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The Calamos Timpani Active SMID Growth ETF (CTAG), converted from the open-end Calamos Timpani SMID Growth Fund, offers access to a time-tested strategy that has strongly outpaced its benchmark and peers over both short- and longer-term periods—with all the potential benefits of an ETF structure.
Performance Returns CTAG ETF, data as of 6/30/2026
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund’s management fee and other expenses, which can be found on the fund fees and expenses tab on the CTAG webpage. For the most recent Fund month-end performance information, visit www.calamos.com or call 1-866-363-9219. See important “Predecessor Fund Disclosure” below.
The gross expense ratio for CTAG as of the prospectus dated 9/21/2026 is 0.79%. Returns for periods greater than one year are annualized.
The converted Calamos Timpani Active SMID Growth ETF (CTAG) will be managed similarly to the predecessor mutual fund, with no changes to the investment objective or adviser, and will adhere to the same principal investment strategies. Notably, the ETF will continue to be managed by Senior Portfolio Manager Brandon Nelson, who has helmed the mutual fund since its inception.
Nelson notes, “We seek out winning stocks within a fundamental momentum framework that we’ve used for over 25 years. We see significant upside from here—investors are embracing our style and rewarding the companies we’ve selected.”
The ETF wrapper adds two structural advantages: lower expenses through the vehicle’s typically leaner cost structure, and greater tax efficiency via in-kind creation/redemption, which can help avoid triggering capital gains at the fund level.
The ETF conversion and rollout of this strong-performing strategy can address a critical, underrepresented need in client portfolios.
Most investors find themselves over-allocated to large companies due to familiarity bias and portfolio drift over time. Inflows into US small-cap ETFs totaled just $7 billion in the first half of 2026, compared with $309 billion for US large-cap ETFs.i
Passive flows compound the effect: index equity funds took in $79.7 billion in June 2026 alone, and because most index funds are cap-weighted, that money flows disproportionately into the largest names regardless of valuation.
The top-10 stocks now account for almost 43% of the S&P 500—well above the 26%–27% dot-com peak.ii
Small caps are a historically small share of total market value, and well below their own long-term average.
Small caps have historically represented about 7.6% of the Russell 3000® Index's market cap; as of June 30, 2026, they accounted for just 4.5%.iii
“The results we’ve delivered haven’t depended on small and mid-cap asset strength, but we always welcome the boost that asset-class tailwinds can provide. We see meaningful upside for small and mid-caps, supported by fundamental earnings growth momentum and attractive relative valuations,” says Nelson.
The bottom line: many client portfolios are out of balance—overweight in large caps and underweight small and mid caps relative to historical norms. CTAG offers a way to help close that gap with an ETF whose strategy has a strong track record.
Visit www.calamos.com/ETFs to learn more about CTAG and our complete lineup of ETFs or contact us at 866.363.9219.
Before investing, carefully consider the Fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information, which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
Predecessor Fund Disclosure: On September 21, 2026, Calamos Timpani Active SMID Growth ETF (the “Fund”) acquired the assets and assumed the liabilities of the Calamos Timpani SMID Growth Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, performance prior to the Fund’s inception date reflects actual performance and expenses of the Class I shares of the Predecessor Fund, without any adjustments. The Fund has the same investment objective and substantially similar strategies as the Predecessor Fund. However, the Fund has a lower net expense ratio than each share class of the Predecessor Fund. As a result, the performance returns of the Fund for the periods shown would have been different than those of the Predecessor Fund. Had the Predecessor Fund been structured as an ETF, its performance may have differed. You can obtain current performance data by visiting www.Calamos.com.
The Fund’s (and Predecessor Fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
The principal risks of investing in the Calamos Timpani Active SMID Growth ETF include: American Depositary Receipts risk, authorized participant concentration risk, cash holdings risk, costs of buying and selling fund shares, currency risk, derivatives risk, equity securities risk, foreign securities risk, forward foreign currency contract risk, futures and forward contracts risk, growth stock risk, liquidity risk, market risk, portfolio selection risk, portfolio turnover risk, premium-discount risk, secondary market trading risk, sector risk, securities lending risk, small and mid-sized company stock risk, tax risk, and trading issues risk.
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 (i.e., the Fund's long position) fall, the value of your investment in the Fund will decline.
Small and Mid-Sized Company Stock Risk: Small- and mid-sized company stocks have historically been subject to greater investment risk than large-company stocks. The prices of small- to mid-sized company stocks tend to be more volatile and less liquid than those of large-company stocks. Small- and mid-sized companies may have no or relatively short operating histories or be newly formed public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.
The Russell 2500® Growth Index measures the performance of the small to midcap growth segment of the US equity universe. It includes those Russell 2500 companies with higher growth and earnings potential. The Russell 2500 Growth Index is published and maintained by FTSE Russell.
Morningstar Small Growth Category funds focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. Stocks in the bottom 10% of the capitalization of the US equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
Calamos Financial Services LLC, Distributor
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i Source: State Street Global Advisors. Data as of June 30, 2026.
ii Source: JPMorgan Asset Management. Data as of June 30, 2026.
iii Source: Royce Investment Partners. Data as of June 30, 2026.