SCHEDULE: Truist Financial Discloses 11.2% Stake in Calamos ETF Trust

Truist Financial Corporation, through its subsidiary Truist Advisory Services, Inc., reported beneficial ownership of 11.2% of Calamos ETF Trust as of December 31, 2025.

Summary

• Truist Financial Corporation, acting as a Parent Holding Company for Truist Advisory Services, Inc., has filed an Amendment No. 1 to Schedule 13G.
• The filing reports beneficial ownership of 44,807 shares of Calamos ETF Trust, identified as an Exchange Traded Fund (ETF).
• This represents 11.2% of the class of securities, with CUSIP Number 12811T308.
• Truist Advisory Services, Inc. holds sole dispositive power over these shares, with no sole or shared voting power.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant beneficial ownership stake by a major financial institution, indicating a substantial investment in the Calamos ETF Trust. There are no negative surprises or red flags, and the statement confirms the investment is in the ordinary course of business.

Positives

• Truist Financial Corporation, through its subsidiary, holds a significant 11.2% stake in Calamos ETF Trust, indicating a substantial investment.
• The filing confirms the shares are held in the ordinary course of business, suggesting a standard investment advisory role rather than an activist position.

Negatives

• No specific negative information is disclosed in this beneficial ownership report.

Risks

• No specific risks related to the issuer or the investment are detailed in this beneficial ownership filing.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer or the reporting person's future intentions beyond the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

This filing reflects a common practice where large financial institutions, particularly investment advisers like Truist Advisory Services, Inc., hold significant stakes in ETFs on behalf of their clients. It indicates Truist's continued role as a major player in asset management and its investment in diversified fund products like those offered by Calamos ETF Trust.

Comparison to Industry Standards

• Holding over 10% of an ETF class is a substantial position for an investment advisor, comparable to other large asset managers like Vanguard, BlackRock, or State Street, which often hold significant portions of various ETFs for their client portfolios.
• The disclosure of sole dispositive power without voting power is standard for investment advisors managing client assets, where the advisor makes investment decisions but the underlying clients retain voting rights or the ETF structure itself limits direct voting influence.

Stakeholder Impact

• Shareholders of Calamos ETF Trust: The significant stake held by Truist Advisory Services, Inc. suggests institutional confidence in the ETF.
• Clients of Truist Advisory Services, Inc.: This filing indicates how their assets are being managed and invested in specific ETFs.

Next Steps

• Truist Financial Corporation will continue to monitor its beneficial ownership in Calamos ETF Trust.
• Further amendments to Schedule 13G would be filed if there are significant changes in ownership (e.g., exceeding 1% change) or if the purpose of the holding changes.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by Truist Financial Corporation, through its investment advisory subsidiary, in Calamos ETF Trust. It indicates a substantial, but passive, investment held in the ordinary course of business. There are no new financial results, strategic shifts, or material events disclosed that would warrant a change in investment recommendation for either Truist Financial or Calamos ETF Trust based solely on this filing. Investors should 'hold' their current positions and consider this a standard regulatory update.

Keywords

Truist Financial, Calamos ETF Trust, Schedule 13G, Beneficial Ownership, Exchange Traded Fund, ETF, Investment Advisor, Financial Reporting, SEC Filing