisor shall arrange for the transmission to the custodian and accounting agent on a daily basis
such confirmation, trade tickets, and other documents and information as may be reasonably necessary to enable the custodian and accounting
agent to perform their administrative and recordkeeping responsibilities with respect to a Fund.

i. <u>Assistance with Valuation</u>. The Advisor is responsible for the accuracy, reliability, and completeness
of any market or fair market value determinations of a Fund's portfolio investments. The Sub-Advisor shall provide information and
assistance reasonably required by the Advisor or its designated agent(s) in determining or assessing the market value of securities
or other instruments held in a Fund, including those securities or instruments for which market quotations are not readily available or
for which the Advisor has otherwise determined are to be fair valued. In addition, in order to assist in a Fund's obligation to
value its portfolio assets to determine the Fund's net asset value and upon the request of the Advisor, the Sub-Advisor shall assist
the Fund or the Advisor and their designated agent(s) in their determination of whether prices obtained for valuation purposes accurately
reflect the fair value of the Fund's assets at such times as the Advisor or its agents shall reasonably request. Without limiting
the foregoing, the Sub-Advisor shall provide the reasonable portfolio investments data and relevant information underlying its market
or fair value recommendations to the Advisor or its designated agents as the Advisor reasonably requests. The Sub-Advisor shall also provide
the Advisor and its designated agent(s) with notice and analysis of any events that may affect or relate to the valuation of a Fund's
portfolio securities on a weekly basis and undertakes to monitor for such events with respect to all securities held by the Fund.

j. <u>Compliance Program</u>. The Sub-Advisor shall cooperate fully with the Fund's Chief Compliance
Officer in executing his/her responsibilities to monitor service providers of the Fund pursuant to Rule 38a-1 under the 1940 Act,
including, but not limited to, providing copies of the Sub-Advisor's compliance policies and procedures, and reporting information
as reasonably requested by the Advisor and the Board.

k. <u>Interaction With Other Service Providers</u>. The Sub-Advisor shall cooperate with and provide reasonable
assistance to the Advisor, the Board, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's
transfer agent and pricing agents and all other agents and representatives of the Trust and the Advisor, keep all such persons fully informed
as to such matters as may be reasonably necessary to the performance of their obligations to the Trust and the Advisor, provide prompt
responses to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient
exchange of information.

l. <u>Insurance</u>. The Sub-Advisor agrees that it shall maintain at all times during the course of this
Agreement and for the period thereafter in which indemnification obligations thereto could be triggered, an insurance policy with respect
to the Sub-Advisor in a commercially reasonable amount and on commercially reasonable terms taking into account the aggregate amount that
it could potentially be required to pay based on actual or potential liabilities in connection with its indemnification or other obligations
under this Agreement.

3. <u>Independent Contractor</u>. In the performance of its duties hereunder, the Sub-Advisor is and shall
be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority
to act for or represent the Trust or the Advisor in any way or otherwise be deemed an agent of the Trust or the Advisor. The Sub-Advisor
shall perform its obligations under this Agreement and will require any individual performing work on its behalf to perform such work
(i) in a diligent, professional and commercially reasonable manner and (ii) in compliance with all applicable laws, rules and
regulations, including, without limitation, applicable anti-corruption, anti-bribery, anti-money laundering and data privacy laws.

4. <u>Expenses</u>. During the term of this Agreement, the Sub-Advisor shall pay all expenses incurred by
it in connection with its activities under this Agreement, including, without limitation, all costs associated with attending or otherwise
participating in regular or special meetings of the Board, shareholders and with the Advisor, as requested, additions or modifications
to the Sub-Advisor's operations necessary to perform its services under this Agreement and all costs associated with any information
or proxy statements and/or other disclosure materials that are for the primary benefit of the Sub-Advisor (including any legal fees and
any shareholder meeting and/or solicitation costs, if applicable). The Sub-Advisor shall, at its sole expense, provide the office space,
furnishings, equipment and personnel required, and employ or associate itself with such persons or firms as it believes to be qualified,
to execute its duties under this Agreement. The Sub-Advisor shall not be responsible for the cost of making investments (including third-party
fees and expenses with respect to or associated with finders fees (or similar costs associated with identifying investments), negotiating,
evaluating (including due diligence) and investing in, any such investments) purchased or sold for the Trust.

Except as otherwise provided in this Agreement or by law, the Sub-Advisor shall not be responsible for expenses of the Advisor, the Trust or a Fund, which shall include, but not be limited to: organizational and offering expenses (which include out-of-pocket expenses, but not overhead or employee costs of the Sub-Advisor); expenses for legal, accounting and auditing services(including expenses of legal counsel to the Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Trust, the Advisor or the Sub-Advisor); taxes (including, without limitation, securities and commodities issuance and transfer taxes) and governmental fees (including, without limitation, fees payable by the Trust to Federal, State or other governmental agencies and associated filing costs); dues and expenses incurred in connection with membership in investment company organizations (including, without limitation, membership dues of the Investment Company Institute); costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Trust's custodians and sub-custodians, administrators and sub-administrators, registrars, depositories, transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including under the custody, administration and other agreements); costs of valuation service providers retained by the Trust or the Advisor; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC and various states and other jurisdictions (including filing fees and legal fees and disbursements of counsel); fees and expenses of registering or qualifying securities of a Fund for sale in the various states; fees and expenses incident to listing of a Fund's shares on any exchange; postage, freight and other charges in connection with the shipment of a Fund's portfolio securities; fees and expenses of Trustees of the Trust who are not interested persons (as defined in the 1940 Act) of the Trust, the Advisor or the Sub-Advisor and of any other trustees or members of any advisory board or committee who are not employees of the Advisor or Sub-Advisor or any corporate affiliate of the Advisor or Sub-Advisor; salaries of shareholder relations personnel; costs of shareholders meetings; insurance (including, without limitation, insurance premiums on property or personnel (including, without limitation, officers and Trustees of the Trust) of a Fund which inure to its benefit); interest; brokerage costs (including, without limitation, brokers' commissions or transactions costs chargeable to a Fund in connection with portfolio securities transactions to which the Fund is a party); any costs and expenses associated with or related to due diligence performed with respect to a Fund's offering of its shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisers, distribution platforms and third-party due diligence providers, to the extent contemplated in the Trust's distribution plan; a Fund's proportionate share of expenses related to co-investments; broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisers (including the Advisor or its affiliates) in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, fees and expenses in connection with arranging financing for a particular non-consummated transaction, travel costs, deposits or down payments that are forfeited in connection with, or amounts paid as a penalty for, a particular non-consummated transaction and other expenses incurred in connection with activities related to a particular non-consummated transaction); all expenses incident to the payment of any dividend, distribution (including any dividend or distribution program), withdrawal or redemption, whether in shares or in cash; the cost of making investments (including third-party fees and expenses with respect to or associated with negotiating any such investments) purchased or sold for a Fund; litigation and other extraordinary or non-recurring expenses (including, without limitation, legal claims and liabilities and litigation costs and any indemnification related thereto) (subject, however, to Section 10 hereof); and all other charges and costs of the Trust's or a Fund's operations.

The Trust or the Advisor, as the case may be, shall reimburse the Sub-Advisor or its affiliates for any expenses of the Trust, a Fund or the Advisor as may be reasonably incurred by the Sub-Advisor as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Sub-Advisor or its affiliates on behalf of the Trust or a Fund or as specifically agreed to beforehand by the Advisor). The Sub-Advisor shall keep and supply to the Fund and the Advisor reasonable records of all such expenses.

5. <u>Compensation</u>. For the services provided and the expenses assumed pursuant to this Agreement, the
Sub-Advisor shall be entitled to the fee as described on Exhibit A. Such fee shall be payable monthly from the Advisor, computed
and calculated as described in Exhibit A. Advisor shall pay or cause the Trust to pay, as appropriate, such amounts directly to the
Sub-Advisor at the same time (or promptly following such time) fees are paid to the Advisor pursuant to the Advisory Agreement.

The method of determining net assets of the Fund(s) for purposes hereof shall be the same as the method of determining net assets for purposes of establishing the offering and repurchase price of the shares as described in the applicable Fund's Prospectus. If this Agreement shall be effective for only a portion of a month, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect.

6. <u>Representations and Warranties of Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor
and the Trust as follows:

a. The Sub-Advisor is registered as an investment advisor under the Advisers Act and is registered or licensed
as an investment advisor under the laws of all jurisdictions in which its activities require it to be so registered or licensed and will
continue to be so registered for so long as this Agreement remains in effect;

b. The Sub-Advisor is a limited liability company duly formed and properly registered and operating under
the laws of the State of Delaware with the power to own and possess its assets, perform its obligations under this Agreement, and to carry
on its business as it is now being, and to be, conducted;

c. The execution, delivery and performance by the Sub-Advisor of this Agreement are within the Sub-Advisor's
powers and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental body,
agency or official is required on the part of the Sub-Advisor for the execution, delivery and performance by the Sub-Advisor of this Agreement,
and the execution, delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute a default under (i) any
provision of applicable law, rule or regulation, (ii) the Sub-Advisor's governing instruments, or (iii) any agreement,
judgment, injunction, order, decree or other instrument binding upon the Sub-Advisor; and

d. The Sub-Advisor has reviewed the registration requirements of the CEA and the NFA relating to commodity
trading advisors and is either appropriately registered with the CFTC and a member of the NFA or exempt or excluded from CFTC registration
requirements and has provided the Sub-Advisor and the Trust with a copy of any document evidencing its application for or receipt of such
exemption or exclusion, and any amendments thereto;

e. The Sub-Advisor has adopted and implemented a written code of ethics complying with the requirements of
Rule 17j-1 under the 1940 Act (the " <u>Code of Ethics</u> ") and has provided the Advisor and the Trust with a copy of
such Code of Ethics and any amendments thereto;

f. The Sub-Advisor has adopted and implemented written policies and procedures, as required by Rule 206(4)-7
under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Sub-Advisor, its employees
and officers (" <u>Compliance Procedures</u> ") and has provided the Advisor and the Trust with a copy of such Compliance Procedures
and any amendments thereto;

g. The Sub-Advisor is in compliance with all applicable laws, rules and regulations, including, without
limitation, applicable anti-corruption, anti-bribery, anti-money laundering and data privacy laws, and has policies and procedures to
ensure compliance with all such laws, rules and regulations;

h. The Form ADV of the Sub-Advisor provided to the Advisor is and all amendments and annual updates
to the Sub-Advisor's Form ADV to be provided to the Advisor shall be a true and complete copy of the form as currently in effect
and to the extent required, filed with the SEC, and the information contained therein is accurate and complete in all material respects
and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which
they were made, not misleading;

i. The Sub-Advisor has reviewed the Prospectus, and represents and warrants that, with respect to the disclosure
about the Sub-Advisor or information relating to the Sub-Advisor, such Prospectus contains, as of the date hereof, no untrue statement
of any material fact and does not omit any statement of material fact necessary to make the statements contained therein not misleading;

j. The Sub-Advisor has in place, and shall have in place during the entire term of this Agreement, a business
continuity plan, which may be updated from time to time, that governs the Sub-Advisor's treatment of (i) material data processed
by the Sub-Advisor's computer system in the performance of its duties hereunder and the retrieval of any such material data from
the Sub-Advisor's back-up facilities and (ii) the performance of its duties under this Agreement relating to contingency planning,
disaster recovery, back-up processing, recovery time objective, resumption operating capacities, escalation, activation and crisis management
procedures; and

k. This Agreement is enforceable against the Sub-Advisor in accordance with its terms, subject as to enforcement
to bankruptcy, insolvency, reorganization, arrangement, moratorium and other similar laws of general applicability relating to or affecting
creditors' rights and to general equity principles.

7. <u>Representations and Warranties of Advisor</u>. The Advisor represents and warrants to the Sub-Advisor
as follows:

a. The Advisor is registered as an investment advisor under the Advisers Act and is registered or licensed
as an investment advisor under the laws of all jurisdictions in which its activities require it to be so registered or licensed and will
continue to be so registered for so long as this Agreement remains in effect;

b. The Advisor is a limited liability company duly organized and validly existing under the laws of the State
of Delaware with the power to own and possess its assets, perform its obligations under this Agreement, and to carry on its business as
it is now being, and to be, conducted;

c. The execution, delivery and performance by the Advisor of this Agreement are within the Advisor's
powers and have been duly authorized by all necessary action, and no action by or in respect of, or filing with, any governmental body,
agency or official is required on the part of the Advisor for the execution, delivery and performance by the Advisor of this Agreement,
and the execution, delivery and performance by the Advisor of this Agreement do not contravene or constitute a default under (i) any
provision of applicable law, rule or regulation, (ii) the Advisor's governing instruments, or (iii) any agreement,
judgment, injunction, order, decree or other instrument binding upon the Advisor;

d. The Advisor acknowledges that it received a copy of the Sub-Advisor's Form ADV prior to the
execution of this Agreement;

e. The Advisor has duly entered into the Advisory Agreement pursuant to which the Trust authorized the Advisor
to enter into this Agreement; and

f. This Agreement is enforceable against the Advisor in accordance with its terms, subject as to enforcement
to bankruptcy, insolvency, reorganization, arrangement, moratorium and other similar laws of general applicability relating to or affecting
creditors' rights and to general equity principles.

8. <u>Delivery of Documents to the Advisor.</u> The Sub-Advisor has furnished the Advisor with true, accurate
and complete copies of the following:

a. The Sub-Advisor's Form ADV, as of the date hereof;

b. Separate lists of persons who the Sub-Advisor wishes to have authorized to give written and oral instructions
to custodian(s) of the Trust; and

c. The Sub-Advisor's Code of Ethics, Proxy Voting Policy, Valuation Policy and Procedures, 206(4)- 7
Policies and Procedures, and other Compliance Policies and Procedures of the Sub-Advisor, as in effect on the date hereof.

The Sub-Advisor shall furnish the Advisor from time to time with copies, properly certified or otherwise authenticated, of all amendments of or supplements to the foregoing.

9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and
warranties made by the Sub-Advisor and the Advisor pursuant to Sections 6 and 7, respectively, shall survive the termination of this Agreement.
In the event that any of the foregoing representations and warranties of the parties are no longer true, the applicable party shall promptly
notify the other and/or update all information and documents which such party is required to provide to the other party hereunder.

10. <u>Standard of Care and Liability</u>. The Sub-Advisor shall act in good faith, use reasonable care and
act in a manner consistent with applicable federal and state laws and regulations, and the documents and instruments governing the Trust,
in rendering services in accordance with the terms of this Agreement. In the absence of willful misfeasance, bad faith or gross negligence
on the part of the Sub-Advisor or a reckless disregard of its duties hereunder, the Sub-Advisor, each of its affiliates and all respective
partners, members, directors, officers, trustees and employees (" <u>Affiliates</u> ") and each person, if any, who within the
meaning of Section 15 of the 1933 Act controls, is controlled by or is under common control with the Sub-Advisor (" <u>Control Persons</u> ") shall not be liable for any error of judgment or mistake of law and shall not be subject to any expenses or liability
to the Advisor, the Trust or any of the shareholders of a Fund, in connection with the matters to which this Agreement relates.

11. <u>Duration and Termination.</u> 

a. <u>Duration</u>. Unless sooner terminated, this Agreement shall remain in effect until two years from
the date hereof, and thereafter shall continue automatically for successive annual periods, provided such continuance is specifically
approved at least annually by the Trust's Board or vote of a majority of the outstanding voting securities (as required by the 1940
Act); provided that in either event its continuance also is approved by a majority of the Trust's Trustees who are not "interested
persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose
of voting on such approval.

b. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may
be terminated at any time, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by vote of a majority of the Trust's Board, or by vote of a majority of the outstanding voting securities
upon at least 60 days' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Advisor, upon at least 60 days' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by the Sub-Advisor upon at least 60 days' written notice to the Advisor and the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by the non-defaulting party upon delivery of written notice from the non-defaulting party to the defaulting
party in the event of a material breach of any provision of this Agreement by the defaulting party, provided that, to the extent such
material breach is capable of being cured, the non-defaulting party shall have first provided the defaulting party written notice of the
material breach and the defaulting party shall have failed to cure such breach to the reasonable satisfaction of the non-defaulting party
within 10 days after the delivery of such notice.

The notice provided for in (i), (ii), (iii) and (iv) above may be waived by the party required to be notified.

This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement. In the event of an assignment that occurs solely due to the change of control of the Sub-Advisor, any necessary approvals or notices to continuation of this Agreement will be obtained or made at the sole expense of the Sub-Advisor.

c. <u>Effect of Expiration or Termination</u>. If this Agreement expires or is terminated, then the Sub-Advisor
shall be entitled to receive all amounts (including any accrued but unreimbursed expenses) payable to it and not yet paid pursuant to
Sections 4 and 5 hereof, as applicable.

d. <u>Transactions in Progress Upon Termination</u>. The Advisor and the Sub-Advisor shall cooperate with
each other to ensure that portfolio or other transactions in progress at the date of termination of this Agreement shall be completed
by the Sub-Advisor in accordance with the terms of such transactions, and to this end the Sub-Advisor shall provide the Advisor with all
necessary information and documentation to secure the implementation thereof.

e. <u>Assistance with Valuation Upon Termination.</u> Upon and following termination of this Agreement, the
Sub-Advisor shall and/or shall cause its Affiliates to continue to provide the Advisor and the Fund, at no cost to the Advisor or the
Trust (other than costs that are required to be borne by the Advisor or the Trust), assistance with the valuation of loans or other securities
held by a Fund pursuant to Section 2(j) of this Agreement to the extent such loans or other securities were originated by the
Sub-Advisor or an Affiliate of the Sub-Advisor.

f. <u>Delivery of Records Upon Termination</u>. In the event of termination for any reason, all records of
a Fund shall promptly be returned to the Advisor or the Trust, free from any claim or retention of rights in such records by the Sub-Advisor,
although the Sub-Advisor may, at its own expense, make and retain copies of such records.

12. <u>Duties of the Advisor</u>. The Advisor shall continue to have responsibility for all services to be
provided to the Trust and the Fund(s) pursuant to the Advisory Agreement and shall oversee and review the Sub-Advisor's performance
of its duties under this Agreement.

13. <u>Brand Usage.</u> 

a. Other than (i) in connection with required disclosures in the Prospectus or other Fund materials,
and (ii) as necessary to identify relevant parties in Advisor and/or Fund related regulatory filings, agreements or other documents,
neither the Advisor nor the Trust or a Fund shall use the Sub-Advisor's actual or fictitious name(s), mark, derivative and/or logo
(or that of any affiliate of the Sub-Advisor, other than that of the Advisor or of the Fund or any affiliate of the Sub-Advisor that is
an affiliate of the Sub-Advisor solely by reason of the Sub-Advisor's provision of services pursuant to this Agreement) or otherwise
refer to the Sub-Advisor in any materials distributed to third parties, including the Fund's shareholders, without prior review
and written approval by the Sub-Advisor, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Advisor,
Trust and the Fund(s), shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Advisor's actual
or fictitious name(s), mark, derivative and/or logo.

b. Other than (i) in connection with required disclosures in the Prospectus or other Fund materials,
and (ii) as necessary to identify relevant parties in Sub-Advisor and/or Fund related regulatory filings, agreements or other documents,
the Sub-Advisor shall not use the Advisor's or Fund's actual or fictitious name(s) (or that of any other affiliate of
the Advisor) or otherwise refer to the Advisor or a Fund in any materials distributed to third parties, including the Fund's shareholders,
without prior review and written approval by the Advisor, which may not be unreasonably withheld or delayed. Upon termination of this
Agreement, the Sub-Advisor shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious
name(s), mark, derivative and/or logo of the Advisor and the Fund.

14. <u>Amendment</u>. This Agreement may be amended only by mutual written consent of the parties, provided
that the terms of any material amendment shall not be effective unless and until approved, if such approval is required by applicable
law, by: (a) the Board or by a vote of a majority of the outstanding voting securities (as required by the 1940 Act) and (b) the
vote of a majority of those Trustees of the Trust who are not "interested persons" of any party to this Agreement cast in
person at a meeting called for the purpose of voting on such approval.

15. <u>Confidentiality</u>. Subject to their obligations under this Agreement and the duties of the Sub-Advisor
or Advisor to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, each party shall
treat as confidential and not disclose any information pertaining to the Trust or the Fund(s) and the actions of the Sub-Advisor,
the Advisor and the Trust in respect thereof (collectively, " <u>Fund Information</u> "). The Sub-Advisor and Advisor each shall
not use knowledge of non-public information regarding a Fund's portfolio as a basis to place or recommend any securities transactions
for its own benefit to the detriment of the Fund.

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Advisor shall treat as confidential and not disclose any information produced or provided by the Sub-Advisor and/or its Affiliates or Control Persons relating to any such persons (excluding, for the avoidance of doubt, any Fund Information) (collectively, "<u>Sub-Advisor Information</u>").

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Sub-Advisor shall treat as confidential and not disclose any information produced or provided by the Advisor and/or its Affiliates or Control Persons (collectively, "<u>Advisor Information</u>").

Notwithstanding the foregoing, the terms "Fund Information," "Sub-Advisor Information" and "Advisor Information" shall not, for the purposes of this Agreement, include any information which (a) at the time of disclosure or thereafter is or becomes available to and known by the public other than as a result of a disclosure by a party, its Affiliates or Control Persons in breach of this Agreement, (b) was or becomes available to a party on a non-confidential basis from a source other than the Advisor, the Sub-Advisor or the Trust or any of their Affiliates or Control Persons; provided that such source is not known to the party to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of secrecy to, the Advisor, Sub-Advisor or the Trust, or (c) has been independently developed by a party or any of its Affiliates or Control Persons without using Fund Information and without violating any of its obligations under this Agreement.

In the event that a party is requested or required to disclose any Fund Information, Sub-Advisor Information or Advisor Information pursuant to applicable law, governmental rule or regulation, court order, administrative or arbitral proceeding or by any regulatory authority having jurisdiction over the party or its Affiliates or Control Persons, the disclosing party shall provide (unless prohibited by law or regulation or not reasonably practicable) the non-disclosing party with prompt written notice in advance, if possible, but otherwise promptly thereafter, of any such request or requirement.

16. <u>Notice</u>. Any notice that is required to be given by the parties to each other under the terms of
this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile or e-mail with acknowledgment
of receipt, to the parties at the following addresses or facsimile numbers, which may from time to time be changed by the parties by notice
to the other party:

If to the Sub-Advisor:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Attention: Office of the General Counsel

Email: cjackson@calamos.com

Chapman and Cutler<br> 320 S. Canal Street

26<sup>th</sup> Floor

Chicago, IL 60606<br> Attention: Morrison Warren

Email:warren@chapman.com

If to the Advisor:

Calamos Antetokounmpo Asset Management LLC

2020 Calamos Court

Naperville, Illinois 60563

Attention: Chief Legal Officer

Email: cjackson@calamos.com

If to the Trust:

Calamos ETF Trust

2020 Calamos Court

Naperville, Illinois 60563

Attention: Chief Financial Officer

E-mail: therman@calamos.com

with copies to:

Ropes & Gray LLP<br> 191 North Wacker Drive

32<sup>nd</sup> Floor

Chicago, IL 60606<br> Attention: Paulita Pike

Email:Paulita.Pike@ropesgray.com

Such notice shall be deemed effective when provided in accordance with this Section 16.

17. <u>Governing Law, Jurisdiction, *etc*</u> *.* This Agreement shall be governed by and construed
in accordance with substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with
the 1940 Act. In the case of any conflict, the 1940 Act shall control. The state and federal courts sitting within the State of Delaware
shall be the sole and exclusive forums for any action or proceeding hereunder and the parties hereto consent to the jurisdiction thereof.
EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

18. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, all of which shall together constitute one and the same instrument. The parties may exchange facsimiles or .pdf images
by email of actual signatures in lieu of mailing physical copies of counterparts.

19. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein,
 "interested person," "affiliated person," "assignment" and "vote of a majority of the outstanding
voting securities" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may
be granted or guidance as may be issued by the SEC.

20. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored
in the construction or interpretation hereof.

21. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision
or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

22. <u>Entire Agreement</u>. This Agreement contains the entire understanding and agreement of the parties
with respect to the subject matter hereof. Each party shall perform such further actions and execute such further documents as are necessary
to effectuate the purpose of this Agreement. The Trust is an intended third-party beneficiary of this Agreement.

23. <u>Survival</u>. The provisions of Sections 2(h), 2(l), 9, 10, 11(c), 11(d), 11(e), 11(f), 13, 15, 16,
17 and 23 shall survive termination of this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

ADVISOR

---

| | |
|:---|:---|
| Calamos Antetokounmpo Asset Management LLC | Calamos Antetokounmpo Asset Management LLC |
| By: |  |
| Name: | Thomas Herman |
| Title: | Chief Financial Officer |
| SUB-ADVISOR | SUB-ADVISOR |
| Calamos Advisors LLC | Calamos Advisors LLC |
| By: |  |
| Name: | Thomas Herman |
| Title: | Chief Financial Officer |
| Calamos ETF Trust | Calamos ETF Trust |
| By: |  |
| Name: | J. Christopher Jackson |
| Title: | Secretary |

---

**EXHIBIT A TO**

**SUB-ADVISORY AGREEMENT**

<u>Sub-Advisory Fee</u>

The Advisor shall pay the Sub-Advisor a sub-advisory fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of such Fund at an annual rate of [ ].

## Ex-99.(E)

**Exhibit 99.(e)**

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective this 16th day of December, 2022, and made by and between Calamos ETF Trust, a Delaware statutory trust (the "<u>Trust</u>") having its principal place of business at 2020 Calamos Court, Naperville, IL 60563, and Foreside Fund Services, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at Three Canal Plaza, Suite 100, Portland, ME 04101.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund</u>") registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>");

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "<u>Shares</u>") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (together, the "<u>Listing Exchanges</u>");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund, and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus; and

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. <u>Appointment</u>**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. <u>Definitions</u>**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3.**  **<u>Duties of the Distributor</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all purchase and redemption orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent to accept fund securities, deposit securities, and related cash components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall enter into Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall ensure that all direct requests to the Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The Distributor shall review and approve, prior to use, all Trust marketing materials ("<u>Marketing Materials</u>") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to be filed with FINRA. The Distributor agrees to furnish to the Trust's investment adviser any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that the Distributor may retain all such records required to be maintained by the Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees. The Distributor will, to the extent legally permissible, promptly forward any complaints concerning the Trust received by the Distributor to the Trust, assist in resolving such complaints to the extent these relate to the Distributor's responsibilities as the distributor for the Funds and maintain a log of such complaints to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Distributor agrees to act in good faith and to exercise commercially reasonable care and diligence in the performance of its duties under this Agreement.

**4.**  **<u>Duties of the Trust</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will make available to the Distributor such number of copies as the Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall inform the Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

**5.**  **<u>Fees and Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Trust's investment adviser or sub-adviser related to its services hereunder or for additional services as may be agreed to between the Trust's investment adviser, or sub-adviser as applicable, and the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to the Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) the Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and the Trust's investment adviser or other information filed or made public by the Trust (as from time to time amended) ("Fund Documents")included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein ("Error or Omission") (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

The Trust does not agree to indemnify the Distributor or hold it harmless to the extent an Error or Omission was made in reliance upon, and in conformity with, information furnished to the Trust by the Distributor, in writing, for the express purpose of inclusion in such Fund Documents. The Trust will also not indemnify any Distributor Indemnitee with respect to any untrue statement or omission made in the Registration Statement, Prospectus, Statement of Additional Information or product description that is subsequently corrected in such document (or an amendment thereof or supplement thereto) if a copy of the Prospectus (or such amendment or supplement) was not sent or given to the person asserting any such loss, liability, claim, damage or expense at or before the written confirmation to such person in any case where such delivery is required by the 1933 Act and the Trust had notified the Distributor of the amendment or supplement prior to the sending of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "<u>Trust Indemnitees</u>") against any Losses arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, the Distributor will enter into agreements with certain authorized participants (each an "AP") for the purchase and redemption of Creation Units (each such agreement an "AP Agreement"). The APs may insert and require that the Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement (each such modified AP Agreement a "Non-Standard AP Agreement").

To the extent that the Distributor is requested or required to make any such representations, undertakings and/or indemnification mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of the Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

**7.**  **<u>Representations</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly
authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance
of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or
providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any
provision of any agreement or document to which the Distributor is a party or
by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance
policies and procedures reasonably designed to prevent violations of FINRA rules and regulations and the Federal Securities Laws as that
term is defined in Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All activities by the Distributor and its agents and employees in connection with the services provided
in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and all applicable laws,
rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or
any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Trust each individually represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly
 authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and
performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its
entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of
any agreement or document to which the Trust is a party or by which it is bound; (v) the Registration Statement and each
Fund's Prospectus have been prepared, and all Marketing Materials shall be prepared, in all material respects, in conformity
with the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the " <u>Rules and Regulations</u> "); and (vi)
the Registration Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements
required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of
fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects at
the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus,
nor any Marketing Materials shall include any untrue statement of a material fact or, taken as a whole with the Registration
Statement, omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of
each Fund's Prospectus in light of the circumstances in which made, not misleading; and (viii) except as otherwise noted in
the Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the
Shares per Creation Unit of the relevant Fund, as determined in the manner described in the Registration Statement and
Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it shall file such amendment or amendments to the Registration
Statement and each Fund's Prospectus as, in the light of future developments, shall, in the opinion of the Trust's counsel,
be necessary in order to have the Registration Statement and each Fund's Prospectus at all times contain all material facts required
to be stated therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading. The Trust
shall not file any amendment to the Registration Statement or each Fund's Prospectus without giving the Distributor reasonable
notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time
such amendments to the Registration Statement or any Fund's Prospectus as the Trust may deem advisable. The Trust will also notify
the Distributor in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing,
the Trust shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for
inclusion in the Registration Statement or any Fund's Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. upon delivery of fund securities or deposit securities to an Authorized Participant in connection with
a purchase or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to such securities, free
and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such fund securities or
deposit securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

**8.**  **<u>Duration, Termination and Amendment</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. <u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp;Foreside Fund Services, LLC | &nbsp;&nbsp;Calamos ETF Trust |
| &nbsp;&nbsp;Attn: Legal Department | &nbsp;&nbsp;Attn: <u>General Counsel</u> |
| &nbsp;&nbsp;Three Canal Plaza, Suite 100 | &nbsp;&nbsp;2020 Calamos Court |
| &nbsp;&nbsp;Portland, ME 04101 | &nbsp;&nbsp;Naperville, IL 60563 |
| &nbsp;&nbsp;Telephone: (207) 553-7110 | &nbsp;&nbsp;Telephone: <u>630-245-8394</u> |
| &nbsp;&nbsp;Email: contractnotice@acaglobal.com | &nbsp;&nbsp;Email: <u>cjackson@calamos.com</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;etp-services@foreside.com |  |

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**10. <u>Choice of Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

**11. <u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12. <u>Severability</u>.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. <u>Insurance</u>.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. <u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15. <u>Limitation of Liability</u>.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund. The Trust's Agreement and Declaration of Trust is on file with the Trust.

**16. <u>Use of Names; Publicity</u>.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the names "Calamos" or "Antetokounmpo" in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of the Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

The Distributor will not issue any press releases or make any public announcements regarding the existence of this Agreement without the express written consent of the Trust. Neither the Trust nor the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

**17. <u>Exclusivity</u>.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**18. <u>Governing Language</u>.** This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

Foreside Fund Services, LLC Calamos ETF Trust

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Teresa Cowan | By: | /s/ Stephen Atkins |

---

Teresa Cowan, President Stephen Atkins, Treasurer <br> Date: January 11, 2023 Date: January 10, 2023

**EXHIBIT A**

Calamos Antetokounmpo Global Sustainable Equities ETF

## Ex-99.(G)(I)

**Exhibit 99.(g)(i)**

**Execution Copy**

**<u>Master Custodian Agreement</u>**

This Agreement is made as of September 11, 2009 by and among each management investment company identified on Appendix A hereto (each such investment company and each management investment company made subject to this Agreement in accordance with Section 19.5 below, shall hereinafter be referred to as a "***Fund***"), and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***").

*W**itnesseth:***

**Whereas,** each Fund may or may not be authorized to issue shares of common stock or shares of beneficial interest in separate series ("***Shares***"), with each such series representing interests in a separate portfolio of securities and other assets;

**Whereas,** each Fund so authorized intends that this Agreement be applicable to each of its series set forth on Appendix A hereto (such series together with all other series subsequently established by the Fund and made subject to this Agreement in accordance with Section 19.6 below, shall hereinafter be referred to as the "***Portfolio(s)***");

**Whereas,** each Fund not so authorized intends that this Agreement be applicable to it and all references hereinafter to one or more "Portfolio(s)" shall be deemed to refer to such Fund(s); and

**Now, Therefore,** in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

Section 1. <u>Employment of Custodian and Property to be Held by It</u>.

Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places within the United States ("***domestic securities***") and securities it desires to be held outside the United States ("***foreign securities***"). Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities and cash of the Portfolios, and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by the Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in Section 8 hereof) including, without limitation, Portfolio property (i) held by brokers, private bankers or other entities on behalf of the Portfolio (each a "***Local Agent***"), (ii) held by Special Sub-Custodians (as such term is defined in Section 6 hereof), (iii) held by entities which have advanced monies to or on behalf of the Portfolio and which have received Portfolio property as security for such advance(s) (each a "***Pledgee***"), or (iv) delivered or otherwise removed from the custody of the Custodian (a) in connection with any Free Trade (as such term is defined in Sections 2.2(14) and 2.6(7) hereof) or (b) pursuant to Special Instructions (as such term is defined in Section 8 hereof). With respect to uncertificated shares (the "***Underlying Shares***") of registered "investment companies" (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended from time to time (the "***1940 Act***")), whether in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, including pursuant to Section 12(d)(1)(F) of the 1940 Act (hereinafter sometimes referred to as the "***Underlying Portfolios***") the holding of confirmation statements that identify the shares as being recorded in the Custodian's name on behalf of the Portfolios will be deemed custody for purposes hereof.

Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable Portfolio(s) from time to time employ one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Trustees of the Fund (the "***Board***") on behalf of the applicable Portfolio(s), and provided that the Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian and/or foreign securities depositories, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions of Sections 3 and 4 hereof.

Section 2. <u>Duties of the Custodian with Respect to Property of the Portfolios to be Held in the United States</u>.

Section 2.1 <u>Holding Securities</u>. The Custodian shall hold and physically segregate for the account of each Portfolio all non-cash property, to be held by it in the United States, including all domestic securities owned by such Portfolio other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a "***U.S. Securities System***") and (b) Underlying Shares owned by each Fund which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (the "***Underlying Transfer Agent***").

Section 2.2 <u>Delivery of Securities</u>. The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

1) Upon sale of such securities for the account of the Portfolio in accordance with customary or established market practices and procedures, including, without limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment;

2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Portfolio;

3) In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof; <br>4) To the depository agent in connection with tender or other similar offers for securities of the Portfolio;

5) To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6) To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7) Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own negligence or willful misconduct;

8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and/or cash, if any, are to be delivered to the Custodian;

9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and/or cash, if any, are to be delivered to the Custodian;

10) For delivery in connection with any loans of securities made by the Portfolio (a) against receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio, except that in connection with any loans for which collateral is to be credited to the Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or (b) to the lending agent, or the lending agent's custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

11) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

12) For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 (the "***Exchange Act***") and a member of the Financial Industry Regulatory Authority, Inc. ("***FINRA***," formerly known as The National Association of Securities Dealers, Inc.), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of a Portfolio;

13) For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio, the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (the "***CFTC***") and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;

14) Upon the sale or other delivery of such investments (including, without limitation, to one or more (a) Special Sub-Custodians or (b) additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a "***Repo Custodian***"), and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall set forth (a) the securities of the Portfolio to be delivered and (b) the person(s) to whom delivery of such securities shall be made;

15) Upon receipt of instructions from the Fund or the Fund's transfer agent (the "***Transfer Agent***") for delivery to such Transfer Agent or to the holders of Shares in connection with distributions in kind, as may be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the Portfolio (the "***Prospectus***"), in satisfaction of requests by holders of Shares for repurchase or redemption;

16) In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof;

17) For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

18) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio specifying (a) the securities of the Portfolio to be delivered and (b) the person or persons to whom delivery of such securities shall be made.

Section 2.3 <u>Registration of Securities</u>. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. If, however, a Fund directs the Custodian to maintain securities in "street name", the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 2.4 <u>Bank Accounts</u>. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other than cash maintained by the Portfolio in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio be approved by vote of a majority of the Board. Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 2.5 <u>Collection of Income</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14) or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which each Portfolio shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder. The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income due each Portfolio on securities loaned pursuant to the provisions of Section 2.2 (10) shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled.

Section 2.6 <u>Payment of Fund Monies</u>. The Custodian shall pay out monies of a Portfolio as provided in Section 5 and otherwise upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:

1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts, or other derivative interests or other instruments for the account of the Portfolio but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts, or other derivative interests or other instruments to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein;

2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;

3) For the redemption or repurchase of Shares issued as set forth in Section 7 hereof;

4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

5) For the payment of any dividends on Shares declared pursuant to the Fund's articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, "***Governing Documents***");

6) For payment of the amount of dividends received in respect of securities sold short;

7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made;

8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

9) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Section 2.7 <u>Appointment of Agents</u>. The Custodian may at any time or times in its discretion appoint (and may at any time remove) one or more of its wholly-owned subsidiaries which is a bank or trust company and which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement.

Section 2.8 <u>Deposit of Fund Assets in U.S. Securities Systems</u>. The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.

Section 2.9 <u>Segregated Account</u>. The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities of the Portfolio, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof and collateral delivered by a broker-dealer to a Portfolio, (a) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (b) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (c) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the "***SEC***"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered management investment companies, and (d) for any other purpose in accordance with Proper Instructions.

Section 2.10 <u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian's only responsibilities with respect thereto shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of such Portfolio.

2) In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio on the Custodian's books and records.

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| 3) | In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds therefor, record such payment for the account of such Portfolio on the Custodian's books and records. |
|  | The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their employees. |

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Section 2.11 <u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of each Portfolio held by it and in connection with transfers of securities.

Section 2.12 <u>Proxies</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund (or its agent) such proxies, all proxy soliciting materials and all notices relating to such securities.

Section 2.13 <u>Communications Relating to Portfolio Securities</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by the Custodian from issuers of the securities being held for the Portfolio. With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur prior to the deadline established by the Custodian in its reasonable discretion as will give the Custodian sufficient time to take such action. The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 2.13.

Section 3. <u>Provisions Relating to Rules 17f-5 and 17f-7</u>.

Section 3.1. <u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Eligible Foreign Custodian***" has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements

of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means any of the Portfolios' investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios' transactions in such investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 3.2. <u>The Custodian as Foreign Custody Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 <u>Delegation to the Custodian as Foreign Custody Manager</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 <u>Countries Covered</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A (as updated in the manner set forth in the preceding paragraph), and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund's Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation. Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio with respect to that country.

The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund. Forty-five (45) days (or such shorter or longer period to which the parties may agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian's acceptance of delegation is withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 <u>Scope of Delegated Responsibilities</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodians</u>. Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contracts With Eligible Foreign Custodians</u>. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Monitoring</u>. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 <u>Guidelines for the Exercise of Delegated Authority</u>. For purposes of this Section 3.2, the Board, or at the Board's delegation, a Fund's investment adviser, shall be deemed to have considered and determined to accept, on behalf of the Fund, such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section 3.2 after the occurrence of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6 <u>Standard of Care as Foreign Custody Manager of a Portfolio</u>. In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7 <u>Representations with Respect to Rule 17f-5</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 <u>Effective Date and Termination of the Custodian as Foreign Custody Manager</u>. Each Board's delegation to the Custodian as Foreign Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective forty-five (45) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated countries.

Section 3.3 <u>Eligible Securities Depositories</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 <u>Analysis and Monitoring</u>. The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 <u>Standard of Care</u>. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.

Section 4. <u>Duties of the Custodian with Respect to Property of the Portfolios to be Held Outside the United States</u>.

Section 4.1 <u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B hereto.

"***Foreign Sub-Custodian***" means a foreign banking institution serving as an Eligible Foreign Custodian.

Section 4.2. <u>Holding Securities</u>. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

Section 4.3. <u>Foreign Securities Systems</u>. Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

Section 4.4. <u>Transactions in Foreign Custody Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Delivery of Foreign Assets</u>. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

(i) Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System;

(ii) In connection with any repurchase agreement related to foreign securities;

(iii) To the depository agent in connection with tender or other similar offers for foreign securities of the Portfolios;

(iv) To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

(v) To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;

(vi) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign Sub-Custodian's own negligence or willful misconduct;

(vii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;

(viii) In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

(ix) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

(x) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

(xi) Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more Special Sub-Custodians
 or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign securities to be delivered and (B) the person or persons to whom delivery shall be made;

(xi) For delivery in connection with any loans of foreign securities made by the Portfolio to the lending agent, or the lending agent's custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

(xiii) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities to be delivered and (B) the person or persons to whom delivery of such securities shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Payment of Portfolio Monies</u>. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Portfolio in the following cases only:

(i) Upon the purchase of foreign securities, options, futures contracts or options on futures contracts, or other derivative interests or instruments for the account of the Portfolio, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

(ii) In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;

(iii) For the payment of any expense or liability of the Portfolio, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses;

(iv) For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;

(v) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

(vi) Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made;

(vii) For payment of part or all of the dividends received in respect of securities sold short;

(viii) In connection with the borrowing or lending of foreign securities; and

(ix) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.

The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

Section 4.5. <u>Registration of Foreign Securities</u>. The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

Section 4.6 <u>Bank Accounts</u>. The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

Section 4.7. <u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses, if any, of the Custodian relating to such measures. The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with Custodian's then current payable date income schedule. Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian's applicable rate for time credited. Income on securities loaned other than from the Custodian's securities lending program shall be credited as received.

Section 4.8 <u>Shareholder Rights</u>. With respect to the foreign securities held pursuant to this Section 4, the Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued, which facilitation efforts may include endeavoring to deliver to the Fund all proxy solicitation materials and notices relating thereto. Each Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to exercise shareholder rights.

Section 4.9. <u>Communications Relating to Foreign Securities</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur prior to such deadline established by the Custodian in its reasonable discretion as will give the Custodian (including any Foreign Sub-Custodian) sufficient time to take such action. The Custodian shall also transmit promptly to the applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

Section 4.10. <u>Liability of Foreign Sub-Custodians</u>. Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At a Fund's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

Section 4.11 <u>Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibilities of the Custodian with regard to such tax law shall be to use reasonable efforts to effect the withholding of local taxes and related charges with regard to market entitlements/payments in accordance with local law and subject to local market practice or custom, and to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund has provided such information. Except as specifically provided in this Agreement or otherwise agreed to in writing by the Custodian, the Custodian shall have no independent obligation to determine the tax obligations now or hereafter imposed on any of the Funds by any taxing authority or to obtain or provide information relating thereto, and shall have no obligation or liability with respect to such tax obligations, it being specifically understood and agreed that the Custodian shall not thereby or otherwise be considered any Fund's tax advisor or tax counsel.

Section 4.12. <u>Liability of Custodian</u>. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism.

Section 5. <u>Contractual Settlement Services (Purchase / Sales)</u>.

Section 5.1 The Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of each Portfolio in connection with (i) the purchase of securities for such Portfolio, and (ii) proceeds of the sale of securities held on behalf of such Portfolio, on a contractual settlement basis.

Section 5.2 The services described above (the "***Contractual Settlement Services***") shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.

Section 5.3 The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Portfolio as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market. The Custodian shall promptly recredit such amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that such transaction has been canceled.

Section 5.4 With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the "***Settlement Amount***") shall be made to the account of the Portfolio as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market. Such provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

Section 5.5. Simultaneously with the making of such provisional credit, the Portfolio agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in any property at any time held for the account of the Portfolio to the full extent of the credited amount, and each Portfolio hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien on any and all such property under the Custodian's possession, in accordance with the terms of this Agreement. In the event that the applicable Portfolio fails to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of The Commonwealth of Massachusetts.

Section 5.6 The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Portfolio shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any cash account held for benefit of the Portfolio.

Section 5.7 In the event that the Custodian is unable to debit an account of the Portfolio, and the Portfolio fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with this Agreement, (i) with notice to the Fund, the Custodian may charge the Portfolio for costs and expenses associated with providing the provisional credit, including without limitation the cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the Agreement and (iv) the Custodian shall have the right to setoff against any property and to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Portfolio to the full extent necessary for the Custodian to make itself whole.

Section 6. <u>Special Sub-Custodians</u>.

Upon receipt of Special Instructions (as such term is defined in Section 8 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a "***Special Sub-Custodian***." Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.

Section 7. <u>Payments for Sales or Repurchases or Redemptions of Shares</u>.

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

Section 8. <u>Proper Instructions and Special Instructions</u>.

"***Proper Instructions***," which may also be standing instructions, as such term is used throughout this Agreement shall mean instructions received by the Custodian from a Fund, a Fund's duly authorized investment manager or investment adviser, or a person or entity duly authorized by either of them. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby agreed to. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to be confirmed in writing. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with Section 2.9 hereof.

"***Special Instructions***," as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of the applicable Fund or any other person designated in writing by the Treasurer of such Fund, which countersignature or confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree in writing.

Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund's Treasurer or Assistant Treasurer, a certificate setting forth: (i) the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund and (ii) the names, titles and signatures of those persons authorized to give Special Instructions. Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary.

Section 9. <u>Evidence of Authority</u>.

The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper believed by it to be genuine and to have been properly executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Section 10. <u>Actions Permitted without Express Authority</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each applicable Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;

2) Surrender securities in temporary form for securities in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Portfolio except as otherwise directed by the applicable Board.

Section 11. <u>Reserved</u>.

Section 12. <u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of such Fund and employees and agents of the SEC. The Custodian shall, at a Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund's counterparty(ies), or the agents of either of them.

Section 13. <u>Opinion of Fund's Independent Accountant</u>.

The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-SAR or other annual reports to the SEC and with respect to any other requirements thereof.

Section 14. <u>Reports to Fund by Independent Public Accountants</u>.

The Custodian shall provide the applicable Fund, on behalf of each of the Portfolios at such times as such Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a "***Securities System***"), relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

Section 15. <u>Compensation of Custodian</u>.

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon in writing from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 16. <u>Responsibility of Custodian</u>.

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to any Fund for any action taken or omitted by it in good faith without negligence, including, without limitation, acting in accordance with any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense resulting from or caused by anything that is part of Country Risk (as defined in Section 3 hereof), including without limitation nationalization, expropriation, currency restrictions, insolvency of a Foreign Sub-custodian, acts of war, revolution, riots or terrorism.

Except as may arise from the Custodian's own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any Fund for any loss, liability, claim or expense resulting from or caused by; (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by any Fund or its duly authorized investment manager or investment adviser in their instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any act or omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by a Special Sub-Custodian; (v) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian's sub- custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (viii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement.

If a Fund on behalf of a Portfolio requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

If a Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, or if a Fund fails to compensate the Custodian pursuant to Section 15 hereof, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio's assets to the extent necessary to obtain reimbursement.

Except as may arise from the Custodian's own negligence or willful misconduct, each Fund shall indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities which may be asserted against the Custodian (a) acting in accordance with any Proper Instruction or Special Instruction including, without limitation, any Proper Instruction with respect to Free Trades including, but not limited to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i) the failure of the applicable Fund to receive income with respect to purchased investments, (ii) the failure of the applicable Fund to recover amounts invested on maturity of purchased investments, (iii) the failure of the Custodian to respond to or be aware of notices or other corporate communications with respect to purchased investments, or (iv) the Custodian's reliance upon information provided by the applicable Fund, such Fund's counterparty(ies) or the agents of either of them with respect to Fund property released, delivered or purchased pursuant to either of Section 2.2(14) or Section 2.6(7) hereof; (b) for the acts or omissions of any Special Sub-Custodian; or (c) for the acts or omissions of any Local Agent or Pledgee.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. The Custodian shall enter into and shall maintain in effect, at all times during the term of this Agreement, with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Funds; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Upon reasonable request, the Custodian shall discuss with senior management of the Funds such disaster recovery plan and/or provide a high-level presentation summarizing such plan.

In no event shall the Custodian be liable for indirect, special or consequential damages.

Section 17. <u>Effective Period, Termination and Amendment</u>.

This Agreement shall remain in full force and effect for an initial term ending September 30, 2010 (the "***Initial Term***"), and thereafter shall automatically continue in full force and effect unless either party terminates this Agreement by written notice to the other party at least 120 days prior to the date of termination. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio, the applicable Fund shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.

During the Initial Term, in the event of: (i) any Fund's termination of this Agreement with respect to such Fund or its Portfolio(s) for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to a Fund or Portfolio (or its respective successor), the applicable Fund shall pay the Custodian its compensation due through the end of the Initial Term (based upon the average monthly compensation previously earned by Custodian with respect to such Fund or Portfolio) and shall reimburse the Custodian for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Custodian will deliver such Fund's or Portfolio's securities and cash as set forth hereinbelow. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another entity, the sale by a Fund or Portfolio of all, or substantially all, of its assets to another entity, or the liquidation or dissolution of a Fund or Portfolio and distribution of such Fund's or Portfolio's assets, in each case where the Custodian is retained to continue providing services to such Fund or Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. The provisions of Sections 4.11, 15 and 16 of this Agreement shall survive termination of this Agreement for any reason.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 18. <u>Successor Custodian</u>.

If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities of each applicable Portfolio then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held in a Securities System or at the Underlying Transfer Agent. Custodian shall also provide to the successor custodian a Fund's records (as described in Section 12 of this Agreement) as reasonably requested by the Fund.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance with such resolution.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 19. <u>General</u>.

Section 19.1 <u>Massachusetts Law to Apply</u>. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 19.2 <u>Prior Agreements</u>. This Agreement supersedes and terminates, as of the date hereof, all prior agreements between each Fund on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund's assets.

Section 19.3 <u>Assignment</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of each applicable Fund.

Section 19.4 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Section 19.5 <u>Additional Funds</u>. In the event that any management investment company in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 19.7 below.

Section 19.6 <u>Additional Portfolios</u>. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

Section 19.7 <u>The Parties; Representations and Warranties</u>. All references herein to the "Fund" are to each of the management investment companies listed on Appendix A hereto, and each management investment company made subject to this Agreement in accordance with Section 19.5 above, individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a series corporation, trust or other entity, all references herein to the "Portfolio" are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio, as appropriate. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains.

Each Fund hereby represents and warrants that (a) it is duly incorporated or organized and is validly existing in good standing in its jurisdiction of incorporation or organization; (b) it has the requisite power and authority under applicable law and its Governing Documents to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

The Custodian hereby represents and warrants that (a) it is duly organized and validly existing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its execution of this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

Section 19.8 <u>Remote Access Services Addendum</u>. The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

Section 19.9 <u>Notices</u>. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

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| | |
|:---|:---|
| To any Fund: | c/o Calamos advisors LLC |
|  | 2020 Calamos Court |
|  | Naperville, IL 60563 |
|  | Attention: Nimish S. Bhatt, Senior Vice President, Director of Operations |
|  | Telephone: (630) 577-2106 |
|  | Telecopy : (630) 955-6964 |

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| | |
|:---|:---|
| To the Custodian: | State Street Bank and Trust Company |
|  | 1200 Crown Colony Drive |
|  | Crown Colony Office Park |
|  | Quincy, Massachusetts 02169 |
|  | Attention: Scott E. Johnson, Senior Vice President |
|  | Telephone: 617-537-4601 |
|  | Telecopy: 617-527-9797 |

---

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

Section 19.10 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement.

Section 19.11 <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 19.12 <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. In addition, during the term of this Agreement, the Custodian will maintain policies reasonably designed to prohibit the Custodian and its employees from engaging in securities transactions based on knowledge of the Fund's portfolio holdings. The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, or that is independently derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iii) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, the Custodian and its affiliates may report and use nonpublic portfolio holdings information of its clients, including a Fund or Portfolio, on an aggregated basis with all or substantially all other client information and without specific reference to any Fund or Portfolio. The undertakings and obligations contained in this Section 19.12 shall survive the termination or expiration of this Agreement for a period of three (3) years.

Section 19.13 <u>Reproduction of Documents</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 19.14 <u>Shareholder Communications Election</u>. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES ◻ The Custodian is authorized to release the Fund's name, address, and share positions. <br>NO 🗹 The Custodian is not authorized to release the Fund's name, address, and share positions.

Section 19.14 <u>Additional Sub-Certifications and</u> <u>Reports</u>. The Custodian shall provide to the Funds: (a) sub-certifications in connection with Sarbanes-Oxley Act of 2002 certification requirements; and (b) periodic reports and reasonable documentation for delivery to the Funds' Chief Compliance Officer in connection with Rule 38a-1 under the 1940 Act with respect to the Services and the Custodian's compliance with its operating policies and procedures related thereto. The Custodian reserves the right to amend and update its sub-certifications provided hereunder from time to time in order to address changing regulatory and industry developments.

*[The remainder of this page intentionally left blank.]*

**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

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| | |
|:---|:---|
| **EACH OF THE ENTITIES** | **EACH OF THE ENTITIES** |
| **SET FORTH ON APPENDIX A HERETO** | **SET FORTH ON APPENDIX A HERETO** |
| By: | /s/ Nimish S. Bhatt  |
|  | Name: Nimish S. Bhatt |
|  | Title: Vice President, Chief Financial Officer |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Joseph C. Antonellis <br>|
|  | Name: Joseph C. Antonellis |
|  | Title: Vice Chairman |

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**APPENDIX A**<br> **to**<br> **<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios thereof, If Any</u>

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| | |
|:---|:---|
| **Calamos Advisors Trust** |  |
| Calamos Growth and Income Portfolio | 36-7271106 |
| **Calamos Investment Trust** |  |
| Calamos Blue Chip Fund | 41-2111185 |
| Calamos Convertible Fund | 36-3316238 |
| Calamos Evolving World Growth Fund | 26-2192228 |
| Calamos Global Equity Fund | 20-8166626 |
| Calamos Global Growth and Income Fund | 36-4088206 |
| Calamos Growth Fund | 36-3723359 |
| Calamos Growth and Income Fund | 36-3575418 |
| Calamos High Yield Fund | 36-4307069 |
| Calamos International Growth Fund | 20-2395043 |
| Calamos Market Neutral Income Fund | 36-3723358 |
| Calamos Multi-Fund Blend | 20-4558998 |
| Calamos Total Return Bond Fund | 20-8872705 |
| Calamos Value Fund | 22-3848966 |
| **Calamos Convertible Opportunities and Income Fund** | 03-0426532 |
| **Calamos Convertible and High Income Fund** | 02-0683363 |
| **Calamos Strategic Total Return Fund** | 04-3785941 |
| **Calamos Global Total Return Fund** | 20-3377281 |
| **Calamos Global Dynamic Income Fund** | 20-8819776 |

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## Ex-99.(G)(Ii)

**Exhibit 99.(g)(ii)**

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

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| | |
|:---|:---|
| Re: | Calamos ETF Trust (the *"**Trust**"*) |

---

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each a ***"Portfolio"***)*.***

In accordance with Section 19.5 and 19.6, the Additional Funds and Additional Portfolios provision, of the Master Custodian Agreement dated as of September 11, 2009, as amended, modified, or supplemented from time to time (the ***"Agreement"***)***,*** by and among each registered investment company party thereto, and State Street Bank and Trust Company (***"State Street"***)***,*** the undersigned Trust, on behalf of itself and each Portfolio, hereby requests that State Street act as a Custodian for it and its Portfolios under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 19.7 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| Agreed and Accepted: | Agreed and Accepted: |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: <u>January 1, 2023</u> | Effective Date: <u>January 1, 2023</u> |

---

**EXHIBIT A**

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

## Ex-99.(H)(Ii)

**Exhibit 99.(h)(ii)**

 

*Execution Version*

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville**

**IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

---

| | |
|:---|:---|
| Re: | Calamos ETF Trust (the ***"Trust"***) |

---

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified under its name on Exhibit A hereto (each a "Portfolio").

In accordance with Section 12, the Additional Portfolios provision, of the Transfer Agency and Service Agreement dated as of 21<sup>st</sup> day of March, 2014, as amended, modified, or supplemented from time to time (the ***"Agreement"***)***,*** by and among each registered investment company party thereto, and State Street Bank and Trust Company (***"State Street"***)***,*** the undersigned Trust, on behalf of itself and each Portfolio, hereby requests that State Street act as Transfer Agent for it and its Portfolios under the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit A</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

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| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: <u>January 1, 2023</u> | Effective Date: <u>January 1, 2023</u> |

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**EXHIBIT A**

<u>Schedule A</u>

LIST OF PORTFOLIOS

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

**EXHIBIT B**

**APPENDIX A**

**TO**

**<u>MASTER CUSTODIAN AGREEMENT</u>**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF If ANY</u>

**CALAMOS ADVISORS TRUST**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALAMOS GROWTH AND INCOME PORTFOLIO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-7271106 |
| **CALAMOS ETF TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88-4166679 |
| **CALAMOS INVESTMENT TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Sustainable Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87-3159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87-4563290 |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88-3877464 |
| **CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03-0426532 |
| **CALAMOS CONVERTIBLE AND HIGH INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02-0683363 |
| **CALAMOS STRATEGIC TOT AL RETURN FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-3785941 |
| **CALAMOS GLOBAL TOTAL RETURN FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-3377281 |
| **CALAMOS GLOBAL DYNAMIC INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8819776 |
| **CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-1549409 |
| **CALAMOS LONG/SHORT EQUITY** & **DYNAMIC INCO ME TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82-2860404 |

---

## Ex-99.(H)(Iii)

**Exhibit 99.(h)(iii)**

**ADMINISTRATION AGREEMENT**

THIS ADMINISTRATION AGREEMENT (this "Agreement") is entered into as of October 26, 2018 by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator"), and each registered management investment company identified on Schedule A hereto (each, a "Trust" and, together with the Administrator, the "Parties"), and shall be effective on November 1, 2018 (the "Effective Date").

WHEREAS, each Trust is either an open-end management investment company currently comprised of one or more series or a closed-end management investment company (each, a "Fund" and collectively, the "Funds"), and each Trust is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the parties intend that this Agreement shall supersede and replace that certain Sub-Administration Agreement dated as of October 1, 2009 by and between State Street Bank and Trust Company and Calamos Advisors LLC (as amended, the "Sub-Administration Agreement");

WHEREAS, each Trust desires to retain the Administrator to furnish the services described in Section 5 of this Agreement to the Trusts/Fund(s), and the Administrator is willing to furnish such services, on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Parties agree as follows:

**1.** **A** **PPOINTMENT AND DUTIES OF A DMINISTRATOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Trust hereby appoints the Administrator to act as administrator with respect to each Trust for purposes of providing the services set forth in this Agreement (collectively, the "Services") under the terms of this Agreement until terminated in accordance with Section 13 herein. The Administrator accepts such appointment and agrees to render the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Trust will initially consist of the Funds listed in Schedule A to this Agreement. In the event that the Trust establishes one or more additional Funds with respect to which it wishes to retain the Administrator to act as administrator hereunder, the Trust shall notify the Administrator with reasonable advance notice in writing. Upon written acceptance by the Administrator, which the Administrator shall not unreasonably withhold or delay, such Fund(s) shall become subject to the provisions of this Agreement to the same extent as the existing Fund(s), except to the extent that such provisions (including those relating to the compensation and expenses payable) may be modified with respect to such Fund(s) in writing by the Trust and the Administrator at the time of the addition of such Fund(s).

**2.** **D** **ELIVERY OF D OCUMENTS** 

Each Trust will promptly deliver to the Administrator copies of each of following documents and all future amendments and supplements, if any:

a. The Trust's
 Declaration of Trust and by-laws;

b. The Trust's currently
 effective Registration Statement under the 1933 and 1940 Act and its Prospectus(es) and Statement(s) of Additional Information,
 as applicable, relating to the Trust and its Fund(s) and all amendments and supplements thereto as in effect from time to time;

c. Copies of the resolutions
 of the Board of Trustees of the Trust (the "Board") certified by the Trust's Secretary authorizing (1) the
 Trust to enter into this Agreement and (2) certain individuals on behalf of the Trust to (a) give instructions to the Administrator
 pursuant to this Agreement and (b) sign checks and pay expenses;

d. A copy of the investment
 advisory agreement between the Trust and its investment adviser, Calamos Advisors LLC (the "Adviser"); and

e. Such other certificates,
 documents or opinions which the Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance
 of its duties.

**3.** **R** **EPRESENTATIONS AND W ARRANTIES OF THE A DMINISTRATOR** 

The Administrator represents and warrants to the Trust that:

a. It is a Massachusetts trust
 company, duly organized and existing under the laws of The Commonwealth of Massachusetts;

b. It has the corporate power
 and authority to carry on its business in The Commonwealth of Massachusetts and to provide the Services;

c. All requisite corporate
 proceedings have been taken to authorize it to enter into and perform this Agreement;

d. No legal or administrative
 proceedings have been instituted or threatened which would materially impair the Administrator's ability to perform its duties
 and obligations under this Agreement; and

e. Its entrance into this
 Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Administrator
 or any law, regulation, rule, order or judgment applicable to it.

**4.** **R** **EPRESENTATIONS AND W ARRANTIES OF THE T RUSTS** 

Each Trust represents and warrants to the Administrator that:

a. It is duly organized, existing
 and in good standing under the laws of its state of formation;

b. It has the requisite power
 and authority under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement;

c. All requisite proceedings
 have been taken to authorize it to enter into and perform this Agreement;

d. It is an investment company
 properly registered with the SEC under the 1940 Act;

e. The Registration Statement
 has been filed and will be effective and (if and as required to be updated) remain effective during the term of this Agreement. The
 Trust also warrants to the Administrator that as of the effective date of this Agreement, all necessary filings under the securities
 laws of the states in which the Trust offers or sells its shares have been made;

f. No legal or administrative
 proceedings have been instituted or threatened which would impair the Trust's ability to perform its duties and obligations
 under this Agreement;

g. Its entrance into this
 Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any
 law or regulation applicable to it; and

h. As of the close of business
 on the date of this Agreement, each Trust that is an open-end management investment company is authorized to issue unlimited
 shares of beneficial interest and each Trust that is a closed-end management investment company has properly listed its
 shares for trading on a U.S. national securities exchange;

i. Where information provided
 by the Trust or the Trust's shareholders includes information about an identifiable individual ("Personal Information"),
 the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations,
 by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose
 such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information
 in connection with the performance of the Services hereunder.

**5.** **A** **DMINISTRATION S ERVICES** 

The Administrator shall provide the services as listed on Schedule B, subject to the authorization and direction of each Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trust and the Administrator.

The Administrator shall perform such other services for a Trust/Fund(s) that are mutually agreed to by the Parties from time to time, for which the Trust/Fund(s) will pay such fees as may be mutually agreed upon, including the Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

Subject to Section 7 and at no additional cost to the Trusts, the Administrator shall provide the office facilities, equipment and personnel required by it to perform the Services.

**6.**  **<u>P</u>**  **<u>ERFORMANCE G OALS .</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Trust and the Administrator may from time to time agree on the manner and timing in which the Administrator expects to deliver, and the Trust expects to receive, the Services contemplated by this Agreement. The Parties agree that such agreement(s) (hereinafter referred to as "Service Level Document(s)") will reflect performance and Service delivery goals. Any failure to perform in accordance with the provisions thereof shall not automatically be considered a breach of this Agreement. It is the intention of the Parties that, in the event of a failure to perform in accordance with the provisions of a Service Level Document or any dispute relating to performance goals set forth in a Service Level Document, the Parties will seek to resolve the failure pursuant to the consultation procedure described in Sections 6.b. and 6.c. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If a Party hereto is materially unable to meet the provisions of a Service Level Document, or in the event that a dispute arises relating to performance goals set forth in a Service Level Document, either Party to this Agreement shall attempt to address any concerns it may have by requiring a consultation with the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The purpose of the consultation procedure is to endeavor to resolve a material failure to meet the provisions of a Service Level Document or a dispute relating to performance goals set forth in a Service Level Document. If a consultation occurs under this Section 6, the Parties must negotiate in good faith to endeavor to:

(1) agree to changes to the
 Service Level Document provisions that will enable the Service Level Document provisions to be more regularly met and which meet
 the Parties' respective business requirements; or

(2) otherwise find a solution
 such that, within 30 days after the consultation, the Administrator's or a Trust's inability to meet the Service Level
 Document provisions may be less likely to occur in the future.

If the Parties are unable to resolve the material failure to meet the provisions of a Service Level Document or a dispute relating to performance goals set forth in a Service Level Document within 30 days, the Parties may pursue any and all other available remedies.

**7.** **F** **EES ; E XPENSES ; E XPENSE R EIMBURSEMENT** 

The Administrator shall receive from each Trust such compensation and expense reimbursement for the Services as set forth in a separate fee schedule signed by the Parties (the "Fee Schedule"). The Fee Schedule may only be amended upon the mutual written agreement of the Administrator and the Trusts. The fees shall be due and payable as set forth in the Fee Schedule, except for any fee that a Trust disputes in good faith, provided that both Parties will work diligently and in good faith to effect an expeditious resolution of the dispute ("Good Faith Dispute"). A Good Faith Dispute will be deemed to exist only if (1) a Trust has given written notice of the dispute to Administrator promptly after receiving the invoice and (2) the notice explains the Trust's position in reasonable detail. A Good Faith Dispute will not exist as to an invoice in its entirety merely because certain amounts on the invoice have been disputed.

All rights of compensation and expense reimbursement under this Agreement for services performed shall survive the termination of this Agreement.

Each Trust will bear all expenses that are incurred in the operation of such Trust and not specifically assumed by the Administrator. Such expenses to be borne by each Trust include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Trust's registration statement, proxy materials, other SEC filings, federal and state tax qualification as a regulated investment company and other reports and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of the Trust; costs incidental to the Preparation, printing and mailing, as applicable, of the Trust's registration statements and any amendments and supplements thereto and shareholder reports; cost of typesetting and printing of prospectuses; cost of Preparation and filing of the Trust's tax returns, Form N-1A, Form N-2, Form N-PX, Form N-CSR, Form N-PORT and Form N-CEN (and such other forms that a Trust is required to file under the then-current SEC reporting regime), and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; fidelity bond and directors' and officers' liability insurance; and cost of independent pricing services used in computing the Trust's net asset value.

**8.** **I** **NSTRUCTIONS AND A DVICE** 

Each Trust shall furnish the Administrator from time to time with a notice (the "Certificate") specifying the names and titles of all persons authorized to issue instructions to the Administrator on behalf of each Fund ("Authorized Persons") and to sign checks and pay expenses on behalf of the Trust. Such Certificate may be relied upon by the Administrator as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt of a superseding Certificate by the Administrator from the Trust bearing a subsequent date. Notwithstanding the foregoing, Trust officers shall be considered Authorized Persons.

At any time, the Administrator may request instructions from any Authorized Person with respect to any matter arising in connection with the Services to be performed by the Administrator under this Agreement. Each Trust authorizes the Administrator to receive, act and rely upon instructions from any Authorized Person received by the Administrator which have been issued, or the Administrator reasonably believes have been issued, by an Authorized Person. The Administrator may consult with the independent accountants for the Funds at the expense of the Funds.

The Administrator shall not be liable, and shall be indemnified by each Trust, for any action taken or omitted by it in good faith in reliance upon any instructions or any other paper or document reasonably believed by it to have been issued by an Authorized Person. Nothing in this paragraph shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**9.** **L** **IMITATION OF L IABILITY ; I NDEMNIFICATION** 

The Administrator shall be responsible for the performance of only such duties as are set forth in this Agreement and shall have no responsibility for the actions or activities of any other party, including other service providers, other than Delegates (as defined in Section 21 below) of the Administrator. The Administrator shall, at all times, act in good faith and without willful misconduct or negligence in performing the Services. The Administrator shall have no liability in respect of any loss, damage or expense suffered by any Trust insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Trust by entities other than the Administrator prior to the Administrator's appointment as Administrator hereunder (except to the extent such records were maintained by the Administrator pursuant to the Sub-Administration Agreement). The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder except to the extent caused by or resulting from the negligence or willful misconduct of the Administrator, its officers or employees. Neither Party shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the Parties regardless of whether such damages were foreseeable or whether either Party or any entity had been advised of the possibility of such damages. In any event, unless otherwise agreed, the Administrator's cumulative liability for each calendar year (a "Liability Period") with respect to a Trust under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability relating to the Trust's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2018 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2019 and terminating on December 31, 2019 shall be the date of this Agreement through December 31, 2018, calculated on an annualized basis.

Provided the Administrator has maintained a business continuity and disaster recovery plan, the Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

Each Trust shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by a Trust or its Authorized Persons, or upon reasonable reliance on information or records given or made by a Trust or the Adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers, employees, or Delegates in cases of its or their own negligence, bad faith or willful misconduct.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**10.** **C** **ONFIDENTIALITY** 

All information provided under this Agreement by a Party (the "Disclosing Party") to the other Party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to this Section 10, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under this Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10A below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by a Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation that the Disclosing Party or its agents direct the Administrator or its Affiliates (as defined below) to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

Upon termination of this Agreement, each Party shall return to the other Party or, at the option of the other Party, destroy, all confidential information of the other Party that such Party or its agents may then possess or have under its control. Notwithstanding the foregoing, each Party may retain copies of the other Party's confidential information to the extent required for regulatory compliance or audit purposes, to comply with applicable laws and/or regulations or for the purpose of maintaining appropriate business records subject to observance of its confidentiality obligations hereunder.

The undertakings and obligations contained in this Section shall survive the termination or expiration of this Agreement.

---

| | |
|:---|:---|
| 10A. | **U** **SE OF DATA** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the Services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding a Trust or Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of Services contemplated under this Agreement and other agreements between the Trust and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) below, the Administrator and/or its Affiliates (except those Affiliates or business divisions principally engaged in the business of asset management) may use any data or other information ("Data") obtained by such entities in the performance of their Services under this Agreement or any other agreement between a Trust and the Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust/Fund(s), and publish, sell, distribute or otherwise commercialize the Data; provided that, unless the Trust otherwise consents, Data is combined or aggregated with information relating to (i) other customers of the Administrator and/or its Affiliates or (ii) information derived from other sources, in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification of such Data with the Trust/Fund(s). Each Trust agrees that Administrator and/or its Affiliates may seek to profit and realize economic benefit from the commercialization and use of the Data, that such benefit will constitute part of the Administrator's compensation for services under this Agreement or such other agreement, and the Administrator and/or its Affiliates shall be entitled to retain and not be required to disclose the amount of such economic benefit and profit to the Trust/Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly contemplated by this Agreement, nothing in this Section 10A shall limit the confidentiality and Data protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10A to comply at all times with confidentiality and Data protection obligations as if it were a party to this Agreement.

**11.** **C** **OMPLIANCE WITH G OVERNMENTAL R ULES AND R EGULATIONS ; R ECORDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator will materially comply with all laws applicable to the Administrator and all rules and regulations of governmental authorities having jurisdiction over the Administrator (collectively, the "Laws and Regulations"), to the extent such Laws and Regulations are directly applicable to Administrator and the Services performed by Administrator hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Administrator shall act in good faith to implement such changes to the Services as may be reasonably necessary to comply with changes in laws or regulations directly applicable to the Administrator in providing the Services that become effective after the effective date of this Agreement; provided, however, that prior to making any such change to the Services, each Trust and the Administrator shall negotiate in good faith any increase in fees payable to the Administrator. If a Trust notifies the Administrator in writing of changes in laws or regulations applicable to the Trust, the Trust and Administrator shall negotiate in good faith any changes to the Services (including the fees and expenses payable hereunder) necessary to support the Trust's compliance with those laws or regulations. Each Trust and the Administrator shall, if practicable, work in good faith to have any changes in the Services (including the fees and expenses payable hereunder) necessitated by changes in laws or regulations in place before the changes in law or regulations become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for a Trust shall at all times remain the property of the Trust, shall be readily accessible and available upon reasonable request by officers, employees, agents and auditors of the Trust during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for a Trust pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be provided in written or electronic form as reasonably consistent with Administrator's practices with other registered management investment company clients of Administrator.

**12.** **S** **ERVICES N OT E XCLUSIVE** 

The Services of the Administrator to the Trusts are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by a Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

**13.** **T** **ERM , T ERMINATION AND A MENDMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective on the date of its execution and shall remain in full force and effect for a period of one (1) year from the effective date (the "Initial Term") and shall automatically continue in full force and effect after the Initial Term unless and until terminated as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be terminated (i) at any time after the expiration of the Initial Term, without cause, by provision of a written notice of termination to the other Party at least 120 days prior to the termination date, or (ii) at any time, (A) by mutual written agreement of the Parties, or (B) for "cause," as defined below and following any applicable notice and opportunity to remedy requirements under that definition. For purposes of this Section 13, "cause" shall mean (i) a material breach (including non-payment of fees or expenses by a Trust other than by reason of a Good Faith Dispute) of this Agreement that has not been remedied for thirty (30) days following written notice of such breach from the non-breaching Party; (ii) a final, unappealable judicial, regulatory or administrative ruling or order in which the Party to be terminated has been found guilty of criminal or unethical behavior in the conduct of its business; or (iii) the authorization or commencement of, or involvement by way of pleading, answer, consent or acquiescence in, a voluntary or involuntary case against the other Party under Title 11 of the United States Code, as from time to time is in effect, or any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Upon termination of this Agreement:

(1) Each Trust shall pay to
 the Administrator such compensation and any reimbursable expenses as may be due under the terms hereof as of the date of such termination;
 and

(2) the Administrator shall
 reasonably cooperate with the service provider designated by the Trust in the transfer of the terminated Services to such other service
 provider in order to facilitate the transfer of the Services to such other service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The assistance provided by the Administrator under Section 13(c)(2) will be provided at the Trusts' sole expense, unless this Agreement is terminated: (i) by mutual written agreement of the Parties pursuant to Section 13(b)(ii)(A), whereby the Parties will cooperate in good faith to agree to reasonable apportionment of the costs of termination expenses; or (ii) by the Administrator pursuant to Section 13(b)(i) or by the Trusts pursuant to Section 13(b)(ii)(B), in which case the reasonable costs of such assistance provided by the Administrator shall be provided at Administrator's sole expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be modified or amended from time to time by mutual written agreement of the Parties hereto.

**14.** **N** **OTICES** 

Any notice or other communication authorized or required by this Agreement to be given to either Party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, by overnight delivery through a commercial courier service, or posted by certified mail, return receipt requested, to the following address (or such other address as a Party may specify by written notice to the other):

If to a Trust:

c/o Calamos Advisors LLC

2020 Calamos Court

Naperville, Illinois 60563

Attn: Legal Department

If to the Administrator:

STATE STREET BANK AND TRUST COMPANY

One Iron Street

Boston, MA 02111

Attention: Scott Shirrell, Vice President

Telephone: 617-662-0010

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02110

Attention: Senior Vice President and Senior Managing Counsel

**15.** **N** **ON -A SSIGNABILITY** 

This Agreement shall not be assigned by any Party hereto without the prior consent in writing of the other Parties, except that the a Party may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with such Party.

**16.** **S** **UCCESSORS** 

This Agreement shall be binding on and shall inure to the benefit of each Trust and the Administrator and their respective successors and permitted assigns.

**17.** **E** **NTIRE A GREEMENT** 

This Agreement, including the Schedule and separate Fee Schedule, together with any written agreement of the parties entered into pursuant to Section 5 or Section 9 of even date herewith, contains the entire understanding between the Parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the Services to be performed hereunder whether oral or in writing, including, for the avoidance of doubt, the Sub-Administration Agreement.

**18.** **W** **AIVER** 

The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such Party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed by the waiving Party.

**19.** **S** **EVERABILITY** 

If any provision of this Agreement is invalid or unenforceable, the balance of the Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

**20.** **G** **OVERNING L AW** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the Commonwealth of Massachusetts

**21.** **D** **ELEGATION** 

The Administrator shall retain the right to employ agents, subcontractors, consultants and other third parties, including, without limitation, affiliates (each, a "Delegate" and collectively, the "Delegates") to provide or assist it in the provision of any part of the services stated herein or the discharge of any other obligations or duties under this Agreement without the consent or approval of the Trust. The Administrator shall be responsible for the acts and omissions of any such Delegate so employed as if the Administrator had committed such acts and omissions itself. The Administrator shall be responsible for the compensation of its Delegates.

**22.** **D** **ATA P ROTECTION** 

The Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

**23.** **R** **EPRODUCTION OF D OCUMENTS** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The Parties hereto agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a Party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

**24.** **C** **OUNTERPARTS** 

This Agreement may be executed by the Parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO ON BEHALF OF ITSELF OR ITS FUND(S)** | **EACH TRUST IDENTIFIED ON SCHEDULE A HERETO ON BEHALF OF ITSELF OR ITS FUND(S)** |
| By: | /s/ Curtis Holloway |
| Name: | Curtis Holloway |
| Title: | Chief Financial Officer and Treasurer |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Andrew Erickson |
| Name: | Andrew Erickson |
| Title: | Executive Vice President |

---

**ADMINISTRATION AGREEMENT**

**SCHEDULE A**

**LIST OF FUNDS**

**<u>O</u>** **<u>PEN-END FUNDS</u>**

**C** **ALAMOS ADVISORS TRUST**

Calamos Growth and Income Portfolio

**C** **ALAMOS INVESTMENT TRUST**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Emerging Market Equity Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Growth and Income Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Income Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Opportunistic Value Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

**<u>C</u>** **<u>LOSED-END FUNDS</u>**

**C** **ALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND**

**C** **ALAMOS CONVERTIBLE AND HIGH INCOME FUND**

**C** **ALAMOS STRATEGIC TOTAL RETURN FUND**

**C** **ALAMOS GLOBAL TOTAL RETURN FUND**

**C** **ALAMOS GLOBAL DYNAMIC INCOME FUND**

**C** **ALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND**

**C** **ALAMOS LONG/SHORT EQUITY & INCOME 2028 TERM TRUST**

**ADMINISTRATION AGREEMENT**

**SCHEDULE B**

**LIST OF SERVICES**

I. Fund Administration Treasury Services as described
 in Schedule B1 attached hereto;

**Schedule B1**

**<u>Fund Administration Treasury Services</u>**

a. Prepare for the review by designated officer(s) of
 the Trust financial information regarding the Fund(s) that will be included in the Trust's semi-annual and annual shareholder
 reports, Form N-Q reports, in each case as they may be amended from time to time, and other quarterly reports (as mutually
 agreed upon), including tax footnote disclosures where applicable;

b. Coordinate the audit of the Trust's financial
 statements by the Trust's independent accountants, including the preparation of supporting audit workpapers and other schedules,
 and make such reports and recommendations to the Board of Trustees of the Trust ("Board") (or the Audit Committee of
 the Board ("Audit Committee")) concerning the performance of the independent accountants as the Board or the Audit Committee
 may reasonably request;

c. Prepare for the review by designated officer(s) of
 the Trust financial information required by Form N-1A (or Form N-2 as mutually agreed upon), proxy statements
 and such other reports, forms or filings as may be mutually agreed upon;

d. Prepare for the review by designated officer(s) of
 the Trust annual fund expense budgets (with monthly review), perform accrual analyses and rollforward calculations and recommend
 changes to fund expense accruals on a periodic basis, arrange for payment of the Trust's expenses, review calculations of fees
 paid to the Trust's Adviser, custodian, fund accountant, distributor and transfer agent, review calculations of other expenses
 paid by the Trust, and obtain authorization of accrual changes and expense payments;

e. Provide periodic testing of the Fund(s) with respect
 to compliance with Section 5(b)(1) of the 1940 Act (no less than quarterly) and limited periodic testing with respect to
 Section 18 of the 1940 Act, as mutually agreed upon;

f. Calculate estimates of income and expenses and prepare
 annual dividend projections to assist the Trust with dividend determinations;

g. Prepare and disseminate vendor survey information;

h. Prepare and coordinate the filing of Rule 24f-2 notices,
 including coordination of payment;

i. Provide the following closed-end fund Services
 as mutually agreed upon (1) specific compliance and reporting requirements relating to debt covenants (2) complete schedules
 for reporting to the Trust and/or its Adviser on closed-end fund leverage, compliance and activity, (3) prepare periodic
 financial statements and holding reports; (4) prepare and furnish financial information for inclusion in prospectuses; (5) closed-end fund
 dividend calculation schedules and other related schedules, and (6) other closed-end services;

j. Prepare and furnish Board materials related to the
 Services, as mutually agreed upon;

k. Provide sub-certificates in connection with
 the certification requirements of the Sarbanes-Oxley Act of 2002 with respect to the services provided by the Administrator;

l. Maintain certain books and records of the Trust as
 required under Rule 31a-1(b) of the 1940 Act, as may be mutually agreed upon; and

m. Consult with the Authorized Persons and the Trust's
 independent accountants, legal counsel, custodian, fund accountant, distributor, and transfer agent in establishing the accounting
 policies of the Trust.

## Ex-99.(H)(Iv)

**Exhibit 99.(h)(iv)**

*Execution Version*

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

---

| | |
|:---|:---|
| Re: | Calamos ETF Trust (the ***"Trust"***) |

---

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended, and has established those new series of shares identified under its name on <u>Exhibit A</u> hereto (each a ***"Portfolio"***)*.***

In accordance with Section 1, the Appointment and Duties of Administrator provision, of the Administration Agreement dated as of October 26, 2018 and effective as of November 1, 2018, as amended, modified, or supplemented from time to time (the ***"Agreement"***)***,*** by and among each registered investment company party thereto, and State Street Bank and Trust Company (***"State Street"***)***,*** the undersigned Trust, on behalf of itself and each Portfolio, hereby requests that State Street act as Administrator for it and each Portfolio under the terms of the Agreement, and that <u>Schedule A</u> to the Agreement is hereby amended and restated as set forth on Exhibit B attached hereto.

In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: <u>January 1, 2023</u> | Effective Date: <u>January 1, 2023</u> |

---

**EXHIBIT A**

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

**EXHIBIT B**

**ADMINISTRATION AGREEMENT**

**SCHEDULE A**

**LIST OF FUNDS**

**<u>OPEN-END FUNDS</u>**

**CALAMOS ADVISORS TRUST**

CALAMOS GROWTH AND INCOME PORTFOLIO

**CALAMOS ETF TRUST**

Calamos Antetokounmpo Global Sustainable Equities ETF

**CALAMOS INVESTMENT TRUST**

Calamos Convertible Fund

Calamos Dividend Growth Fund

Calamos Evolving World Growth Fund

Calamos Global Convertible Fund

Calamos Global Equity Fund

Calamos Global Opportunities Fund

Calamos Growth Fund

Calamos Growth and Income Fund

Calamos Hedged Equity Fund

Calamos High Income Opportunities Fund

Calamos International Growth Fund

Calamos Market Neutral Income Fund

Calamos Select Fund

Calamos Phineus Long/Short Fund

Calamos Total Return Bond Fund

Calamos Short-Term Bond Fund

Calamos Timpani Small Cap Growth Fund

Calamos Timpani SMID Growth Fund

Calamos Global Sustainable Equities Fund

Calamos International Small Cap Growth Fund

**CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST**

Calamos Antetokounmpo Sustainable Equities Fund

**<u>CLOSED-END FUNDS</u>**

**CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND**

**CALAMOS CONVERTIBLE AND HIGH INCOME FUND**

**CALAMOS STRATEGIC TOTAL RETURN FUND**

**CALAMOS GLOBAL TOTAL RETURN FUND**

**CALAMOS GLOBAL DYNAMIC INCOME FUND**

**CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND**

**CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST**

## Ex-99.(H)(V)

**Exhibit 99.(h)(v)**

MASTER SERVICES AGREEMENT

This AGREEMENT is made as of March 15, 2004 by and among each registered management investment company identified on Appendix A hereto (each such management investment company and each management investment company made subject to this Agreement in accordance with Section 8.5 below shall hereinafter be referred to as a "FUND" and are sometimes collectively hereinafter referred to as the "FUNDS"), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company, having its principal place of business at 225 Franklin Street, Boston, Massachusetts 02110 (the "AGENT").

WHEREAS, each Fund desires to retain the Agent to perform certain services;

WHEREAS, each Fund may or may not be authorized to issue common stock or shares of beneficial interest ("SHARES") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, each Fund so authorized intends that this Agreement be applicable to its series of Shares (as identified on Appendix A hereto (such series together with all other series subsequently established by such Fund and made subject to this Agreement in accordance with Section 8.6 below, shall hereinafter be referred to as the "PORTFOTIO(S)");

WHEREAS, each Fund not so authorized intends that this Agreement be applicable to it and that all references hereinafter to one or more "Portfolio(s)" shall be deemed to refer to such Fund(s); and

WHEREAS, the Agent is willing to perform such services upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

SECTION 1. DUTIES OF THE AGENT.

SECTION 1.1 BOOKS OF ACCOUNT.

The Agent shall maintain the books of account of each Fund and shall perform the following duties in the manner prescribed by such Fund's currently effective prospectus, statement of additional information or other governing document, certified copies of which have been supplied to the Agent (A "GOVERNING DOCUMENT"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain each Portfolio's general ledger and such other accounts, books and financial records of such Portfolio as the parties may agree upon from time to time, and as may be required by the Investment Company Act of 1940, as amended (the "1940 ACT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maintain each Portfolio's portfolio security transaction records utilizing trade date provided to the Agent by such Portfolio's duly authorized investment adviser (each, an "INVESTMENT ADVISER");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. For each valuation date, post each Portfolio's transactions to such Portfolio's general ledger including, but not limited to:

- Calculate unrealized appreciation and depreciation regarding portfolio securities;

- Amortize premiums and discounts regarding portfolio securities, as applicable;

- Calculate fee-based expenses and set-up expense accruals as directed by the applicable Fund;

- Record payments of Portfolio expenses upon written instructions of a Fund or duly authorized agent thereof;

- Calculate interest and dividend income and reset interest accrual for variable rate securities, as applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Reconcile cash, foreign currency and portfolio security holding positions with each Portfolio's custodian (each, a "CUSTODIAN") daily;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Post each Portfolio's corporate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate the net asset value of each Portfolio and report same to the Fund or such other entities or persons as the Fund may instruct from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Prepare and transmit to the Fund, or such other entities or persons as the Fund may instruct from time to time, such periodic reports of Fund data as may be mutually agreed upon by the parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Post shareholder reinvestment activity and reconcile share balances with each Portfolio's transfer agent (each, a "TRANSFER AGENT") in conjunction with Portfolio distributions.

Each Fund shall provide timely prior notice to the Agent of any modification in the manner in which such calculations are to be performed as prescribed in any revision to such Fund's governing document and shall supply the Agent with certified copies of all amendments and/or supplements to the governing documents in a timely manner. For purposes of calculating the net asset value of a Fund, the Agent shall value each Fund's portfolio securities utilizing prices obtained from sources designated by such Fund (collectively, the "AUTHORIZED PRICE SOURCES") on a Price Source Authorization substantially in the form attached hereto as Exhibit A, as the same may be amended from time to time, or otherwise designated by means of Proper Instructions (as such term is defined in Section 2.2 below) (the "PRICE SOURCE AUTHORIZATION"). The Agent shall not be responsible for any revisions to the methods of calculation unless and until such revisions are communicated in writing to the Agent.

SECTION 1.2 ADDITIONAL SERVICES.

The Agent shall provide the following services, as applicable, in each case, subject to the control, supervision and direction of each Fund and subject to any necessary review and comments by the Fund's auditors and legal counsel and in accordance with procedures or policies that may be established from time to time by and between the Agent and the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare and distribute daily total return calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare monthly distribution analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Complete monthly preferred shares "asset coverage" test (as that term is defined in Section 18(h) of the 1940 Act following agreed-upon compliance procedures (the "COMPLIANCE PROCEDURES"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Complete monthly (or more frequently as reasonably requested by the applicable rating agency) preferred shares basic maintenance test for applicable rating agency(ies) and preferred rate auction following the Compliance Procedures.

SECTION 1.3 RECORDS.

The Agent shall create and maintain all records relating to its activities and obligations under this Agreement in such a manner as will meet the obligations of each Fund under the 1940 Act, specifically Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the applicable Fund and shall at all times during the regular business hours of the Agent be open for inspection by duly authorized officers, employees or agents of the applicable Fund and employees and agents of the Securities and Exchange Commission. Subject to Section 3 below, the Agent shall preserve for the period required by law the records required to be maintained thereunder.

SECTION 1.4 APPOINTMENT OF AGENTS.

The Agent may at its own expense employ agents in the performance of its duties and the exercise of its rights under this Agreement, provided that the employment of such agents shall not reduce the Agent's obligations or liabilities hereunder.

SECTION 2. DUTIES OF EACH FUND.

SECTION 2.1 DELIVERY OF INFORMATION.

Each Fund shall provide, or shall cause a third party to provide, timely notice to the Agent of certain data as a condition to the Agent's performance described in Section 1 above. The data required to be provided pursuant to this section is set forth on Schedule A hereto, which schedule may be separately amended or supplemented by the parties from time to time.

The Agent is authorized and instructed to rely upon the information it receives from the Fund or any third party. The Agent shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any data supplied to it by or on behalf of any Fund.

SECTION 2.2 PROPER INSTRUCTIONS.

The Fund or any other person duly authorized by the Fund shall communicate to the Agent by means of Proper Instructions. Proper Instructions shall mean (i) a writing signed or initialed by one or more persons as the Board of Directors or Board of Trustees of a Fund shall have from time to time authorized or (ii) communication effected directly between a Fund or its third-party agents (each, a "THIRD PARTY AGENT") and the Agent by electro-mechanical or electronic devices, provided that such Fund and the Agent agree to security procedures. The Agent may rely upon any Proper Instruction believed by it to be genuine and to have been properly issued by or on behalf of the applicable Fund. Oral instructions shall be considered Proper Instructions if the Agent reasonably believes them to have been given by a person authorized to give such instructions. The Fund shall cause all oral instructions to be confirmed in accordance with clauses (i) or (ii) above, as appropriate. The Fund shall give timely Proper Instructions to the Agent in regard to matters affecting accounting practices and the Agent's performance pursuant to this Agreement.

SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY; EXCLUSIVE REMEDY.

The Agent shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by the Funds, and shall be without liability for any action taken or omitted by it (including, without limitation, acting in accordance with any Proper Instruction) in good faith without willful misconduct or negligence. The Agent shall be entitled to rely on and may act upon the advice of counsel (who may be counsel for the Fund) or the independent accountants for the Fund on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. Nothing in this paragraph shall be construed as imposing upon the Agent any obligation to seek such instructions or advice, or to act in accordance with such advice when received. Without in any way limiting the generality of the foregoing, the Agent shall in no event be liable for any loss or damage arising

from causes beyond its control including, without limitation, delay or cessation of services hereunder or any damages resulting therefrom as a result of work stoppage, power or other mechanical failure, natural disaster, governmental action, communication disruption or other impossibility of performance.

The Agent shall in no event be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorney's fees) in any way due to a Fund's use of the administration or accounting services or the performance of or failure to perform the Agent's obligations under this Agreement.

Each Fund, any Third Party Agent or Authorized Price Sources from which the Agent shall receive or obtain certain records, reports and other data utilized or included in the services provided hereunder are solely responsible for the contents of such information including, without limitation, the accuracy thereof and each Fund agrees to make no claim against the Agent arising out of the contents of such third-party data including, but not limited to, the accuracy thereof. The Agent shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information and shall be without liability for any loss or damage suffered as a result of the Agent's reasonable reliance on and utilization of such information, except as otherwise required by the Price Source Authorization with respect to the use of data obtained from Authorized Price Sources. The Agent shall have no responsibility and shall be without liability for any loss or damage caused by the failure of any Fund or any Third Party Agent to provide it with the information required by Section 2.1 above. Further, and without in any way limiting the generality of the foregoing, the Agent shall have no liability in respect of any loss, damage or expense suffered by the Fund or any third party, insofar as such loss, damage or expense arises from the performance of the Agent's duties hereunder by reason of the Agent's reliance upon records that were maintained for any Fund by any entity other than the Agent prior to such Fund's appointment of the Agent pursuant to this Agreement.

Each Fund agrees to indemnify and hold the Agent free and harmless from any expense, loss, damage or claim, including reasonable attorney's fees, suffered by the Agent and caused by or resulting from the acts or omissions of such Fund or any third-party whose services the Agent must rely upon in performing services hereunder.

Each Fund acknowledges and agrees that, with respect to investments it maintains with an entity which may from time to time act as a transfer agent for uncertificated shares of registered investment companies (the "UNDERLYING TRANSFER AGENT"), such Underlying Transfer Agent is the sole source of information on the number of shares held by it on behalf of a Fund and that the Agent has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Agent in performing its duties under this Agreement.

SECTION 3A. PERFORMANCE GOALS.

The Funds and the Agent may from time to time agree on the manner in which they expect to deliver and receive the services contemplated by this Agreement. The parties agree that such agreement(s) (hereinafter referred to as "SERVICE LEVEL DOCUMENTS(S)") reflect performance goals and any failure to perform in accordance with the provisions thereof shall not be considered a breach of contract that gives rise to contractual or other remedies. It is the intention of the parties that the sole remedy for failure to perform in accordance with the provisions of a Service Level Document, or any dispute relating to performance goals set forth in a Service Level Document, will be a meeting of the parties to resolve the failure pursuant to the consultation procedure described in Sections 3A.1 and 3A.2 below.

SECTION 3A.1 CONSULTATION PROCEDURE. If a party hereto is consistently unable to meet the provisions of a Service Level Document, or in the event that a dispute arises relating to performance goals set forth in a Service Level Document, either party to this Agreement shall address any concerns it may have by requiring a consultation with the other party.

SECTION 3A.2 PURPOSE OF CONSULTATION PROCEDURE. The purpose of the consultation procedure is to endeavor to resolve a consistent failure to meet the provisions of a Service Level Document. If a consultation occurs under this Section 3A, all parties must negotiate in good faith to endeavor to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) implement changes which will enable the Service Level Document provisions to be more regularly met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agree to alternative Service Level Document provisions which meet the parties' respective business requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise find a solution such that within 30 days after the consultation, the inability to meet the Service Level Document provisions may be less likely to occur in the future.

SECTION 4. REPRESENTATIONS AND WARRANTIES.

SECTION 4.1 REPRESENTATIONS AND WARRANTIES OF THE AGENT.

The Agent represents and warrants to each Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The person executing this Agreement on its behalf has been duly authorized to act on its behalf.

SECTION 4.2 REPRESENTATIONS AND WARRANTIES OF EACH FUND.

Each Fund represents and warrants to the Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is duly organized, existing and in good standing under the laws of the jurisdiction in which it was formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the power and authority under applicable laws and by its organizational documents to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It is an investment company properly registered under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A registration statement under the 1940 Act (and if Shares of the Fund are offered publicly, under the Securities Act of 1933, as amended (the "1933 Act")) has been filed and will be effective and remain effective during the term of this Agreement. Each Fund also warrants that as of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Fund offers or sells its Shares have been made.

SECTION 5. COMPENSATION OF AGENT.

The Agent shall be entitled to reasonable compensation for its services, expenses, out of pocket costs and disbursements as Agent hereunder, as agreed upon from time to time between the Fund and the Agent.

SECTION 6. TERM OF AGREEMENT.

This Agreement shall become effective as of its execution, shall continue in full force and effect until terminated as hereinafter provided and may be terminated by either party by an instrument in writing delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than sixty (60) days after the date of such delivery or mailing.

Termination of this Agreement with respect to the coverage of any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio.

Upon termination of the Agreement or termination of its coverage with respect to any Fund, such Fund shall pay to the Agent such compensation as may be due as of the date of such termination (or with respect to the applicable Fund with respect to a coverage termination) and shall likewise reimburse the Agent for its costs, expenses and disbursements.

SECTION 7. SUCCESSOR AGENT.

If a successor agent for any Fund shall be appointed by a Fund, the Agent shall upon termination deliver to such successor agent at the office of the Agent all properties of such Fund held by it hereunder. If no such successor agent shall be appointed, the Agent shall at its office upon receipt of Proper Instructions deliver such properties in accordance with such instructions.

SECTION 8. GENERAL.

SECTION 8.1 MASSACHUSETTS LAW TO APPLY. This Agreement shall be governed by, construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts excluding that body of law applicable to conflicts of law.

SECTION 8.2 PRIOR AGREEMENTS. This Agreement supersedes and terminates, as of the date hereof, all prior agreements between any Fund and the Agent relating to fund accounting and recordkeeping services regarding such Fund.

SECTION 8.3 ASSIGNMENT. This Agreement may not be assigned by (a) a Fund without the prior written consent of the Agent or (b) by the Agent without the prior written consent of the Funds, except that either party may, without such prior consent, assign to an entity controlling, controlled by or under common control with such party or to a successor of all of or a substantial portion of its business.

SECTION 8.4 INTERPRETIVE AND ADDITIONAL PROVISIONS. In connection with the operation of this Agreement, the Agent and the Funds may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

SECTION 8.5 ADDITIONAL FUNDS. In the event that any management investment company in addition to those listed on Appendix A hereto desires to have the Agent render services as agent under the terms hereof, it shall so notify the Agent in writing, and if the Agent agrees in writing to provide such services, such management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof with respect to such Fund.

SECTION 8.6 ADDITIONAL PORTFOLIOS. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Agent render services as agent under the terms hereof, it shall so notify the Agent in writing, and if the Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

SECTION 8.7 AMENDMENTS. No amendment to this Agreement shall be effective unless it is in writing and signed by a duly authorized representative or each party. The term "AGREEMENT," as used herein, includes all schedules, addenda, exhibits, appendices and attachments hereto and any future written amendments, modifications, or supplements made in accordance herewith.

SECTION 8.8 REMOTE ACCESS SERVICES ADDENDUM. Each Fund and the Agent hereby agree to the terms of the Remote Access Services Addendum hereto.

SECTION 8.9 SERVICES NOT EXCLUSIVE. Each Fund hereby acknowledges that the services of the Agent hereunder are not to be deemed exclusive to any Fund and the Agent remains free to render similar services to others.

SECTION 8.10 NOTICES. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Fund: c/o Calamos Asset Management, Inc.

111 East Warrenville Road

Naperville, Illinois 60563-1493

Attention: __________________, Treasurer

Telephone: (630) 577-2106

Telecopy: (630) 955-6964

To the Agent: STATE STREET BANK AND TRUST COMPANY

Joseph Palmer Building

One Heritage Drive, JPB3N

North Quincy, Massachusetts 02171

Attention: Scott E. Johnson, Vice President

Telephone: 617-985-6725

Telecopy: 617-985-9797

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

SECTION 8.11 HEADINGS NOT CONTROLLING. Headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.

SECTION 8.12 SURVIVAL. All provisions regarding indemnification, warranty, liability and limits thereon shall survive the expiration or termination of this Agreement.

SECTION 8.13 COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement.

SECTION 8.14 SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

SECTION 8.15 REPRODUCTION OF DOCUMENTS. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE

IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative and its seal to be hereunder affixed as of the date first above-written.

---

| | | |
|:---|:---|:---|
| SIGNATURE ATTESTED TO BY: | EACH REGISTERED MANAGEMENT INVESTMENT | EACH REGISTERED MANAGEMENT INVESTMENT |
|  | COMPANY SET FORTH ON APPENDIX A | COMPANY SET FORTH ON APPENDIX A |
| HERETO |  |  |
| /s/ Ian J. McPheron | By: | /s/ Nimish Bhatt |
| Ian J. McPheron, Assistant Secretary |  | Nimish Bhatt, Treasurer |
| SIGNATURE ATTESTED TO BY: | STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| /s/ Stephanie L. Poster | By: | /s/ Joseph L. Hooley |
| Stephanie L. Poster, Vice President |  | Joseph L. Hooley, Executive Vice President |

---

APPENDIX A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

MANAGEMENT INVESTMENT COMPANIES AND PORTFOLIOS THEREOF, IF ANY

CALAMOS STRATEGIC TOTAL RETURN FUND

i

EXHIBIT A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

FORM OF PRICE SOURCE AUTHORIZATION

ii

To: State Street Bank and Trust Company

From: Fund Name:<u> </u>

Fund Address:<u> </u>

Date: _______________

Re: PRICE SOURCE AUTHORIZATION

Reference is made to that certain Master Administration and Accounting Services Agreement dated March 15, 2004 (as amended, restated, modified or supplemented from time to time, the "Agreement") by and among each Fund and the Agent. Capitalized terms used in this Price Source Authorization or in any attachment or supplement shall have the meanings provided in the Agreement unless otherwise specified. Pursuant to the Agreement, each Fund hereby directs the Agent to calculate the net asset value ("NAV") of such Fund or, if applicable, its Portfolios, in accordance with the terms of such Fund's or Portfolio's currently effective prospectus. The Agent will perform the NAV calculation subject to the terms and conditions of the Agreement and this Price Source Authorization.

Each Fund hereby authorizes the Agent to use the pricing sources specified on the attached Authorization Matrix (as amended from time to time) as sources for prices of assets in calculating the NAV of such Fund. Each Fund understands that the Agent does not assume responsibility for the accuracy of the quotations provided by the specified pricing sources and that the Agent shall have no liability for any incorrect data provided by the pricing sources specified by any Fund, except as may arise from the Agent's lack of reasonable care in performing agreed upon tolerance checks as to the data furnished and calculating the NAV of a Fund in accordance with the data furnished to the Agent. Each Fund also acknowledges that prices supplied by such Fund or an affiliate may be subject to approval of that Fund's Board of Trustees or Board of Directors, as applicable, and are not the responsibility of the Agent.

Each Fund agrees to indemnify and hold the Agent harmless from any claim, loss or damage arising as a result of using prices furnished by any specified pricing source.

The Agent agrees that written notice of any change in the name of any specified pricing source will be sent to affected Fund as such information is available to the Agent.

Kindly acknowledge your acceptance of this authorization in the space provided below.

EACH FUND LISTED ON APPENDIX A HERETO

---

| | |
|:---|:---|
| By: | The foregoing authorization is hereby accepted. |
| Name: |  |
| Title: | STATE STREET BANK AND TRUST COMPANY |
|  | By:<u> </u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, Vice President |

---

APPENDIX A

[LIST OF FUNDS]

(STATE STREET SERVING INSTITUTIONAL INVESTORS WORLDWIDE LOGO)

AUTHORIZATION MATRIX

AUTHORIZATION MATRIX TO BE ATTACHED TO PRICE SOURCE AUTHORIZATION DATED

CLIENT: ___________________________ Effective Date: __________________________

(suspersedes prior Authorization Matrices)

NOTE: [PLEASE SUBMIT CLIENT NAME, FUND NAME AND/OR LIST OF FUNDS WITH THIS FORM]

<u>PRICING <br> LOGIC</u> <u>PRICING <br> SECURITY TYPE <br> DEFAULT LOGIC</u> <u>VALUATION POINT</u> <u>PRIMARY<br> SOURCE</u> <u>SECONDARY<br> SOURCE</u> <u>TERTIARY<br> SOURCE</u> <br>

EQUITIES

U.S. LISTED EQUITIES (NYSE, AMEX) Bridge Reuters Last Market Close

U.S. OTC EQUITIES (NASDAQ) Bridge Reuters Market Close

FOREIGN EQUITIES

LISTED ADR'S

FIXED INCOME

MUNICIPAL BONDS

US BONDS (TREASURIES, MBS, ABS, CORPORATION)

EUROBONDS/FOREIGN BONDS

OTHER ASSETS

OPTIONS

FUTURES

NON-LISTED ADR'S

EXCHANGE RATES

FORWARD POINTS

PRICE SOURCE AND METHODOLOGY AUTHORIZATION

INSTRUCTIONS: For each security type allowed by the Fund Prospectus, please indicate the primary, secondary and tertiary source to be used in calculating Net Asset Value for the Funds identified. NOTE: If Investment Manager is a Pricing Source, please specify explicitly.

State Street performs a Data Quality review process as specified in the Sources Status Pricing Matrix on the NAVigator Pricing System which specifies pricing tolerance thresholds, index and price aging details. The Sources Status Pricing Matrix will be provided for your information and review.

---

| | | | |
|:---|:---|:---|:---|
| AUTHORIZED BY: | | ACCEPTED: | |
|  | FUND OFFICER |  | STATE STREET VICE PRESIDENT |
| BPS: GLOBAL PRICING SERVICES | BPS: GLOBAL PRICING SERVICES |  | LAST UPDATE: |
| 03/29/2004 | 03/29/2004 |  |  |

---

SCHEDULE A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

---

| | |
|:---|:---|
| INFORMATION REQUIRED TO BE SUPPLIED | RESPONSIBLE PARTY |
| Portfolio Trade Authorizations | Investment Adviser |
| Currency Transactions | Investment Adviser |
| Cash Transaction Report | Custodian |
| Portfolio Prices | Third Party Vendors/Investment Adviser |
| Exchange Rates | Third Party Vendors/Investment Adviser |
| Capital Stock Activity Report | Transfer Agent |
| Dividend/Distribution Schedule | Investment Adviser |
| Dividend/Distribution Declaration | Investment Adviser |
| Dividend Reconciliation/Confirmation | Transfer Agent |
| Corporate Actions | Third Party Vendors/Custodian |
| Service Provider Fee Schedules | Investment Adviser |
| Expense Budget | Investment Adviser/Administrator |
| Amortization Policy | Investment Adviser |
| Accounting Policy/Complex Investments | Investment Adviser |
| Audit Management Letter | Auditor |
| Annual Shareholder Letter | Investment Adviser |
| Annual/Semi-Annual Reports | Investment Adviser/Administrator |
| Declaration of Trust or Articles of Incorporation, as amended | Investment Adviser/Administrator |
| By-Laws, as amended Currently Effective Registration | Investment Adviser/Administrator |
| Statement under the 1933 and 1940 Act | Investment Adviser/Administrator |
| Current Prospectus(es) and Statement(s) of Additional Information | Investment Adviser/Administrator |
| Such other certificates, documents or opinions which the Agent may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties | Investment Adviser/Administrator |

---

i

REMOTE ACCESS SERVICES ADDENDUM

TO

MASTER ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT

ADDENDUM to that certain Master Administration and Accounting Services Agreement dated as of March 15, 2004 (the "Agreement") by and among each registered management investment company identified on Appendix A thereto and made subject thereto pursuant to Section 9.5 thereof (each, a "Customer") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street").

State Street has developed and utilizes proprietary accounting and other systems in conjunction with the services which State Street provides to the Customer. In this regard, State Street maintains certain information in databases under its control and ownership which it makes available to its customers (the "Remote Access Services").

THE SERVICES

State Street agrees to provide the Customer, and its designated investment advisors, consultants or other third parties authorized by State Street ("Authorized Designees") with access to In-Sight(SM) as described in Exhibit A or such other systems as may be offered from time to time (the "System") on a remote basis.

SECURITY PROCEDURES

The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security procedures as may be issued from time to time by State Street for use of the System and access to the Remote Access Services. The Customer agrees to advise State Street immediately in the event that it learns or has reason to believe that any person to whom it has given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable relief. The Customer agrees to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street.

FEES

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the fee schedule in effect from time to time between the parties. The Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

PROPRIETARY INFORMATION/INJUNCTIVE RELIEF

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know-how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to the Customer by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary rights of State Street related thereto are the exclusive, valuable and confidential property of State Street and its relevant licensors (the "Proprietary Information"). The Customer agrees on behalf of itself and its Authorized Designees to keep the Proprietary Information confidential and to limit access to its employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

ii

The Customer agrees to use the Remote Access Services only in connection with the proper purposes of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the System in any way; enhance or otherwise create derivative works based upon the System, nor will your or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

LIMITED WARRANTIES

State Street represents and warrants that it is the owner of and has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology including, but not limited to, the use of the Internet, and the necessity of relying upon third party sources, and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS", and the Customer and its Authorized Designees shall be solely responsible for the investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors will not be liable to the Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall either party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

State Street will take reasonable steps to ensure that its products (and those of its third-party suppliers) reflect the available state of the art technology to offer products that are Year 2000 compliant, including, but not limited to, century recognition of dates, calculations that correctly compute same century and multi century formulas and date values, and interface values that reflect the date issues arising between now and December 31, 2099, and if any changes are required, State Street will make the changes to its products at no cost to you and in a commercially reasonable time frame and will require third-party suppliers to do likewise. The Customer will do likewise for its systems.

iii

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS, EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

INFRINGEMENT

State Street will defend or, at our option, settle any claim or action brought against the Customer to the extent that it is based upon an assertion that access to the System or use of the Remote Access Services by the Customer under this Addendum constitutes direct infringement of any patent or copyright or misappropriation of a trade secret, provided that the Customer notifies State Street promptly in writing of any such claim or proceeding and cooperates with State Street in the defense of such claim or proceeding. Should the System or the Remote Access Services or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent or copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for the Customer the right to continue using the System or the Remote Access Services, (ii) replace or modify the System or the Remote Access Services so that the System or the Remote Access Services becomes noninfringing, or (iii) terminate this Addendum without further obligation.

TERMINATION

Either party to the Agreement may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days prior written notice in the case of notice of termination by State Street to the Customer or thirty (30) days notice in the case of notice from the Customer to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of the Agreement. In the event of termination, the Customer will return to State Street all copies of documentation and other confidential information in its possession or in the possession of its Authorized Designees. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

MISCELLANEOUS

This Addendum and the exhibit hereto constitute the entire understanding of the parties to the Agreement with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by each of State Street and the Customer and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

By its execution of the Agreement, the Customer (a) confirms to State Street that it informs all Authorized Designees of the terms of this Addendum; (b) accepts responsibility for its and its Authorized Designees' compliance with the terms of this Addendum; and (c) indemnifies and holds State Street harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of its Authorized Designees to abide by the terms of this Addendum.

iv

EXHIBIT A

TO

REMOTE ACCESS SERVICES ADDENDUM

IN-SIGHT(SM)

System Product Description

In-Sight(SM) provides bilateral information delivery, interoperability, and on-line access to State Street. In-Sight(SM) allows users a single point of entry into State Street's diverse systems and applications. Reports and data from systems such as Investment Policy Monitor(SM), Multicurrency Horizon(SM), Securities Lending, Performance & Analytics and Electronic Trade Delivery can be accessed through In-Sight(SM). This Internet-enabled application is designed to run from a Web browser and perform across low-speed data lines or corporate high-speed backbones. In-Sight(SM) also offers users a flexible toolset, including an ad-hoc query function, a custom graphics package, a report designer, and a scheduling capability. Data and reports offered through In-Sight(SM) will continue to increase in direct proportion with the customer roll out, as it is viewed as the information delivery system will grow with State Street's customers.

v

## Ex-99.(H)(Vi)

**Exhibit 99.(h)(vi)**

*Execution Version*

**Calamos ETF Trust**

**2020 Calamos Court**

**Naperville, IL 60563**

December 21, 2022

State Street Bank and Trust Company

l Iron Street

Boston, MA 02210

Attention: Scott Shirrell, Vice President

---

| | |
|:---|:---|
| Re: | Calamos ETF Trust <u>(the ***"Trust"***)</u> |

---

Ladies and Gentlemen:

Please be advised that the undersigned Trust is incorporated and registered as a management investment company under the Investment Company Act of 1940, as amended and has established a new series of shares identified under its name on <u>Exhibit A</u> hereto (each a ***"Portfolio"***)*.***

In accordance with Section 8.5 and 8.6, the Additional Funds and Additional Portfolios provision, of the Master Services Agreement dated as of March 15, 2004, as amended, modified, or supplemented from time to time (the ***"Agreement"***)***,*** by and among each registered investment company party thereto, and State Street Bank and Trust Company (***"State Street"***)***,*** the undersigned Trust hereby requests that State Street perform certain accounting and fund administration services for it and its Portfolio under the terms of the Agreement, and that <u>Appendix A</u> to the Agreement is hereby amended and restated as set forth on <u>Exhibit B</u> attached hereto. In connection with such request, the undersigned Trust hereby confirms, as of the date hereof, its representations and warranties set forth in Section 4.2 of the Agreement and, for the avoidance of doubt, acknowledges and confirms to State Street that the letter agreement dated March 31, 2006 (***"Third Side Letter''***) *by and among certain funds in the Calamos Family of Funds and State Street shall also apply to the Portfolio, and the undersigned Trust agrees to be bound by all the terms and conditions of the Third Side Letter.*

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust.

*[Signature page follows.]*

 

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CALAMOS ETF TRUST** | **CALAMOS ETF TRUST** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on behalf of: |
| **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **CALAMOS ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| By: | /s/ Stephen Atkins |
| Name: | Stephen Atkins |
| Title: | Treasurer, Duly Authorized |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:** | **Agreed and Accepted:** |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President, Duly Authorized |
| Effective Date: <u>January 1, 2023</u> | Effective Date: <u>January 1, 2023</u> |

---

**<u>EXHIBIT A</u>**

**Calamos ETF Trust**

Calamos Antetokounmpo Global Sustainable Equities ETF

**<u>EXHIBIT B</u>**

**APPENDIX A**

**TO**

**MASTER SERVICES AGREEMENT**

<u>MANAGEMENT INVESTMENT COMPANIES REGISTERED WITH THE SEC AND PORTFOLIOS THEREOF IF ANY</u>

**CALAMOS ADVISORS TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALAMOS GROWTH AND INCOME PORTFOLIO |  |
| **CALAMOS ETF TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Global Sustainable Equities ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88-4166679 |
| **CALAMOS INVESTMENT TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3316238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Dividend Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46-2951829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Evolving World Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26-2192228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-2271491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8166626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-4088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3723359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Growth and Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3575418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-2255361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos High Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-4307069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-2395043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Market Neutral Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36-3723358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Select Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22-3848966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Phineus Long/Short Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-5668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8872705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-0775729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-3325222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Timpani SMID Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83-4647954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Global Sustainable Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87-3159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos International Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87-4563290 |
| **CALAMOS ANTETOKOUNMPO SUSTAINABLE EQUITIES TRUST** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88-3877464 |
| **CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03-0426532 |
| **CALAMOS CONVERTIBLE AND HIGH INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02-0683363 |
| **CALAMOS STRATEGIC TOTAL RETURN FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-3785941 |
| **CALAMOS GLOBAL TOTAL RETURN FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-3377281 |
| **CALAMOS GLOBAL DYNAMIC INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-8819776 |
| **CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47-1549409 |
| **CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82-2860404 |

---

## Ex-99.(H)(Vii)

**Exhibit 99.(h)(vii)**

**FORM OF AUTHORIZED PARTICIPANT AGREEMENT**

**CALAMOS ETF TRUST**

This Authorized Participant Agreement (the "Agreement") is entered into by and between Foreside Fund Services, LLC (the "Distributor") and [_________] (the "Participant") and is subject to acceptance by State Street Bank and Trust Company (the "Transfer Agent"), and is further subject to acknowledgement and agreement by Calamos ETF Trust (the "Trust"), a series trust offering a number of portfolios of securities (each a "Fund" and collectively the "Funds"), solely with respect to Sections 4(c) and 12(c) herein. Capitalized terms used but not defined herein are defined in the current prospectus for each Fund as it may be supplemented or amended from time to time and included in the Trust's Registration Statement on Form N-1A, as it may be amended from time to time, or otherwise filed with the U.S. Securities and Exchange Commission ("SEC") (together with such Fund's Statement of Additional Information incorporated therein, the "Prospectus").

The Distributor provides services as principal underwriter of the Funds acting on an agency basis in connection with the distribution of shares of beneficial interest of each Fund (the "Shares"). The Transfer Agent has been retained to provide certain transfer agency services and to be the order taker with respect to the purchase and redemption of Creation Units of Shares.

This Agreement is intended to set forth certain procedures by which the Participant may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the "Federal Reserve Book-Entry System") and the Continuous Net Settlement ("CNS") clearing processes of National Securities Clearing Corporation ("NSCC") (as such processes have been enhanced to effect purchases and redemptions of Creation Units, the "CNS Clearing Process") or, outside of the CNS Clearing Process, the manual process of The Depository Trust Company ("DTC").

Nothing in this Agreement shall obligate the Participant to create or redeem one or more Creation Units of Shares, to facilitate a creation or redemption through it by a Participant client, or to sell or offer to sell the Shares.

The parties agree as follows:

1. STATUS,
 REPRESENTATIONS AND WARRANTIES OF PARTICIPANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that it has, and during the term of this Agreement will continue to have, the ability to transact through the Federal Reserve Book-Entry System and, with respect to orders for the purchase of Creation Units ("Purchase Orders") or orders for redemption of Creation Units ("Redemption Orders" and, together with Purchase Orders, the "Orders"), (i) through the CNS Clearing Process, because it is, and during the term of this Agreement will continue to be, a member of NSCC and a participant in the CNS System of NSCC, and/or (ii) outside the CNS Clearing Process, because it is, and during the term of this Agreement will continue to be, a DTC participant (a "DTC Participant"). Any change in the foregoing status of the Participant shall automatically and immediately terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

The Participant may place Orders either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures for purchase and redemption set forth in the Prospectus and Section 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant represents and warrants that: (i) it is a broker-dealer registered with the SEC, and it is a member of the Financial Industry Regulatory Authority ("FINRA"), or it is exempt from registration, or it is otherwise not required to be registered as, a broker-dealer or a member of FINRA; (ii) it is registered and/or licensed to act as a broker or dealer, as required under all applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities, or it is otherwise exempt; and (iii) it is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act").

The Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships in good standing and in full force and effect throughout the term of this Agreement; (ii) comply with applicable FINRA rules and regulations and the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the Participant's transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

Any change in the foregoing status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United States and the Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered or qualified as a broker or dealer, or to be a member of FINRA as set forth above, the Participant nevertheless agrees to observe the applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale is made, to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder, and to conduct its business in accordance with the FINRA rules and regulations, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under certain interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any point. The Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Participant also understands and acknowledges that dealers who are not "underwriters," but who effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. For the avoidance of doubt, the Participant does not admit to being an underwriter of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Participant agrees that: (i) subject to any contractual obligations or obligations arising under the federal or state securities laws that the Participant may have to its customers, the Participant will assist the Trust or its designee in ascertaining certain information regarding sales of Shares made by or through the Participant upon the request of the Trust necessary for a Fund to comply with its obligations to distribute information to its shareholders, as may be required from time to time under applicable state or federal securities laws, rules and regulations, or (ii) in lieu thereof, and at the option of the Participant, the Participant may undertake to deliver to its customers proxy materials and annual and other reports of the Funds, or other similar information that the Funds are obligated to deliver to their shareholders, upon receiving from the Funds or the Fund's designee sufficient quantities of the same to allow mailing thereof to such customers.

2. EXECUTION
OF PURCHASE AND REDEMPTION ORDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Orders must comply with the procedures for Orders set forth in the Prospectus and in this Agreement, which includes any attachments. The Participant, the Distributor, and the Transfer Agent each agrees to comply with the provisions of the Prospectus, this Agreement, and the laws, rules, and regulations that are applicable to it in its role under this Agreement. If there is a conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Phone lines used in connection with Orders will be recorded. The Participant hereby consents to the recording of all calls in connection with the Orders, provided that the Participant may reasonably request that the recording party promptly provide to the Participant copies of recordings of any such calls, which have been retained in accordance with the recording party's usual document retention policy. If a recording party becomes legally compelled to disclose to any third party any recording involving communications with the Participant, to the extent legally permitted to do so, such recording party shall provide the Participant with reasonable advance written notice identifying the recordings to be disclosed, together with copies of such recordings, so that the Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant acknowledges and agrees that delivery of any Order shall be irrevocable, provided that the Trust, Transfer Agent and the Distributor, each on behalf of the Funds, reserve the right to reject any Order for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant understands that a Creation Unit generally will not be issued until the requisite cash (the "Cash Component") and/or the designated basket of securities and instruments (the "Deposit Securities"), as well as applicable Transaction Fee and taxes, are transferred to the Trust on or before the settlement date in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Redemption Order, the Participant agrees to return to a Fund any dividend, distribution, or other corporate action paid to it, or to a party for which it is acting, in respect of any security that is transferred to the Participant in connection with such Redemption Order ("Fund Security") that, based on the valuation of such Fund Security at the time of transfer, should have been paid to the Fund. The Participant also agrees that a Fund is entitled to reduce the amount of money or other proceeds due to the Participant, or any party for which it is acting, by an amount equal to any dividend, distribution, or other corporate action to be paid in respect of any Fund Security that is transferred to the Participant that, based on the valuation of such Fund Security at the time of transfer, should be paid to the Fund. With respect to any Purchase Order, any dividend, distribution, or other corporate action paid to the Fund in respect of any Deposit Security that is transferred to the Fund that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Participant, or any party for which it is acting, will be returned to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Creation Units of the Fund may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities, provided that the Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Shares on the date the Order is placed in proper form. In addition to available Deposit Securities and cash that generally comprise a Creation Unit, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to [ ]% of the value of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Order shall be deemed to be received on the Business Day on which the Order is placed provided that the Order is placed in proper form prior to Order Cut-Off Time on such date and cash in the appropriate amount is deposited with the Custodian by 12:00 p.m. Eastern Time or such other time as designated by the Custodian on settlement date. If the Order is not placed in proper form by Order Cut-Off Time or federal funds in the appropriate amount are not received by 12:00 p.m. Eastern Time on settlement date, then the Order may be deemed to be rejected and the Participant shall be liable to the Trust for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to [ ]% of the daily market value of the missing Deposit Securities. In the event that additional cash is not paid, the Trust may use the cash on deposit to purchase the missing Deposit Securities. The Participant will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases and the Participant shall be liable to the Trust for any shortfall between the cost to the Trust of purchasing any missing Deposit Securities and the value of the collateral. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the Creation Order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. The Trust shall charge and the Participant agrees to pay to the Trust the Transaction Fee and any additional fees prescribed in the Prospectus. The delivery of Creation Units of the Fund so created will occur no later than the prescribed settlement date following the day on which the Creation Order is deemed received by the Distributor.

3. AUTHORIZATION OF TRANSFER AGENT

Solely with respect to Orders submitted through the CNS Clearing Process, the Participant hereby authorizes the Transfer Agent or its designee, to transmit to the NSCC on behalf of the Participant such instructions, including share and cash amounts as are necessary with respect to the purchase and redemption of Creation Units, and Orders consistent with the instructions and Orders issued by the Participant to the Transfer Agent. The Participant agrees to be bound by the terms of such instructions and Orders as reported by the Transfer Agent or its designee to the NSCC as though such instructions were issued by the Participant directly to the NSCC.

4. MARKETING MATERIALS AND REPRESENTATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that it will not make any representations concerning a Fund or the Trust, Creation Units or Shares, other than those consistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish, any information or materials relating to a Fund, the Trust or the Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials ("Marketing Materials"), unless (i) such Marketing Materials: (a) are either furnished to the Participant by the Distributor, or (b) if prepared by the Participant, are consistent in all material respects with the Prospectus, and clearly indicate that such Marketing Materials are prepared and distributed by the Participant, and (ii) Participant and such Marketing Materials prepared by the Participant comply with applicable FINRA rules and regulations. The Participant shall file all such Marketing Materials that it prepares with FINRA, if required by applicable laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust represents and warrants that (i) the Prospectus is effective, no stop order of the SEC has been issued, no proceedings for such purpose have been instituted or, to its knowledge, are being contemplated; (ii) the Prospectus conforms in all material respects to the requirements of all applicable law, and the rules and regulations of the SEC thereunder and does not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except that such representation and warranty shall not apply to statements in or omissions from such disclosure made in reliance upon and in strict conformity with information furnished to the Trust in writing by the Participant or Distributor; (iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration of the Shares under the 1933 Act; (v) Shares will be approved for listing on a national securities exchange; (vi) it will not lend Fund securities pursuant to any securities lending arrangement that would prevent the Trust from settling a Redemption Order when due; (vii) any and all Marketing Materials prepared by the Trust and provided to the Participant in connection with the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions of the 1933 Act and the rules and regulations thereunder and applicable requirements of FINRA, and will not contain any untrue statement of a material fact related to a Fund or the Shares or, taken together with the Prospectus relating to the applicable Fund, omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except that such representation and warranty shall not apply to statements in or omissions from such disclosure made in reliance upon and in strict conformity with information furnished to the Trust in writing by the Participant or Distributor for the express purpose of inclusion in the Prospectus; and (viii) it will not name the Participant in the Prospectus, Marketing Materials, or on the Fund's website without the prior written consent of Participant, unless such naming is required by law, rule, or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, the term Marketing Materials shall not include (i) written materials of any kind that generally mention a Fund without recommending the Fund (including in connection with a list of products sold through Participant or in the context of asset allocations), (ii) materials prepared and used for the Participant's internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and regulations and other applicable laws, rules and regulations.

5. TITLE TO SECURITIES; RESTRICTED
SHARES

The Participant represents and warrants on behalf of itself and any party for which it acts that Deposit Securities delivered by it to the custodian and/or any relevant sub-custodian in connection with a Purchase Order will not be "restricted securities," as such term is used in Rule 144(a)(3)(i) of the 1933 Act, and, at the time of delivery, the Fund will acquire good and unencumbered title to such Deposit Securities, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims or restrictions on the sale or transfer of such securities.

6. CASH COMPONENT

The Participant hereby agrees that, in connection with a Purchase Order, whether for itself or any party for which it acts, it will make available on or before the contractual settlement date (the "Contractual Settlement Date"), by means satisfactory to the Trust, and in accordance with the provisions of the Prospectuses, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable Transaction Fee. Any excess funds will be returned following settlement of the Purchase Order. The Participant agrees to ensure that the Cash Component will be received by the issuing Fund in accordance with the terms of the Prospectuses, but in any event on or before the Contractual Settlement Date, and in the event payment of such Cash Component has not been made in accordance with the provisions of the Prospectuses or by such Contractual Settlement Date, the Participant agrees in connection with a Purchase Order to pay the amount of the Cash Component, plus interest, computed at such reasonable rate as may be specified by the Fund from time to time. The Participant shall be liable to the custodian, any sub-custodian, or the Trust for any amounts advanced by the custodian or any sub-custodian in its sole discretion to the Participant for payment of the amounts due and owing for the Cash Component. Computation of the Cash Component shall exclude any taxes, duties or other fees and expenses payable upon the transfer of beneficial ownership of the Deposit Securities, which shall be the sole responsibility of the Participant and not the Trust.

7. PAYMENT OF CERTAIN FEES AND
TAXES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with Orders of Creation Units, the Participant agrees to pay the Transaction Fee applicable to the transaction as set forth in the Prospectuses. The Trust reserves the right to adjust any Transaction Fee subject to any limitations in the Prospectuses and upon reasonable advance notice to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Orders of Creation Units, the Participant acknowledges and agrees that the computation of any cash amount to be paid by or to the Participant shall exclude any taxes or other fees and expenses payable upon the transfer of beneficial ownership of Shares or Fund Securities. The Participant shall be responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax, fee or government charge (collectively, "Taxes") applicable to and imposed upon the purchase or redemption of any Creation Units made pursuant to this Agreement. To the extent the Trust or its agents pay any such Taxes or they are otherwise imposed in connection with transactions effected by the Participant, the Participant agrees to promptly reimburse and pay such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. This paragraph (b) shall survive the termination of this Agreement.

8. ROLE OF PARTICIPANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, Funds or the Distributor in any matter or in any respect under this Agreement. The Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours to consult with the Trust, Funds or the Distributor or their designees concerning the performance of the Participant's responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent Participant is a DTC Participant, Participant agrees, in connection with any purchase or redemption transactions in which it acts on behalf of a third party, that it shall extend to such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant represents that from time to time, it may be a beneficial owner of Shares ("Beneficial Owner"). To the extent that it is a Beneficial Owner, the Participant agrees to irrevocably appoint the Distributor as its attorney and proxy with full authorization and power to vote (or abstain from voting) the Participant's beneficially owned Shares with no input from the Participant. The Distributor will vote (or abstain from voting) the Participant's beneficially owned Shares in the same proportion (or abstentions) as the other beneficial owners of Shares of the applicable Fund or the Trust. The Distributor, as attorney and proxy for the Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys. The Distributor may terminate this irrevocable proxy within sixty (60) days' written notice to the Participant. This irrevocable proxy terminates upon termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, an anti-money laundering program reasonably designed to comply with all applicable anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001 and provides for screening all new and existing customers against the U.S. trade and economic sanctions programs administered by the U.S. Department of the Treasury's Office of the Foreign Asset Control and against any other government list that is or becomes required under the USA PATRIOT Act OF 2001, each as amended from time to time, and any rules adopted thereunder and/or any applicable anti-money laundering laws and regulations of other jurisdictions where Participant conducts business, and any rules adopted thereunder or guidelines issued, administered or enforced by any governmental agency.

9. AUTHORIZED PERSONS OF THE PARTICIPANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the execution of this Agreement, and from time to time thereafter as may be requested by the Funds, the Transfer Agent, or the Distributor, the Participant shall deliver to the Funds and the Transfer Agent, with copies to the Distributor, a certificate in the format of Attachment A to this Agreement, duly certified by the Participant's Secretary or other duly authorized officer of Participant, setting forth the names and signatures of all persons authorized by the Participant (each an "Authorized Person") to give Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant. Such certificate may be relied upon by the Distributor, the Transfer Agent and the Funds as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Funds, the Distributor, and the Transfer Agent of a superseding certificate or of written notice from the Participant that an individual should be added to, or removed from, the certificate. Whenever the Participant wants to add an Authorized Person, revoke the authority of an Authorized Person, or change or cancel a PIN Number (as defined below), the Participant shall give prompt written notice of such fact to the Funds and the Transfer Agent, with a copy to the Distributor, and such notice shall be effective upon receipt by the Funds, the Transfer Agent and the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transfer Agent shall issue to each Authorized Person a unique personal identification number ("PIN Number") by which the Participant and such Authorized Person shall be identified and instructions to the Funds, Transfer Agent, and Distributor issued by Participant through the Authorized Person shall be authenticated. The Participant and each Authorized Person shall keep his/her PIN Number confidential and only those Authorized Persons who were issued a PIN Number shall use such PIN Number to identify himself/herself and to submit instructions for Participant, to the Funds, Transfer Agent, and Distributor. If an Authorized Person's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon in writing by the Participant and the Transfer Agent. If an Authorized Person's PIN Number is compromised, the Participant shall contact the Transfer Agent promptly in writing in order for a new one to be issued. Upon receipt of written notice as set forth in paragraph (a) of this section, the Transfer Agent agrees to promptly issue a PIN Number when the Participant adds an Authorized Person and shall promptly cancel a PIN Number when the Participant revoke's a person's authority to act for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Transfer Agent and Distributor shall not have any obligation to verify instructions and Orders given using a PIN Number and shall assume that all instructions and Orders issued to it using an Authorized Person's PIN Number have been properly placed, unless the Transfer Agent and Distributor have actual knowledge to the contrary because they received from the Participant written notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of Participant. The Participant agrees that none of the Distributor, the Transfer Agent, or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses (as defined below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's PIN Number, unless the Transfer Agent, Distributor, and the Funds previously received from Participant written notice to revoke such Authorized Person's PIN Number as set forth in paragraph (a) of this section. This paragraph (c) shall survive the termination of this Agreement.

10. REDEMPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund. The Trust reserves the right to verify these representations at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Distributor, Transfer Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, Transfer Agent and/or Trust may, without liability, reject the Participant's Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

11. BENEFICIAL OWNERSHIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that, based upon the number of outstanding Shares of any particular Fund, either (i) it does not, and will not in the future as the result of one or more Purchase Orders, hold for the account of any single Beneficial Owner, or group of related Beneficial Owners, 80 percent or more of the currently outstanding Shares of such Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to sections 351 and 362 of the Internal Revenue Code of 1986, as amended, or (ii) it is carrying some or all of the Deposit Securities as a dealer and as inventory in connection with its market making activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fund, the Distributor, and the Transfer Agent have the right to require, as a condition to the acceptance of a deposit of Deposit Securities, information from the Participant regarding ownership of the Shares by such Participant and its customers, and to rely thereon to the extent necessary to make a determination regarding ownership of 80 percent or more of the Fund's currently outstanding Shares by a Beneficial Owner.

12. OBLIGATIONS OF PARTICIPANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all sales of Shares made by or through it and to furnish copies of such records to the Trust, Transfer Agent and/or the Distributor upon their reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant affirms that it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation and that it will maintain such procedures throughout the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant represents, covenants, and warrants that it has taken affirmative steps so that it will not be an affiliated person of a Fund, a promoter or principal underwriter of a Fund or an affiliated person of such persons due to ownership of Shares, including through its grant of an irrevocable proxy relating to the Shares to the Distributor.

13. INDEMNIFICATION

This Section 13 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust, the Funds, the Transfer Agent, their respective subsidiaries, affiliates, directors, trustees, officers, employees, and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Participant Indemnified Party"), from and against any claim, loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any breach by the Participant of any provision of this Agreement that relates to the Participant; (ii) any failure on the part of the Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations in relation to its role as an authorized participant under this Agreement; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions reasonably believed by the Distributor, the Trust, and/or the Transfer Agent to be genuine and to have been given by the Participant; (v) the Participant's failure to complete an Order that has been accepted or (vi)(1) any representation by the Participant, its employees or its agents or other representatives that is not consistent with the Trust's then-current Prospectus made in connection with the offer or sale of Shares and (2) any untrue statement of a material fact contained in any materials prepared by Participant or its affiliates as described in Section 4 hereof or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission relates to the Shares or any Participant Indemnified Party unless, in either case, such representation, statement or omission was made or included by the Participant at the written direction of the Trust or is based upon any omission by the Trust to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor hereby agrees to indemnify and hold harmless the Participant, its affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Distributor Indemnified Party") from and against any Loss incurred by such Distributor Indemnified Party as a result of: (i) any breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; or (iii) any failure by the Distributor to comply with applicable laws, rules and regulations, including rules and regulations of SROs, in relation to its role as distributor under this Agreement.

14. LIMITATION OF LIABILITY

This Section 14 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In no event shall any party be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Trust, the Distributor, the Transfer Agent nor the Participant shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor, the Trust, and the Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine and in no event shall any of the Trust, the Distributor or the Transfer Agent be liable for any losses incurred as a result of the unauthorized use of any PIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the absence of bad faith, gross negligence or willful misconduct on its part, neither the Trust nor the Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. Neither the Trust nor the Transfer Agent shall be liable for any error of judgment made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor shall not be liable for any action or failure to take any action with respect to the voting matters set forth in Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor and the Transfer Agent undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor or the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Trust, the Participant, the Distributor nor the Transfer Agent shall be liable to the Trust, Participant, Distributor, or Transfer Agent, as applicable, for any damages arising out of (i) mistakes or errors in data provided to the Trust, Participant, Distributor, or Transfer Agent by an unrelated third party, provided that such unrelated third party was not relying on information provided to it by the Trust, Participant, Distributor, or Transfer Agent, or (ii) interruptions or delays of electronic means of communications with the Trust, Participant, Distributor, or Transfer Agent.

15. INFORMATION ABOUT DEPOSIT SECURITIES

On each day that the Trust is open for business, through the facilities of the NSCC, the names and amounts of Deposit Securities to be included in the current Fund Deposit for each Fund will be published.

16. RECEIPT OF PROSPECTUSES BY PARTICIPANT

The Participant acknowledges receipt of the Prospectuses and represents that it has reviewed and understands the terms thereof.

17. CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUSES

The Distributor may electronically deliver the Prospectus, annual or semi-annual report, or other shareholder information (each, a "Shareholder Document") to persons who have effectively consented to such electronic delivery. The Distributor will deliver Shareholder Documents electronically by sending consenting persons an e-mail message informing them that the applicable Shareholder Document has been posted and is available on the applicable Fund's website and providing a hypertext link to the document.

The Distributor shall electronically deliver all Shareholder Documents to the Participant at the e-mail address set forth on the signature page attached to this Agreement, unless and until the Participant provides written notice to the Distributor requesting otherwise. Until such notice is provided, the Participant can only obtain access to the Shareholder Documents electronically.

18. NOTICES

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery; by Federal Express or other similar delivery service; by registered or certified United States first class mail, return receipt requested; or by electronic mail or similar means of same day delivery. Unless otherwise notified in writing, all notices to the Fund shall be at the address or telephone number or electronic mail address indicated below the signature of the Distributor. All notices to the Participant, the Distributor, and the Transfer Agent shall be directed to the address or telephone number or electronic mail address indicated below the signature line of such party.

19. EFFECTIVENESS, TERMINATION, AND AMENDMENT OF AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date set forth below and may be terminated at any time by any party upon sixty (60) days' prior written notice to the other parties, and may be terminated earlier by the Fund, the Participant or the Distributor at any time in the event of a material breach by another party of any provision of this Agreement. This Agreement may be terminated immediately by a party at such time as the Trust, the Distributor or the Participant becomes insolvent or becomes the subject of a bankruptcy proceeding or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No party may assign its rights or obligations under this Agreement (in whole or in part) without the prior written consent of the other party, which shall not be unreasonably withheld.

20. SUBCUSTODIAN ACCOUNT

The Participant understands and agrees that in the case of each Fund that invests in international or global equity securities, the Trust has caused its Custodian, as defined in the Prospectus, to maintain with the applicable sub-custodian for such Fund an account in the relevant foreign jurisdiction to which the Participant shall deliver or cause to be delivered the Deposit Securities for itself or any Participant customer in connection with any creation order, with any appropriate adjustments as advised by such sub-custodian or Fund, in accordance with the terms and conditions applicable to such account in such jurisdiction.

21. GOVERNING LAW

This Section 21 shall survive the termination of this Agreement.

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflicts of laws provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any New York State or United States Federal court sitting in New York, New York having subject matter jurisdiction, for the purposes of any suit, action or proceeding arising out of or relating to this Agreement.

22. ARBITRATION

The Distributor and the Participant hereby agree as between themselves that any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in the State of New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. For avoidance of doubt, the Transfer Agent does not consent to arbitration before FINRA or otherwise.

23. COUNTERPARTS

This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

24. SEVERANCE

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

25. HEADINGS

Headings and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect of the terms of this Agreement.

26. ENTIRE AGREEMENT

This Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter contained herein and constitutes the entire agreement between the parties regarding the matters contained herein.

[*Signature page follows*]

The duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date of the most recent signature below.

**FORESIDE FUND SERVICES, LLC** 

By:

Name:

Title:

Address: Three Canal Plaza, Suite 100

Portland, Maine 04101

Telephone: 207-553-7100

E-mail: etp-services@foreside.com

Date:

**[Name of Participant]**

**DTC/NSCC Clearing Participant Code:**

By:

Name:   <br> Title:  

Address:

Telephone:  

E-mail:

Date:

ACCEPTED BY:

**State Street Bank and Trust Company** as Transfer Agent

By:

Name:

Title:

Telephone:  

E-mail:

Date:

ACKNOWLEDGED AND AGREED, SOLELY WITH RESPECT TO SECTIONS 4(c) and 12(c) HEREOF:

**Calamos ETF Trust**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Address: |
| Telephone: |
| E-mail: |
| Date: |

---

**ATTACHMENT A**

**AUTHORIZED PERSONS**

**[** **Insert AP Form of Certification for Authorized Persons]**

## Ex-99.(I)

**Exhibit 99.(i)**

 **M** **orris, Nichols, Arsht & Tunnell llp**<br>1201 North Market Street<br> P.O. Box 1347<br> Wilmington, Delaware 19899-1347<br>(302) 658-9200<br> (302) 658-3989 FAX<br>

January 20, 2023

Calamos ETF Trust

2020 Calamos Court

Naperville, IL 60563

Re: <u>Calamos ETF Trust</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Calamos ETF Trust, a Delaware statutory trust (the "Trust"), in connection with certain matters relating to the formation of the Trust and the issuance of Shares of Calamos Antetokounmpo Global Sustainable Equities ETF, a Series of the Trust (the "Fund" and such Shares, the "Registered Shares"). Capitalized terms used herein and not otherwise herein defined are used as defined in the Second Amended and Restated Trust Instrument of the Trust dated as of January 10, 2023 (the "Governing Instrument").

Calamos ETF Trust

January 20, 2023

In rendering this opinion, we have examined and relied on copies of the following documents, each in the form provided to us: Post-Effective Amendment No. 7 to Registration Statement No. 333-191151 under the Securities Act of 1933 and No. 811-22887 under the Investment Company Act of 1940 on Form N-1A of the Trust to be filed with the Securities and Exchange Commission on or about the day hereof, including the Prospectus and the Statement of Additional Information of the Fund (the "Registration Statement"); the Amended and Restated Certificate of Trust of the Trust as filed in the Office of the Secretary of State of the State of Delaware (the "State Office") on January 13, 2023 (the "Certificate"); the Amended and Restated Certificate of Trust of the Trust as filed in the State Office on January 17, 2014; the Certificate of Trust of the Trust as filed in the State Office on June 17, 2013; the Trust Instrument of the Trust dated as of June 17, 2013 (the "Initial Governing Instrument"); the Amended and Restated Trust Instrument of the Trust dated as of December 16, 2022 (the "First A&R Governing Instrument"); the Governing Instrument; the Bylaws of the Trust adopted as of December 16, 2022 (the "Bylaws"); resolutions of the Board of Trustees of the Trust prepared for adoption at a meeting held on October 31, 2022 (the "October 2022 Resolutions"); resolutions of the Board of Trustees of the Trust prepared for adoption at a meeting held on December 16, 2022 (the "December 2022 Resolutions" and, together with the Registration Statement, the Governing Instrument, Bylaws and the October 2022 Resolutions, the "Governing Documents"); and a certification of good standing of the Trust obtained as of a recent date from the State Office. In such examinations, we have assumed the genuineness of all signatures, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, and the legal capacity of natural persons to complete the execution of documents. We have further assumed for purposes of this opinion: (i) except to the extent address by our opinion in paragraph 1 below, the due formation or organization, valid existence and good standing of each entity that is a signatory to any of the documents reviewed by us under the laws of the jurisdiction of its respective formation or organization; (ii) the due adoption, authorization, execution and delivery, as applicable, by or on behalf of each of the parties thereto of the above-referenced agreements, instruments, certificates and other documents (including the October 2022 Resolutions and the December 2022 Resolutions), and of all documents contemplated by the Governing Documents to be executed by investors desiring to become Shareholders; (iii) that the required consideration for the Shares is paid in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and that the Shares are otherwise issued in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>.<u> </u>§§ 3801 <u>et seq</u>. (the "Delaware Act"); (iv) that appropriate notation of the names and addresses of, the number of Shares held by, and the consideration paid by, Shareholders will be maintained in the appropriate registers and other books and records of the Trust in connection with the issuance or transfer of Shares; (v) that no event has occurred that would cause a termination or dissolution of the Trust or the Fund under Section 3 of Article X of the Initial Governing Instrument, Section 3 of Article X of the First A&R Governing Instrument or Section 3 of Article X of the Governing Instrument, as applicable; (vi) that the activities of the Trust have been and will be conducted in accordance with the terms of the Governing Instrument and the Delaware Act; (vii) that the Trust became, prior to or within 180 days following the first issuance of beneficial interests therein, a registered investment company under the Investment Company Act of 1940, as amended; (viii) that the Registered Shares constitute the Shares covered by the Registration Statement; (ix) that the "New Fund" as used in the December 2022 Resolutions is the Fund; and (x) that each of the documents examined by us is in full force and effect and has not been amended, supplemented or otherwise modified, except as herein referenced. We have not reviewed any documents other than those identified above in connection with this opinion, and we have assumed that there are no documents, facts or circumstances that are contrary to, or inconsistent with the opinions expressed herein. No opinion is expressed herein with respect to the requirements of, or compliance with, federal or state securities or blue sky laws. Further, we express no opinion on the sufficiency or accuracy of any registration or offering documentation relating to the Trust, the Fund or the Shares. As to any facts material to our opinion, other than those assumed, we have relied without independent investigation on the above-referenced documents and on the accuracy, as of the date hereof, of the matters therein contained.

Based on and subject to the foregoing, and limited in all respects to matters of Delaware law, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is a duly formed and validly existing statutory trust in good standing under the laws of the State of Delaware. The Fund is a validly existing Series of the Trust.

Calamos ETF Trust

January 20, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Registered Shares, when issued to Shareholders in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents, will be validly issued, fully paid and non-assessable Shares.

We hereby consent to the filing of a copy of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder. This opinion speaks only as of the date hereof and is based on our understandings and assumptions as to present facts, and on the application of Delaware law as the same exist on the date hereof, and we undertake no obligation to update or supplement this opinion after the date hereof for the benefit of any person or entity (including any Shareholder) with respect to any facts or circumstances that may hereafter come to our attention or any changes in facts or law that may hereafter occur or take effect. This opinion is intended solely for the benefit of the Trust and the Shareholders in connection with the matters contemplated hereby and may not be relied upon by any other person or entity, or for any other purpose, without our prior written consent.

---

| |
|:---|
| Sincerely, |
| MORRIS, NICHOLS, ARSHT & TUNNELL LLP |
| /s/ Sara A. Gelsinger |
| Sara A. Gelsinger |

---

## Ex-99.(J)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Pre-Effective Amendment to Registration Statement on Form N-1A of our report dated January 13, 2023, relating to the financial statement of Calamos Antetokounmpo Global Sustainable Equities ETF, a series of Calamos ETF Trust, appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the headings "Experts" and "Fund Service Providers" appearing in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

Deloitte & Touche LLP

Chicago, Illinois

January 18, 2023

## Ex-99.(M)

**Exhibit 99.(m)**

**CALAMOS ETF TRUST**

**DISTRIBUTION PLAN**

**Adopted December 16, 2022**

The Board of Trustees of Calamos ETF Trust (the "Trust") has determined that there is a reasonable likelihood that the following distribution plan (the "Plan") will benefit the Trust and the separate series of the Trust (each, a "Fund" and together, the "Funds") and their shareholders. Accordingly, pursuant to the provisions of Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), this Plan is hereby adopted on behalf of the Funds listed in <u>Schedule A</u>, the terms of which are as follows:

1. This Plan does not obligate the Trust or any other party to enter into an agreement with any particular person.

2. Each Fund may respectively pay to its principal underwriter (its "Distributor") a fee for distribution and services provided under any written distribution agreement, and further may reimburse other parties, including its service providers, for distribution-related services and expenses allowed pursuant to Rule 12b-1 of the Act, including but not limited to: the printing of prospectuses and reports used for sales purposes, advertisements, expenses of preparation and printing of sales literature, and personal services provided to shareholders of the Fund making the payment, including answering inquiries regarding such Fund.

Amounts paid or payable by a Fund under this Plan or any agreement related hereto shall not exceed 0.25% of the Fund's average daily net assets and shall only be used to pay for, or reimburse payment for, distribution expenses and services listed in the prior paragraph or otherwise allowed pursuant to Rule 12b-1 of the Act ("Allowed Expenses"). Expenses relating to services provided to or benefiting more than one Fund shall be divided or allocated between or among the relevant Funds on a fair and equitable basis.

As of the end of a Fund's fiscal year, the Allowed Expenses incurred may exceed 0.25% of the Fund's average daily net assets, and to the extent exceeding 0.25%, shall be carried over for no more than three subsequent fiscal years, subject always to the limitation that the Fund may not pay or reimburse in any fiscal year more than 0.25% of the Fund's average daily net assets to current expenses and carried over excess expenses.

3. This Plan shall not take effect with respect to any Fund until it has been approved by (a) a vote of at least a majority of the outstanding voting securities of such Fund, if adopted after the public offering of such shares; and (b) together with any related agreements, by votes of the majority of both (i) the Trustees of the Trust and (ii) the non-interested Trustees (meaning those Trustees who are not interested persons of the Trust within the meaning of Section 2(a)(19) of the Act, referred to hereafter as "Independent Trustees"), cast in person at a meeting called for the purpose of voting on this Plan or such agreement. Thereafter, the Plan shall continue in effect year to year as of the date of its initial execution or adoption, but only if specifically approved at least annually in the same manner as described above in (b). Any material amendment to this Plan shall be approved as described above in (b), and the amount of Allowed Expenses shall not be increased materially without first obtaining an approving vote by a majority of the outstanding voting securities of the Fund for which such change is being made, as described above in (a).

4. A person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, at least quarterly, which the Trustees shall review, a written report of the amounts so expended and the purposes for which such expenditures were made. Such report shall include any division or allocation of expenses between or among Funds.

5. This Plan may be terminated at any time by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund, with respect to that Fund.

6. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan, or by the vote of a majority of the outstanding voting securities of the Fund, on not more than 60 days written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment (as defined in the Act).

7. So long as the Plan is in effect, nominees for election as Independent Trustees shall be selected by the Independent Trustees as required by Rule 12b-1 under the Act.

8. Any obligation of the Trust hereunder shall be binding only upon the assets of the Trust (or the relevant Fund, as applicable) and shall not be binding upon any trustee, officer, employee, agent, or shareholder of the Trust. Neither the authorization of any action by the Trustees or shareholders of the Trust nor the execution of this Plan on behalf of the Trust shall impose any liability upon any Trustee or any shareholder.

---

| | | | |
|:---|:---|:---|:---|
| Dated as of December 16, 2022 | Dated as of December 16, 2022 |  |  |
| CALAMOS ETF TRUST | CALAMOS ETF TRUST | CALAMOS FINANCIAL SERVICES LLC | CALAMOS FINANCIAL SERVICES LLC |
| By: | /s/ J. Christopher Jackson | By: | /s/ Michael Gallagher |
| Name: | J. Christopher Jackson |  | Name: Michael Gallagher |
| Title: | Vice President and Secretary |  | Title: Principal Executive Officer |

---

**SCHEDULE A**

**to the**

**DISTRIBUTION PLAN**

**As of December 16, 2022**

Funds subject to this Plan:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp; Calamos Antetokounmpo Global Sustainable Equities ETF<br>| &nbsp;&nbsp;December 16, 2022 |

---

## Ex-99.(P)(I)

**Exhibit 99.(p)(i)**

**Calamos Antetokounmpo Asset**

**Management LLC ("CGAM")**

Code of Ethics and Insider Trading Policy

December 27, 2022

**Table of Contents**

<u>Page</u>

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| | |
|:---|:---|
| **UNDERSTANDING AND APPLYING THE CODE** | **3** |
| 1. Understanding the Terms | 3 |
| 2. Purpose of the Code of Ethics and Insider Trading Policy | 8 |
| 3. Scope | 9 |
| 4. Reporting Violations of the Code | 9 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **9** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CGAM PERSONNEL** | **10** |
| 1. Insider Trading and Tipping | 10 |
| 2. General Prohibitions | 10 |
| 3. Material Nonpublic Information about Other Companies | 11 |
| 4. Public Disclosure of Information about CGAM | 11 |
| 5. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **12** |
| 1. Initial Disclosure of Accounts and Covered Securities | 13 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 13 |
| 4. Annual Holdings Reports | 14 |
| 5. Certification of Compliance | 14 |
| 6. Report to Fund Board | 15 |
| **THE PURCHASE AND SALE OF SECURITIES BY CGAM PERSONNEL** | **15** |
| 1. Pre-Clearance of Covered Securities Transactions | 15 |
| 2. Holding Period Requirement | 17 |
| 3. Trading Restrictions | 17 |
| 4. Trading CGAM Closed-End Funds | 19 |
| 5. Private Securities Transactions | 19 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 19 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, EXCEPTED DIRECTOR AND THEIR RELATED PERSONS** | **21** |
| 1. No Transactions with Clients | 21 |
| 2. No Conflicting Transactions | 21 |
| 3. Section 16 Reporting and Prohibitions | 22 |

---

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| | |
|:---|:---|
| **OTHER REGULATORY REQUIREMENTS** | **22** |
| 1. Outside Employment or Outside Business Activity | 22 |
| 2. Service as a Director or Officer | 22 |
| 3. Gifts and Entertainment | 23 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 24 |
| **RECORD RETENTION** | **25** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **26** |
| **APPENDIX B: SECTION 16 INDIVIDUALS** | **27** |
| **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **28** |

---

**UNDERSTANDING AND APPLYING THE CODE** 

**1.**  **<u>Understanding the Terms</u>** 

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"**

Access Persons means any director, officer, employee of CGAM or an investment company advised or subadvised by CGAM with the exception of the Excepted Director, Outside Trustees or Unaffiliated Trustees or as otherwise provided under this Code. Access Persons includes consultants and agents to CGAM who have access to Material Nonpublic Information. **All** employees of investment companies managed by CGAM are also Access Persons.

For purposes of this Code, CGAM's Board of Directors and the CCO have determined that Giannis Antetokounmpo is not an "Access Person" of CGAM because neither he nor his representatives have access to Material Nonpublic Information. As an Excepted Director (as defined below), Mr. Antetokounmpo is subject to the following conditions, restrictions and/or requirements contained in this Code:

&nbsp;&nbsp;&nbsp;&nbsp;• Consequences
 for failing to comply with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;• Restrictions
 on the use and disclosure of confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;• Filing
 quarterly transaction reports under certain circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;• Prohibitions
 against purchasing or selling, directly or indirectly, any Covered Security (as defined below)
 in which Mr. Antetokounmpo has, or by reason of such transaction acquires, any direct
 or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised
 or subadvised by CGAM) that he knows or has reason to believe is being purchased or sold
 or considered for purchase or sale by a client, until the client's transactions have
 been completed or consideration of such transactions has been abandoned.

The exclusion of Mr. Antetokounmpo from the definition of Access Persons under this Code shall be reviewed on a quarterly basis by the Chief Compliance Officer of CGAM (the "CCO").

**"Automatic Investment Plan"**

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"**

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held with another in joint tenancy, as tenants in common, or in other joint ownership arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral
 for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 owned by a corporation which is directly or indirectly Controlled by, or under common Control
 with, you.

(See also the definitions of Immediate Family and Related Persons)

**"Broad-based Security"**

A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

**"Control"**

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"**

Corporate Account means any account maintained by any CGAM entity for the investment in Covered Securities, including CGAM-sponsored registered investment companies.

**"Covered Security"**

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which CGAM is the adviser or subadviser, exchange traded funds, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: options on securities, indexes, and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In addition, purchase and sale transactions of Covered Securities in any 401(k) plan (excluding the Calamos 401k plan and excluding percentage allocation changes or payroll deduction percentages) are considered transactions in Covered Securities.

The term Covered Security does not include direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or subadvised by CGAM or units in 529 College Savings Plans.

**"Employees"**

CGAM does not currently have direct employees. Instead, CGAM utilizes the employees of Calamos Advisors LLC ("Calamos") to provide services to CGAM. For purposes of this Code, references to "employees" mean employees of Calamos who provide such services to CGAM.

**"Excepted Director"**

Excepted Director means Giannis Antetokounmpo.

**"Fund"**

Fund means an investment company, or series of investment companies, advised or sub-advised by CGAM.

**"Immediate Family"**

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

**"Investment Person"**

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for CGAM clients, or who, in connection with his or her regular functions or duties with CGAM, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each CGAM portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by CGAM to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"**

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company as a whole, or to divisions or subsidiaries of a company.

Through the provision of services to CGAM, CGAM personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations:

**Financial Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;• Financial
 results

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;• Unusual
 significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in dividends

&nbsp;&nbsp;&nbsp;&nbsp;• Stock
 splits

&nbsp;&nbsp;&nbsp;&nbsp;• Stock
 repurchases

&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 new equity or debt offerings

**Corporate Developments:**

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals,
 plans or agreements, even if preliminary in nature, involving significant mergers, acquisitions,
 divestitures, recapitalizations, or strategic alliances

&nbsp;&nbsp;&nbsp;&nbsp;• Major
 changes in directors or executive officers

**Product Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;• Important
 new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to a company's product offerings

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to a company's distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;• Significant
 developments related to intellectual property

**Other Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;• Developments
 regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;• Developments
 regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;• Execution
 or termination of significant contracts

This list is only illustrative, and certainly is not all-encompassing. Many other types of information may be considered material. *When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the Chief Legal Officer.*

**"Material Nonpublic Information"**

Material Nonpublic Information is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information."

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designess in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

**"Nonpublic Information"**

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly-available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

"**Outside Trustees"**

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

**"Pecuniary Interest"**

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;• Covered
 Securities held by a member of an Access Person's "Immediate Family". For
 example, you would be presumed to have an indirect Pecuniary Interest in Covered Securities
 held by your minor child who lives with you but not in Covered Securities held by your adult
 child who does not live with you. You may request that a member of your Immediate Family
 be excluded from the Code's reach by contacting the CCO and demonstrating why it would
 be appropriate. For example, it may be appropriate to exclude your adult uncle who lives
 with you from the Code's reach.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 general partner's proportionate interest in the portfolio Covered Securities held by
 a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 person's right to dividends that are separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 beneficiary's pecuniary interest in Covered Securities holdings of a trust and any
 pecuniary interest of any Immediate Family member of such beneficiary (such Pecuniary Interest
 being to the extent of the person's pro rata interest in the trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Remainder
 interests do not create a pecuniary interest unless the person with such interest has the
 power, directly or indirectly, to exercise or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 settlor or grantor of a trust (i.e., you establish the trust) if you reserve the right to
 revoke the trust without the consent of another person, unless you do not exercise or share
 investment Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"**

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **CGAM personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.**

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of CGAM. It may also include other persons who provide investment advice on behalf of CGAM and are subject to CGAM's supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons, except to the extent the Excepted Director is considered a Supervised Person.

**"Tipping"**

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"**

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of CGAM but are not Outside Trustees.

**2.**  **<u>Purpose of the Code of Ethics and Insider Trading Policy</u>** 

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

CGAM and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;**•** The
 duty of Access Persons to place the interests of shareholders and clients ahead of their
 own interests;

&nbsp;&nbsp;&nbsp;&nbsp;**•** The
 requirement that Access Persons comply with applicable Federal Securities Laws and to report
 any violations of the Code promptly to the Chief Compliance Officer ("CCO") of
 CGAM;

&nbsp;&nbsp;&nbsp;&nbsp;**•** The
 requirement that all Access Persons of a fund or investment adviser engage in personal securities
 transactions in accordance with the Code and in such a manner as to avoid any actual or potential
 conflict of interest or any abuse of an individual's position of trust and responsibility;
 and

&nbsp;&nbsp;&nbsp;&nbsp;**•** The
 fundamental standard that Access Persons should not take inappropriate advantage of their
 positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

**3.**  **<u>Scope</u>** 

The Code applies to all directors, officers, employees and other Access Persons of CGAM. The Code also applies to any outsiders, including agents and consultants that have access through CGAM to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code, except to the extent the Excepted Director is considered a Supervised Person.

Questions regarding the Code or its application to specific transactions should be directed to the CCO.

**4.**  **<u>Reporting Violations of the Code</u>** 

Access Persons must promptly report any known or suspected violations of the Code to the CCO.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify CGAM of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE**

Compliance with the provisions of the Code is a condition of employment of CGAM. Taking into consideration all relevant circumstances, the CCO and management of CGAM will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which CGAM is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CGAM will determine what action is appropriate for any breach of the provisions of the Code by the Excepted Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CGAM PERSONNEL**

The following restrictions are imposed upon Access Persons and the Excepted Director. Accordingly, references to Access Persons in this section include the Excepted Director.

**1.**  **<u>Insider Trading and Tipping</u>** 

Access Persons may not act on Material Nonpublic Information. Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

In addition to these possible outside sanctions, Access Persons who violate prohibitions on insider trading or tipping will face additional action from CGAM itself, up to and including termination of employment.

**2.**  **<u>General Prohibitions</u>** 

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust CGAM with important information relating to their personal and business matters. The nature of these relationships requires CGAM's strict confidentiality and trust. In safeguarding the information received, CGAM earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures CGAM's reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential CGAM business with anyone who does not work for CGAM, and should never discuss business transactions with another employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or Chief Legal Officer.

If someone outside CGAM or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman and CEO, CCO, Chief Legal Officer and the Chief Financial Officer and Treasurer of CGAM (collectively, "Senior Management"). Inquiries to CGAM from Regulators should be immediately referred to the CCO.

No one is permitted to remove or make copies of any CGAM records, reports or documents without prior approval from management.

**3.**  **<u>Material Nonpublic Information about Other Companies</u>** 

CGAM personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

**4.**  **<u>Public Disclosure of Information about CGAM</u>** 

In the event any director, officer, employee, agent, or consultant of CGAM receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since closed-end funds are also publicly traded, the same restrictions apply to disclosure of information about these products. The Director of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>1</sup>.

In communicating with the general public, CGAM will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;• Communications
 to the general public regarding CGAM should be made only by the Chairman and CEO, the Chief
 Financial Officer and Treasurer, or the Director of Marketing.

<sup>1</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;• CGAM
 will not issue projections of, or comment on, future investment performance of itself or
 any of its products.

&nbsp;&nbsp;&nbsp;&nbsp;• All
 disclosure of material information by CGAM about the closed-end funds will be broadly disseminated
 to the public.

Ordinary communications of material information by and about CGAM generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by CGAM with analysts, CGAM will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the Funds, CGAM is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any CGAM personnel. The same obligation applies if the disclosure is intentional.

**5.**  **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>** 

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS**

As part of its obligations under the securities laws, CGAM is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related Persons are required to have personal trading accounts at brokers, dealers or banks with which CGAM has an electronic connection established so that information about account transactions is systematically sent to CGAM (eliminates paper statements). The CCO maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or Chief Legal Officer.

**1.**  **<u>Initial Disclosure of Accounts and Covered Securities</u>** 

When an Access Person *begins employment* with CGAM, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 issuer name and type of security, and as applicable, the exchange ticker symbol or CUSIP
 number, number of shares and principal amount of each Covered Security in which the Access
 Person had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;• The
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 any Covered Securities were held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;• The
 date that the Access Person submits the report. (This will be the date the report is submitted
 into the Firm's compliance monitoring system.)

In addition, a current Access Person must notify the CCO via the "Brokerage Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The CCO will issue an approval for account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a"Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

**2.**  **<u>Confirmations and Statements for all Brokerage and Investment Accounts</u>** 

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the CCO, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the CCO receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The CCO will direct you to close an account if it is not on an electronic feed.<sup>2</sup>**

**3.**  **<u>Quarterly Transaction Reports (Quarterly Account Statements)</u>** 

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date of the transaction, issuer name, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, and number of shares and principal amount of each
 Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 nature of the transaction (i.e., purchase, sale, exchange, gift, or other type of acquisition
 or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;• the
 price of the Covered Security at which the transaction was effected;

<sup>2</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;• the
 name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 account number; and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the CCO.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide an annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the CCO between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;• the
 issuer name and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares and principal amount of each Covered Security in which the Access Person
 had any direct or indirect Beneficial Ownership Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 name of any broker, dealer or bank with which the Access Person maintained an account in
 which any securities were held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;• the
 date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming to the accuracy of the information.

Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it would duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by the Chief Legal Officer.

**5.**  **<u>Certification of Compliance</u>** 

The CCO shall annually distribute a copy of the Code and any amendment, and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6.**  **<u>Report to Fund Board</u>** 

The CCO of a Fund shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• summarizes
 existing procedures concerning personal investing and any changes in those procedures during
 the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes
 issues that arose during the previous year under the Code or related procedures concerning
 personal investing, including but not limited to information about material violations of
 the Code and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies
 to the board that the Fund has adopted procedures reasonably necessary to prevent its Access
 Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies
 any recommended changes in existing restrictions or procedures based upon experience under
 the Code, evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CGAM PERSONNEL**

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

**1.**  **<u>Pre-Clearance of Covered Securities Transactions</u>** 

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the CCO via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the CCO before acquiring a Beneficial Ownership Interest in any Covered Securities, unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

For Investment Personnel certain of their trades (e.g. securities in their sector) may require approval by their team's CIO or his designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the CCO, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally any approved trade must be executed prior to the NASDAQ close the same business day when pre-clearance was approved.

When an Access Person *begins employment* with CGAM, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

**Exceptions to the Pre-Clearance Requirement:**

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;• *Purchases* of shares of open-end mutual funds advised or subadvised by CGAM (sales must be precleared)<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales effected in any account over which Access Persons or Related Persons have no direct
 or indirect influence or control, including discretionary accounts and managed account programs.
 See "Exceptions and Exemptions to Trading Policies, Procedures and Restrictions"
 below for further discussion of the policies, procedures and restrictions relating to discretionary
 and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales that are non-volitional on the part of either the Access Person or Related Person(including
 transactions pursuant to preexisting Rule 10b5-1 plans, discussed below) such as assignment
 of options or an exercise of an option at expiration, This exemption does *not* apply
 to margin calls satisfied by the broker selling securities in your account;

&nbsp;&nbsp;&nbsp;&nbsp;• Automatic
 dividend reinvestment plan purchases;

&nbsp;&nbsp;&nbsp;&nbsp;• Reoccurring
 automatic investment plan purchases (*<u>excluding</u> the initial purchase* of the
 covered security);

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 affected upon the exercise of rights issued by an issuer *pro rata* to all holders of
 a class of securities to the extent such rights were acquired from such issuer, and sales
 of such rights so acquired.

<sup>3</sup> Sales of shares of the Funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period. This excludes changes within your 401(k).

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at CGAM. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out").This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60 day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60 calendar day holding period also applies to CGAM advised or subadvised open-end mutual funds.

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>4</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3.**  **<u>Trading Restrictions</u>** 

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Transactions with Clients** 

No Access Person shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by CGAM) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

<sup>4</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created. Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the CCO for approval of the "sell" request (All other trading rules apply).

A personal securities transaction of the same *(or equivalent<sup>5</sup>)* securities (excluding a Broad-based Security<sup>6</sup>) shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

The purchase and redemption of shares of any CGAM advised or subadvised open-end fund by an Investment Person, Access Person, Outside Trustee or the Excepted Director shall not be viewed as a conflicting transaction for the purpose of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Restricted List** 

When CGAM has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Event Specific Trading Restrictions** 

CGAM reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the Chief Legal Officer, restrictions are warranted. CGAM will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other Trading Restrictions** 

CGAM reserves the right to impose other trading restrictions from time to time on types of securities, specified securities and on individual Access Persons, groups of its directors, officers, employees, consultants, Related Persons or the entire firm when the CCO, Chief Legal Officer, or Chairman and CEO believe it is warranted for any reason. These may be short-term or permanent restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **No Initial Public Offerings or Initial Coin Offerings** 

No Access Person or Related Person, and as provided by FINRA Rule 5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO") or Initial Coin Offering ("ICO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

<sup>5</sup> For the purposes of identifying an equivalent security, for individual entities, the CCO will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

<sup>6</sup> Trades in Broad-based Securities require pre-clearance approval subject to the 60 day holding period.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

**4.**  **<u>Trading CGAM Closed-End Funds</u>** 

[Reserved]

**5.**  **<u>Private Securities Transactions</u>** 

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman and CEO of CGAM (FINRA Rule 3280). Access persons must notify the CCO via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly-traded securities transactions outside the regular course or scope of your employment with CGAM including, but not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with CGAM or its clients.

An Investment Person who holds a private security must disclose that investment to the Global Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

**6.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the CCO via the Firm's compliance monitoring system.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. In order for an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>7</sup> in a Covered Security<sup>8</sup> of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether CGAM is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;• **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with CGAM clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;• **Corporate Accounts Hedging Transactions** 

Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Family Partners, Inc. ("CFP") and its owners ("Calamos Family") may invest in and hedge<sup>9</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by CAM, CILLC, CFP and the Calamos Family in Calamos products (excluding closed-end funds) are not subject to the substantive restrictions in this Code, such as the short term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. CGAM's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

<sup>7</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself.

<sup>8</sup> This excludes trades in Broad-based Securities which require pre-clearance approval subject to the 60 day holding period.

<sup>9</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts.

The Chief Legal Officer may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, EXCEPTED DIRECTOR AND THEIR RELATED PERSONS**

Although an Outside Trustee, or an Unaffiliated Trustee, or the Excepted Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department , for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of any closed-end fund. Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

**1.**  **<u>No Transactions with Clients</u>** 

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2.**  **<u>No Conflicting Transactions</u>** 

No Outside Trustee, Unaffiliated Trustee, Excepted Director nor any Related Person of any of them**,** shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by CGAM) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent<sup>10</sup>)* securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or subadvised by CGAM by an Investment Person, Outside Trustee, the Excepted Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3.**  **<u>Section 16 Reporting and Prohibitions</u>** 

[Reserved]

**OTHER REGULATORY REQUIREMENTS**

Certain other restrictions are imposed upon CGAM personnel, other than Outside Trustees, Unaffiliated Trustees and the Excepted Director, as a result of being in a highly regulated industry.

**1.**  **<u>Outside Employment or Outside Business Activity</u>** 

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos who provide services to CGAM, it is expected that their position with Calamos is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

**2.**  **<u>Service as a Director or Officer</u>** 

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly-held company without the prior written approval of the Chairman and CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of CGAM clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

<sup>10</sup> For the purposes of identifying an equivalent security, for individual entities, the CCO will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

**3.**  **<u>Gifts and Entertainment</u>** 

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with CGAM or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on CGAM to prove they acted in the best interest of the client(s). So if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

Mr. Antetokounmpo, as a Director, shall not give or receive any gift or entertainment that may relate to Fund property or with respect to any service provider to the Fund. Mr. Antetokounmpo shall provide an annual certification to the CGAM CCO in connection with compliance with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;• **Gifts** 

Employees may not give or receive a gift with a value greater than $100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the CCO *before* giving the gift.

Gifts *received* must be reported upon occurrence to the CCO via the Firm's compliance monitoring system. The reporting should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;• **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain CGAM owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the tickets are considered a gift and the $100 limit applies. The same is true if an employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the CCO.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the CCO via the Firm's compliance monitoring system.

**4.**  **<u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>** 

CGAM believes that the interests of CGAM and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of CGAM itself to avoid actual and even, if possible, potential conflicts of interest.

It can be difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. CGAM believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as CGAM management to identify potential problems.

All employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions, analyze what he or she is doing and use his or her best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or Chief Legal Officer.

Concerns may be reported directly to the individual's manager or to Senior Management. CGAM encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through <u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

CGAM will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in the illegal or unethical conduct, CGAM will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. CGAM does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and CGAM does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of CGAM by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

**RECORD RETENTION**

The CCO shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of each Code that has been adopted or been in effect at any time during the past five
 years;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of any violation of the Code and any action taken as a result of such violation for
 five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of all written acknowledgements of receipt of the Code and amendments for each person
 who is currently, or within the past five years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of each holdings and transaction report made pursuant to the Code, including any brokerage
 confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;• a
 record of any decision and supporting reasons for approving the acquisition of securities
 in limited offerings for at least five years after the end of the fiscal year in which approval
 was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of each SEC Form 3, Form 4, and Annual Statement of Beneficial Ownership of
 Securities.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables (collectively referred herein as "CGAM" or "the Firm").

Companies

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Company name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Calamos Antetokounmpo Asset Management LLC ("CGAM") | &nbsp;&nbsp;U.S. Investment Advisor |

---

*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Trust |
| &nbsp;&nbsp;Calamos ETF Trust |

---

*Table 2 - List of In-Scope U.S. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adopted: October 31, 2022 |
| &nbsp;&nbsp;Revised: December 16, 2022 |
| &nbsp;&nbsp;Revised: December 27, 2022 |

---

*Table 4 – List of Revision Dates for Policy*

**<u>APPENDIX B</u>**

<u>SECTION 16 INDIVIDUALS</u>

**<u>APPENDIX C</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE<br> MONITORING SYSTEM</u>

(Dated 10/31/2022)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Management

TD Ameritrade

T. Rowe Price

UBS

U S Bank

Vanguard

Wells Fargo

## Ex-99.(P)(Ii)

**Exhibit 99.(p)(ii)**

![](tm2229294d3_ex99piimg001.jpg)

**Table of Contents**

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| **UNDERSTANDING AND APPLYING THE CODE** | **2** |
| 1. Understanding the Terms | 2 |
| 2. Purpose of the Code of Ethics and Insider Trading Policy | 7 |
| 3. Scope | 7 |
| 4. Reporting Violations of the Code | 8 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **8** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **8** |
| 1. Insider Trading and Tipping | 8 |
| 2. General Prohibitions | 9 |
| 3. Material Nonpublic Information about Other Companies | 9 |
| 4. Public Disclosure of Information about Calamos, its Closed-End Funds | 10 |
| 5. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 11 |
| **REPORTING REQUIREMENTS** | **11** |
| 1. Initial Disclosure of Accounts and Covered Securities | 11 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 12 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 12 |
| 4. Annual Holdings Reports | 13 |
| 5. Certification of Compliance | 13 |
| 6. Report to Fund Board | 13 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **14** |
| 1. Pre-Clearance of Covered Securities Transactions | 14 |
| 2. Holding Period Requirement | 15 |
| 3. Trading Restrictions | 16 |
| 4. Trading Calamos Closed-End Funds | 17 |
| 5. Private Securities Transactions | 18 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 18 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **20** |
| 1. No Transactions with Clients | 20 |
| 2. No Conflicting Transactions | 20 |
| 3. Section 16 Reporting and Prohibitions | 21 |
| **OTHER REGULATORY REQUIREMENTS** | **22** |
| 1. Outside Employment or Outside Business Activity | 22 |
| 2. Service as a Director or Officer | 22 |
| 3. Gifts and Entertainment | 22 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 23 |
| **RECORD RETENTION** | **25** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **26** |
| **APPENDIX B: SECTION 16 INDIVIDUALS** | **27** |
| **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **28** |

---

**UNDERSTANDING AND APPLYING THE CODE**

**1.**  **<u>Understanding the Terms</u>** 

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"**

Access Persons means any director, officer, employee of Calamos or an investment company advised or sub-advised by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic Information. **All** employees of Calamos and investment companies managed by Calamos are also Access Persons.

**"Automatic Investment Plan"**

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"**

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held with another in joint tenancy, as tenants in common, or in other joint ownership arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral
 for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 owned by a corporation which is directly or indirectly Controlled by, or under common Control
 with, you.

(See also the definitions of Immediate Family and Related Persons)

**"Broad-based Security"**

A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

**"Control"** 

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"** 

Corporate Account means any account maintained by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored registered investment companies.

**"Covered Security"**

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or subadviser, exchange traded funds, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: options on securities, indexes, and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In addition, purchase and sale transactions of Covered Securities in any 401(k) plan (excluding the Calamos 401k plan and excluding percentage allocation changes or payroll deduction percentages) are considered transactions in Covered Securities.

The term Covered Security does not include direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or subadvised by Calamos or units in 529 College Savings Plans.

**"Fund"**

Fund means an investment company, or series of investment companies, advised or sub-advised by Calamos.

**"Immediate Family"**

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

**"Investment Person"** 

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"**

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company as a whole, or to divisions or subsidiaries of a company.

During the course of their employment, Calamos personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations:

**Financial Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Financial
 results

&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;· Unusual
 significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Stock
 splits

&nbsp;&nbsp;&nbsp;&nbsp;· Stock
 repurchases

&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 new equity or debt offerings<br>

**Corporate Developments:**

&nbsp;&nbsp;&nbsp;&nbsp;· Proposals,
 plans or agreements, even if preliminary in nature, involving significant mergers, acquisitions,
 divestitures, recapitalizations, or strategic alliances

&nbsp;&nbsp;&nbsp;&nbsp;· Major
 changes in directors or executive officers

**Product Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Important
 new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 developments related to a company's product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 developments related to a company's distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Significant
 developments related to intellectual property

**Other Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Developments
 regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Developments
 regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Execution
 or termination of significant contracts

This list is only illustrative, and certainly is not all-encompassing. Many other types of information may be considered material. *When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.* 

**"Material Nonpublic Information"**

Material Nonpublic Information is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information."

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designess in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

**"Nonpublic Information"**

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly-available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

**"Outside Directors"**

Outside Directors means those directors of Calamos Asset Management, Inc. ("CAM") who are not officers or employees of CAM.

"**Outside Trustees"**

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

**"Pecuniary Interest"** 

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Securities held by a member of an Access Person's "Immediate Family". For
 example, you would be presumed to have an indirect Pecuniary Interest in Covered Securities
 held by your minor child who lives with you but not in Covered Securities held by your adult
 child who does not live with you. You may request that a member of your Immediate Family
 be excluded from the Code's reach by contacting the CCO and demonstrating why it would
 be appropriate. For example, it may be appropriate to exclude your adult uncle who lives
 with you from the Code's reach.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 general partner's proportionate interest in the portfolio Covered Securities held by
 a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 person's right to dividends that are separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 beneficiary's pecuniary interest in Covered Securities holdings of a trust and any
 pecuniary interest of any Immediate Family member of such beneficiary (such Pecuniary Interest
 being to the extent of the person's pro rata interest in the trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Remainder interests do not create a pecuniary
 interest unless the person with such interest has the power, directly or indirectly, to exercise
 or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 settlor or grantor of a trust (i.e., you establish the trust) if you reserve the right to
 revoke the trust without the consent of another person, unless you do not exercise or share
 investment Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"**

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **Calamos personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.**

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other persons who provide investment advice on behalf of Calamos and are subject to Calamos' supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons.

**"Tipping"**

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"**

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of Calamos but are not Outside Trustees.

**2.**  **<u>Purpose of the Code of Ethics and Insider Trading Policy</u>** 

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

Calamos and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty of Access Persons to place the interests of shareholders and clients ahead of their
 own interests;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement that Access Persons comply with applicable Federal Securities Laws and to report
 any violations of the Code promptly to the Chief Compliance Officer ("CCO") of
 Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 requirement that all Access Persons of a fund or investment adviser engage in personal securities
 transactions in accordance with the Code and in such a manner as to avoid any actual or potential
 conflict of interest or any abuse of an individual's position of trust and responsibility;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 fundamental standard that Access Persons should not take inappropriate advantage of their
 positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

**3.**  **<u>Scope</u>** 

The Code applies to all directors, officers, employees and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.

Questions regarding the Code or its application to specific transactions should be directed to the CCO or General Counsel of Calamos.

**4.**  **<u>Reporting Violations of the Code</u>** 

Access Persons must promptly report any known or suspected violations of the Code to the CCO or General Counsel of Calamos.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** 

Compliance with the provisions of the Code is a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which Calamos Advisors LLC ("CAL") is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL**

**1.**  **<u>Insider Trading and Tipping</u>** 

Calamos Access Persons may not act on Material Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

In addition to these possible outside sanctions, Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and including termination of employment.

**2.**  **<u>General Prohibitions</u>** 

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with important information relating to their personal and business matters. The nature of these relationships requires Calamos' strict confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential Calamos business with anyone who does not work for Calamos, and should never discuss business transactions with another Calamos employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or General Counsel.

If someone outside Calamos or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, "Senior Management"). Inquiries to Calamos from Regulators should be immediately referred to the CCO or General Counsel.

No one is permitted to remove or make copies of any Calamos records, reports or documents without prior approval from management.

**3.**  **<u>Material Nonpublic Information about Other Companies</u>** 

Calamos personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

**4.**  **<u>Public Disclosure of Information about Calamos, its Closed-End Funds</u>** 

In the event any director, officer, employee, agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since Calamos' closed-end funds are also publicly traded, the same restrictions apply to disclosure of information about those products. The Head of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>1</sup>.

In communicating with the general public, Calamos will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;· Communications
 to the general public regarding Calamos should be made only by the Chairman, the Chief Executive
 Officer, the Chief Financial Officer, or the Head of Marketing.

&nbsp;&nbsp;&nbsp;&nbsp;· Calamos
 will not issue projections of, or comment on, future investment performance of itself or
 any of its products.

&nbsp;&nbsp;&nbsp;&nbsp;· All
 disclosure of material information made by Calamos about the closed-end funds will be broadly
 disseminated to the public.

Ordinary communications of material information by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Calamos Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is intentional.

<sup>1</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

**5.**  **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>** 

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS** 

As part of its obligations under the securities laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance Department maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or General Counsel.

**1.**  **<u>Initial Disclosure of Accounts and Covered Securities</u>** 

When an Access Person *begins employment* with Calamos, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 issuer name and type of security, and as applicable, the exchange ticker symbol or CUSIP
 number, number of shares and principal amount of each Covered Security in which the Access
 Person had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 any Covered Securities were held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 date that the Access Person submits the report. (This will be the date the report is submitted
 into the Firm's compliance monitoring system.)

In addition, a current Access Person must notify the Compliance Department via the "Brokerage Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The Compliance Department will issue an approval for account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a"Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

**2.**  **<u>Confirmations and Statements for all Brokerage and Investment Accounts</u>** 

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The Compliance Department will direct you to close an account if** **it is not on an electronic feed.<sup>2</sup>**

**3.**  **<u>Quarterly Transaction Reports (Quarterly Account Statements)</u>** 

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date of the transaction, issuer name, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, and number of shares and principal amount of each
 Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the transaction (i.e., purchase, sale, exchange, gift, or other type of acquisition
 or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· the
 price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 account number; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the Compliance Department.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

<sup>2</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

**4.**  **<u>Annual Holdings Reports</u>** 

On an annual basis, Access Persons are required to provide an annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 issuer name and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares and principal amount of each Covered Security in which the Access Person
 had any direct or indirect Beneficial Ownership Interest; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 name of any broker, dealer or bank with which the Access Person maintained an account in
 which any securities were held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming to the accuracy of the information.

Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it would duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by General Counsel.

**5.**  **<u>Certification of Compliance</u>** 

The CCO shall annually distribute a copy of the Code and any amendment, and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6.**  **<u>Report to Fund Board</u>** 

The CCO of the Calamos Funds shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· summarizes
 existing procedures concerning personal investing and any changes in those procedures during
 the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describes
 issues that arose during the previous year under the Code or related procedures concerning
 personal investing, including but not limited to information about material violations of
 the Code and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certifies
 to the board that the Fund has adopted procedures reasonably necessary to prevent its Access
 Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identifies
 any recommended changes in existing restrictions or procedures based upon experience under
 the Code, evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** 

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

**1.**  **<u>Pre-Clearance of Covered Securities Transactions</u>** 

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities, unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

For Investment Personnel certain of their trades (e.g. securities in their sector) may require approval by their team's CIO or his designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally any approved trade must be executed prior to the NASDAQ close the same business day when pre-clearance was approved.

When an Access Person *begins employment* with Calamos, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

**Exceptions to the Pre-Clearance Requirement:**

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;· *Purchases* of shares of open-end mutual funds advised or subadvised by Calamos (sales must be precleared) <sup>3</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales effected in any account over which Access Persons or Related Persons have no direct
 or indirect influence or control, including discretionary accounts and managed account programs.
 See "Exceptions and Exemptions to Trading Policies, Procedures and Restrictions"
 below for further discussion of the policies, procedures and restrictions relating to discretionary
 and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales that are non-volitional on the part of either the Access Person or Related Person(including
 transactions pursuant to preexisting Rule 10b5-1 plans, discussed below) such as assignment
 of options or an exercise of an option at expiration, This exemption does *not* apply
 to margin calls satisfied by the broker selling securities in your account;

&nbsp;&nbsp;&nbsp;&nbsp;· Automatic
 dividend reinvestment plan purchases;

&nbsp;&nbsp;&nbsp;&nbsp;· Reoccurring
 automatic investment plan purchases (*<u>excluding</u> the initial purchase* of the
 covered security);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 affected upon the exercise of rights issued by an issuer *pro rata* to all holders of
 a class of securities to the extent such rights were acquired from such issuer, and sales
 of such rights so acquired.

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out").This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60 day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60 calendar day holding period also applies to Calamos advised or subadvised open-end mutual funds.

<sup>3</sup> Sales of shares of Calamos Funds or subadvised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period. This excludes changes within your 401(k).

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>4</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3.**  **<u>Trading Restrictions</u>** 

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Transactions with Clients** 

No **Access Person** shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

A personal securities transaction of the same *(or equivalent**<sup>5</sup>**)* securities (excluding a Broad-based Security<sup>6</sup>) shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

<sup>4</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created.Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department for approval of the "sell" request (All other trading rules apply).

<sup>5</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

<sup>6</sup> Trades in Broad-based Securities require pre-clearance approval subject to the 60 day holding period.

The purchase and redemption of shares of any Calamos advised or subadvised open-end fund by an Investment Person, Access Person, Outside Trustee or Outside Director shall not be viewed as a conflicting transaction for the purpose of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Restricted List** 

When Calamos has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Event Specific Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Other Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on types of securities, specified securities and on individual Access Persons, groups of its directors, officers, employees, consultants, Related Persons or the entire firm when the CCO, General Counsel, Chairman, or CEO believe it is warranted for any reason. These may be short-term or permanent restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Initial Public Offerings or Initial Coin Offerings** 

No Access Person or Related Person, and as provided by FINRA Rule 5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO") or Initial Coin Offering ("ICO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

**4.**  **<u>Trading Calamos Closed-End Funds</u>** 

**Closed-end Funds are Covered Securities and therefore require employees to obtain pre-clearance within the Firm's Compliance Monitoring System to purchase or sell shares of these funds.** In addition, those persons identified as Section 16 individuals (Appendix B) must consult and obtain approval from an attorney in the Legal Department, prior to engaging in such transactions and must notify the Legal Department on the day such transaction was effected so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section 16 of the Exchange Act and the rules thereunder. *See the Policy and Procedures for Filings under the Exchange Act Sections 13 and 16 for more information.*

**<u>Private Securities Transactions</u>**

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman or CEO of Calamos (FINRA Rule 3280). Access persons must notify the Compliance Department via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly-traded securities transactions outside the regular course or scope of your employment with Calamos including, but not limited to, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with Calamos or its clients.

An Investment Person who holds a private security must disclose that investment to a Co-Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

**5.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the Compliance Department via the Firm's compliance monitoring system.

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. In order for an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>7</sup> in a Covered Security<sup>8</sup> of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;· **Corporate Accounts Hedging Transactions** 

CAM, Calamos Investments LLC ("CILLC"), Calamos Family Partners, Inc. ("CFP") and its owners ("Calamos Family") may invest in and hedge<sup>9</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by CAM, CILLC, CFP and the Calamos Family in Calamos products (excluding Closed-End Funds) are not subject to the substantive restrictions in this Code, such as the short term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. The Adviser's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

<sup>7</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself.

<sup>8</sup> This excludes trades in Broad-based Securities which require pre-clearance approval subject to the 60 day holding period.

<sup>9</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts.

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** 

Although an Outside Trustee, or an Unaffiliated Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department , for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos Closed-End Funds. Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

**1.**  **<u>No Transactions with Clients</u>** 

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2.**  **<u>No Conflicting Transactions</u>** 

No Outside Director, Outside Trustee, Unaffiliated Trustee nor any Related Person of any of them**,** shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or subadvised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent<sup>10</sup>)* securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or subadvised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3.**  **<u>Section 16 Reporting and Prohibitions</u>** 

Under the requirements of Section 16 of the Exchange Act and the rules thereunder, certain parties are required to report any transactions in the Calamos Advised Closed-End Funds or other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend or interest reinvestment plan.

These persons include:

&nbsp;&nbsp;&nbsp;&nbsp;· CEO

&nbsp;&nbsp;&nbsp;&nbsp;· Funds
 principal financial officer or principal accounting officer

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 trustee of the Funds, including Outside Trustees

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 directors of CAM, including Outside Directors

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 vice-president of Calamos in charge of a principal business unit, division or function (such
 as sales, administration or finance)

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 other officer or person of Calamos who performs a policy-making function

Individuals subject to this requirement are listed in Appendix B, which may be amended from time to time.

Directors, officers and principal shareholders of the Funds are subject to the "short swing" trading provisions of Section 16. Subject to certain exceptions, an officer, director or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period of less than six months must turn over to the Funds any profit realized or loss avoided by such a combination of transactions. ***This is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer or owner.***

Transactions of Immediate Family members of the persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from these transactions.

<sup>10</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

These persons must also file an Initial Statement of Beneficial Ownership of Securities (known as "Form 3") to report share ownership, or when becoming a reporting party, and Statement of Changes of Beneficial Ownership of Securities (know as "Form 4") for subsequent reports of transactions. Although the Legal Department is prepared to assist these persons in preparing such filings, *the responsibility for such filings*, including notifying the Legal Department of the transaction and obtaining prior approval, as stated above, *is that of the individual.* 

**OTHER REGULATORY REQUIREMENTS**

Certain other restrictions are imposed upon Calamos personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated industry.

**1.**  **<u>Outside Employment or Outside Business Activity</u>** 

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

**2.**  **<u>Service as a Director or Officer</u>** 

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly-held company without the prior written approval of the Chairman, CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

**3.**  **<u>Gifts and Entertainment</u>** 

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Gifts** 

Employees may not give or receive a gift with a value greater than $100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the Compliance Department *before* giving the gift.

Gifts *received* must be reported upon occurrence to the Compliance Department via the Firm's compliance monitoring system. The reporting should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain Calamos owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the tickets are considered a gift and the $100 limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the Compliance Department.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm's compliance monitoring system.

**4.**  **<u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>** 

Calamos believes that the interests of Calamos and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself to avoid actual and even, if possible, potential conflicts of interest.

In a company of our size and complexity, it can become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as Calamos management to identify potential problems.

All Calamos employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or General Counsel.

An employee may report concerns directly to his or her manager or to Senior Management". Calamos encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through <u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

Calamos will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in the illegal or unethical conduct, Calamos will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

**RECORD RETENTION**

The Compliance Department shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 copy of each Code that has been adopted or been in effect at any time during the past five
 years;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 record of any violation of the Code and any action taken as a result of such violation for
 five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 record of all written acknowledgements of receipt of the Code and amendments for each person
 who is currently, or within the past five years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 record of each holdings and transaction report made pursuant to the Code, including any brokerage
 confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 record of any decision and supporting reasons for approving the acquisition of securities
 in limited offerings for at least five years after the end of the fiscal year in which approval
 was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· a
 copy of each SEC Form 3, Form 4, and Annual Statement of Beneficial Ownership of Securities.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables (collectively referred herein as "Calamos" or "the Firm").

Companies

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Company name** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Calamos Asset Management, Inc. | &nbsp;&nbsp;Holding company |
| &nbsp;&nbsp;Calamos Investments LLC | &nbsp;&nbsp;Consolidated company managed by CAM |
| &nbsp;&nbsp;Calamos Advisors LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Wealth Management LLC | &nbsp;&nbsp;U.S. Investment Advisor |
| &nbsp;&nbsp;Calamos Financial Services LLC | &nbsp;&nbsp;U.S. Distributor |

---

 

*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Convertible Opportunities and Income Fund |
| &nbsp;&nbsp;Calamos Convertible and High Income Fund |
| &nbsp;&nbsp;Calamos Strategic Total Return Fund |
| &nbsp;&nbsp;Calamos Global Total Return Fund |
| &nbsp;&nbsp;Calamos Global Dynamic Income Fund |
| &nbsp;&nbsp;Calamos Dynamic Convertible and Income Fund |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust |
| &nbsp;&nbsp;Calamos Global Convertible and Dynamic Income Trust |

---

*Table 2 - List of In-Scope U.S. Funds*

Funds for non-U.S. Investors

&nbsp;&nbsp;Calamos Global Convertible Fund

 

*Table 3 - List of In-Scope E.U. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adopted: June 30, 2005 |
| &nbsp;&nbsp;Revised: March 17, 2009 |
| &nbsp;&nbsp;Revised: December 04, 2013 |
| &nbsp;&nbsp;Revised: June 23, 2014 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: July 1, 2016 effective August 1, 2016 |
| &nbsp;&nbsp;Revised: November 1, 2016 |
| &nbsp;&nbsp;Revised: January 24, 2017 |
| &nbsp;&nbsp;Revised: December 12, 2017 |
| &nbsp;&nbsp;Revised: October 12, 2018 |
| &nbsp;&nbsp;Revised: July 9, 2019 |
| &nbsp;&nbsp;Revised: September 25, 2019 |
| &nbsp;&nbsp;Revised: June 30, 2020 |
| &nbsp;&nbsp;Revised: March 24, 2021 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |

---

*Table 4 – List of Revision Dates for Policy*

**<u>APPENDIX B</u>**

<u>SECTION 16 INDIVIDUALS</u>

(Dated 6/30/21)

John P. Calamos, Sr., Chairman, Trustee and President, Calamos Funds

John S. Koudounis, Vice President, Calamos Funds

J. Christopher Jackson, Vice President and Secretary, Calamos Funds

Robert Behan, Vice President, Calamos Funds

Thomas E. Herman, Vice President and Chief Financial Officer, Calamos Funds

Daniel L. Dufresne, Vice President, Calamos Funds

Mark J. Mickey, Chief Compliance Officer, Calamos Funds

Stephen Atkins, Treasurer, Calamos Funds

John E. Neal, Trustee

William R. Rybak, Trustee

Virginia G. Breen, Trustee

Lloyd A. Wennlund, Trustee

Karen L. Stuckey, Trustee

Christopher M. Toub, Trustee

**<u>APPENDIX C</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO</u> <u>FIRM'S COMPLIANCE MONITORING SYSTEM</u>

(Dated 4/07/2022)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Mangement

TD Ameritrade

T. Rowe Price

UBS

U S Bank

Vanguard

Wells Fargo