Calamos ETF Trust

01/30/2026 | Press release | Distributed by Public on 01/30/2026 16:08

Prospectus by Investment Company (Form 497)

Rule 497(e)

File No. 333-191151

CALAMOS ETF TRUST

(the "Trust")

Calamos Bitcoin Structured Alt Protection ETF® - January

(the "Fund")

Supplement dated January 30, 2026

to the Fund's Prospectus dated November 28, 2025

This supplement updates certain information contained in the Fund's prospectus and should be attached to the prospectus and retained for future reference.

Capitalized terms not defined herein have the same meaning as in the Fund's prospectus.

As described in the Fund's prospectus, an investment in shares of the Fund is subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period of approximately one year. The Fund's current Outcome Period will end on January 31, 2026. The next Outcome Period will begin on February 1, 2026 and end on January 31, 2027 (the "Upcoming Outcome Period"). The Fund's Cap for the Outcome Period beginning on February 1, 2026 is set forth below.

8.36%

(7.67% after taking into account the Fund's management fees)

The Fund's return will be further reduced by brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses not included in the Fund's management fee, as described in the prospectus.

Effective February 1, 2026, the Fund's Prospectus is amended to revise all references to the Outcome Period and Cap to reflect the information above.

On February 1, 2026, the Fund's summary prospectus will be amended to update all references to the Cap and Outcome Period to reflect the Cap and new Outcome Period, as described above.

Further, effective February 1, 2026, on pages 6 and 49 of the Prospectus, the table reflecting Portfolio Investment, Investment Terms, Portfolio Investment Percentage, and Target Portfolio Maturity is deleted in its entirety and replaced with the following:

PORTFOLIO INVESTMENT INVESTMENT TERMS PORTFOLIO
INVESTMENT
PERCENTAGE 		TARGET
PORTFOLIO
MATURITY
Some combination of cash, cash equivalents, box spreads, and/or U.S. Treasury securities Multiple series of U.S. Treasury Bills supported by full faith and credit of U.S. government, cash, cash equivalents, and/or box spreads Approximately 96% at the time of investment 12 months
Purchased call option contracts on Underlying ETPs and/or Bitcoin Index "At-the-money" (i.e., strike price equal to the current bitcoin reference asset market price) call options at approximately 100% of the respective Underlying ETPs and/or Bitcoin Index price at the time of investment Approximately 22% at the time of investment 12 months
Sold call option contracts on Underlying ETPs and/or Bitcoin Index "Out-of-the-money" (i.e., strike price is more than the current bitcoin reference asset market price) options used to help fund purchased call option contracts Approximately -18% at the time of investment 12 months

Effective February 1, 2026, on pages 9 and 52 of the Prospectus, the table reflecting Portfolio Investment, Investment Terms, Portfolio Investment Percentage, and Target Portfolio Maturity is deleted in its entirety and replaced with the following:

PORTFOLIO INVESTMENT INVESTMENT TERMS PORTFOLIO
INVESTMENT
PERCENTAGE 		TARGET
PORTFOLIO
MATURITY
Purchased deep in-the-money call option contracts on Underlying ETPs and/or Bitcoin Index Involves purchasing a near zero-strike (i.e., deep in-the-money) call on the reference asset, at a pre-determined strike to provide approximately full participation to the price return of the underlying reference asset. In other words, the approximately full participation provided by this layer provides potential gains and losses that are tantamount to that of owning the Underlying ETPs and/or Bitcoin Index outright. Approximately 100% at the time of investment 12 months
Purchased at-the-money put option contracts on Underlying ETPs and/or Bitcoin Index Involves purchasing an at-the-money put option, which produces protection equal to 100% of losses (before total fund operating fees and expenses) of the price return of the reference asset, over the Outcome Period. Approximately 18% at the time of investment 12 months
Sold out-of-the-money call option contracts on Underlying ETPs and/or Bitcoin Index Involves selling an out-of-the-money call, thereby creating the upside cap. The strike price at which the call is sold is determined so that the combined net options purchase price is approximately equal to the underlying asset's current value. The cost of this layer is a credit equal to the price that would make the total package "no-cost" or fully financed. Approximately -18% at the time of investment 12 months
Calamos ETF Trust published this content on January 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 30, 2026 at 22:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]