Calamos Active Hedged Equity ETF CHDG Strategy

The investment seeks total return with lower volatility than equity markets. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in shares of other registered investment companies which in turn seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “S&P 500”), including, but not limited to, the State Street® SPDR® Portfolio S&P 500® ETF (“SPYM”), the State Street SPDR® S&P 500 ETF Trust (“SPY”) or the Vanguard S&P 500 ETF (“VOO”) (collectively, the ”S&P 500® Funds”). It is non-diversified.