Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
1
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(99.3%)
Communication
Services
(8.4%)
3,646
Alphabet,
Inc.
-
Class
A
$
1,402,981
1,242
Netflix,
Inc.#
116,263
600,335
KES
Safaricom
PLC
136,894
1,656,138
Consumer
Discretionary
(10.0%)
1,195
EUR
Amadeus
IT
Group
SA
68,723
2,147
Amazon.com,
Inc.#
569,084
450
Booking
Holdings,
Inc.
75,762
12,875
HKD
BYD
Co.
Ltd.
-
Class
H
168,489
2,825
Chipotle
Mexican
Grill,
Inc.#
96,022
2,493
EUR
Cie
Generale
des
Etablissements
Michelin
SCA
90,235
1,181
KRW
Coway
Co.
Ltd.
68,557
6,214
GBP
Greggs
PLC
128,273
425
Home
Depot,
Inc.
139,740
1,963
EUR
Industria
de
Diseno
Textil
SA
116,530
45
MercadoLibre,
Inc.#
80,668
7,214
Sony
Group
Corp.
(ADR)
144,929
1,488
TJX
Cos.,
Inc.
233,244
1,980,256
Consumer
Staples
(4.8%)
1,318
Colgate-Palmolive
Co.
112,505
99
Costco
Wholesale
Corp.
100,439
3,514
Darling
Ingredients,
Inc.#
225,704
5,817
EUR
Jeronimo
Martins
SGPS
SA
139,683
1,531
EUR
Kerry
Group
PLC
-
Class
A
129,733
222
EUR
L'Oreal
SA
95,374
1,128
Walmart,
Inc.
148,817
952,255
Financials
(13.6%)
99
EUR
Adyen
NV#*
111,369
19,668
HKD
AIA
Group
Ltd.
213,567
264
American
Express
Co.
85,285
15,415
GBP
Aviva
PLC
130,806
1,537
Bank
of
New
York
Mellon
Corp.
206,527
4,674
NOK
DNB
Bank
ASA
141,561
27,675
EUR
Eurobank
SA
119,529
12,630
MXN
Grupo
Financiero
Banorte
SAB
de
CV
-
Class
O
137,641
7,083
HDFC
Bank
Ltd.
(ADR)
179,979
2,159
HKD
Hong
Kong
Exchanges
&
Clearing
Ltd.
113,677
787
Intercontinental
Exchange,
Inc.
124,417
14,372
Itau
Unibanco
Holding
SA
(ADR)
125,036
678
Jack
Henry
&
Associates,
Inc.
104,243
1,110
EUR
KBC
Group
NV
147,537
273
S&P
Global,
Inc.
117,726
3,098
JPY
Tokio
Marine
Holdings,
Inc.
142,517
699
Travelers
Cos.,
Inc.
213,293
NUMBER
OF
SHARES
b
b
VALUE
b
842
Visa,
Inc.
-
Class
A
$
277,725
2,692,435
Health
Care
(7.8%)
644
GBP
AstraZeneca
PLC
122,230
6,822
JPY
Daiichi
Sankyo
Co.
Ltd.
112,796
1,020
Edwards
Lifesciences
Corp.#
85,170
130
Eli
Lilly
&
Co.
121,498
392
EUR
EssilorLuxottica
SA
83,388
1,420
GE
HealthCare
Technologies,
Inc.
86,393
869
Gilead
Sciences,
Inc.
113,700
27,818
GBP
Haleon
PLC
128,701
192
CHF
Lonza
Group
AG
117,753
1,084
Merck
&
Co.,
Inc.
118,351
303
CHF
Roche
Holding
AG
123,472
268
Thermo
Fisher
Scientific,
Inc.
128,361
901
Veeva
Systems,
Inc.
-
Class
A#
140,529
541
Zoetis,
Inc.
62,199
1,544,541
Industrials
(17.7%)
4,663
SEK
Atlas
Copco
AB
-
Class
A
87,980
1,742
Canadian
Pacific
Kansas
City
Ltd.
151,484
160
Caterpillar,
Inc.
142,418
1,238
EUR
Cie
de
Saint-Gobain
SA
112,809
487
Cintas
Corp.
85,084
2,100
HKD
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
H
163,013
2,800
JPY
Daifuku
Co.
Ltd.
121,261
234
Deere
&
Co.
138,029
364
Eaton
Corp.
PLC
157,616
3,412
SEK
Epiroc
AB
-
Class
A
97,414
1,750
GBP
Experian
PLC
64,033
410
Ferguson
Enterprises,
Inc.
109,761
5,868
JPY
Hitachi
Ltd.
182,987
1,170
nVent
Electric
PLC
167,193
605
Old
Dominion
Freight
Line,
Inc.
128,520
1,241
Otis
Worldwide
Corp.
96,649
432
Quanta
Services,
Inc.
314,397
2,659
GBP
RELX
PLC
97,041
241
Rockwell
Automation,
Inc.
98,547
477
EUR
Schneider
Electric
SE
150,371
508
EUR
Siemens
AG
150,574
300
JPY
SMC
Corp.
145,789
4,700
CNY
Sungrow
Power
Supply
Co.
Ltd.
-
Class
A
94,507
292
Trane
Technologies
PLC
143,822
1,038
Veralto
Corp.
91,552
310
Verisk
Analytics,
Inc.
57,192
629
Waste
Management,
Inc.
146,274
3,496,317
Information
Technology
(29.1%)
2,545
Apple,
Inc.
690,586
708
Applied
Materials,
Inc.
279,299
Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
2
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
701
Arista
Networks,
Inc.#
$
121,070
135
EUR
ASML
Holding
NV
193,680
3,542
Bentley
Systems,
Inc.
-
Class
B
115,540
1,024
Broadcom,
Inc.
427,448
273
Cadence
Design
Systems,
Inc.#
89,978
2,005
GBP
Halma
PLC
120,236
3,605
EUR
Infineon
Technologies
AG
241,717
300
JPY
Keyence
Corp.
136,629
1,709
Microsoft
Corp.
696,896
332
Motorola
Solutions,
Inc.
145,758
990
EUR
Nemetschek
SE
71,806
4,495
NVIDIA
Corp.
897,067
408
Palo
Alto
Networks,
Inc.#
73,163
561
EUR
SAP
SE
95,800
525
KRW
SK
Hynix,
Inc.
455,198
1,702
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(ADR)
674,094
719
TE
Connectivity
PLC
152,184
343
Texas
Instruments,
Inc.
96,411
5,774,560
Materials
(4.0%)
495
EUR
Air
Liquide
SA
106,362
778
EUR
DSM-Firmenich
AG
58,037
529
Ecolab,
Inc.
137,857
18,557
BRL
Klabin
SA
65,507
310
Linde
PLC
155,353
1,409
DKK
Novonesis
Novozymes
B
-
Class
B
86,503
268
Sherwin-Williams
Co.
86,191
505
CHF
Sika
AG
92,876
788,686
Real
Estate
(0.9%)
441
American
Tower
Corp.
80,575
754
Prologis,
Inc.
107,083
187,658
Utilities
(3.0%)
6,472
EUR
Iberdrola
SA
151,537
7,477
GBP
National
Grid
PLC
133,508
21,115
INR
Power
Grid
Corp.
of
India
Ltd.
70,966
1,048
Sempra
99,686
3,314
EUR
Veolia
Environnement
SA
139,788
595,485
TOTAL
COMMON
STOCKS
(Cost
$14,263,680)
19,668,331
TOTAL
INVESTMENTS
(99.3%)
(Cost
$14,263,680)
19,668,331
OTHER
ASSETS,
LESS
LIABILITIES
(0.7%)
143,341
NET
ASSETS
(100.0%)
$
19,811,672
#
Non-income
producing
security.
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
FOREIGN
CURRENCY
ABBREVIATIONS
BRL
Brazilian
Real
CHF
Swiss
Franc
CNY
Chinese
Yuan
Renminbi
DKK
Danish
Krone
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KES
Kenyan
Shilling
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
ABBREVIATION
ADR
American
Depositary
Receipt
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
CURRENCY
EXPOSURE
April
30,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
12,891,365
65
.5‌
%
European
Monetary
Unit
2,574,582
13
.1‌
%
British
Pound
Sterling
924,828
4
.7‌
%
Japanese
Yen
841,980
4
.3‌
%
Hong
Kong
Dollar
658,745
3
.4‌
%
South
Korean
Won
523,756
2
.7‌
%
Swiss
Franc
334,101
1
.7‌
%
Swedish
Krona
185,394
0
.9‌
%
Norwegian
Krone
141,562
0
.7‌
%
Mexican
Peso
137,641
0
.7‌
%
Kenyan
Shilling
136,894
0
.7‌
%
Chinese
Yuan
Renminbi
94,507
0
.5‌
%
Danish
Krone
86,503
0
.4‌
%
Indian
Rupee
70,966
0
.4‌
%
Brazilian
Real
65,507
0
.3‌
%
Total
Investments
$19,668,331
100
.0‌
%
Currency
exposure
may
vary
over
time.
Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
3
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Common
Stocks
117
$
19,668,331
$
—
$
—
$
19,668,331
Total
$
19,668,331
$
—
$
—
$
19,668,331
Calamos
Autocallable
Income
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
4
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of August
1,
2025 through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(13.5%)
Other
(13.5%)
118,314,200
U.S.
Treasury
Bills~
2.927%,
05/05/26
(Cost
$118,267,448)
$
118,267,669
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUND
(77.9%)
Domestic
Alternative
(77.9%)
6,824,236
Calamos
Tax-Aware
Collateral
ETF
(Cost
$682,602,780)
683,549,599
TOTAL
INVESTMENTS
(91.4%)
(Cost
$800,870,228)
801,817,268
OTHER
ASSETS,
LESS
LIABILITIES
(8.6%)
75,516,899
NET
ASSETS
(100.0%)
$
877,334,167
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
swaps.
The
aggregate
value
of
such
securities
is
$60,225,705.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Tax-Aware
Collateral
ETF
$
—
$
684,194,978
$
1,593,233
$
—
$
1,035
$
946,819
$
683,549,599
TOTAL
RETURN
SWAPS
COUNTERPARTY
UNDERLYING
REFERENCE
INSTRUMENT
FIXED
RATE
(FUND
RECEIVES)
FLOATING
RATE
(FUND
PAYS)
TERMINATION
DATE
PERIODIC
PAYMENT
FREQUENCY
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(PAID)/
RECEIVED
MARKET
VALUE
UNREALIZED
APPRECIATION
(DEPRECIATION)
JPMorgan
Chase
Bank
N.A.
MerQube
U.S.
Large-Cap
Vol
Advantage
Index
Equity
returns
on
964,824
shares
of
MerQube
U.S.
Large-Cap
Vol
Advantage
Index
1
mo.SOFR
Plus
0.100%
08/31/26
Annual
$800,749,451
—
$
52,426,652
$
52,426,652
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
118,267,669
$
—
$
118,267,669
Exchange-Traded
Fund
1
683,549,599
—
—
683,549,599
Total
Return
Swaps
–
—
52,426,652
—
52,426,652
Total
$
683,549,599
$
170,694,321
$
—
$
854,243,920
Calamos
Nasdaq
®
Autocallable
Income
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
5
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of November
20,
2025 (commencement
of
operations)
through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(14.4%)
Other
(14.4%)
24,843,000
U.S.
Treasury
Bills~
2.889%,
05/05/26
(Cost
$24,833,309)
$
24,833,230
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUND
(75.8%)
Domestic
Alternative
(75.8%)
1,304,146
Calamos
Tax-Aware
Collateral
ETF
(Cost
$130,461,720)
130,629,784
TOTAL
INVESTMENTS
(90.2%)
(Cost
$155,295,029)
155,463,014
OTHER
ASSETS,
LESS
LIABILITIES
(9.8%)
16,906,799
NET
ASSETS
(100.0%)
$
172,369,813
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
swaps.
The
aggregate
value
of
such
securities
is
$11,097,934.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Tax-Aware
Collateral
ETF
$
—
$
130,461,720
$
—
$
—
$
—
$
168,064
$
130,629,784
TOTAL
RETURN
SWAPS
COUNTERPARTY
UNDERLYING
REFERENCE
INSTRUMENT
FIXED
RATE
(FUND
RECEIVES)
FLOATING
RATE
(FUND
PAYS)
TERMINATION
DATE
PERIODIC
PAYMENT
FREQUENCY
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(PAID)/
RECEIVED
MARKET
VALUE
UNREALIZED
APPRECIATION
(DEPRECIATION)
JPMorgan
Chase
Bank
N.A.
MerQube
Nasdaq-100®
Vol
Advantage
Autocallable
Index
Equity
returns
on
76,168
shares
of
MerQube
Nasdaq-100®
Vol
Advantage
Autocallable
Index
1
mo.
SOFR
Plus
0.100%
12/31/26
Annual
$156,848,171
—
$
11,631,197
$
11,631,197
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
24,833,230
$
—
$
24,833,230
Exchange-Traded
Fund
1
130,629,784
—
—
130,629,784
Total
Return
Swaps
–
—
11,631,197
—
11,631,197
Total
$
130,629,784
$
36,464,427
$
—
$
167,094,211
Calamos
Autocallable
Growth
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
6
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of April
16,
2026 (commencement
of
operations)
through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(16.8%)
Other
(16.8%)
2,754,000
U.S.
Treasury
Bills~
3.668%,
07/16/26
(Cost
$2,733,149)
$
2,733,152
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUND
(79.7%)
Domestic
Alternative
(79.7%)
129,707
Calamos
Tax-Aware
Collateral
ETF
(Cost
$12,984,005)
12,992,102
TOTAL
INVESTMENTS
(96.5%)
(Cost
$15,717,154)
15,725,254
OTHER
ASSETS,
LESS
LIABILITIES
(3.5%)
571,852
NET
ASSETS
(100.0%)
$
16,297,106
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
swaps.
The
aggregate
value
of
such
securities
is
$1,899,313.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Tax-Aware
Collateral
ETF
$
—
$
12,984,005
$
—
$
—
$
—
$
8,097
$
12,992,102
TOTAL
RETURN
SWAPS
COUNTERPARTY
UNDERLYING
REFERENCE
INSTRUMENT
FIXED
RATE
(FUND
RECEIVES)
FLOATING
RATE
(FUND
PAYS)
TERMINATION
DATE
PERIODIC
PAYMENT
FREQUENCY
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(PAID)/
RECEIVED
MARKET
VALUE
UNREALIZED
APPRECIATION
(DEPRECIATION)
JPMorgan
Chase
Bank
N.A.
MerQube
US
Large
Cap
Vol
Advantage
Autocallable
Growth
Index
Equity
returns
on
8,197
shares
of
MerQube
US
Large
Cap
Vol
Advantage
Autocallable
Growth
Index
1
mo.
SOFR
Plus
0.100%
05/28/27
Annual
$15,928,503
—
$
357,413
$
357,413
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
2,733,152
$
—
$
2,733,152
Exchange-Traded
Fund
1
12,992,102
—
—
12,992,102
Total
Return
Swaps
1
—
357,413
—
357,413
Total
$
12,992,102
$
3,090,565
$
—
$
16,082,667
Calamos
CEF
Income
&
Arbitrage
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
7
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
CLOSED-END
FUNDS
(99.2%)
Convertible
(0.5%)
12,718
Advent
Convertible
&
Income
Fund
$
158,975
Covered
Call
(16.2%)
66,266
BlackRock
Enhanced
Equity
Dividend
Trust
612,961
42,435
Eaton
Vance
Enhanced
Equity
Income
Fund
II
954,363
137,172
Eaton
Vance
Risk-Managed
Diversified
Equity
Income
Fund
1,168,706
137,255
Eaton
Vance
Tax
Managed
Global
Buy
Write
Opportunities
Fund
1,292,942
43,731
Eaton
Vance
Tax-Managed
Buy-
Write
Opportunities
Fund
638,910
26,599
Nuveen
S&P
500
Dynamic
Overwrite
Fund
468,408
5,136,290
Equity-Sector
(16.4%)
30,871
Adams
Natural
Resources
Fund,
Inc.
834,443
52,787
BlackRock
Health
Sciences
Term
Trust
751,159
51,463
BlackRock
Resources
&
Commodities
Strategy
Trust
639,170
3,739
BlackRock
Science
&
Technology
Trust
157,225
17,201
BlackRock
Utilities
Infrastructure
&
Power
Opportunities
Trust
474,060
17,466
Cohen
&
Steers
Infrastructure
Fund,
Inc.
472,805
139,776
GAMCO
Global
Gold
Natural
Resources
&
Income
Trust
738,017
21,706
Neuberger
Next
Generation
Connectivity
Fund,
Inc.
316,473
34,157
Virtus
Artificial
Intelligence
&
Technology
Opportunities
Fund
836,164
5,219,516
Global
Allocation
(7.2%)
11,255
Eaton
Vance
Tax-Advantaged
Global
Dividend
Opportunities
Fund
335,849
76,637
Highland
Opportunities
&
Income
Fund
476,682
42,390
LMP
Capital
&
Income
Fund,
Inc.
652,704
59,293
Nuveen
Multi-Asset
Income
Fund
822,987
2,288,222
High
Yield
Bond
(6.1%)
67,723
Allspring
Multi-Sector
Income
Fund
621,020
132,273
FS
Credit
Opportunities
Corp.
694,433
167,695
Western
Asset
High
Income
Opportunity
Fund,
Inc.
618,795
1,934,248
Master
Limited
Partnership
(6.9%)
16,684
ClearBridge
Energy
Midstream
Opportunity
Fund,
Inc.
863,564
31,941
Kayne
Anderson
Energy
Infrastructure
Fund
455,159
83,941
Neuberger
Energy
Infrastructure
&
Income
Fund,
Inc.
879,702
2,198,425
NUMBER
OF
SHARES
b
b
VALUE
b
Municipal
Bond
(1.9%)
19,328
Nuveen
Taxable
Municipal
Income
Fund
$
307,315
39,804
PIMCO
Municipal
Income
Fund
II
298,132
605,447
Preferred
(6.0%)
39,297
Flaherty
&
Crumrine
Preferred
&
Income
Fund
458,203
39,171
Flaherty
&
Crumrine
Preferred
&
Income
Securities
Fund
638,487
60,125
John
Hancock
Premium
Dividend
Fund
795,454
1,892,144
Real
Estate
Investment
Trust
(3.5%)
363,363
Neuberger
Real
Estate
Securities
Income
Fund,
Inc.
1,104,624
Senior
Loan
(6.2%)
14,503
Blackstone
Long-Short
Credit
Income
Fund
159,823
35,775
Blackstone
Strategic
Credit
2027
Term
Fund
403,542
47,788
Eaton
Vance
Senior
Floating-Rate
Trust
506,075
118,167
Nuveen
Credit
Strategies
Income
Fund
574,291
41,376
Nuveen
Floating
Rate
Income
Fund
312,389
1,956,120
U.S.
Allocation
(7.3%)
64,626
Bexil
Investment
Trust
1,053,404
49,028
Virtus
Equity
&
Convertible
Income
Fund
1,273,747
2,327,151
U.S.
Investment
Grade
(4.0%)
34,973
BlackRock
Multi-Sector
Income
Trust
448,354
41,007
Eaton
Vance
Short
Duration
Diversified
Income
Fund
440,825
35,670
Western
Asset
Premier
Bond
Fund
381,312
1,270,491
U.S.
Stock
(5.9%)
56,250
Gabelli
Equity
Trust,
Inc.
318,938
234,149
Liberty
All
Star
Growth
Fund,
Inc.
1,215,233
59,507
Liberty
All-Star
Equity
Fund
348,116
1,882,287
World
Bond
(5.6%)
56,448
DoubleLine
Income
Solutions
Fund
627,137
64,123
Morgan
Stanley
Emerging
Markets
Debt
Fund,
Inc.
473,228
28,773
Nuveen
Global
High
Income
Fund
366,568
26,531
PGIM
Global
High
Yield
Fund,
Inc.
317,576
1,784,509
World
Stock
(5.5%)
13,062
Aberdeen
India
Fund,
Inc.
157,267
7,286
Eaton
Vance
Tax-Advantaged
Global
Dividend
Income
Fund
165,028
15,052
Mexico
Fund,
Inc.
318,199
Calamos
CEF
Income
&
Arbitrage
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
8
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
SHARES
b
b
VALUE
b
14,375
Morgan
Stanley
India
Investment
Fund,
Inc.
$
315,675
38,428
Templeton
Emerging
Markets
Fund
792,385
1,748,554
TOTAL
CLOSED-END
FUNDS
(Cost
$30,371,365)
31,507,003
TOTAL
INVESTMENTS
(99.2%)
(Cost
$30,371,365)
31,507,003
OTHER
ASSETS,
LESS
LIABILITIES
(0.8%)
257,136
NET
ASSETS
(100.0%)
$
31,764,139
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Closed-End
Funds
54
$
31,507,003
$
—
$
—
$
31,507,003
Total
$
31,507,003
$
—
$
—
$
31,507,003
Calamos
Convertible
Equity
Alternative
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
9
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(68.4%)
Communication
Services
(2.6%)
46,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
$
64,191
69,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
80,362
159,000
Live
Nation
Entertainment,
Inc.^
3.125%,
01/15/29
249,260
41,000
Sphere
Entertainment
Co.
3.500%,
12/01/28
166,316
560,129
Consumer
Discretionary
(3.3%)
39,000
Chefs'
Warehouse,
Inc.
2.375%,
12/15/28
71,381
66,000
LCI
Industries
3.000%,
03/01/30
78,444
167,000
Liberty
Live
Holdings,
Inc.*
2.375%,
09/30/53
272,982
38,000
Patrick
Industries,
Inc.
1.750%,
12/01/28
57,101
61,000
Stride,
Inc.
1.125%,
09/01/27
115,398
83,000
Wayfair,
Inc.
3.500%,
11/15/28
127,546
722,852
Energy
(1.6%)
69,000
Atlas
Energy
Solutions,
Inc.*
0.500%,
04/15/31
96,017
120,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
183,458
36,000
Transocean
International
Ltd.
4.625%,
09/30/29
75,002
354,477
Financials
(1.6%)
56,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC*
3.750%,
08/15/28
89,255
134,000
SoFi
Technologies,
Inc.*
1.250%,
03/15/29
247,888
337,143
Health
Care
(4.0%)
Bridgebio
Pharma,
Inc.
86,000
2.500%,
03/15/27
149,149
89,000
1.750%,
03/01/31
146,683
95,000
Guardant
Health,
Inc.
1.250%,
02/15/31
153,040
90,000
Ionis
Pharmaceuticals,
Inc.
1.750%,
06/15/28
134,202
69,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
92,734
47,000
Mirum
Pharmaceuticals,
Inc.
4.000%,
05/01/29
147,118
37,000
PTC
Therapeutics,
Inc.
1.500%,
09/15/26
47,068
869,994
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(2.1%)
Granite
Construction,
Inc.
42,000
3.750%,
05/15/28
$
125,634
65,000
3.250%,
06/15/30
118,573
53,000
Intuitive
Machines,
Inc.*
2.500%,
10/01/30
117,952
55,000
OSI
Systems,
Inc.
2.250%,
08/01/29
90,366
452,525
Information
Technology
(38.0%)
87,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
248,101
260,000
Akamai
Technologies,
Inc.*
0.250%,
05/15/33
341,307
71,000
Applied
Digital
Corp.
2.750%,
06/01/30
261,332
99,000
Avnet,
Inc.*
1.750%,
09/01/30
129,649
196,000
Cloudflare,
Inc.
0.000%,
08/15/26
227,987
48,000
Cohu,
Inc.*
1.500%,
01/15/31
91,705
75,000
Core
Scientific,
Inc.*
3.000%,
09/01/29
151,109
98,000
DigitalOcean
Holdings,
Inc.*
0.000%,
08/15/30
252,764
60,000
InterDigital,
Inc.^
3.500%,
06/01/27
230,391
Lumentum
Holdings,
Inc.
134,000
0.500%,
06/15/28
921,231
191,000
0.375%,
03/15/32*
931,131
56,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
98,797
214,000
MKS,
Inc.^
1.250%,
06/01/30
418,498
124,000
ON
Semiconductor
Corp.
0.000%,
05/01/27
238,370
72,000
Planet
Labs
PBC*
0.500%,
10/15/30
230,834
93,000
Riot
Platforms,
Inc.
0.750%,
01/15/30
133,128
57,000
Seagate
HDD
Cayman^
3.500%,
06/01/28
464,612
Terawulf,
Inc.*
74,000
2.750%,
02/01/30
203,091
158,000
1.000%,
09/01/31^
305,025
39,000
Viavi
Solutions,
Inc.*
0.625%,
03/01/31
151,606
194,000
Western
Digital
Corp.
3.000%,
11/15/28
2,222,858
8,253,526
Materials
(2.9%)
60,000
Centrus
Energy
Corp.
2.250%,
11/01/30
143,332
131,000
MP
Materials
Corp.*^
3.000%,
03/01/30
416,781
Calamos
Convertible
Equity
Alternative
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
10
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
46,000
Peabody
Energy
Corp.
3.250%,
03/01/28
$
70,877
630,990
Real
Estate
(2.9%)
Welltower
OP
LLC*
161,000
3.125%,
07/15/29
277,404
152,000
2.750%,
05/15/28
346,802
624,206
Utilities
(9.4%)
161,000
CenterPoint
Energy,
Inc.
4.250%,
08/15/26
192,624
180,000
Evergy,
Inc.
4.500%,
12/15/27
245,527
FirstEnergy
Corp.*
176,000
3.875%,
01/15/31
195,524
218,000
3.625%,
01/15/29^
238,237
160,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
232,034
85,000
Pinnacle
West
Capital
Corp.^
4.750%,
06/15/27
99,271
147,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
169,588
121,000
Southern
Co.
4.500%,
06/15/27
135,161
47,000
TXNM
Energy,
Inc.
5.750%,
06/01/54
63,512
101,000
UGI
Corp.
5.000%,
06/01/28
141,905
WEC
Energy
Group,
Inc.
141,000
4.375%,
06/01/27
172,883
126,000
4.375%,
06/01/29
156,725
2,042,991
TOTAL
CONVERTIBLE
BONDS
(Cost
$10,374,778)
14,848,833
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(2.4%)
Health
Care
(2.1%)
5,881
Brookdale
Senior
Living,
Inc.#
84,451
1,793
Jazz
Pharmaceuticals
PLC#
364,015
448,466
Information
Technology
(0.3%)
2,229
Wolfspeed,
Inc.#
65,822
TOTAL
COMMON
STOCKS
(Cost
$467,617)
514,288
CONVERTIBLE
PREFERRED
STOCKS
(28.5%)
Consumer
Discretionary
(0.3%)
1,599
Whirlpool
Corp.
8.500%,
02/15/29#
66,758
NUMBER
OF
SHARES
b
b
VALUE
b
Financials
(3.8%)
4,435
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
$
291,513
4,371
ARES
Management
Corp.
6.750%,
10/01/27
171,518
8,075
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
358,368
821,399
Health
Care
(1.5%)
1,223
BrightSpring
Health
Services,
Inc.
6.750%,
02/01/27
193,283
445
Bruker
Corp.#
6.375%,
09/01/28
130,461
323,744
Industrials
(6.3%)
17,534
Boeing
Co.^
6.000%,
10/15/27
1,265,955
1,759
QXO,
Inc.^
5.500%,
05/15/28
99,524
1,365,479
Information
Technology
(7.5%)
4,545
Hewlett
Packard
Enterprise
Co.^
7.625%,
09/01/27
348,238
4,583
Microchip
Technology,
Inc.
7.500%,
03/15/28
360,544
1,803
Novanta,
Inc.#
6.500%,
11/01/28
103,276
15,225
Oracle
Corp.#
6.500%,
01/15/29
741,001
1,458
Shift4
Payments,
Inc.
6.000%,
05/01/28
81,619
1,634,678
Materials
(2.6%)
7,196
Albemarle
Corp.
7.250%,
03/01/27
560,856
Utilities
(6.5%)
2,178
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)#§
3.369%,
09/15/29
74,945
NextEra
Energy,
Inc.
4,596
7.234%,
11/01/27
247,587
6,076
7.299%,
06/01/27
358,727
7,081
7.375%,
02/15/29#
371,894
4,668
PG&E
Corp.^
6.000%,
12/01/27
196,336
3,362
PPL
Corp.#
7.000%,
02/15/29
169,579
1,419,068
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$5,846,599)
6,191,982
Calamos
Convertible
Equity
Alternative
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
11
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
SHARES
b
b
VALUE
b
WARRANTS
(0.0%)#
Real
Estate
(0.0%)
106
Opendoor
Technologies,
Inc.
11/20/26,
Strike
$0.00
$
80
106
Opendoor
Technologies,
Inc.
11/20/26,
Strike
$0.00
43
106
Opendoor
Technologies,
Inc.
11/20/26,
Strike
$0.00
41
TOTAL
WARRANTS
(Cost
$–)
164
NUMBER
OF
SHARES/
PRINCIPAL
AMOUNT
e
e
VALUE
e
INVESTMENT
OF
CASH
COLLATERAL
FOR
SECURITIES
LOANED
(8.1%)
1,749,846
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio,
3.669%†***
(Cost
$1,749,846)
$
1,749,846
TOTAL
INVESTMENTS
(107.4%)
(Cost
$18,438,840)
23,305,113
LIABILITIES,
LESS
OTHER
ASSETS
(-7.4%)
(
1,596,318
)
NET
ASSETS
(100.0%)
$
21,708,795
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
^
Security,
or
portion
of
security,
is
on
loan.
#
Non-income
producing
security.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
†
Represents
investment
of
cash
collateral
received
from
securities
on
loan
as
of
April
30,
2026.
***
The
rate
disclosed
is
the
7
day
net
yield
as
of
April
30,
2026.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Convertible
Bonds
64
$
—
$
14,848,833
$
—
$
14,848,833
Common
Stocks
3
514,288
—
—
514,288
Convertible
Preferred
Stocks
20
6,117,037
74,945
—
6,191,982
Warrants
3
164
—
—
164
Investment
of
Cash
Collateral
for
Securities
Loaned
1
—
1,749,846
—
1,749,846
Total
$
6,631,489
$
16,673,624
$
—
$
23,305,113
Calamos
Nasdaq
®
Equity
&
Income
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
12
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(86.0%)
Other
(86.0%)
25,588
Franklin
Senior
Loan
ETF
$
592,618
12,745
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
679,181
18,690
iShares
Broad
USD
Investment
Grade
Corporate
Bond
ETF
957,862
54,263
Janus
Henderson
AAA
CLO
ETF
2,741,367
43,588
Schwab
1-5
Year
Corporate
Bond
ETF
1,078,803
119,060
Simplify
MBS
ETF
5,874,420
153,817
State
Street
SPDR
Portfolio
High
Yield
Bond
ETF
3,622,390
77,906
Vanguard
Emerging
Markets
Government
Bond
ETF
5,214,249
20,760,890
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$20,856,998)
20,760,890
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(13.5%)#Ω
Communication
Services
(2.3%)
64
2,462,720
Alphabet,
Inc.
Call,
Expires
12/18/26,
Strike
$340.00
453,673
16
979,056
Meta
Platforms,
Inc.
Call,
Expires
03/19/27,
Strike
$750.00
78,244
48
449,328
Netflix,
Inc.
Call,
Expires
09/18/26,
Strike
$110.00
14,919
16
312,800
T-Mobile
U.S.,
Inc.
Call,
Expires
09/18/26,
Strike
$250.00
3,493
550,329
Consumer
Discretionary
(1.3%)
48
1,272,288
Amazon.com,
Inc.
Call,
Expires
03/19/27,
Strike
$245.00
246,164
16
610,608
Tesla,
Inc.
Call,
Expires
12/18/26,
Strike
$420.00
71,726
317,890
Consumer
Staples
(0.5%)
16
1,623,248
Costco
Wholesale
Corp.
Call,
Expires
06/18/26,
Strike
$1,060.00
27,199
64
844,352
Walmart,
Inc.
Call,
Expires
03/19/27,
Strike
$135.00
93,146
120,345
Information
Technology
(5.7%)
16
567,184
Advanced
Micro
Devices,
Inc.
Call,
Expires
09/18/26,
Strike
$200.00
258,818
80
2,170,800
Apple,
Inc.
Call,
Expires
09/18/26,
Strike
$245.00
311,588
51
2,128,893
Broadcom,
Inc.
Call,
Expires
06/18/26,
Strike
$315.00
542,475
48
439,200
Cisco
Systems,
Inc.
Call,
Expires
12/18/26,
Strike
$78.00
89,790
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
34
1,386,452
Microsoft
Corp.
Call,
Expires
06/18/26,
Strike
$495.00
$
2,823
112
2,235,184
NVIDIA
Corp.
Call,
Expires
12/18/26,
Strike
$250.00
140,436
32
445,152
Palantir
Technologies,
Inc.
Call,
Expires
03/19/27,
Strike
$230.00
29,363
1,375,293
Materials
(0.3%)
16
801,824
Linde
PLC
Call,
Expires
06/18/26,
Strike
$455.00
82,655
Other
(3.4%)
68
744,464
Direxion
Nasdaq-100
®
Equal
Weighted
Index
Shares
Call,
Expires
06/18/26,
Strike
$96.00
98,810
160
1,751,680
Direxion
Nasdaq-100
®
Equal
Weighted
Index
Shares
Call,
Expires
09/18/26,
Strike
$98.50
233,393
48
525,504
Direxion
Nasdaq-100
®
Equal
Weighted
Index
Shares
Call,
Expires
12/18/26,
Strike
$101.00
70,821
256
2,802,688
Direxion
Nasdaq-100
®
Equal
Weighted
Index
Shares
Call,
Expires
03/19/27,
Strike
$101.00
422,515
825,539
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$2,440,071)
3,272,051
TOTAL
INVESTMENTS
(99.5%)
(Cost
$23,297,069)
24,032,941
OTHER
ASSETS,
LESS
LIABILITIES
(0.5%)
121,670
NET
ASSETS
(100.0%)
$
24,154,611
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
Calamos
Nasdaq®
Equity
&
Income
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
13
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Funds
8
$
20,760,890
$
—
$
—
$
20,760,890
Exchange-Traded
Purchased
Options
20
—
3,272,051
—
3,272,051
Total
$
20,760,890
$
3,272,051
$
—
$
24,032,941
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
January
Schedule
of
Investments
April
30,
2026
(Unaudited)
14
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(155.1%)#Ω
Long
Call
Option
(154.0%)
1,033
18,623,957
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$197.86
$
2,492,533
406
29,177,596
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$1.00
29,022,869
31,515,402
Long
Put
Option
(1.1%)
406
29,177,596
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$501.00
222,974
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$32,604,830)
31,738,376
TOTAL
INVESTMENTS
(155.1%)
(Cost
$32,604,830)
31,738,376
LIABILITIES,
LESS
OTHER
ASSETS
(-55.1%)
(
11,280,822
)
NET
ASSETS
(100.0%)
$
20,457,554
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-55.8%)#Ω
Short
Call
Option
(-55.8%)
(1,033)
(18,623,957)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$214.40
$
(
1,900,911
)
(406)
(29,177,596)
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$501.00
(
9,506,693
)
(
11,407,604
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$12,310,702)
$
(
11,407,604
)
Ω
FLexible
EXchange®
Options
(see
Note
1).
#
Non-income
producing
security.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
31,738,376
$
—
$
31,738,376
Total
$
—
$
31,738,376
$
—
$
31,738,376
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
11,407,604
—
11,407,604
Total
$
—
$
11,407,604
$
—
$
11,407,604
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
April
Schedule
of
Investments
April
30,
2026
(Unaudited)
15
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(168.8%)#Ω
Long
Call
Option
(167.3%)
297
5,354,613
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$162.86
$
1,375,007
96
6,899,136
SPDR®
S&P
500®
ETF
Trust
Expires
04/30/27,
Strike
$1.00
6,852,829
8,227,836
Long
Put
Option
(1.5%)
96
6,899,136
SPDR®
S&P
500®
ETF
Trust
Expires
04/30/27,
Strike
$501.00
71,919
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$7,643,044)
8,299,755
TOTAL
INVESTMENTS
(168.8%)
(Cost
$7,643,044)
8,299,755
LIABILITIES,
LESS
OTHER
ASSETS
(-68.8%)
(3,381,984)
NET
ASSETS
(100.0%)
$
4,917,771
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-69.8%)#Ω
Short
Call
Option
(-69.8%)
(297)
(5,354,613)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$178.69
(1,129,858)
(96)
(6,899,136)
SPDR®
S&P
500®
ETF
Trust
Expires
04/30/27,
Strike
$501.00
(2,300,959)
(3,430,817)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$2,844,157)
$
(3,430,817)
#
Non-income
producing
security.
Ω
FLexible
EXchange
®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
8,299,755
$
—
$
8,299,755
Total
$
—
$
8,299,755
$
—
$
8,299,755
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
3,430,817
—
3,430,817
Total
$
—
$
3,430,817
$
—
$
3,430,817
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
July
Schedule
of
Investments
April
30,
2026
(Unaudited)
16
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(99.7%)
Other
(99.7%)
4,897,600
U.S.
Treasury
Bills~
3.906%,
07/09/26
(Cost
$4,861,738)
$
4,863,812
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(0.1%)#Ω
Long
Call
Option
(0.1%)
194
3,497,626
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$257.50
(Cost
$1,373,732)
1,952
TOTAL
INVESTMENTS
(99.8%)
(Cost
$6,235,470)
4,865,764
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
11,045
NET
ASSETS
(100.0%)
$
4,876,809
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (0.0%)#Ω
Short
Call
Option
(0.0%)
(194)
(3,497,626)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$283.25
(Premium
$817,930)
$
(
212
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$2,482,753.
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
4,863,812
$
—
$
4,863,812
Exchange-Traded
Purchased
Option
1
—
1,952
—
1,952
Total
$
—
$
4,865,764
$
—
$
4,865,764
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
212
—
212
Total
$
—
$
212
$
—
$
212
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
October
Schedule
of
Investments
April
30,
2026
(Unaudited)
17
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(99.3%)
Other
(99.3%)
6,162,500
U.S.
Treasury
Bills~
3.580%,
10/01/26
(Cost
$6,071,720)
$
6,068,656
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(0.4%)#Ω
Long
Call
Option
(0.4%)
217
3,912,293
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$287.63
(Cost
$1,176,889)
23,322
TOTAL
INVESTMENTS
(99.7%)
(Cost
$7,248,609)
6,091,978
OTHER
ASSETS,
LESS
LIABILITIES
(0.3%)
15,395
NET
ASSETS
(100.0%)
$
6,107,373
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-0.2%)#Ω
Short
Call
Option
(-0.2%)
(217)
(3,912,293)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$311.99
(Premium
$817,794)
$
(
11,216
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$1,473,219.
Ω
FLexible
EXchange®
Options
(see
Note
1).
#
Non-income
producing
security.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
6,068,656
$
—
$
6,068,656
Exchange-Traded
Purchased
Option
1
—
23,322
—
23,322
Total
$
—
$
6,091,978
$
—
$
6,091,978
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
11,216
—
11,216
Total
$
—
$
11,216
$
—
$
11,216
Calamos
Tax-Aware
Collateral
ETF
Schedule
of
Investments
April
30,
2026
(Unaudited)
18
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(99.4%)#Ω
Long
Call
Option
(7.2%)
851
61,157,966
SPDR
®
S&P
500
®
ETF
Trust
Expires
09/16/26,
Strike
$1.00
$
61,016,700
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Long
Put
Option
(92.2%)
851
61,157,966
SPDR
®
S&P
500
®
ETF
Trust
Expires
09/16/26,
Strike
$10,001.00
$
777,014,060
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$837,038,524)
838,030,760
TOTAL
INVESTMENTS
(99.4%)
(Cost
$837,038,524)
838,030,760
OTHER
ASSETS,
LESS
LIABILITIES
(0.6%)
5,146,852
NET
ASSETS
(100.0%)
$
843,177,612
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
838,030,760
$
—
$
838,030,760
Total
$
—
$
838,030,760
$
—
$
838,030,760
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
January
Schedule
of
Investments
April
30,
2026
(Unaudited)
19
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(141.1%)#Ω
Long
Call
Option
(140.2%)
1,148
20,697,292
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$158.29
$
5,086,827
360
25,871,760
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$3.00
25,664,553
30,751,380
Long
Put
Option
(0.9%)
360
25,871,760
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$503.00
200,974
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$32,246,760)
30,952,354
TOTAL
INVESTMENTS
(141.1%)
(Cost
$32,246,760)
30,952,354
LIABILITIES,
LESS
OTHER
ASSETS
(-41.1%)
(
9,012,822
)
NET
ASSETS
(100.0%)
$
21,939,532
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-41.8%)#Ω
Short
Call
Option
(-41.8%)
(1,148)
(20,697,292)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$272.06
$
(
816,267
)
(360)
(25,871,760)
SPDR
®
S&P
500
®
ETF
Trust
Expires
01/29/27,
Strike
$503.00
(
8,362,832
)
(
9,179,099
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$9,423,924)
$
(
9,179,099
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
30,952,354
$
—
$
30,952,354
Total
$
—
$
30,952,354
$
—
$
30,952,354
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
9,179,099
—
9,179,099
Total
$
—
$
9,179,099
$
—
$
9,179,099
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
April
Schedule
of
Investments
April
30,
2026
(Unaudited)
20
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(146.4%)#Ω
Long
Call
Option
(145.2%)
266
4,795,714
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$130.29
$
1,778,862
68
4,886,888
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$3.00
4,840,986
6,619,848
Long
Put
Option
(1.2%)
68
4,886,888
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$503.00
51,748
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$6,106,918)
6,671,596
TOTAL
INVESTMENTS
(146.4%)
(Cost
$6,106,918)
6,671,596
LIABILITIES,
LESS
OTHER
ASSETS
(-46.4%)
(
2,113,441
)
NET
ASSETS
(100.0%)
$
4,558,155
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-47.9%)#Ω
Short
Call
Option
(-47.9%)
(266)
(4,795,714)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$224.70
$
(
563,940
)
(68)
(4,886,888)
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$503.00
(
1,617,550
)
(
2,181,490
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$1,840,123)
$
(
2,181,490
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
6,671,596
$
—
$
6,671,596
Total
$
—
$
6,671,596
$
—
$
6,671,596
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
2,181,490
—
2,181,490
Total
$
—
$
2,181,490
$
—
$
2,181,490
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
July
Schedule
of
Investments
April
30,
2026
(Unaudited)
21
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(97.8%)
Other
(97.8%)
12,706,900
U.S.
Treasury
Bills~
3.788%,
07/09/26
(Cost
$12,616,606)
$
12,619,236
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(2.0%)#Ω
Long
Call
Option
(2.0%)
631
11,376,299
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$206.00
(Cost
$3,805,796)
252,356
TOTAL
INVESTMENTS
(99.8%)
(Cost
$16,422,402)
12,871,592
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
26,277
NET
ASSETS
(100.0%)
$
12,897,869
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (0.0%)#Ω
Short
Call
Option
(0.0%)
(631)
(11,376,299)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$363.20
(Premium
$758,359)
$
(
1
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$3,559,274.
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
12,619,236
$
—
$
12,619,236
Exchange-Traded
Purchased
Option
1
—
252,356
—
252,356
Total
$
—
$
12,871,592
$
—
$
12,871,592
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
1
—
1
Total
$
—
$
1
$
—
$
1
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
October
Schedule
of
Investments
April
30,
2026
(Unaudited)
22
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(96.8%)
Other
(96.8%)
30,674,500
U.S.
Treasury
Bills~
3.591%,
10/01/26
(Cost
$30,221,292)
$
30,207,384
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(2.7%)#Ω
Long
Call
Option
(2.7%)
1,347
24,285,063
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$230.10
(Cost
$4,030,150)
829,519
TOTAL
INVESTMENTS
(99.5%)
(Cost
$34,251,442)
31,036,903
OTHER
ASSETS,
LESS
LIABILITIES
(0.5%)
168,324
NET
ASSETS
(100.0%)
$
31,205,227
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (0.0%)#Ω
Short
Call
Option
(0.0%)
(1,347)
(24,285,063)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$407.34
(Premium
$924,910)
$
(4,755)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$11,713,861.
#
Non-income
producing
security.
Ω
FLexible
EXchange
®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
30,207,384
$
—
$
30,207,384
Exchange-Traded
Purchased
Option
1
—
829,519
—
829,519
Total
$
—
$
31,036,903
$
—
$
31,036,903
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
4,755
—
4,755
Total
$
—
$
4,755
$
—
$
4,755
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
January
Schedule
of
Investments
April
30,
2026
(Unaudited)
23
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(147.5%)#Ω
Long
Call
Option
(146.5%)
1,105
19,922,045
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$178.07
$
3,654,932
390
28,027,740
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$2.00
27,841,188
31,496,120
Long
Put
Option
(1.0%)
390
28,027,740
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$502.00
215,941
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$32,455,190)
31,712,061
TOTAL
INVESTMENTS
(147.5%)
(Cost
$32,455,190)
31,712,061
LIABILITIES,
LESS
OTHER
ASSETS
(-47.5%)
(10,216,908)
NET
ASSETS
(100.0%)
$
21,495,153
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-48.3%)#Ω
Short
Call
Option
(-48.3%)
(1,105)
(19,922,045)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
01/29/27,
Strike
$241.86
(1,293,477)
(390)
(28,027,740)
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$502.00
(9,095,877)
(10,389,354)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$10,739,328)
$
(10,389,354)
#
Non-income
producing
security.
Ω
FLexible
EXchange
®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
31,712,061
$
—
$
31,712,061
Total
$
—
$
31,712,061
$
—
$
31,712,061
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
10,389,354
—
10,389,354
Total
$
—
$
10,389,354
$
—
$
10,389,354
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
April
Schedule
of
Investments
April
30,
2026
(Unaudited)
24
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(156.2%)#Ω
Long
Call
Option
(154.9%)
267
4,813,743
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$146.57
$
1,495,612
77
5,533,682
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$2.00
5,489,122
6,984,734
Long
Put
Option
(1.3%)
77
5,533,682
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$502.00
58,140
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$6,463,136)
7,042,874
TOTAL
INVESTMENTS
(156.2%)
(Cost
$6,463,136)
7,042,874
LIABILITIES,
LESS
OTHER
ASSETS
(-56.2%)
(
2,532,781
)
NET
ASSETS
(100.0%)
$
4,510,093
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS  (-57.8%)#Ω
Short
Call
Option
(-57.8%)
(267)
(4,813,743)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
04/30/27,
Strike
$200.51
$
(
768,920
)
(77)
(5,533,682)
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$502.00
(
1,838,599
)
(
2,607,519
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$2,178,020)
$
(
2,607,519
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
3
$
—
$
7,042,874
$
—
$
7,042,874
Total
$
—
$
7,042,874
$
—
$
7,042,874
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
—
2,607,519
—
2,607,519
Total
$
—
$
2,607,519
$
—
$
2,607,519
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
July
Schedule
of
Investments
April
30,
2026
(Unaudited)
25
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(99.3%)
Other
(99.3%)
5,496,700
U.S.
Treasury
Bills~
3.804%,
07/09/26
(Cost
$5,457,486)
$
5,458,779
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(0.3%)#Ω
Long
Call
Option
(0.3%)
242
4,363,018
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$231.75
(Cost
$2,090,939)
18,381
TOTAL
INVESTMENTS
(99.6%)
(Cost
$7,548,425)
5,477,160
OTHER
ASSETS,
LESS
LIABILITIES
(0.4%)
22,048
NET
ASSETS
(100.0%)
$
5,499,208
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (0.0%)#Ω
Short
Call
Option
(0.0%)
(242)
(4,363,018)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
07/07/26,
Strike
$321.10
(Premium
$739,275)
$
(
10
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$3,128,268.
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
5,458,779
$
—
$
5,458,779
Exchange-Traded
Purchased
Option
1
—
18,381
—
18,381
Total
$
—
$
5,477,160
$
—
$
5,477,160
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
10
—
10
Total
$
—
$
10
$
—
$
10
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
October
Schedule
of
Investments
April
30,
2026
(Unaudited)
26
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(98.6%)
Other
(98.6%)
9,988,900
U.S.
Treasury
Bills~
3.591%,
10/01/26
(Cost
$9,841,325)
$
9,836,787
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTION
(1.0%)#Ω
Long
Call
Option
(1.0%)
391
7,049,339
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$258.87
(Cost
$1,979,448)
101,527
TOTAL
INVESTMENTS
(99.6%)
(Cost
$11,820,773)
9,938,314
OTHER
ASSETS,
LESS
LIABILITIES
(0.4%)
40,489
NET
ASSETS
(100.0%)
$
9,978,803
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-0.1%)#Ω
Short
Call
Option
(-0.1%)
(391)
(7,049,339)
CBOE
Mini
Bitcoin
U.S.
ETF
Index
Expires
10/06/26,
Strike
$355.02
(Premium
$806,144)
$
(
5,899
)
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$3,513,666.
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
U.S.
Government
and
Agency
Security
1
$
—
$
9,836,787
$
—
$
9,836,787
Exchange-Traded
Purchased
Option
1
—
101,527
—
101,527
Total
$
—
$
9,938,314
$
—
$
9,938,314
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
5,899
—
5,899
Total
$
—
$
5,899
$
—
$
5,899
Calamos
Laddered
S&P
500
®
Structured
Alt
Protection
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
27
See
accompanying
Notes
to
Schedule
of
Investments
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of August
1,
2025 through
April
30,
2026 are
as
follows:
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(99.9%)
Other
(99.9%)
337,036
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
April
$
9,014,028
325,869
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
August
8,945,104
337,169
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
December
8,916,434
343,600
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
February
8,942,774
349,923
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
January
8,914,288
326,478
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
July
8,945,497
324,479
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
June
8,942,641
NUMBER
OF
SHARES
b
b
VALUE
b
348,792
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
March
$
8,950,003
306,474
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
May
8,908,341
325,942
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
November
8,924,292
324,302
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
October
8,939,385
324,427
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
September
8,926,609
107,269,396
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$101,167,324)
107,269,396
TOTAL
INVESTMENTS
(99.9%)
(Cost
$101,167,324)
107,269,396
OTHER
ASSETS,
LESS
LIABILITIES
(0.1%)
68,113
NET
ASSETS
(100.0%)
$
107,337,509
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
April
$
6,575,117
$
2,759,800
$
724,190
$
—
$
30,564
$
372,737
$
9,014,028
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
August
6,656,439
2,770,415
840,122
—
56,223
302,149
8,945,104
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
December
6,654,257
2,776,572
928,437
—
50,538
363,504
8,916,434
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
February
6,619,206
2,767,874
825,054
—
36,733
344,015
8,942,774
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
January
6,614,749
2,761,100
812,399
—
39,049
311,789
8,914,288
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
July
6,649,295
2,767,022
816,581
—
56,434
289,327
8,945,497
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
June
6,574,790
2,754,710
722,561
—
19,558
316,144
8,942,641
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
March
6,601,081
2,760,204
780,369
—
31,720
337,367
8,950,003
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
May
6,567,188
2,766,259
720,715
—
46,706
248,903
8,908,341
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
November
6,614,254
2,757,741
777,529
—
41,890
287,936
8,924,292
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
October
6,623,601
2,760,164
771,139
—
41,909
284,850
8,939,385
Calamos
S&P
500®
Structured
Alt
Protection
ETF®
-
September
6,638,398
2,763,287
812,774
—
49,257
288,441
8,926,609
$79,388,375
$33,165,148
$9,531,870
$—
$500,581
$3,747,162
$107,269,396
Calamos
Laddered
S&P
500®
Structured
Alt
Protection
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
28
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Funds
12
$
107,269,396
$
—
$
—
$
107,269,396
Total
$
107,269,396
$
—
$
—
$
107,269,396
Calamos
Laddered
Bitcoin
Structured
Alt
Protection
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
29
See
accompanying
Notes
to
Schedule
of
Investments
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of October
14,
2025 (commencement
of
operations)
through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(99.8%)
Other
(99.8%)
23,349
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
April
$
572,212
23,805
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
January
571,429
24,460
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
July
596,459
NUMBER
OF
SHARES
b
b
VALUE
b
24,997
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
October
$
610,177
2,350,277
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$2,453,947)
2,350,277
TOTAL
INVESTMENTS
(99.8%)
(Cost
$2,453,947)
2,350,277
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
3,995
NET
ASSETS
(100.0%)
$
2,354,272
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
April
$
—
$
609,968
$
—
$
10,096
$
—
(
$
37,756
)
$
572,212
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
January
—
607,850
—
13,549
—
(
36,421
)
571,429
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
July
—
616,206
—
6,173
—
(
19,747
)
596,459
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
October
—
619,923
—
2,632
—
(
9,746
)
610,177
$
—
$
2,453,947
$
—
$
32,450
$
—
(
$
103,670
)
$
2,350,277
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Funds
4
$
2,350,277
$
—
$
—
$
2,350,277
Total
$
2,350,277
$
—
$
—
$
2,350,277
Calamos
Laddered
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
30
See
accompanying
Notes
to
Schedule
of
Investments
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of October
14,
2025
(commencement
of
operations) through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(99.6%)
Other
(99.6%)
38,209
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
April
$
872,854
43,265
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
January
862,055
47,977
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
July
950,895
NUMBER
OF
SHARES
b
b
VALUE
b
50,937
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
October
$
1,024,246
3,710,050
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$4,274,527)
3,710,050
TOTAL
INVESTMENTS
(99.6%)
(Cost
$4,274,527)
3,710,050
OTHER
ASSETS,
LESS
LIABILITIES
(0.4%)
14,478
NET
ASSETS
(100.0%)
$
3,724,528
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
April
$
—
$
1,173,028
$
107,009
$
2,369
$
2,049
(
$
195,214)
$
872,854
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
January
—
1,105,090
103,130
3,430
2,974
(
142,879)
862,055
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
July
—
1,201,032
119,911
3,869
206
(
130,432)
950,895
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
October
—
1,248,684
128,263
606
(
223)
(
95,952)
1,024,246
$—
$4,727,834
$458,313
$10,274
$5,006
($564,477)
$3,710,050
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Funds
4
$
3,710,050
$
—
$
—
$
3,710,050
Total
$
3,710,050
$
—
$
—
$
3,710,050
Calamos
Laddered
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
Schedule
of
Investments
April
30,
2026
(Unaudited)
31
See
accompanying
Notes
to
Schedule
of
Investments
Amounts
relating
to
investments
in
affiliated
funds
at
April
30,
2026,
and
from
the
period
of October
14,
2025 (commencement
of
operations)
through
April
30,
2026 are
as
follows:
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(99.8%)
Other
(99.8%)
15,760
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
April
$
355,147
16,773
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
January
360,284
18,082
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
July
397,802
18,969
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
October
419,974
1,533,207
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$1,840,154)
1,533,207
TOTAL
INVESTMENTS
(99.8%)
(Cost
$1,840,154)
1,533,207
OTHER
ASSETS,
LESS
LIABILITIES
(0.2%)
2,342
NET
ASSETS
(100.0%)
$
1,535,549
AFFILIATE
VALUE,
BEGINNING
OF
PERIOD
PURCHASES
SALES
PROCEEDS
DIVIDEND
INCOME
NET
REALIZED
GAINS/(LOSS)
NET
INCREASE/
DECREASE
IN
UNREALIZED
APPRECIATION/
DEPRECIATION
VALUE,
END
OF
PERIOD
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
April
$
—
$
462,500
$
—
$
8,377
$
—
(
$
107,353
)
$
355,147
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
January
—
455,211
—
7,486
—
(
94,927
)
360,284
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
July
—
459,716
—
5,773
—
(
61,914
)
397,802
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
October
—
462,727
—
2,204
—
(
42,753
)
419,974
$
—
$
1,840,154
$
—
$
23,840
$
—
(
$
306,947
)
$
1,533,207
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Funds
4
$
1,533,207
$
—
$
—
$
1,533,207
Total
$
1,533,207
$
—
$
—
$
1,533,207
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
January
Schedule
of
Investments
April
30,
2026
(Unaudited)
32
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(105.9%)#Ω
Long
Call
Option
(102.4%)
377
27,093,482
SPDR
®
S&P
500
®
ETF
Trust
Expires
12/31/26,
Strike
$4.71
$
26,805,711
Long
Put
Option
(3.5%)
377
27,093,482
SPDR
®
S&P
500
®
ETF
Trust
Expires
12/31/26,
Strike
$681.92
923,670
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$26,728,041)
27,729,381
TOTAL
INVESTMENTS
(105.9%)
(Cost
$26,728,041)
27,729,381
LIABILITIES,
LESS
OTHER
ASSETS
(-5.9%)
(
1,548,062
)
NET
ASSETS
(100.0%)
$
26,181,319
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-6.4%)#Ω
Short
Call
Option
(-6.4%)
(377)
(27,093,482)
SPDR
®
S&P
500
®
ETF
Trust
Expires
12/31/26,
Strike
$725.43
(Premium
$1,188,203)
$
(
1,678,118
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
27,729,381
$
—
$
27,729,381
Total
$
—
$
27,729,381
$
—
$
27,729,381
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
1,678,118
—
1,678,118
Total
$
—
$
1,678,118
$
—
$
1,678,118
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
February
Schedule
of
Investments
April
30,
2026
(Unaudited)
33
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(105.5
%)#
Ω
Long
Call
Option
(101.4%)
474
34,064,484
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$4.77
$
33,710,082
Long
Put
Option
(4.1%)
474
34,064,484
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$691.97
1,349,827
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$34,156,207)
35,059,909
TOTAL
INVESTMENTS
(105.5%)
(Cost
$34,156,207)
35,059,909
LIABILITIES,
LESS
OTHER
ASSETS
(-5.5%)
(1,823,883)
NET
ASSETS
(100.0%)
$
33,236,026
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (
-6.1%)#Ω
Short
Call
Option
(-6.1%)
(474)
(34,064,484)
SPDR®
S&P
500®
ETF
Trust
Expires
01/29/27,
Strike
$735.70
(Premium
$1,590,017)
$
(2,025,225)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
35,059,909
$
—
$
35,059,909
Total
$
—
$
35,059,909
$
—
$
35,059,909
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
2,025,225
—
2,025,225
Total
$
—
$
2,025,225
$
—
$
2,025,225
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
March
Schedule
of
Investments
April
30,
2026
(Unaudited)
34
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(106.7%)#Ω
Long
Call
Option
(102.6%)
445
31,980,370
SPDR
®
S&P
500
®
ETF
Trust
Expires
02/26/27,
Strike
$4.73
$
31,649,981
Long
Put
Option
(4.1%)
445
31,980,370
SPDR
®
S&P
500
®
ETF
Trust
Expires
02/26/27,
Strike
$685.99
1,282,378
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$31,813,823)
32,932,359
TOTAL
INVESTMENTS
(106.7%)
(Cost
$31,813,823)
32,932,359
LIABILITIES,
LESS
OTHER
ASSETS
(-6.7%)
(
2,079,359
)
NET
ASSETS
(100.0%)
$
30,853,000
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-7.4%)#Ω
Short
Call
Option
(-7.4%)
(445)
(31,980,370)
SPDR
®
S&P
500
®
ETF
Trust
Expires
02/26/27,
Strike
$728.25
(Premium
$1,534,145)
$
(
2,278,827
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
32,932,359
$
—
$
32,932,359
Total
$
—
$
32,932,359
$
—
$
32,932,359
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
2,278,827
—
2,278,827
Total
$
—
$
2,278,827
$
—
$
2,278,827
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
April
Schedule
of
Investments
April
30,
2026
(Unaudited)
35
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(110.9%)#Ω
Long
Call
Option
(107.4%)
284
20,409,944
SPDR
®
S&P
500
®
ETF
Trust
Expires
03/31/27,
Strike
$4.49
$
20,181,261
Long
Put
Option
(3.5%)
284
20,409,944
SPDR
®
S&P
500
®
ETF
Trust
Expires
03/31/27,
Strike
$650.34
656,484
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$19,519,672)
20,837,745
TOTAL
INVESTMENTS
(110.9%)
(Cost
$19,519,672)
20,837,745
LIABILITIES,
LESS
OTHER
ASSETS
(-10.9%)
(
2,055,102
)
NET
ASSETS
(100.0%)
$
18,782,643
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-11.6%)#Ω
Short
Call
Option
(-11.6%)
(284)
(20,409,944)
SPDR
®
S&P
500
®
ETF
Trust
Expires
03/31/27,
Strike
$693.91
(Premium
$1,171,121)
$
(
2,180,538
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
20,837,745
$
—
$
20,837,745
Total
$
—
$
20,837,745
$
—
$
20,837,745
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
2,180,538
—
2,180,538
Total
$
—
$
2,180,538
$
—
$
2,180,538
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
May
Schedule
of
Investments
April
30,
2026
(Unaudited)
36
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(104.2%)#Ω
Long
Call
Option
(98.4%)
737
52,965,242
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$4.96
$
52,172,967
Long
Put
Option
(5.8%)
737
52,965,242
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$718.66
3,068,131
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$55,243,453)
55,241,098
TOTAL
INVESTMENTS
(104.2%)
(Cost
$55,243,453)
55,241,098
LIABILITIES,
LESS
OTHER
ASSETS
(-4.2%)
(
2,214,646
)
NET
ASSETS
(100.0%)
$
53,026,452
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-5.0%)#Ω
Short
Call
Option
(-5.0%)
(737)
(52,965,242)
SPDR
®
S&P
500
®
ETF
Trust
Expires
04/30/27,
Strike
$767.10
(Premium
$2,661,548)
$
(
2,662,781
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
55,241,098
$
—
$
55,241,098
Total
$
—
$
55,241,098
$
—
$
55,241,098
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
2,662,781
$
—
$
2,662,781
Total
$
—
$
2,662,781
$
—
$
2,662,781
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
June
Schedule
of
Investments
April
30,
2026
(Unaudited)
37
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(114.1%)#Ω
Long
Call
Option
(114.1%)
209
15,019,994
SPDR
®
S&P
500
®
ETF
Trust
Expires
05/29/26,
Strike
$4.07
$
14,938,650
Long
Put
Option
(0.0%)
209
15,019,994
SPDR
®
S&P
500
®
ETF
Trust
Expires
05/29/26,
Strike
$589.39
7,385
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$13,244,571)
14,946,035
TOTAL
INVESTMENTS
(114.1%)
(Cost
$13,244,571)
14,946,035
LIABILITIES,
LESS
OTHER
ASSETS
(-14.1%)
(
1,850,426
)
NET
ASSETS
(100.0%)
$
13,095,609
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-14.2%)#Ω
Short
Call
Option
(-14.2%)
(209)
(15,019,994)
SPDR
®
S&P
500
®
ETF
Trust
Expires
05/29/26,
Strike
$632.61
(Premium
$756,696)
$
(
1,861,666
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
14,946,035
$
—
$
14,946,035
Total
$
—
$
14,946,035
$
—
$
14,946,035
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
1,861,666
$
—
$
1,861,666
Total
$
—
$
1,861,666
$
—
$
1,861,666
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
July
Schedule
of
Investments
April
30,
2026
(Unaudited)
38
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(110.1%)#Ω
Long
Call
Option
(109.7%)
633
45,491,178
SPDR
®
S&P
500
®
ETF
Trust
Expires
06/30/26,
Strike
$4.26
$
45,148,869
Long
Put
Option
(0.4%)
633
45,491,178
SPDR
®
S&P
500
®
ETF
Trust
Expires
06/30/26,
Strike
$617.85
141,336
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$40,659,012)
45,290,205
TOTAL
INVESTMENTS
(110.1%)
(Cost
$40,659,012)
45,290,205
LIABILITIES,
LESS
OTHER
ASSETS
(-10.1%)
(
4,137,108
)
NET
ASSETS
(100.0%)
$
41,153,097
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-10.2%)#Ω
Short
Call
Option
(-10.2%)
(633)
(45,491,178)
SPDR
®
S&P
500
®
ETF
Trust
Expires
06/30/26,
Strike
$660.01
(Premium
$1,766,881)
$
(
4,192,073
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
45,290,205
$
—
$
45,290,205
Total
$
—
$
45,290,205
$
—
$
45,290,205
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
4,192,073
$
—
$
4,192,073
Total
$
—
$
4,192,073
$
—
$
4,192,073
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
August
Schedule
of
Investments
April
30,
2026
(Unaudited)
39
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(108.2%)#Ω
Long
Call
Option
(107.4%)
642
46,137,972
SPDR
®
S&P
500
®
ETF
Trust
Expires
07/31/26,
Strike
$4.36
$
45,787,513
Long
Put
Option
(0.8%)
642
46,137,972
SPDR
®
S&P
500
®
ETF
Trust
Expires
07/31/26,
Strike
$632.08
334,651
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$42,076,058)
46,122,164
TOTAL
INVESTMENTS
(108.2%)
(Cost
$42,076,058)
46,122,164
LIABILITIES,
LESS
OTHER
ASSETS
(-8.2%)
(
3,504,344
)
NET
ASSETS
(100.0%)
$
42,617,820
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-8.6%)#Ω
Short
Call
Option
(-8.6%)
(642)
(46,137,972)
SPDR
®
S&P
500
®
ETF
Trust
Expires
07/31/26,
Strike
$677.21
(Premium
$1,695,903)
$
(
3,647,674
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
46,122,164
$
—
$
46,122,164
Total
$
—
$
46,122,164
$
—
$
46,122,164
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
3,647,674
$
—
$
3,647,674
Total
$
—
$
3,647,674
$
—
$
3,647,674
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
September
Schedule
of
Investments
April
30,
2026
(Unaudited)
40
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(107.7%)#Ω
Long
Call
Option
(106.4%)
483
34,711,278
SPDR
®
S&P
500
®
ETF
Trust
Expires
08/31/26,
Strike
$4.45
$
34,451,075
Long
Put
Option
(1.3%)
483
34,711,278
SPDR
®
S&P
500
®
ETF
Trust
Expires
08/31/26,
Strike
$645.05
416,317
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$32,324,376)
34,867,392
TOTAL
INVESTMENTS
(107.7%)
(Cost
$32,324,376)
34,867,392
LIABILITIES,
LESS
OTHER
ASSETS
(-7.7%)
(
2,490,076
)
NET
ASSETS
(100.0%)
$
32,377,316
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-8.0%)#Ω
Short
Call
Option
(-8.0%)
(483)
(34,711,278)
SPDR
®
S&P
500
®
ETF
Trust
Expires
08/31/26,
Strike
$687.56
(Premium
$1,375,849)
$
(
2,585,009
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
34,867,392
$
—
$
34,867,392
Total
$
—
$
34,867,392
$
—
$
34,867,392
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
2,585,009
$
—
$
2,585,009
Total
$
—
$
2,585,009
$
—
$
2,585,009
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
October
Schedule
of
Investments
April
30,
2026
(Unaudited)
41
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(105.8%)#Ω
Long
Call
Option
(103.7%)
382
27,452,812
SPDR
®
S&P
500
®
ETF
Trust
Expires
09/30/26,
Strike
$4.60
$
27,192,856
Long
Put
Option
(2.1%)
382
27,452,812
SPDR
®
S&P
500
®
ETF
Trust
Expires
09/30/26,
Strike
$666.18
539,171
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$26,497,232)
27,732,027
TOTAL
INVESTMENTS
(105.8%)
(Cost
$26,497,232)
27,732,027
LIABILITIES,
LESS
OTHER
ASSETS
(-5.8%)
(
1,512,082
)
NET
ASSETS
(100.0%)
$
26,219,945
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-6.1%)#Ω
Short
Call
Option
(-6.1%)
(382)
(27,452,812)
SPDR
®
S&P
500
®
ETF
Trust
Expires
09/30/26,
Strike
$708.82
(Premium
$1,208,307)
$
(
1,598,303
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
27,732,027
$
—
$
27,732,027
Total
$
—
$
27,732,027
$
—
$
27,732,027
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
1,598,303
$
—
$
1,598,303
Total
$
—
$
1,598,303
$
—
$
1,598,303
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
November
Schedule
of
Investments
April
30,
2026
(Unaudited)
42
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(104.6%)#Ω
Long
Call
Option
(101.8%)
490
35,214,340
SPDR
®
S&P
500
®
ETF
Trust
Expires
10/30/26,
Strike
$4.71
$
34,869,279
Long
Put
Option
(2.8%)
490
35,214,340
SPDR
®
S&P
500
®
ETF
Trust
Expires
10/30/26,
Strike
$682.06
966,961
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$34,773,574)
35,836,240
TOTAL
INVESTMENTS
(104.6%)
(Cost
$34,773,574)
35,836,240
LIABILITIES,
LESS
OTHER
ASSETS
(-4.6%)
(
1,564,865
)
NET
ASSETS
(100.0%)
$
34,271,375
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-4.9%)#Ω
Short
Call
Option
(-4.9%)
(490)
(35,214,340)
SPDR
®
S&P
500
®
ETF
Trust
Expires
10/30/26,
Strike
$728.32
(Premium
$1,556,051)
$
(
1,695,891
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
35,836,240
$
—
$
35,836,240
Total
$
—
$
35,836,240
$
—
$
35,836,240
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
1,695,891
—
1,695,891
Total
$
—
$
1,695,891
$
—
$
1,695,891
Calamos
S&P
500
®
Structured
Alt
Protection
ETF
®
-
December
Schedule
of
Investments
April
30,
2026
(Unaudited)
43
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(105.0%)#Ω
Long
Call
Option
(101.8%)
644
46,281,704
SPDR
®
S&P
500
®
ETF
Trust
Expires
11/30/26,
Strike
$4.72
$
45,837,801
Long
Put
Option
(3.2%)
644
46,281,704
SPDR
®
S&P
500
®
ETF
Trust
Expires
11/30/26,
Strike
$683.39
1,450,754
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$45,889,891)
47,288,555
TOTAL
INVESTMENTS
(105.0%)
(Cost
$45,889,891)
47,288,555
LIABILITIES,
LESS
OTHER
ASSETS
(-5.0%)
(
2,261,759
)
NET
ASSETS
(100.0%)
$
45,026,796
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-5.6%)#Ω
Short
Call
Option
(-5.6%)
(644)
(46,281,704)
SPDR
®
S&P
500
®
ETF
Trust
Expires
11/30/26,
Strike
$728.97
(Premium
$2,172,843)
$
(
2,504,224
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
47,288,555
$
—
$
47,288,555
Total
$
—
$
47,288,555
$
—
$
47,288,555
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
2,504,224
—
2,504,224
Total
$
—
$
2,504,224
$
—
$
2,504,224
Calamos
Nasdaq-100
®
Structured
Alt
Protection
ETF
®
-
March
Schedule
of
Investments
April
30,
2026
(Unaudited)
44
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(111.5%)#Ω
Long
Call
Option
(107.1%)
237
15,825,438
Invesco
QQQ
Trust
Series
1
Expires
02/26/27,
Strike
$4.19
$
15,688,402
Long
Put
Option
(4.4%)
237
15,825,438
Invesco
QQQ
Trust
Series
1
Expires
02/26/27,
Strike
$607.29
643,911
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$15,349,150)
16,332,313
TOTAL
INVESTMENTS
(111.5%)
(Cost
$15,349,150)
16,332,313
LIABILITIES,
LESS
OTHER
ASSETS
(-11.5%)
(
1,686,287
)
NET
ASSETS
(100.0%)
$
14,646,026
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-12.4%)#Ω
Short
Call
Option
(-12.4%)
(237)
(15,825,438)
Invesco
QQQ
Trust
Series
1
Expires
02/26/27,
Strike
$647.13
(Premium
$1,061,375)
$
(
1,818,442
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
16,332,313
$
—
$
16,332,313
Total
$
—
$
16,332,313
$
—
$
16,332,313
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
1,818,442
—
1,818,442
Total
$
—
$
1,818,442
$
—
$
1,818,442
Calamos
Nasdaq-100
®
Structured
Alt
Protection
ETF
®
-
June
Schedule
of
Investments
April
30,
2026
(Unaudited)
45
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(119.9%)#Ω
Long
Call
Option
(119.8%)
472
31,517,328
Invesco
QQQ
Trust
Series
1
Expires
05/29/26,
Strike
$3.58
$
31,368,942
Long
Put
Option
(0.1%)
472
31,517,328
Invesco
QQQ
Trust
Series
1
Expires
05/29/26,
Strike
$519.11
16,197
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$26,571,087)
31,385,139
TOTAL
INVESTMENTS
(119.9%)
(Cost
$26,571,087)
31,385,139
LIABILITIES,
LESS
OTHER
ASSETS
(-19.9%)
(
5,213,571
)
NET
ASSETS
(100.0%)
$
26,171,568
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-20.2%)#Ω
Short
Call
Option
(-20.2%)
(472)
(31,517,328)
Invesco
QQQ
Trust
Series
1
Expires
05/29/26,
Strike
$558.82
(Premium
$1,667,291)
$
(
5,278,932
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
31,385,139
$
—
$
31,385,139
Total
$
—
$
31,385,139
$
—
$
31,385,139
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
5,278,932
$
—
$
5,278,932
Total
$
—
$
5,278,932
$
—
$
5,278,932
Calamos
Nasdaq-100
®
Structured
Alt
Protection
ETF
®
-
September
Schedule
of
Investments
April
30,
2026
(Unaudited)
46
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(112.8%)#Ω
Long
Call
Option
(111.5%)
421
28,111,854
Invesco
QQQ
Trust
Series
1
Expires
08/31/26,
Strike
$3.94
$
27,949,470
Long
Put
Option
(1.3%)
421
28,111,854
Invesco
QQQ
Trust
Series
1
Expires
08/31/26,
Strike
$570.40
333,337
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$25,358,894)
28,282,807
TOTAL
INVESTMENTS
(112.8%)
(Cost
$25,358,894)
28,282,807
LIABILITIES,
LESS
OTHER
ASSETS
(-12.8%)
(
3,216,999
)
NET
ASSETS
(100.0%)
$
25,065,808
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-13.1%)#Ω
Short
Call
Option
(-13.1%)
(421)
(28,111,854)
Invesco
QQQ
Trust
Series
1
Expires
08/31/26,
Strike
$610.39
(Premium
$1,462,099)
$
(
3,295,316
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
28,282,807
$
—
$
28,282,807
Total
$
—
$
28,282,807
$
—
$
28,282,807
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
3,295,316
$
—
$
3,295,316
Total
$
—
$
3,295,316
$
—
$
3,295,316
Calamos
Nasdaq-100
®
Structured
Alt
Protection
ETF
®
-
December
Schedule
of
Investments
April
30,
2026
(Unaudited)
47
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(108.1%)#Ω
Long
Call
Option
(104.3%)
512
34,188,288
Invesco
QQQ
Trust
Series
1
Expires
11/30/26,
Strike
$4.27
$
33,910,963
Long
Put
Option
(3.8%)
512
34,188,288
Invesco
QQQ
Trust
Series
1
Expires
11/30/26,
Strike
$619.25
1,226,107
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$33,545,791)
35,137,070
TOTAL
INVESTMENTS
(108.1%)
(Cost
$33,545,791)
35,137,070
LIABILITIES,
LESS
OTHER
ASSETS
(-8.1%)
(
2,619,695
)
NET
ASSETS
(100.0%)
$
32,517,375
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-8.6%)#Ω
Short
Call
Option
(-8.6%)
(512)
(34,188,288)
Invesco
QQQ
Trust
Series
1
Expires
11/30/26,
Strike
$663.22
(Premium
$2,019,006)
$
(
2,811,375
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
35,137,070
$
—
$
35,137,070
Total
$
—
$
35,137,070
$
—
$
35,137,070
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
2,811,375
—
2,811,375
Total
$
—
$
2,811,375
$
—
$
2,811,375
Calamos
Russell
2000
®
Structured
Alt
Protection
ETF
®
-
January
Schedule
of
Investments
April
30,
2026
(Unaudited)
48
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(111.8%)#Ω
Long
Call
Option
(108.4%)
1,972
54,815,684
iShares
®
Russell
2000
ETF
Expires
12/31/26,
Strike
$1.70
$
54,049,026
Long
Put
Option
(3.4%)
1,972
54,815,684
iShares
®
Russell
2000
ETF
Expires
12/31/26,
Strike
$246.16
1,717,424
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$51,237,873)
55,766,450
TOTAL
INVESTMENTS
(111.8%)
(Cost
$51,237,873)
55,766,450
LIABILITIES,
LESS
OTHER
ASSETS
(-11.8%)
(
5,882,516
)
NET
ASSETS
(100.0%)
$
49,883,934
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-12.3%)#Ω
Short
Call
Option
(-12.3%)
(1,972)
(54,815,684)
iShares
®
Russell
2000
ETF
Expires
12/31/26,
Strike
$264.65
(Premium
$2,943,034)
$
(
6,133,717
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
55,766,450
$
—
$
55,766,450
Total
$
—
$
55,766,450
$
—
$
55,766,450
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
6,133,717
—
6,133,717
Total
$
—
$
6,133,717
$
—
$
6,133,717
Calamos
Russell
2000
®
Structured
Alt
Protection
ETF
®
-
April
Schedule
of
Investments
April
30,
2026
(Unaudited)
49
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(112.7%)#Ω
Long
Call
Option
(108.3%)
406
11,285,582
iShares
®
Russell
2000
ETF
Expires
03/31/27,
Strike
$1.71
$
11,147,338
Long
Put
Option
(4.4%)
406
11,285,582
iShares
®
Russell
2000
ETF
Expires
03/31/27,
Strike
$248.00
453,967
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$10,791,893)
11,601,305
TOTAL
INVESTMENTS
(112.7%)
(Cost
$10,791,893)
11,601,305
LIABILITIES,
LESS
OTHER
ASSETS
(-12.7%)
(
1,306,773
)
NET
ASSETS
(100.0%)
$
10,294,532
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-13.6%)#Ω
Short
Call
Option
(-13.6%)
(406)
(11,285,582)
iShares
®
Russell
2000
ETF
Expires
03/31/27,
Strike
$267.67
(Premium
$788,339)
$
(
1,395,172
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
11,601,305
$
—
$
11,601,305
Total
$
—
$
11,601,305
$
—
$
11,601,305
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
—
1,395,172
—
1,395,172
Total
$
—
$
1,395,172
$
—
$
1,395,172
Calamos
Russell
2000
®
Structured
Alt
Protection
ETF
®
-
July
Schedule
of
Investments
April
30,
2026
(Unaudited)
50
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(120.0%)#Ω
Long
Call
Option
(119.8%)
1,014
28,186,158
iShares
®
Russell
2000
ETF
Expires
06/30/26,
Strike
$1.49
$
27,949,828
Long
Put
Option
(0.2%)
1,014
28,186,158
iShares
®
Russell
2000
ETF
Expires
06/30/26,
Strike
$215.79
53,810
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$23,231,611)
28,003,638
TOTAL
INVESTMENTS
(120.0%)
(Cost
$23,231,611)
28,003,638
LIABILITIES,
LESS
OTHER
ASSETS
(-20.0%)
(
4,674,612
)
NET
ASSETS
(100.0%)
$
23,329,026
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-20.2%)#Ω
Short
Call
Option
(-20.2%)
(1,014)
(28,186,158)
iShares
®
Russell
2000
ETF
Expires
06/30/26,
Strike
$233.27
(Premium
$1,303,043)
$
(
4,705,330
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
28,003,638
$
—
$
28,003,638
Total
$
—
$
28,003,638
$
—
$
28,003,638
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
4,705,330
$
—
$
4,705,330
Total
$
—
$
4,705,330
$
—
$
4,705,330
Calamos
Russell
2000
®
Structured
Alt
Protection
ETF
®
-
October
Schedule
of
Investments
April
30,
2026
(Unaudited)
51
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
2):
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(110.9%)#Ω
Long
Call
Option
(108.9%)
1,240
34,468,280
iShares
®
Russell
2000
ETF
Expires
09/30/26,
Strike
$1.67
$
34,055,587
Long
Put
Option
(2.0%)
1,240
34,468,280
iShares
®
Russell
2000
ETF
Expires
09/30/26,
Strike
$241.96
628,077
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$31,716,424)
34,683,664
TOTAL
INVESTMENTS
(110.9%)
(Cost
$31,716,424)
34,683,664
LIABILITIES,
LESS
OTHER
ASSETS
(-10.9%)
(
3,410,302
)
NET
ASSETS
(100.0%)
$
31,273,362
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION  (-11.3%)#Ω
Short
Call
Option
(-11.3%)
(1,240)
(34,468,280)
iShares
®
Russell
2000
ETF
Expires
09/30/26,
Strike
$260.98
(Premium
$1,863,335)
$
(
3,518,326
)
#
Non-income
producing
security.
Ω
FLexible
EXchange®
Options
(see
Note
1).
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Exchange-Traded
Purchased
Options
2
$
—
$
34,683,664
$
—
$
34,683,664
Total
$
—
$
34,683,664
$
—
$
34,683,664
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
—
$
3,518,326
$
—
$
3,518,326
Total
$
—
$
3,518,326
$
—
$
3,518,326
Notes
to
Schedule
of
Investments
(Unaudited)
52
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
Calamos
ETF
Trust
(the
“Trust”),
a
Delaware
statutory
trust
organized
on
June
17,
2013,
consists
of
forty-four
series
as
of
the
date
of
this
report.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
"Fund"
and
collectively,
the
"Funds").
FUND
TICKER
COMMENCEMENT
OF
OPERATIONS
EXCHANGE
Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF
SROI
2/3/2023
NYSE
Calamos
Autocallable
Income
ETF
CAIE
6/25/2025
NYSE
Calamos
Nasdaq
®
Autocallable
Income
ETF
CAIQ
11/20/2025
NASDAQ
Calamos
Autocallable
Growth
ETF
CAGE
4/16/2026
NYSE
Calamos
CEF
Income
&
Arbitrage
ETF
CCEF
1/16/2024
NYSE
Calamos
Convertible
Equity
Alternative
ETF
CVRT
10/4/2023
NYSE
Calamos
Nasdaq
®
Equity
&
Income
ETF
CANQ
2/13/2024
NASDAQ
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
January
CBOJ
1/22/2025
CBOE
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
April
CBOA
4/7/2025
CBOE
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
July
CBOY
7/8/2025
CBOE
Calamos
Bitcoin
Structured
Alt
Protection
ETF
®
-
October
CBOO
10/7/2025
CBOE
Calamos
Tax-Aware
Collateral
ETF
CBOX
4/17/2026
CBOE
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
January
CBTJ
2/4/2025
CBOE
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
April
CBTA
4/7/2025
CBOE
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
July
CBTY
7/8/2025
CBOE
Calamos
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
-
October
CBTO
10/7/2025
CBOE
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
January
CBXJ
2/4/2025
CBOE
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
April
CBXA
4/7/2025
CBOE
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
July
CBXY
7/8/2025
CBOE
Calamos
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
-
October
CBXO
10/7/2025
CBOE
Calamos
Laddered
S&P
500®
Structured
Alt
Protection
ETF
®
CPSL
9/9/2024
CBOE
Calamos
Laddered
Bitcoin
Structured
Alt
Protection
ETF
®
CBOL
10/14/2025
CBOE
Calamos
Laddered
Bitcoin
80
Series
Structured
Alt
Protection
ETF
®
CBTL
10/14/2025
CBOE
Calamos
Laddered
Bitcoin
90
Series
Structured
Alt
Protection
ETF
®
CBXL
10/14/2025
CBOE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
January
CPSY
1/2/2025
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
February
CPSF
2/3/2025
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
March
CPSR
3/3/2025
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
April
CPSP
4/1/2025
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
May
CPSM
5/1/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
June
CPSU
6/2/2025
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
July
CPSJ
7/1/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
August
CPSA
8/1/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
September
CPST
9/3/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
October
CPSO
10/1/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
November
CPSN
11/1/2024
NYSE
Calamos
S&P
500®
Structured
Alt
Protection
ETF
®
-
December
CPSD
12/2/2024
NYSE
Calamos
Nasdaq-100®
Structured
Alt
Protection
ETF
®
-
March
CPNM
3/3/2025
NYSE
Calamos
Nasdaq-100®
Structured
Alt
Protection
ETF
®
-
June
CPNJ
6/3/2024
NYSE
Calamos
Nasdaq-100®
Structured
Alt
Protection
ETF
®
-
September
CPNS
9/3/2024
NYSE
Calamos
Nasdaq-100®
Structured
Alt
Protection
ETF
®
-
December
CPNQ
12/2/2024
NYSE
Calamos
Russell
2000®
Structured
Alt
Protection
ETF
®
-
January
CPRY
1/2/2025
NYSE
Calamos
Russell
2000®
Structured
Alt
Protection
ETF
®
-
April
CPRA
4/1/2025
NYSE
53
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
Prior
to
commencement
of
operations,
each
Fund
had
issued
one
share
of
beneficial
interest
at
a
purchase
price
of
$25
to
Calamos
Investments,
LLC,
the
parent
of
Calamos
Advisors,
LLC,
except
the
Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF,
which
issued
4,000
shares
of
beneficial
interest
at
an
aggregate
purchase
price
of
$100,000.
Each
Fund
is
actively
managed.
The
diversification
classifications
and
investment
objectives
of
the
Funds
are
as
follows:
(a)
Capitalized
terms
not
defined
herein
have
the
same
meaning
as
in
the
Fund’s
prospectus.
Current
Caps
and
Outcome
Periods
are
reflected
in
each
Fund’s
prospectus.
Calamos
Antetokounmpo
Asset
Management
LLC
(“CGAM”)
serves
as
the
Fund’s
adviser
for
the
Calamos
Antetokounmpo
Global
Sustainable
Equities
ETF.
CGAM
is
jointly
owned
by
Calamos
Advisors
LLC
(“Calamos
Advisors”)
and
Original
C
Fund,
LLC
("Original
C"),
an
entity
whose
voting
rights
are
wholly
owned
by
Original
PE,
LLC
which,
in
turn,
is
wholly
owned
by
Giannis
Sina
Ugo
Antetokounmpo.
Calamos
Advisors
serves
as
the
Fund’s
subadviser.
Mr.
Antetokounmpo
serves
on
CGAM's
Board
of
Directors
and
has
indirect
control
of
half
of
CGAM's
Board
of
Directors.
Mr.
Antetokounmpo
is
not
a
portfolio
manager
of
the
Fund
and
is
not
involved
in
the
day-to-day
management
of
the
Fund’s
investments,
and
neither
Original
C
nor
Mr.
Antetokounmpo
provide
any
“investment
advice”
to
the
Fund.
Mr.
Antetokounmpo
provided
input
in
selecting
the
initial
strategy
for
the
Fund.
Mr.
Antetokounmpo is
involved
with
marketing
efforts
on
behalf
of
the
Adviser.
If
Mr.
Antetokounmpo
is
no
longer
involved
with
the
Fund
or
the
Adviser
then
“Antetokounmpo”
will
be
removed
from
the
name
of
the
Fund
and
CGAM.
Further,
shareholders
would
be
notified
of
any
change
in
the
name
of
the
Fund
or
its
strategy.
CGAM
is
jointly
owned
and
controlled
by
Calamos
Advisors
and,
indirectly,
by
Mr.
Antetokounmpo,
a
well-known
professional
athlete.
Unanticipated
events,
including,
without
limitation,
death,
adverse
reputational
events
or
business
disputes,
could
result
in
Mr.
Antetokounmpo
no
longer
being
associated
or
involved
with
CGAM.
Any
such
event
could
adversely
impact
the
Fund
and
result
in
shareholders
experiencing
substantial
losses.
For
all
other
Funds
in
the
ETF
Trust,
Calamos
Advisors
LLC
(“Calamos
Advisors”
or
the
“Adviser”)
serves
as
the
Funds’
adviser.
Significant
Accounting
Policies.
The
Schedule
of
Investments
have
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”)
and
each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Under
U.S.
GAAP,
management
is
required
to
make
certain
estimates
and
assumptions
at
the
date
of
the
financial
statements
and
actual
results
may
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Funds: 
FUND
TICKER
COMMENCEMENT
OF
OPERATIONS
EXCHANGE
Calamos
Russell
2000®
Structured
Alt
Protection
ETF
®
-
July
CPRJ
7/1/2024
NYSE
Calamos
Russell
2000®
Structured
Alt
Protection
ETF
®
-
October
CPRO
10/1/2024
NYSE
TICKER
DIVERSIFICATION
CLASSIFICATION
OBJECTIVE
(a)
SROI
Diversified
Long-term
capital
appreciation.
CAIE,
CAIQ
Non-Diversified
Seeks
to
generate
high
monthly
income
while
providing
reduced
downside
risk
through
exposure
to
the
MerQube
US
Large
Cap
Vol
Advantage
Autocallable
Index
and
the
MerQube
Nasdaq
®
-100
Vol
Advantage
Autocallable
Index,
respectively.
CAGE
Non-Diversified
Seeks
to
generate
long-term
capital
growth
while
providing
reduced
downside
risk
through
exposure
to
the
MerQube
US
Large
Cap
Vol
Advantage
Autocallable
Growth
Index.
CCEF
Non-Diversified
High
current
income
and
long-term
capital
appreciation.
CVRT
Non-Diversified
Total
return
through
capital
appreciation
and
current
income.
CANQ
Non-Diversified
Attractive
risk-adjusted
return
through
capital
appreciation
and
current
income.
CBOJ,
CBOA,
CBOY,
CBOO
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
total
fund
operating
fees
and
expenses
into
account,
track
the
positive
price
return
of
the
CME
CF
Bitcoin
Reference
Rate
—
New
York
Variant
(“BRRNY”)
(“Spot
bitcoin”),
up
to
a
predetermined
Cap,
while
protecting
against
100%
of
the
negative
price
return
of
Spot
bitcoin
(before
total
fund
operating
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
CBOX
Non-Diversified
Seeks
capital
appreciation
by
investing
in
FLEX
options
box
spreads.
CBTJ,
CBTA,
CBTY,
CBTO
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
total
fund
operating
fees
and
expenses
into
account,
track
the
positive
price
return
of
the
CME
CF
Bitcoin
Reference
Rate
—
New
York
Variant
(“BRRNY”)
(“Spot
bitcoin”),
up
to
a
predetermined
Cap,
while
seeking
to
provide
a
Floor
with
protection
against
a
loss
exceeding
20%
of
the
negative
price
return
of
Spot
bitcoin
(before
total
fund
operating
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
CBXJ,
CBXA,
CBXY,
CBXO
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
total
fund
operating
fees
and
expenses
into
account,
track
the
positive
price
return
of
the
CME
CF
Bitcoin
Reference
Rate
—
New
York
Variant
(“BRRNY”)
(“Spot
bitcoin”),
up
to
a
predetermined
Cap,
while
seeking
to
provide
a
Floor
with
protection
against
a
loss
exceeding
10%
of
the
negative
price
return
of
Spot
bitcoin
(before
total
fund
operating
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
CPSL
Non-Diversified
Seeks
to
provide
investors
with
capital
appreciation.
CBOL,
CBTL,
CBXL
Non-Diversified
Seeks
to
provide
exposure
to
the
price
of
bitcoin.
CPSY,
CPSF,
CPSR,
CPSP,
CPSM,
CPSU,
CPSJ,
CPSA,
CPST,
CPSO,
CPSN,
CPSD
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
fees
and
expenses
into
account,
match
the
positive
price
return
of
the
SPDR
®
S&P
500
®
ETF
Trust
up
to
a
predetermined
Cap,
while
protecting
against
100%
of
negative
price
return
of
the
Underlying
ETF
(before
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
CPNM,
CPNJ,
CPNS,
CPNQ
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
fees
and
expenses
into
account,
match
the
positive
price
return
of
the
Invesco
QQQ
Trust
SM
,
Series
1
up
to
a
predetermined
Cap,
while
protecting
against
100%
of
negative
price
return
of
the
Underlying
ETF
(before
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
CPRY,
CPRA,
CPRJ,
CPRO
Non-Diversified
Seeks
to
provide
investment
results
that,
before
taking
fees
and
expenses
into
account,
match
the
positive
price
return
of
the
iShares
®
Russell
2000
®
ETF
up
to
a
predetermined
Cap,
while
protecting
against
100%
of
negative
price
return
of
the
Underlying
ETF
(before
fees
and
expenses),
over
a
defined
period
(the
“Outcome
Period”).
54
Fund
Valuation.
The
Trust's
Board
of
Trustees
(“Board”
or
“Trustees”),
including
a
majority
of
the
Trustees
who
are
not
“interested
persons”
of
the
Funds,
has
designated
the
Adviser
to
perform
fair
valuation
determinations
related
to
all
Fund
investments
under
the
oversight
of
the
Board.
As
“valuation
designee”
the
Adviser
has
adopted
procedures
to
guide
the
determination
of
the
net
asset
value
(“NAV”)
on
any
day
on
which
the
Funds'
NAVs
are
determined.
The
valuation
of
the
Funds'
investments
is
in
accordance
with
these
procedures.
Fund securities
that
are
traded
on
U.S.
securities
exchanges,
except
option
securities,
are
valued
at
the
official
closing
price,
which
is
the
last
current
reported
sales
price
on
its
principal
exchange
at
the
time
the
Fund
determines
its
NAV.
Securities
traded
in
the
over-the-counter
market
and
quoted
on
The
NASDAQ
Stock
Market
®
are
valued
at
the
NASDAQ
®
Official
Closing
Price,
as
determined
by
NASDAQ
®
,
or
lacking
a
NASDAQ
®
Official
Closing
Price,
the
last
current
reported
sale
price
on
NASDAQ
®
at
the
time
a
Fund
determines
its
NAV.
When
a
last
sale
or
closing
price
is
not
available,
equity
securities,
other
than
option
securities,
that
are
traded
on
a
U.S.
securities
exchange
and
other
equity
securities
traded
in
the
over-the-counter
market
are
valued
at
the
mean
between
the
most
recent
bid
and
asked
quotations
on
its
principal
exchange
in
accordance
with
guidelines
adopted
by
the
Board.
Each
option
security
traded
on
a
U.S.
securities
exchange
is
valued
at
the
mid-point
of
the
consolidated
bid/ask
quote
for
the
option
security,
also
in
accordance
with
guidelines
adopted
by
the
Board.
Each
over-the-counter
option
that
is
not
traded
through
the
Options
Clearing
Corporation
is
valued
either
by
an
independent
pricing
agent
approved
by
the
Board
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Trading
on
European
and
Far
Eastern
exchanges
and
over-the-counter
markets
is
typically
completed
at
various
times
before
the
close
of
business
on
each
day
on
which
the
New
York
Stock
Exchange
(“NYSE”)
is
open.
Securities
that
are
principally
traded
in
foreign
markets
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
respective
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Trading
of
foreign
securities
may
not
take
place
on
every
NYSE
business
day.
In
addition,
trading
may
take
place
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
the
respective
Fund’s
NAV
is
not
calculated.
FLexible
EXchange
®
Options
(“FLEX
Options”)
listed
on
an
exchange
will
typically
be
valued
at
a
model-based
price
at
the
official
close
of
that
exchange’s
trading
day.
However,
when
a
Fund’s
option
has
a
same-day
market
trade
price,
this
same-day
market
trade
price
will
be
used
for
FLEX
Option
values
instead
of
the
exchange’s
model-based
price.
If
the
pricing
vendor
is
not
available
to
provide
a
model
price
for
that
day,
the
value
of
a
FLEX
Option
will
be
determined
by
the
Valuation
Designee
(as
defined
in
Rule
2a-5)
in
accordance
with
the
Pricing
and
Valuation
Policy
and
Fair
Value
Procedures.
If
the
valuation
designee
determines
that
the
valuation
of
a
security
in
accordance
with
the
methods
described
above
is
not
reflective
of
a
fair
value
for
such
security,
the
security
is
valued
at
a
fair
value
by
the
valuation
designee.
Each
Fund
also
may
use
fair
value
pricing,
pursuant
to
guidelines
adopted
by
the
Adviser,
if
trading
in
the
security
is
halted
or
if
the
value
of
a
security
it
holds
is
materially
affected
by
events
occurring
before
the
Fund's
pricing
time
but
after
the
close
of
the
primary
market
or
exchange
on
which
the
security
is
listed.
Those
procedures
may
utilize
valuations
furnished
by
pricing
services
approved
by
the
Adviser,
which
may
be
based
on
market
transactions
for
comparable
securities
and
various
relationships
between
securities
that
are
generally
recognized
by
institutional
traders,
a
computerized
matrix
system,
or
appraisals
derived
from
information
concerning
the
securities
or
similar
securities
received
from
recognized
dealers
in
those
securities.
When
fair
value
pricing
of
securities
is
employed,
the
prices
of
securities
used
by
a
Fund
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
a
Fund
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
a
Fund’s
NAV.
Foreign
Currency
Translation.
Values
of
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
a
rate
quoted
by
a
major
bank
or
dealer
in
the
particular
currency
market,
as
reported
by
a
recognized
quotation
dissemination
service. 
Note
2
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
Level
1
–
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
–
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
–
Prices
reflect
unobservable
market
inputs
(including
the
Funds'
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
Debt
securities
are
valued
based
upon
evaluated
prices
received
from
an
independent
pricing
service
or
from
a
dealer
or
broker
who
makes
markets
in
such
securities.
Pricing
services
utilize
various
observable
market
data
and
as
such,
debt
securities
are
generally
categorized
as
Level
2.
The
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
of
the
Fund’s
investments.
The
summary
of
the
inputs
used
in
valuing
the
Fund’s
holdings
are
available
after
the
Fund’s
Portfolio.