Exhibit (d)(xiii)
CALAMOS ETF TRUST
August 20, 2025
Calamos Advisors LLC
2020 Calamos Court
Naperville, Illinois 60563
Ladies and Gentlemen:
| Re: | Investment Advisory Agreement |
This letter confirms that effective August 20, 2025, Calamos ETF Trust (the “Trust”) and Calamos Advisors LLC (“CAL”) have mutually agreed that Schedule A and Exhibit A to the Investment Advisory Agreement between the Trust and CAL dated September 1, 2023, have each been amended and replaced by Schedule A and Exhibit A, respectively, attached hereto.
Please sign below to confirm our mutual agreement.
| Very truly yours, | ||||
| CALAMOS ETF TRUST | ||||
| By | /s/ Erik D. Ojala | |||
| Name: | Erik D. Ojala | |||
| Title: | Vice President and Secretary | |||
Amended Schedule A and Exhibit A attached hereto, accepted this 20th day of August 2025.
| CALAMOS ADVISORS LLC | ||||
| By | /s/ Tom Herman | |||
| Name: | Thomas E. Herman | |||
| Title: | Chief Financial Officer | |||
SCHEDULE A TO
INVESTMENT ADVISORY AGREEMENT
Calamos Convertible Equity Alternative ETF
Calamos CEF Income & Arbitrage ETF
Calamos Nasdaq Equity & Income ETF
Calamos S&P 500 Structured Alt Protection ETF – May
Calamos S&P 500 Structured Alt Protection ETF – August
Calamos S&P 500 Structured Alt Protection ETF – July
Calamos S&P 500 Structured Alt Protection ETF – September
Calamos Nasdaq-100 Structured Alt Protection ETF – June
Calamos Nasdaq-100 Structured Alt Protection ETF – September
Calamos Nasdaq-100 Structured Alt Protection ETF – December
Calamos Nasdaq-100 Structured Alt Protection ETF – March
Calamos Russell 2000 Structured Alt Protection ETF – July
Calamos Russell 2000 Structured Alt Protection ETF – October
Calamos Russell 2000 Structured Alt Protection ETF – January
Calamos Russell 2000 Structured Alt Protection ETF – April
Calamos S&P 500 Structured Alt Protection ETF – October
Calamos S&P 500 Structured Alt Protection ETF – November
Calamos S&P 500 Structured Alt Protection ETF – December
Calamos S&P 500 Structured Alt Protection ETF – January
Calamos S&P 500 Structured Alt Protection ETF – February
Calamos S&P 500 Structured Alt Protection ETF – March
Calamos S&P 500 Structured Alt Protection ETF – April
Calamos S&P 500 Structured Alt Protection ETF – June
Calamos Laddered S&P 500 Structured Alt Protection ETF
Calamos Bitcoin Structured Alt Protection ETF – January
Calamos Bitcoin Structured Alt Protection ETF – April
Calamos Bitcoin Structured Alt Protection ETF – July
Calamos Bitcoin Structured Alt Protection ETF – October
Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul
Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April
Calamos Bitcoin 90 Series Structured Alt Protection ETF – July
Calamos Bitcoin 90 Series Structured Alt Protection ETF – October
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April
Calamos Bitcoin 80 Series Structured Alt Protection ETF – July
Calamos Bitcoin 80 Series Structured Alt Protection ETF – October
Calamos Autocallable Income ETF
Calamos Laddered Bitcoin Structured Alt Protection ETF
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF
Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF
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EXHIBIT A TO
INVESTMENT ADVISORY AGREEMENT
Calamos Convertible Equity Alternative ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos Convertible Equity Alternative ETF at an annual rate of 0.69%.
Calamos CEF Income & Arbitrage ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos CEF Income & Arbitrage ETF at an annual rate of 0.74%.
Calamos Nasdaq Equity & Income ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos Nasdaq Equity & Income ETF at an annual rate of 0.74%.
Calamos S&P 500 Structured Alt Protection ETF – May
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – May at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – August
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – August at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – July
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – July at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – September
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – September at an annual rate of 0.69%.
Calamos Nasdaq-100 Structured Alt Protection ETF – June
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - June at an annual rate of 0.69%.
Calamos Nasdaq-100 Structured Alt Protection ETF – September
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF – September at an annual rate of 0.69%.
Calamos Nasdaq-100 Structured Alt Protection ETF – December
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - December at an annual rate of 0.69%.
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Calamos Nasdaq-100 Structured Alt Protection ETF – March
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Nasdaq-100 Structured Alt Protection ETF - March at an annual rate of 0.69%.
Calamos Russell 2000 Structured Alt Protection ETF – July
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – July at an annual rate of 0.69%.
Calamos Russell 2000 Structured Alt Protection ETF – October
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – October at an annual rate of 0.69%.
Calamos Russell 2000 Structured Alt Protection ETF – January
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – January at an annual rate of 0.69%.
Calamos Russell 2000 Structured Alt Protection ETF – April
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Russell 2000 Structured Alt Protection ETF – April at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – October
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – October at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – November
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – November at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – December
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – December at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – January
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – January at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – February
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – February at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – March
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – March at an annual rate of 0.69%.
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Calamos S&P 500 Structured Alt Protection ETF – April
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – April at an annual rate of 0.69%.
Calamos S&P 500 Structured Alt Protection ETF – June
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos S&P 500 Structured Alt Protection ETF – June at an annual rate of 0.69%.
Calamos Laddered S&P 500 Structured Alt Protection ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Laddered S&P 500 Structured Alt Protection ETF at an annual rate of 0.10%.
Calamos Bitcoin Structured Alt Protection ETF – January
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – January at an annual rate of 0.69%.
Calamos Bitcoin Structured Alt Protection ETF – April
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – April at an annual rate of 0.69%.
Calamos Bitcoin Structured Alt Protection ETF – July
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – July at an annual rate of 0.69%.
Calamos Bitcoin Structured Alt Protection ETF – October
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – October at an annual rate of 0.69%.
Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Jan/Jul at an annual rate of 0.69%.
Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin Structured Alt Protection ETF – 6 Mo Apr/Oct at an annual rate of 0.69%.
Calamos Bitcoin 90 Series Structured Alt Protection ETF – January
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – January at an annual rate of 0.69%.
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April at an annual rate of 0.69%.
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Calamos Bitcoin 90 Series Structured Alt Protection ETF – July
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – July at an annual rate of 0.69%.
Calamos Bitcoin 90 Series Structured Alt Protection ETF – October
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 90 Series Structured Alt Protection ETF – October at an annual rate of 0.69%.
Calamos Bitcoin 80 Series Structured Alt Protection ETF – January
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – January at an annual rate of 0.69%.
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – April at an annual rate of 0.69%.
Calamos Bitcoin 80 Series Structured Alt Protection ETF – July
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – July at an annual rate of 0.69%.
Calamos Bitcoin 80 Series Structured Alt Protection ETF – October
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Bitcoin 80 Series Structured Alt Protection ETF – October at an annual rate of 0.69%.
Calamos Autocallable Income ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar month, based on the average daily net assets of the Calamos Autocallable Income ETF at an annual rate of 0.74%.
Calamos Laddered Bitcoin Structured Alt Protection ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Laddered Bitcoin Structured Alt Protection ETF at an annual rate of 0.10%.
Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF at an annual rate of 0.10%.
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF
The Trust shall pay the Advisor a management fee calculated and payable as soon as practicable after the last day of each calendar quarter, based on the average daily net assets of the Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF at an annual rate of 0.10%.
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