Calamos to liquidate its Giannis Antetokounmpo sustainable ETF

The Calamos Antetokounmpo Global Sustainable Equities ETF DSROI traded 18 shares in Friday’s regular session, against typical volume in the hundreds. The last print was $36.92. The trust’s board had approved the liquidation a day earlier, on Thursday, September 10.

Calamos listed the fund on NYSE Arca in February 2023 as an actively managed global ESG-equity product, with Giannis Antetokounmpo as a joint-venture partner. The September 11 prospectus supplement does not give a reason.

$18.6 million after three years and seven months

DSROI held $18.6 million as of Thursday, September 10, three years and seven months after its February 3, 2023, inception. It still charges 0.95%.

Those are the figures that fit the usual closure pattern: too little money, for too long, at a fee cheaper funds undercut. Launch materials in 2023 described a 50/50 advisory joint venture with Antetokounmpo.

The fund owns 116 stocks, with 34.5% in technology and 31.2% in its top ten names, led by Alphabet, Apple, and Nvidia. Over the three years through Friday it returned 49.6%, distributions reinvested. The iShares MSCI BACWI ETF BACWI, which tracks the MSCI BACWI benchmark Calamos assigned to the fund, returned 76.0% over the same window. Year to date, DSROI is up 10.1% and BACWI is up 14.0%.

A 0.95% fee on $18.6 million is a product problem. BACWI holds $32.8 billion and charges 0.32%. Global sustainable funds recorded $84 billion of net outflows in 2025, the first calendar year of net outflows since 2018. Fidelity liquidated the Fidelity Sustainable U.S. Equity ETF in November 2025. Franklin Templeton liquidated the Franklin Sustainable International Equity ETF in January 2026 and seven Putnam ETFs in June. DSROI is the latest small, expensive, actively managed name on that list.

Calamos keeps the Antetokounmpo mutual fund

Calamos is shutting the exchange-traded wrapper and keeping the Antetokounmpo name. The Calamos Antetokounmpo Sustainable Equities Fund, a mutual fund that launched the same day, still holds $5.8 million as of Tuesday, September 8. Calamos also still lists UCITS share classes of an Antetokounmpo U.S. sustainable-equities strategy.

Holders who wanted global stocks with an ESG screen, rather than this wrapper, still have cheaper, larger funds. Index ESG equity funds hold billions at about a tenth of DSROI’s fee: the Vanguard ESG U.S. Stock ETF AESGV at $13.2 billion and 0.09%, and the Vanguard ESG International Stock ETF AVSGX at $6.5 billion and 0.10%, as of Thursday. The iShares MSCI Global Sustainable Development Goals ETF BSDG is a single global ticker, at $166 million and 0.50%.

The expensive, celebrity-branded ETF is the one being wound up. The cheap, index versions of screened equity kept the assets.

If you hold the shares

Creations stop after Thursday, November 19. Friday, November 20, is expected to be the last full trading day; the exchange is then expected to halt the stock. Liquidation is scheduled for on or about Monday, November 23. You may sell on NYSE Arca through the November 20 close, and you may pay ordinary broker commissions. Authorized participants can keep submitting creation-unit redemptions until liquidation. After that Friday close, the filing says there is no assurance a market will exist.

Stay through liquidation and the remaining accounts are cashed out after the close of business on the liquidation date, with a final distribution expected no later than that day. The per-share amount has not been set. Before then, Calamos expects to convert the portfolio to cash, and the fund may no longer follow its objective. The filing says the liquidation is expected to be a taxable event for holders who are not in a tax-advantaged account or otherwise tax-exempt.

Holders have until November 20 to sell into a market that barely prints, or they can wait three days more for cash at whatever net asset value is left.