UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER:	811-22887

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos ETF Trust

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court, Naperville
	Illinois 60563-2787


NAME AND ADDRESS OF AGENT FOR SERVICE:	John P Calamos, Sr., c/o Calamos Advisors LLC 2020 Calamos Court, Naperville, Illinois 60563-2787

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

(630) 245-7200

DATE OF FISCAL YEAR END:

July 31, 2026

DATE OF REPORTING PERIOD:

August 1, 2025 through July 31, 2026

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

Calamos Antetokounmpo Global Sustainable Equities ETF SROI

Calamos Autocallable Income ETF CAIE

Calamos Nasdaq^® Autocallable Income ETF CAIQ

Calamos Autocallable Growth ETF CAGE

Calamos CEF Income & Arbitrage ETF CCEF

Calamos Convertible Equity Alternative ETF CVRT

Calamos Nasdaq^® Equity & Income ETF CANQ

Calamos Bitcoin Structured Alt Protection ETF^® - January CBOJ

Calamos Bitcoin Structured Alt Protection ETF^® - April CBOA

Calamos Bitcoin Structured Alt Protection ETF^® - July CBOY

Calamos Bitcoin Structured Alt Protection ETF^® - October CBOO

Calamos Tax-Aware Collateral ETF CBOX

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January CBTJ

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April CBTA

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July CBTY

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October CBTO

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January CBXJ

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - April CBXA

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - July CBXY

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - October CBXO

Calamos Laddered S&P 500^® Structured Alt Protection ETF^® CPSL

Calamos Laddered Bitcoin Structured Alt Protection ETF^® CBOL

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF^® CBTL

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF^® CBXL

Calamos S&P 500^® Structured Alt Protection ETF^® - January CPSY

Calamos S&P 500^® Structured Alt Protection ETF^® - February CPSF

Calamos S&P 500^® Structured Alt Protection ETF^® - March CPSR

Calamos S&P 500^® Structured Alt Protection ETF^® - April CPSP

Calamos S&P 500^® Structured Alt Protection ETF^® - May CPSM

Calamos S&P 500^® Structured Alt Protection ETF^® - June CPSU

Calamos S&P 500^® Structured Alt Protection ETF^® - July CPSJ

Calamos S&P 500^® Structured Alt Protection ETF^® - August CPSA

Calamos S&P 500^® Structured Alt Protection ETF^® - September CPST

Calamos S&P 500^® Structured Alt Protection ETF^® - October CPSO

Calamos S&P 500^® Structured Alt Protection ETF^® - November CPSN

Calamos S&P 500^® Structured Alt Protection ETF^® - December CPSD

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - March CPNM

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - June CPNJ

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - September CPNS

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - December CPNQ

Calamos Russell 2000^® Structured Alt Protection ETF^® - January CPRY

Calamos Russell 2000^® Structured Alt Protection ETF^® - April CPRA

Calamos Russell 2000^® Structured Alt Protection ETF^® - July CPRJ

Calamos Russell 2000^® Structured Alt Protection ETF^® - October CPRO

Calamos Antetokounmpo Global Sustainable Equities ETF

SROI: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Antetokounmpo Global Sustainable Equities ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219. This report describes changes to the Fund that occurred during or after the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
SROI	$104	0.95%

HOW THE FUND PERFORMED

For the 12 months ended July 31, 2026, the Fund returned 18.55% (NAV), while the MSCI ACWI Net Index returned 22.11% and the broad-based benchmark MSCI ACWI Index returned 22.59%. After years of Magnificent 7 dominance, a durable trend of market rotation and broadening began in 2026. Investors finally recognized the importance of diversifying beyond high-priced momentum stocks, playing to the Fund's strength in idiosyncratic, well-priced quality growth stocks. We believe this positioning and our valuation discipline will continue to serve the Fund well in this risk-aware environment. Security selection accounted for most of the performance shortfall. The financials sector was the largest drag, attributable to an underweight position and negative stock selection. Industrials compounded underperformance, driven by an overweight in a lagging sector and weak stock selection within it. Information technology, the portfolio's largest sector exposure, was neutral to attribution, as gains from Alphabet and SK Hynix offset losses in SAP and Bentley Systems. Both reflected distinct headwinds: AI-driven business model disruption for SAP and valuation pressure for Bentley despite solid fundamentals.

GROWTH OF $10,000

Table Summary
	NAV	MSCI ACWI Gross Total Return Index
2/3/23	$10,000	$9,999
2/28/23	$9,596	$9,511
3/31/23	$9,872	$9,811
4/30/23	$10,036	$9,957
5/31/23	$9,892	$9,857
6/30/23	$10,396	$10,434
7/31/23	$10,668	$10,819
8/31/23	$10,244	$10,521
9/30/23	$9,624	$10,089
10/31/23	$9,340	$9,788
11/30/23	$10,180	$10,696
12/31/23	$10,769	$11,214
1/31/24	$10,664	$11,282
2/29/24	$11,112	$11,770
3/31/24	$11,375	$12,140
4/30/24	$10,987	$11,751
5/31/24	$11,508	$12,236
6/30/24	$11,686	$12,513
7/31/24	$11,819	$12,718
8/31/24	$12,162	$13,045
9/30/24	$12,348	$13,353
10/31/24	$11,960	$13,058
11/30/24	$12,126	$13,550
12/31/24	$11,788	$13,234
1/31/25	$12,114	$13,681
2/28/25	$12,061	$13,603
3/31/25	$11,654	$13,073
4/30/25	$11,882	$13,201
5/31/25	$12,561	$13,968
6/30/25	$12,975	$14,601
7/31/25	$12,870	$14,803
8/31/25	$13,049	$15,175
9/30/25	$13,431	$15,731
10/31/25	$13,683	$16,085
11/30/25	$13,699	$16,088
12/31/25	$13,717	$16,261
1/31/26	$14,101	$16,746
2/28/26	$14,383	$16,966
3/31/26	$13,373	$15,756
4/30/26	$14,719	$17,365
5/31/26	$15,271	$18,270
6/30/26	$15,307	$18,129
7/31/26	$15,242	$18,147

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 2/3/23
NAV	18.55	12.83
MSCI ACWI Gross Total Return Index	22.59	18.62

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/SROI for the most recent performance information.

Calamos Antetokounmpo Global Sustainable Equities ETF

SROI: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$18,781,446	120	22%	$167,507

WHAT DID THE FUND INVEST IN?

The multi-cap equity Fund employs an integrated, fundamental, and proprietary sustainable process to evaluate and select what we deem to be high-quality growth companies around the globe that have strong financial metrics and address nonfinancial risks related to governance, ecological impact, and human development. Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	30.0
Industrials	16.7
Financials	14.0
Consumer Discretionary	10.1
Health Care	9.1
Communication Services	7.5
Consumer Staples	4.4
Materials	4.1
Utilities	2.3
Real Estate	1.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Alphabet, Inc. - Class A	6.3
NVIDIA Corp.	4.4
Microsoft Corp.	3.8
Apple, Inc.	3.8
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)	3.3
Amazon.com, Inc.	2.8
SK Hynix, Inc.	2.0
Broadcom, Inc.	1.9
Applied Materials, Inc.	1.7
Visa, Inc. - Class A	1.6

MATERIAL FUND CHANGES

This is a summary of certain changes of the Fund since July 31, 2026. For more complete information, you may review the Fund's current prospectus and the supplement to the prospectus dated September 11, 2026, which is available on our website at www.calamos.com/resources or upon request by email at caminfo@calamos.com or calling 866-363-9219.

On September 10, 2026, the Board of the Trust determined it advisable and in the best interests of the shareholders of Calamos Antetokounmpo Global Sustainable Equities ETF, a series of the Trust, that the Fund be dissolved, terminated and liquidated on or about November 23, 2026, in accordance with the terms of a Plan of Liquidation. Effective November 19, 2026, the Fund will stop accepting orders of Creation Units from authorized participants. It is expected that November 20, 2026 will be the Fund's last full day of trading on NYSE Arca, Inc., the exchange on which the Fund's shares are listed and principally trade.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 866-363-9219.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Autocallable Income ETF

CAIE: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Autocallable Income ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CAIE	$75	0.69%

HOW THE FUND PERFORMED

The Fund seeks to deliver high, stable income tied to equity market performance, rather than traditional fixed-income credit or duration, through exposure to a portfolio of 52 or more autocallables in the MerQube US Large-Cap Vol Advantage Autocallable Index, an income-oriented index that references US equities. For the 12 months ended July 31, 2026, the Fund generated a strong return of 17.05% (NAV), compared with the MerQube US Large-Cap Vol Advantage Autocallable Index’s 17.56% return and broad-based S&P 500 Total Return Index's 22.06% return. The MerQube Index's weighted-average coupon rate was 13.97% as of July 31, 2026, significantly higher than that of investment-grade bonds. Autocallable structured notes fared well in the period, benefiting from the broad equity market resilience that drove the S&P 500 Index higher. These notes call early when the index meets or exceeds a barrier on an observation date. The positive equity environment supported this call activity and income generation. As notes were called, the Fund received principal plus accrued income before maturity and reinvested the proceeds in new notes.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
6/25/25	$10,000	$10,002
6/30/25	$10,268	$10,189
7/31/25	$10,636	$10,417
8/31/25	$10,869	$10,628
9/30/25	$11,284	$11,016
10/31/25	$11,473	$11,274
11/30/25	$11,501	$11,302
12/31/25	$11,521	$11,309
1/31/26	$11,668	$11,473
2/28/26	$11,600	$11,386
3/31/26	$11,097	$10,819
4/30/26	$12,168	$11,954
5/31/26	$12,579	$12,583
6/30/26	$12,450	$12,463
7/31/26	$12,435	$12,455

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 6/25/25
NAV	17.05	21.63
S&P 500 Total Return Index	19.52	22.06

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Autocallable Income ETF

CAIE: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$1,184,371,236	3	0%	$4,567,984

WHAT DID THE FUND INVEST IN?

The Fund seeks to generate high monthly income while reducing downside risk through diversified exposure to a portfolio of synthetic autocallable notes comprising the MerQube US Large-Cap Vol Advantage Autocallable Index, a benchmark optimized specifically for this strategy. An autocallable note is a market-linked investment whose coupon and principal payments depend on equity market performance. Think of it as a bond whose income depends on the stock market not falling too far. Because exposure is spread across multiple notes rather than concentrated in a single note, the Fund significantly reduces timing and maturity-barrier risks.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Exchange-Traded Funds	79.3
U.S. Government and Agency Security	13.6
Total Return Swap	5.5

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq^® Autocallable Income ETF

CAIQ: Nasdaq

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq^® Autocallable Income ETF for the period of November 20, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CAIQ	$49^{Footnote Reference(1)}	0.67%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

The Fund seeks to deliver high, stable income tied to equity market performance, rather than traditional fixed-income credit or duration, through exposure to a portfolio of 52 or more autocallables in the MerQube Nasdaq 100^® Vol Advantage Autocallable Index, an income-oriented index that references Nasdaq 100^® equities. For the period ending July 31, 2026, the Fund returned 12.90% (NAV) since its November 20, 2025, inception, compared with the MerQube Nasdaq 100 Vol Advantage Autocallable Index’s 13.13% return and broad-based S&P 500 Total Return Index's 13.66% return. The MerQube Index's weighted-average coupon rate was 18.00% as of July 31, 2026, significantly higher than that of investment-grade bonds. Autocallable structured notes fared well in the period, benefiting from the broad equity market resilience that drove the Nasdaq-100 Index higher. These notes call early when the index meets or exceeds a barrier on an observation date. The positive equity environment supported this call activity and income generation. As notes were called, the Fund received principal plus accrued income before maturity and reinvested the proceeds in new notes.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
11/20/25	$10,000	$9,998
11/30/25	$10,372	$10,313
12/31/25	$10,408	$10,319
1/31/26	$10,489	$10,469
2/28/26	$10,388	$10,390
3/31/26	$9,974	$9,872
4/30/26	$11,349	$10,908
5/31/26	$11,800	$11,482
6/30/26	$11,738	$11,373
7/31/26	$11,339	$11,366

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 11/20/25
NAV	12.90
S&P 500 Total Return Index	13.66

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund cannot guarantee the desired protection, which may only be realized if shares are held from the first day of the one-year outcome period through the last day. Principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Visit https://www.calamos.com/CAIQ for the most recent performance information.

Calamos Nasdaq^® Autocallable Income ETF

CAIQ: Nasdaq

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$286,386,738	3	0%	$710,429

WHAT DID THE FUND INVEST IN?

The Fund seeks to generate high monthly income while reducing downside risk through diversified exposure to a portfolio of synthetic autocallable notes comprising the MerQube Nasdaq 100 Vol Advantage Autocallable Index, a benchmark optimized specifically for this strategy. An autocallable note is a market-linked investment whose coupon and principal payments depend on equity market performance. Think of it as a bond whose income depends on the stock market not falling too far. Because exposure is spread across multiple notes rather than concentrated in a single note, the Fund significantly reduces timing and maturity-barrier risks.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Exchange-Traded Funds	81.1
U.S. Government and Agency Security	14.8
Total Return Swap	2.7

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Autocallable Growth ETF

CAGE: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Autocallable Growth ETF for the period of April 16, 2026 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CAGE	$19^{Footnote Reference(1)}	0.63%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

CAGE is designed to grow wealth at a greater rate than the S&P 500 over time. The Fund’s exposure to autocallable growth notes with memory is a unique feature that stores coupons in down markets and pays them all at once as accrued returns (not distributions) when markets recover. In addition, all coupons are reinvested and compounded tax-deferred. For the period ending July 31, 2026, the Fund returned 9.92% (NAV) since its April 16, 2026, inception, compared with the MerQube US Large-Cap Vol Advantage Autocallable Growth Index’s 9.88% return and broad-based S&P 500 Total Return Index's 6.95% return. Over its first 3.5 months, CAGE outperformed the S&P 500 through volatility-targeting leverage in its underlying MerQube Index. In other words, the index is able to ramp up leveraged exposure to the S&P 500 when volatility is low via E-mini S&P 500 futures. Because the equity market rose steadily with low realized volatility over this period, that leverage amplified the Fund's return.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
4/16/26	$10,000	$9,998
4/30/26	$10,480	$10,265
5/31/26	$11,348	$10,805
6/30/26	$11,084	$10,702
7/31/26	$11,052	$10,695

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 4/16/26
NAV	9.92
S&P 500 Total Return Index	6.95

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Autocallable Growth ETF

CAGE: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$105,799,216	3	4%	$108,855

WHAT DID THE FUND INVEST IN?

The Fund seeks to generate amplified long-term capital appreciation through exposure to a laddered portfolio of long-dated autocallable growth notes in the MerQube US Large-Cap Vol Advantage Autocallable Growth Index (MQAUTOCG). Instead of distributing yield, the Fund retains and compounds coupons within the portfolio.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Exchange-Traded Funds	81.0
U.S. Government and Agency Security	17.3
Total Return Swap	0.9

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos CEF Income & Arbitrage ETF

CCEF: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos CEF Income & Arbitrage ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CCEF	$78	0.74%

HOW THE FUND PERFORMED

For the 12 months ended July 31, 2026, the Fund returned 12.11% (NAV), compared with 12.51% for the S-Network Composite Closed- End Fund Index (SNCEFCT) and 20.80% for the broad-based benchmark MSCI World Index. The Fund also paid a monthly distribution of $0.1948 per share as of period end. Performance was driven by the team's selection of underlying closed-end funds, which appreciated and saw their discounts narrow. The portfolio's diversification across asset classes, regions, sectors, and industries --including information technology, health care, and municipal bonds --benefited from a rotation away from high-priced momentum stocks. Energy exposure was a standout contributor following the outbreak of the war in Iran, while senior loans detracted on an absolute basis. Relative to the SNCEFCT Index, the Fund's lack of exposure to commodities detracted; the Fund excludes physical commodities, which do not pay monthly distributions and generally trade at a flat discount. The MSCI World Index is a pure global equity benchmark, heavily weighted toward the mega-cap growth and AI-related names that drove much of the period's equity gains. The Fund's return was diluted by its bond and income-oriented constituents, which didn't fully benefit from the equity rally.

GROWTH OF $10,000

Table Summary
	NAV	MSCI World Gross Total Return Index
1/16/24	$10,000	$9,993
1/31/24	$9,956	$10,124
2/29/24	$10,264	$10,557
3/31/24	$10,639	$10,899
4/30/24	$10,342	$10,502
5/31/24	$10,721	$10,978
6/30/24	$10,988	$11,205
7/31/24	$11,340	$11,405
8/31/24	$11,633	$11,710
9/30/24	$12,004	$11,929
10/31/24	$11,728	$11,695
11/30/24	$12,301	$12,236
12/31/24	$11,769	$11,921
1/31/25	$12,230	$12,344
2/28/25	$12,163	$12,259
3/31/25	$12,034	$11,720
4/30/25	$11,717	$11,830
5/31/25	$12,149	$12,538
6/30/25	$12,578	$13,083
7/31/25	$12,675	$13,254
8/31/25	$12,913	$13,604
9/30/25	$13,112	$14,046
10/31/25	$13,122	$14,330
11/30/25	$13,269	$14,375
12/31/25	$13,352	$14,496
1/31/26	$13,769	$14,823
2/28/26	$13,969	$14,936
3/31/26	$13,234	$13,992
4/30/26	$13,986	$15,340
5/31/26	$14,165	$16,047
6/30/26	$14,341	$15,937
7/31/26	$14,225	$16,021

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 1/16/24
NAV	12.11	14.82
MSCI World Gross Total Return Index	20.80	20.37

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos CEF Income & Arbitrage ETF

CCEF: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$33,878,285	52	99%	$196,521

WHAT DID THE FUND INVEST IN?

The Fund seeks to deliver high current income and long-term capital appreciation by investing in income-producing closed-end funds trading at attractive discounts, which commonly offer attractive yields. The Fund also may invest in ETFs and business development companies. In addition, the Fund can utilize derivative instruments. Fund categories and top 10 holdings exclude, if any, cash or cash equivalents.

Table Summary
FUND CATEGORIES	% OF NET ASSETS
Equity-Sector	14.2
Covered Call	13.8
Global Allocation	8.1
U.S. Allocation	7.5
Master Limited Partnership	7.0
World Stock	6.2
High Yield Bond	6.0
Preferred	5.9
World Bond	5.1
U.S. Stock	4.8
Senior Loan	3.0
Real Estate Investment Trust	2.5
U.S. Investment Grade	2.2
Municipal Bond	1.8
Convertible	1.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Eaton Vance Tax Managed Global Buy Write Opportunities Fund	4.1
Virtus Equity & Convertible Income Fund	4.0
Bexil Investment Trust	3.5
Adams Natural Resources Fund, Inc.	3.5
BlackRock Health Sciences Term Trust	3.0
Virtus Artificial Intelligence & Technology Opportunities Fund	2.7
ClearBridge Energy Midstream Opportunity Fund, Inc.	2.7
Nuveen Multi-Asset Income Fund	2.6
LMP Capital & Income Fund, Inc.	2.6
Templeton Emerging Markets Fund	2.6

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Convertible Equity Alternative ETF

CVRT: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Convertible Equity Alternative ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CVRT	$84	0.69%

HOW THE FUND PERFORMED

For the 12 months ended July 31, 2026, the Fund returned 43.95% (NAV), strongly outperforming the ICE BofA All U.S. Convertible Index's 23.61% return and the broad-based Bloomberg U.S. Aggregate Bond Index's 2.70% return. The Fund's highly equity-sensitive convertibles benefited from the robust performance of a concentrated growth rally in equities, a real bond floor from higher rates, and tailwinds from spreads and issuance, while the Agg Index's traditional fixed-income market was challenged by rising yields tied to inflation fears. Security selection and an average overweight in information technology boosted the Fund's performance. Specifically, holdings in technology hardware, storage & peripherals notably helped, as did communications equipment. Security selection within financials dampened relative results, with positions in asset management & custody banks and diversified financial services losing ground.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/4/23	$10,000	$10,000
10/31/23	$9,497	$9,990
11/30/23	$10,442	$10,443
12/31/23	$11,150	$10,842
1/31/24	$10,918	$10,813
2/29/24	$11,266	$10,660
3/31/24	$11,540	$10,758
4/30/24	$10,897	$10,487
5/31/24	$11,262	$10,664
6/30/24	$11,289	$10,765
7/31/24	$11,478	$11,017
8/31/24	$11,698	$11,175
9/30/24	$11,957	$11,325
10/31/24	$12,015	$11,044
11/30/24	$13,697	$11,161
12/31/24	$12,627	$10,978
1/31/25	$13,271	$11,036
2/28/25	$12,602	$11,279
3/31/25	$12,060	$11,283
4/30/25	$12,315	$11,328
5/31/25	$12,956	$11,247
6/30/25	$13,543	$11,419
7/31/25	$14,193	$11,389
8/31/25	$14,555	$11,526
9/30/25	$15,432	$11,651
10/31/25	$16,358	$11,724
11/30/25	$16,463	$11,797
12/31/25	$16,334	$11,779
1/31/26	$17,581	$11,792
2/28/26	$18,404	$11,985
3/31/26	$17,848	$11,774
4/30/26	$20,833	$11,787
5/31/26	$22,457	$11,824
6/30/26	$22,157	$11,852
7/31/26	$20,440	$11,698

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 10/4/23
NAV	43.95	28.65
Bloomberg U.S. Aggregate Bond Index	2.70	5.70

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Convertible Equity Alternative ETF

CVRT: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$30,732,662	94	162%	$129,856

WHAT DID THE FUND INVEST IN?

The Fund seeks to deliver total returns through capital appreciation and current income by investing primarily in US convertible securities exhibiting high equity sensitivity. The Fund may also invest in derivative instruments. The Sector weightings and top 10 holdings exclude cash or cash equivalents, and derivative instruments, if any.

Table Summary
SECTOR WEIGHTINGS	% OF NET ASSETS
Information Technology	39.9
Utilities	14.6
Communication Services	12.3
Health Care	8.1
Industrials	7.6
Financials	4.6
Consumer Discretionary	3.9
Materials	3.0
Real Estate	2.8
Energy	1.0
Consumer Staples	0.4

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Alphabet, Inc., 6.250%, 05/15/29	10.0
Western Digital Corp., 3.000%, 11/15/28	7.0
Boeing Co., 6.000%, 10/15/27	5.3
Lumentum Holdings, Inc., 0.375%, 03/15/32	3.4
Super Micro Computer, Inc., 7.000%, 06/01/29	2.6
Hewlett Packard Enterprise Co., 7.625%, 09/01/27	2.6
Oracle Corp.	2.2
MKS, Inc., 1.250%, 06/01/30	2.0
Akamai Technologies, Inc., 0.250%, 05/15/33	1.7
Snowflake, Inc., 0.000%, 10/01/29	1.6

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq^® Equity & Income ETF

CANQ: Nasdaq

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq^® Equity & Income ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CANQ	$77	0.74%

HOW THE FUND PERFORMED

For the 12 months ended July 31, 2026, the Fund returned 7.97% (NAV), outperforming the broad-based Bloomberg U.S. Aggregate Bond Index's 2.70% return while participating in the upside of the Nasdaq-100 Total Return Index^®, which gained 22.58%. In addition, CANQ posted a 30-day SEC yield of 4.03% in July. The Fund's hybrid approach combines a fixed-income portfolio that generates income with equity exposure designed to be less volatile than a direct investment in the Nasdaq-100 Index. The Fund's exposure to the Nasdaq-100 Total Return Index, spurred on by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech, enabled it to outpace the Agg Index, which faced headwinds from higher yields and lower bond prices.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
2/13/24	$10,000	$10,001
2/29/24	$10,056	$9,973
3/31/24	$10,177	$10,065
4/30/24	$9,811	$9,811
5/31/24	$10,219	$9,977
6/30/24	$10,716	$10,072
7/31/24	$10,688	$10,307
8/31/24	$10,924	$10,455
9/30/24	$11,141	$10,595
10/31/24	$11,013	$10,333
11/30/24	$11,501	$10,442
12/31/24	$11,811	$10,271
1/31/25	$12,063	$10,325
2/28/25	$12,013	$10,553
3/31/25	$11,363	$10,557
4/30/25	$11,478	$10,598
5/31/25	$11,900	$10,522
6/30/25	$12,440	$10,684
7/31/25	$12,584	$10,656
8/31/25	$12,694	$10,783
9/30/25	$13,140	$10,901
10/31/25	$13,631	$10,969
11/30/25	$13,473	$11,037
12/31/25	$13,190	$11,021
1/31/26	$13,194	$11,033
2/28/26	$13,061	$11,213
3/31/26	$12,436	$11,016
4/30/26	$13,464	$11,028
5/31/26	$14,162	$11,062
6/30/26	$13,809	$11,089
7/31/26	$13,566	$10,945

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 2/13/24
NAV	7.97	13.35
Bloomberg U.S. Aggregate Bond Index	2.70	3.73

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Nasdaq^® Equity & Income ETF

CANQ: Nasdaq

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$21,046,637	28	13%	$192,979

WHAT DID THE FUND INVEST IN?

The Fund invests in a combination of fixed-income securities and Nasdaq-100-oriented options with the intent to participate in the upside performance of Nasdaq-100 securities while potentially offering better downside protection. Asset allocation and top 10 holdings exclude, if any, cash and equivalents.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Exchange-Traded Funds	85.2
Long Call Option	14.1

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Simplify MBS ETF	24.0
Vanguard Emerging Markets Government Bond ETF	21.3
State Street SPDR Portfolio High Yield Bond ETF	14.9
Janus Henderson AAA CLO ETF	11.4
Schwab 1-5 Year Corporate Bond ETF	4.4
iShares^® Broad USD Investment Grade Corporate Bond ETF	3.9
iShares^® 5-10 Year Investment Grade Corporate Bond ETF	2.8
Franklin Senior Loan ETF	2.5
Direxion Nasdaq-100^® Equal Weighted Index ETF, Call, Strike Price $101, 03/19/27	2.3
Apple, Inc., Call, Strike Price $245, 09/18/26	2.2

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - January

CBOJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF^® - January for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOJ	$67	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match bitcoin’s positive price return up to a defined cap while providing 100% downside protection over a one-year outcome period (before fees and expenses). When bitcoin declines, the protection prevents losses, allowing the Fund to outperform the BRRNY (spot bitcoin). When bitcoin rises, the cap may limit upside. Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -5.54% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 100% downside protection sharply cushioned bitcoin's plunge, though fees/expenses resulted in a modest residual loss compared to the Agg Index's small increase over the period.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
1/22/25	$10,000	$10,000
1/31/25	$10,020	$10,022
2/28/25	$9,892	$10,242
3/31/25	$9,904	$10,246
4/30/25	$10,024	$10,286
5/31/25	$10,172	$10,213
6/30/25	$10,232	$10,370
7/31/25	$10,388	$10,342
8/31/25	$10,324	$10,466
9/30/25	$10,456	$10,580
10/31/25	$10,416	$10,646
11/30/25	$10,020	$10,713
12/31/25	$9,921	$10,697
1/31/26	$9,905	$10,708
2/28/26	$9,773	$10,883
3/31/26	$9,798	$10,692
4/30/26	$9,901	$10,704
5/31/26	$9,872	$10,737
6/30/26	$9,707	$10,763
7/31/26	$9,748	$10,623

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 1/22/25
NAV	-5.54	-1.33
Bloomberg U.S. Aggregate Bond Index	2.70	4.04

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin Structured Alt Protection ETF^® - January

CBOJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$17,815,408	5	0%	$210,407

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 8%, while protecting 100% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 100% downside protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	151.7
Long Put Option	0.5
Short Call Option	(52.7)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - April

CBOA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF^® - April for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOA	$67	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match bitcoin’s positive price return up to a defined cap while providing 100% downside protection over a one-year outcome period (before fees and expenses). When bitcoin declines, the protection prevents losses, allowing the Fund to outperform the BRRNY (spot bitcoin). When bitcoin rises, the cap may limit upside. Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -5.80% (NAV) for the annual period ended July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 100% downside protection sharply cushioned bitcoin's plunge, though fees/expenses resulted in a modest residual loss compared to the Agg Index's small increase over the period.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
4/7/25	$10,000	$10,001
4/30/25	$10,248	$9,952
5/31/25	$10,404	$9,881
6/30/25	$10,480	$10,033
7/31/25	$10,580	$10,006
8/31/25	$10,600	$10,126
9/30/25	$10,672	$10,236
10/31/25	$10,688	$10,300
11/30/25	$10,520	$10,364
12/31/25	$10,530	$10,349
1/31/26	$10,477	$10,360
2/28/26	$9,933	$10,530
3/31/26	$9,909	$10,344
4/30/26	$10,023	$10,356
5/31/26	$10,011	$10,388
6/30/26	$9,782	$10,413
7/31/26	$9,892	$10,277

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 4/7/25
NAV	-5.80	-0.57
Bloomberg U.S. Aggregate Bond Index	2.70	2.10

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin Structured Alt Protection ETF^® - April

CBOA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$4,853,843	5	0%	$35,137

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 10%, while protecting 100% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 100% downside protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	158.2
Long Put Option	0.9
Short Call Option	(60.0)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - July

CBOY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF^® - July for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOY	$69	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match bitcoin’s positive price return up to a defined cap while providing 100% downside protection over a one-year outcome period (before fees and expenses). When bitcoin declines, the protection prevents losses, allowing the Fund to outperform the BRRNY (spot bitcoin). When bitcoin rises, the cap may limit upside. Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -1.44% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 through June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 100% downside protection sharply cushioned bitcoin's plunge, though fees/expenses resulted in a modest residual loss compared to the Agg Index's small increase over the period.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
7/8/25	$10,000	$10,001
7/31/25	$10,116	$10,045
8/31/25	$10,092	$10,165
9/30/25	$10,172	$10,276
10/31/25	$10,148	$10,340
11/30/25	$9,992	$10,404
12/31/25	$9,966	$10,389
1/31/26	$9,938	$10,400
2/28/26	$9,857	$10,570
3/31/26	$9,869	$10,384
4/30/26	$9,889	$10,396
5/31/26	$9,897	$10,428
6/30/26	$9,930	$10,453
7/31/26	$9,930	$10,317

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 7/8/25
NAV	-1.44	-0.43
Bloomberg U.S. Aggregate Bond Index	2.70	2.97

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin Structured Alt Protection ETF^® - July

CBOY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$4,910,797	5	0%	$36,884

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 10%, while protecting 100% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 100% downside protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	165.8
Long Put Option	1.3
Short Call Option	(68.1)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - October

CBOO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF^® - October for the period of October 7, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOO	$56^{Footnote Reference(1)}	0.69%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

The Fund seeks to match bitcoin's positive price return up to a defined cap while providing 100% downside protection over a one-year outcome period (before fees and expenses). When bitcoin declines, the protection prevents losses, allowing the Fund to outperform the BRRNY (spot bitcoin). When bitcoin increases, the cap may limit upside. Both the cap and downside protection cause the Fund's returns to differ from the BRRNY. For the period ending July 31, 2026, the Fund returned -1.16% (NAV) since its October 7, 2025, inception, versus -48.19% for the BRRNY (spot bitcoin) and 0.35% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026 driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 100% downside protection sharply cushioned bitcoin's plunge, though fees/expenses resulted in a modest residual loss compared to the Agg Index's small increase over the period.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/7/25	$10,000	$10,000
10/31/25	$9,948	$10,057
11/30/25	$9,852	$10,120
12/31/25	$9,844	$10,105
1/31/26	$9,840	$10,116
2/28/26	$9,792	$10,281
3/31/26	$9,804	$10,100
4/30/26	$9,820	$10,111
5/31/26	$9,840	$10,143
6/30/26	$9,852	$10,167
7/31/26	$9,876	$10,035

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/7/25
NAV	-1.16
Bloomberg U.S. Aggregate Bond Index	0.35

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin Structured Alt Protection ETF^® - October

CBOO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$6,141,659	3	0%	$34,946

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Security	99.7
Long Call Option	0.0
Short Call Option	0.0

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Tax-Aware Collateral ETF

CBOX: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Tax-Aware Collateral ETF for the period of April 17, 2026 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOX	$4^{Footnote Reference(1)}	0.14%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

The Fund seeks to generate returns above Treasury bills with limited incremental risk by using SPY box spreads to replicate a cash/T-bill-like return rather than holding actual bonds. Since the Fund's inception on April 17, 2026, through July 31, 2026, the Fund returned 1.14% (NAV), compared with the 1.06% return of the Bloomberg Short Treasury 1-3 Month Index and -1.52% return of the broad-based Bloomberg U.S. Aggregate Bond Index. The Agg Index has meaningful duration (~6 years) across Treasuries, MBS, and corporates, so its price tends to fall when yields rise. The Fund is built from short-dated, continuously rolled FLEX spreads with near-zero duration —it accrues the implied short-term financing rate regardless of rate moves. Over this period, Treasury yields moved higher (with the 10-year yield rising from the low 4%s toward the high 4%s), which was a price headwind for the Agg but inconsequential for the Fund.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
4/17/26	$10,000	$10,000
4/30/26	$10,017	$9,923
5/31/26	$10,048	$9,954
6/30/26	$10,080	$9,978
7/31/26	$10,115	$9,848

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 4/17/26
NAV	1.14
Bloomberg U.S. Aggregate Bond Index	-1.52

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Tax-Aware Collateral ETF

CBOX: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$1,281,430,166	2	0%	$393,416

WHAT DID THE FUND INVEST IN?

The Fund seeks stable, tax-efficient returns by investing in FLEX (Flexible Exchange) options box spreads, primarily on the SPDR S&P 500 ETF ("SPY"). This strategy, long employed by institutional investors, uses box spreads on SPY to create a synthetic loan or cash position through options—rather than holding cash, short-term bonds, or money market instruments. A box spread combines an offsetting synthetic long and short position in the same underlying asset—SPY—using options contracts with the same expiration date. The Fund may structure these spreads using two, three, or four options contracts. Unlike standard options, FLEX Options let investors customize terms such as strike price and expiration date and are guaranteed settlement by the OCC. Box spreads may qualify for favorable tax treatment, and shareholders may be able to use their Fund shares as collateral to meet margin requirements.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Put Option	92.3
Long Call Option	7.5

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January

CBTJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBTJ	$56	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 80 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 20% (i.e., 80% protection from -20% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -36.96% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 80% downside protection cushioned against bitcoin's plunge, though it absorbed an initial double-digit loss in early 2026 and was down further following its outcome period reset in February. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
2/4/25	$10,000	$10,001
2/28/25	$9,364	$10,213
3/31/25	$9,288	$10,217
4/30/25	$9,856	$10,257
5/31/25	$10,576	$10,184
6/30/25	$10,820	$10,340
7/31/25	$11,484	$10,313
8/31/25	$10,980	$10,436
9/30/25	$11,440	$10,550
10/31/25	$11,068	$10,616
11/30/25	$9,388	$10,682
12/31/25	$8,873	$10,666
1/31/26	$8,387	$10,678
2/28/26	$7,555	$10,852
3/31/26	$7,653	$10,661
4/30/26	$8,079	$10,673
5/31/26	$7,831	$10,706
6/30/26	$7,000	$10,732
7/31/26	$7,130	$10,592

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 2/4/25
NAV	-36.96	-20.16
Bloomberg U.S. Aggregate Bond Index	2.70	3.94

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January

CBTJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$23,813,201	5	0%	$224,010

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 37%, while protecting 80% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin indexes. Long in-the-money call options establish 80% protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	146.3
Long Put Option	0.4
Short Call Option	(47.4)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April

CBTA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBTA	$57	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 80 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 20% (i.e., 80% protection from -20% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -33.76% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 90% downside protection cushioned against bitcoin's plunge, though it absorbed a double-digit loss in early 2026 and was down to a lesser extent following its outcome period reset in April. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
4/7/25	$10,000	$10,001
4/30/25	$11,148	$9,952
5/31/25	$12,000	$9,881
6/30/25	$12,268	$10,033
7/31/25	$12,460	$10,006
8/31/25	$12,636	$10,126
9/30/25	$12,992	$10,236
10/31/25	$12,812	$10,300
11/30/25	$11,424	$10,364
12/31/25	$11,185	$10,349
1/31/26	$10,749	$10,360
2/28/26	$8,667	$10,530
3/31/26	$8,623	$10,344
4/30/26	$9,216	$10,356
5/31/26	$9,058	$10,388
6/30/26	$8,062	$10,413
7/31/26	$8,380	$10,277

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 4/7/25
NAV	-33.76	-12.55
Bloomberg U.S. Aggregate Bond Index	2.70	2.10

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April

CBTA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$5,193,554	5	0%	$25,461

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 38%, while protecting 80% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin indexes. Long in-the-money call options establish 80% protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	143.3
Long Put Option	0.7
Short Call Option	(45.5)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July

CBTY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBTY	$61	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 80 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 20% (i.e., 80% protection from -20% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -23.50% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 80% downside protection cushioned against bitcoin's plunge, though it absorbed the initial 20% loss in early 2026. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
7/8/25	$10,000	$10,001
7/31/25	$10,348	$10,045
8/31/25	$10,024	$10,165
9/30/25	$10,344	$10,276
10/31/25	$10,104	$10,340
11/30/25	$9,148	$10,404
12/31/25	$8,914	$10,389
1/31/26	$8,651	$10,400
2/28/26	$8,014	$10,570
3/31/26	$8,006	$10,384
4/30/26	$8,042	$10,396
5/31/26	$7,941	$10,428
6/30/26	$7,937	$10,453
7/31/26	$7,937	$10,317

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 7/8/25
NAV	-23.50	-19.69
Bloomberg U.S. Aggregate Bond Index	2.70	2.97

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July

CBTY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$4,877,397	5	0%	$70,868

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	147.1
Long Put Option	1.0
Short Call Option	(49.4)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October

CBTO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October for the period of October 7, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBTO	$50^{Footnote Reference(1)}	0.69%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

The Calamos Bitcoin 80 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 20% (i.e., 80% protection from -20% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. For the period ending July 31, 2026, the Fund returned -20.83% (NAV) since its October 7, 2025, inception, versus -48.19% for the BRRNY (spot bitcoin) and 0.35% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by a hawkish shift in Fed policy expectations, heavy investor outflows, and leverage liquidation. While the Fund's 80% downside protection cushioned against bitcoin's plunge, the fund absorbed that initial 20% loss outright, and fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/7/25	$10,000	$10,000
10/31/25	$9,532	$10,057
11/30/25	$8,816	$10,120
12/31/25	$9,176	$10,105
1/31/26	$8,490	$10,116
2/28/26	$8,013	$10,281
3/31/26	$8,037	$10,100
4/30/26	$8,061	$10,111
5/31/26	$7,977	$10,143
6/30/26	$7,897	$10,167
7/31/26	$7,913	$10,035

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/7/25
NAV	-20.83
Bloomberg U.S. Aggregate Bond Index	0.35

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October

CBTO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$27,651,266	3	0%	$140,489

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 42%, while protecting 80% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin indexes. Long in-the-money call options establish 80% protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Security	99.6
Short Call Option	0.0
Long Call Option	0.0

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January

CBXJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBXJ	$60	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 90 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 10% (i.e., 90% protection from -10% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -25.31% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 90% downside protection cushioned against bitcoin's plunge, though it absorbed the initial 10% loss in early 2026 and was down further following its outcome period reset in February. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
2/4/25	$10,000	$10,001
2/28/25	$9,656	$10,213
3/31/25	$9,604	$10,217
4/30/25	$9,960	$10,257
5/31/25	$10,428	$10,184
6/30/25	$10,596	$10,340
7/31/25	$11,048	$10,313
8/31/25	$10,760	$10,436
9/30/25	$11,092	$10,550
10/31/25	$10,912	$10,616
11/30/25	$9,664	$10,682
12/31/25	$9,241	$10,666
1/31/26	$8,906	$10,678
2/28/26	$8,401	$10,852
3/31/26	$8,462	$10,661
4/30/26	$8,756	$10,673
5/31/26	$8,584	$10,706
6/30/26	$8,059	$10,732
7/31/26	$8,120	$10,592

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 2/4/25
NAV	-25.31	-12.65
Bloomberg U.S. Aggregate Bond Index	2.70	3.94

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January

CBXJ: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$17,049,383	5	0%	$141,331

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 22%, while protecting 90% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin indexes. Long in-the-money call options establish 90% protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	149.2
Long Put Option	0.5
Short Call Option	(50.2)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - April

CBXA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - April for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBXA	$60	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 90 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 10% (i.e., 90% protection from -10% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -24.97% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 90% downside protection cushioned against bitcoin's plunge, though it absorbed the initial 10% loss in early 2026 and was down to a lesser extent following its outcome period reset in April. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
4/7/25	$10,000	$10,001
4/30/25	$10,720	$9,952
5/31/25	$11,180	$9,881
6/30/25	$11,412	$10,033
7/31/25	$11,740	$10,006
8/31/25	$11,680	$10,126
9/30/25	$11,880	$10,236
10/31/25	$11,824	$10,300
11/30/25	$11,072	$10,364
12/31/25	$10,978	$10,349
1/31/26	$10,717	$10,360
2/28/26	$9,134	$10,530
3/31/26	$8,959	$10,344
4/30/26	$9,187	$10,356
5/31/26	$9,110	$10,388
6/30/26	$8,478	$10,413
7/31/26	$8,690	$10,277

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 4/7/25
NAV	-24.97	-9.98
Bloomberg U.S. Aggregate Bond Index	2.70	2.10

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - April

CBXA: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$4,269,486	5	0%	$35,717

WHAT DID THE FUND INVEST IN?

The Fund seeks to match the positive price return of bitcoin, up to an approximate cap of 23%, while protecting 90% of principal against losses over a one-year outcome period (before fees and expenses). It pursues this by combining zero-coupon US Treasury bonds—which return par at maturity to establish the protection floor—with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin indexes. Long in-the-money call options establish 90% protection, while short out-of-the-money call options fund that protection but cap the Fund’s maximum gain.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	149.8
Long Put Option	0.8
Short Call Option	(52.2)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - July

CBXY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - July for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBXY	$65	0.69%

HOW THE FUND PERFORMED

The Calamos Bitcoin 90 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 10% (i.e., 90% protection from -10% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. The Fund returned -12.30% (NAV) for the annual period ending July 31, 2026, versus -46.25% for the BRRNY (spot bitcoin) and 2.70% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. The Fund's 90% downside protection cushioned against bitcoin's plunge, though the fund absorbed that initial 10% loss outright, and fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
7/8/25	$10,000	$10,001
7/31/25	$10,272	$10,045
8/31/25	$10,064	$10,165
9/30/25	$10,268	$10,276
10/31/25	$10,012	$10,340
11/30/25	$9,536	$10,404
12/31/25	$9,386	$10,389
1/31/26	$9,248	$10,400
2/28/26	$8,904	$10,570
3/31/26	$8,904	$10,384
4/30/26	$8,920	$10,396
5/31/26	$8,916	$10,428
6/30/26	$8,928	$10,453
7/31/26	$8,932	$10,317

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 7/8/25
NAV	-12.30	-10.09
Bloomberg U.S. Aggregate Bond Index	2.70	2.97

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - July

CBXY: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$5,504,531	5	0%	$57,089

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	156.3
Long Put Option	1.1
Short Call Option	(58.5)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - October

CBXO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - October for the period of October 7, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBXO	$53^{Footnote Reference(1)}	0.69%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

The Calamos Bitcoin 90 Series Structured Alt Protection ETF is designed to match the positive price return of bitcoin (represented by BRRNY or spot bitcoin) up to a defined cap, while limiting the maximum loss to 10% (i.e., 90% protection from -10% to -100%) over a one-year outcome period (before fees and expenses). Both the cap and downside protection cause the Fund’s returns to differ from the BRRNY. For the period ending July 31, 2026, the Fund returned -11.03% (NAV) since its October 7, 2025, inception, versus -48.19% for the BRRNY (spot bitcoin) and 0.35% for the broad-based benchmark Bloomberg U.S. Aggregate Bond Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026, driven by a hawkish shift in Fed policy expectations, heavy investor outflows, and leverage liquidation. While the Fund's 90% downside protection cushioned against bitcoin's plunge, the Fund absorbed that initial 10% loss outright, and fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's small increase.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/7/25	$10,000	$10,000
10/31/25	$9,720	$10,057
11/30/25	$9,288	$10,120
12/31/25	$8,647	$10,105
1/31/26	$9,138	$10,116
2/28/26	$8,880	$10,281
3/31/26	$8,893	$10,100
4/30/26	$8,901	$10,111
5/31/26	$8,880	$10,143
6/30/26	$8,860	$10,167
7/31/26	$8,893	$10,035

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/7/25
NAV	-11.03
Bloomberg U.S. Aggregate Bond Index	0.35

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - October

CBXO: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$9,958,350	3	0%	$50,360

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
U.S. Government and Agency Security	99.7
Short Call Option	0.0
Long Call Option	0.0

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Laddered S&P 500^® Structured Alt Protection ETF^®

CPSL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Laddered S&P 500^® Structured Alt Protection ETF^® for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSL	$10	0.10%

HOW THE FUND PERFORMED

CPSL offers single-ticker access to the 12 Calamos S&P 500 Structured Alt Protection ETFs, allocating equally across them. Each fund begins its annual outcome period in a different month, creating laddered exposure that mitigates timing risk. Each underlying ETF seeks to match S&P 500 positive price returns up to a cap while protecting against 100% of losses (before fees and expenses) over a one-year outcome period. Protection guards against declines; the cap limits gains. As a fund of funds, CPSL itself does not provide a floor against losses. CPSL's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, as well as unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the CPSL underlying funds' outcome period caps) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.01% (NAV) for the period ending July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
9/9/24	$10,000	$10,003
9/30/24	$10,169	$10,666
10/31/24	$10,148	$10,570
11/30/24	$10,269	$11,190
12/31/24	$10,257	$10,923
1/31/25	$10,341	$11,228
2/28/25	$10,333	$11,081
3/31/25	$10,205	$10,457
4/30/25	$10,237	$10,386
5/31/25	$10,409	$11,040
6/30/25	$10,558	$11,601
7/31/25	$10,622	$11,861
8/31/25	$10,718	$12,102
9/30/25	$10,774	$12,543
10/31/25	$10,835	$12,837
11/30/25	$10,883	$12,869
12/31/25	$10,915	$12,877
1/31/26	$10,967	$13,063
2/28/26	$10,995	$12,964
3/31/26	$10,927	$12,318
4/30/26	$11,116	$13,611
5/31/26	$11,204	$14,327
6/30/26	$11,204	$14,191
7/31/26	$11,272	$14,182

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 9/9/24
NAV	6.01	6.47
S&P 500 Total Return Index	19.52	20.27

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Laddered S&P 500^® Structured Alt Protection ETF^®

CPSL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$125,580,500	12	0%	$97,485

WHAT DID THE FUND INVEST IN?

See “How the Fund Performed” above for the laddering mechanism; each underlying ETF seeks to match the S&P 500’s price return up to a cap while protecting against 100% of losses over its one-year outcome period. CPSL's 12 underlying funds invest in a combination of FLEX Options on the SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver upside to a cap, with 100% protection over their one-year outcome periods. The package combines a long call, a long at-the-money put, and a short out-of-the-money call --all sharing the same underlying ETF (SPY), expiration date, and European style -- to establish the long position, downside protection, and upside cap. At the end of an outcome period, each underlying fund will reset its positions for another year.

TOP 10 HOLDINGS

% OF NET ASSETS

Table Summary
Calamos S&P 500^® Structured Alt Protection ETF^® - September	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - August	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - October	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - December	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - July	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - January	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - November	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - March	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - April	8.3
Calamos S&P 500^® Structured Alt Protection ETF^® - February	8.3

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Laddered Bitcoin Structured Alt Protection ETF^®

CBOL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Laddered Bitcoin Structured Alt Protection ETF^® for the period of October 14, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBOL	$8^{Footnote Reference(1)}	0.10%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

CBOL offers single-ticker access to the four Calamos Bitcoin Structured Alt Protection ETFs, allocating equally across them. Each fund begins its annual outcome period in a different quarter, creating continuous laddered exposure that mitigates timing risk. Each underlying ETF seeks to match bitcoin price returns up to a stated cap while protecting against 100% of losses (before fees and expenses) over a one-year outcome period. Protection guards against declines; the cap limits gains. As a fund of funds, CBOL itself does not provide a floor against losses. For the period ending July 31, 2026, the Fund returned -4.60% (NAV) since its October 14, 2025, inception, compared with -44.29% for the BRRNY (spot bitcoin) and -0.17% for the broad-based Bloomberg U.S. Aggregate Bond Index. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026 driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. While CBOL's underlying ETFs' 100% downside protection sharply cushioned bitcoin's plunge, several funds' protection floors reset to lower outcome-period starting prices as the ladder rolled forward, and fees/expenses also curbed performance resulting in a modest loss that exceeded the Agg Index's comparatively small decline.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/14/25	$10,000	$10,001
10/31/25	$9,956	$10,006
11/30/25	$9,764	$10,068
12/31/25	$9,739	$10,053
1/31/26	$9,715	$10,064
2/28/26	$9,528	$10,229
3/31/26	$9,532	$10,048
4/30/26	$9,593	$10,060
5/31/26	$9,589	$10,091
6/30/26	$9,503	$10,115
7/31/26	$9,548	$9,983

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/14/25
NAV	-4.60
Bloomberg U.S. Aggregate Bond Index	-0.17

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Laddered Bitcoin Structured Alt Protection ETF^®

CBOL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$2,343,292	4	2%	$1,662

WHAT DID THE FUND INVEST IN?

See “How the Fund Performed” above for the laddering mechanism; each underlying ETF seeks to match spot bitcoin’s price return up to a cap while protecting against 100% of losses over its one-year outcome period (before fees and expenses) by combining zero-coupon US Treasury bonds --which return par at maturity to establish the protection floor --with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 100% downside protection, while short out-of-the-money call options fund that protection but cap the maximum gain.

TOP HOLDINGS

% OF NET ASSETS

Table Summary
Calamos Bitcoin Structured Alt Protection ETF^® - April	25.0
Calamos Bitcoin Structured Alt Protection ETF^® - October	25.0
Calamos Bitcoin Structured Alt Protection ETF^® - July	25.0
Calamos Bitcoin Structured Alt Protection ETF^® - January	24.9

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF^®

CBTL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF^® for the period of October 14, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBTL	$7^{Footnote Reference(1)}	0.10%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

CBTL offers single-ticker access to the four Calamos Bitcoin 80 Series Structured Alt Protection ETFs, allocating equally across them. Each fund begins its annual outcome period in a different quarter, creating continuous laddered exposure that mitigates timing risk. Each underlying ETF seeks to match bitcoin price returns up to a stated cap, while limiting the maximum loss to 20% (80% protection from -20% to -100%) over its one-year outcome period (before fees and expenses). As a fund of funds, CBTL itself does not provide a floor against losses. For the period ending July 31, 2026, the Fund returned -29.00% (NAV) since its October 14, 2025, inception, compared with -44.29% for the BRRNY (spot bitcoin) and -0.17% for the broad-based Bloomberg U.S. Aggregate Bond Index. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026 driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. While CBTL's underlying ETFs' 80% downside protection cushioned bitcoin's plunge, each fund absorbed double-digit losses outright, and several funds' protection floors reset to lower outcome-period starting prices as the ladder rolled forward. Fees and expenses also curbed performance, resulting in losses that exceeded the Agg Index's small decline.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/14/25	$10,000	$10,001
10/31/25	$9,704	$10,006
11/30/25	$8,664	$10,068
12/31/25	$8,421	$10,053
1/31/26	$8,130	$10,064
2/28/26	$7,278	$10,229
3/31/26	$7,294	$10,048
4/30/26	$7,521	$10,060
5/31/26	$7,395	$10,091
6/30/26	$6,987	$10,115
7/31/26	$7,100	$9,983

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/14/25
NAV	-29.00
Bloomberg U.S. Aggregate Bond Index	-0.17

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF^®

CBTL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$2,636,330	4	164%	$2,434

WHAT DID THE FUND INVEST IN?

See “How the Fund Performed” above for the laddering mechanism; each underlying ETF seeks to match spot bitcoin’s price return up to a cap while protecting against 80% of losses over its one-year outcome period (before fees and expenses) by combining zero-coupon US Treasury bonds --which return par at maturity to establish the protection floor --with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 80% downside protection, while short out-of-the-money call options fund that protection but cap the maximum gain.

TOP HOLDINGS

% OF NET ASSETS

Table Summary
Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April	25.1
Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July	25.1
Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October	25.0
Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January	24.7

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF^®

CBXL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF^® for the period of October 14, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CBXL	$7^{Footnote Reference(1)}	0.10%^{Footnote Reference(2)}

Footnote	Description
Footnote⁽¹⁾	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.
Footnote⁽²⁾	Annualized.

HOW THE FUND PERFORMED

CBXL offers single-ticker access to the four Calamos Bitcoin 90 Series Structured Alt Protection ETFs, allocating equally across them. Each fund begins its annual outcome period in a different quarter, creating continuous laddered exposure that mitigates timing risk. Each underlying ETF seeks to match bitcoin price returns up to a stated cap, while limiting the maximum loss to 10% (90% protection from -10% to -100%) over its one-year outcome period (before fees and expenses). As a fund of funds, CBXL does not provide a floor against losses. For the period ending July 31, 2026, the Fund returned -19.43% (NAV) since its October 14, 2025, inception, compared with -44.29% for the BRRNY (spot bitcoin) and -0.17% for the broad-based Bloomberg U.S. Aggregate Bond Index. Although the Agg Index's traditional fixed-income market faced its own headaches from rising yields tied to inflation fears, it was not nearly as volatile as bitcoin, which suffered a severe price drop between October 2025 and June 2026 driven by hawkish Fed policy expectations, heavy outflows, and leverage liquidations. While CBXL's underlying ETFs' 90% downside protection cushioned against bitcoin's plunge, each fund absorbed that initial 10% loss, and several funds' protection floors reset to lower outcome-period starting prices as the ladder rolled forward. Fees and expenses also curbed performance, resulting in a loss that exceeded the Agg Index's decline.

GROWTH OF $10,000

Table Summary
	NAV	Bloomberg U.S. Aggregate Bond Index
10/14/25	$10,000	$10,001
10/31/25	$9,832	$10,006
11/30/25	$9,152	$10,068
12/31/25	$8,986	$10,053
1/31/26	$8,803	$10,064
2/28/26	$8,211	$10,229
3/31/26	$8,191	$10,048
4/30/26	$8,308	$10,060
5/31/26	$8,243	$10,091
6/30/26	$7,980	$10,115
7/31/26	$8,057	$9,983

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	SINCE INCEPTION 10/14/25
NAV	-19.43
Bloomberg U.S. Aggregate Bond Index	-0.17

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF^®

CBXL: Cboe BZX Exchange, Inc

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$1,489,441	4	5%	$1,225

WHAT DID THE FUND INVEST IN?

See “How the Fund Performed” above for the laddering mechanism; each underlying ETF seeks to match spot bitcoin’s price return up to a cap while protecting against 90% of losses over its one-year outcome period (before fees and expenses) by combining zero-coupon US Treasury bonds --which return par at maturity to establish the protection floor --with options referencing the price performance of one or more Underlying ETPs that own bitcoin, or one or more Bitcoin Indexes. Long at-the-money options provide the 90% downside protection, while short out-of-the-money call options fund that protection but cap the maximum gain.

TOP HOLDINGS

% OF NET ASSETS

Table Summary
Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - October	25.1
Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - April	25.0
Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - July	25.0
Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January	24.8

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - January

CPSY: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - January for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSY	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.33% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
1/2/25	$10,000	$9,994
1/31/25	$10,077	$10,272
2/28/25	$10,085	$10,138
3/31/25	$9,970	$9,567
4/30/25	$10,068	$9,502
5/31/25	$10,158	$10,100
6/30/25	$10,294	$10,614
7/31/25	$10,367	$10,852
8/31/25	$10,439	$11,072
9/30/25	$10,520	$11,476
10/31/25	$10,571	$11,745
11/30/25	$10,631	$11,773
12/31/25	$10,691	$11,781
1/31/26	$10,733	$11,951
2/28/26	$10,746	$11,861
3/31/26	$10,665	$11,270
4/30/26	$10,861	$12,453
5/31/26	$10,942	$13,108
6/30/26	$10,955	$12,983
7/31/26	$11,010	$12,975

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 1/2/25
NAV	6.33	6.42
S&P 500 Total Return Index	19.52	17.94

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - January

CPSY: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$26,526,129	3	0%	$165,294

WHAT DID THE FUND INVEST IN?

The Fund invests in a combination of FLEX^® Options on the SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver upside to a cap, with 100% protection over the one-year outcome period. The package combines a long call, a long at-the-money put, and a short out-of-the-money call—all sharing the same underlying ETF (SPY), expiration date, and European style—to establish the long position, downside protection, and upside cap. At the end of the outcome period, the Fund will reset the positions for another one-year period.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	105.2
Long Put Option	1.6
Short Call Option	(7.2)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - February

CPSF: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - February for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSF	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.58% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
2/3/25	$10,000	$10,007
2/28/25	$10,008	$9,876
3/31/25	$9,900	$9,320
4/30/25	$9,971	$9,256
5/31/25	$10,062	$9,839
6/30/25	$10,208	$10,339
7/31/25	$10,274	$10,571
8/31/25	$10,357	$10,786
9/30/25	$10,444	$11,179
10/31/25	$10,494	$11,441
11/30/25	$10,540	$11,469
12/31/25	$10,623	$11,476
1/31/26	$10,685	$11,643
2/28/26	$10,702	$11,554
3/31/26	$10,623	$10,979
4/30/26	$10,805	$12,131
5/31/26	$10,868	$12,769
6/30/26	$10,880	$12,648
7/31/26	$10,938	$12,640

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 2/3/25
NAV	6.58	6.39
S&P 500 Total Return Index	19.52	17.02

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - February

CPSF: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$33,679,990	3	0%	$194,887

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	104.2
Long Put Option	2.1
Short Call Option	(6.8)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - March

CPSR: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - March for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSR	$71	0.69%

HOW THE FUND PERFORMED

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
3/3/25	$10,000	$9,994
3/31/25	$9,920	$9,431
4/30/25	$10,021	$9,367
5/31/25	$10,097	$9,956
6/30/25	$10,214	$10,463
7/31/25	$10,282	$10,698
8/31/25	$10,357	$10,914
9/30/25	$10,437	$11,313
10/31/25	$10,479	$11,578
11/30/25	$10,526	$11,606
12/31/25	$10,597	$11,613
1/31/26	$10,652	$11,782
2/28/26	$10,715	$11,692
3/31/26	$10,627	$11,110
4/30/26	$10,791	$12,276
5/31/26	$10,854	$12,922
6/30/26	$10,866	$12,799
7/31/26	$10,917	$12,790

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 3/3/25
NAV	6.33	6.60
S&P 500 Total Return Index	19.52	19.02

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - March

CPSR: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$31,236,589	3	0%	$177,944

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	105.5
Long Put Option	2.3
Short Call Option	(8.3)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - April

CPSP: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - April for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSP	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.48% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
4/1/25	$10,000	$9,999
4/30/25	$10,065	$9,932
5/31/25	$10,166	$10,557
6/30/25	$10,280	$11,094
7/31/25	$10,312	$11,343
8/31/25	$10,377	$11,572
9/30/25	$10,446	$11,995
10/31/25	$10,471	$12,276
11/30/25	$10,515	$12,306
12/31/25	$10,580	$12,313
1/31/26	$10,621	$12,492
2/28/26	$10,666	$12,397
3/31/26	$10,718	$11,780
4/30/26	$10,856	$13,016
5/31/26	$10,917	$13,701
6/30/26	$10,921	$13,570
7/31/26	$10,970	$13,562

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 4/1/25
NAV	6.48	7.42
S&P 500 Total Return Index	19.52	25.65

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - April

CPSP: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$21,011,721	3	0%	$115,262

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	110.6
Long Put Option	2.0
Short Call Option	(13.2)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - May

CPSM: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - May for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSM	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. CPSM returned 5.00% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
5/1/24	$10,000	$9,999
5/31/24	$10,172	$10,495
6/30/24	$10,276	$10,871
7/31/24	$10,368	$11,004
8/31/24	$10,476	$11,270
9/30/24	$10,544	$11,511
10/31/24	$10,568	$11,407
11/30/24	$10,680	$12,076
12/31/24	$10,680	$11,788
1/31/25	$10,780	$12,117
2/28/25	$10,824	$11,959
3/31/25	$10,752	$11,285
4/30/25	$10,948	$11,208
5/31/25	$11,040	$11,914
6/30/25	$11,148	$12,520
7/31/25	$11,184	$12,801
8/31/25	$11,256	$13,060
9/30/25	$11,316	$13,537
10/31/25	$11,352	$13,854
11/30/25	$11,396	$13,888
12/31/25	$11,452	$13,896
1/31/26	$11,496	$14,098
2/28/26	$11,532	$13,991
3/31/26	$11,544	$13,294
4/30/26	$11,628	$14,689
5/31/26	$11,716	$15,462
6/30/26	$11,704	$15,315
7/31/26	$11,740	$15,305

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 5/1/24
NAV	5.00	7.48
S&P 500 Total Return Index	19.52	20.80

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - May

CPSM: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$56,624,539	3	0%	$392,213

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	101.6
Long Put Option	3.7
Short Call Option	(5.9)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - June

CPSU: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - June for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSU	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 5.18% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
6/2/25	$10,000	$9,996
6/30/25	$10,135	$10,504
7/31/25	$10,170	$10,740
8/31/25	$10,239	$10,957
9/30/25	$10,301	$11,357
10/31/25	$10,343	$11,623
11/30/25	$10,378	$11,652
12/31/25	$10,439	$11,659
1/31/26	$10,478	$11,828
2/28/26	$10,509	$11,738
3/31/26	$10,474	$11,154
4/30/26	$10,625	$12,324
5/31/26	$10,671	$12,972
6/30/26	$10,655	$12,849
7/31/26	$10,682	$12,841

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 6/2/25
NAV	5.18	6.13
S&P 500 Total Return Index	19.52	23.95

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - June

CPSU: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$26,414,928	3	0%	$95,271

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	97.1
Long Put Option	5.3
Short Call Option	(3.2)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - July

CPSJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - July for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSJ	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.25% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
7/1/24	$10,000	$10,002
7/31/24	$10,096	$10,124
8/31/24	$10,238	$10,369
9/30/24	$10,317	$10,591
10/31/24	$10,326	$10,495
11/30/24	$10,463	$11,111
12/31/24	$10,447	$10,846
1/31/25	$10,547	$11,148
2/28/25	$10,538	$11,003
3/31/25	$10,355	$10,383
4/30/25	$10,346	$10,312
5/31/25	$10,659	$10,961
6/30/25	$10,881	$11,519
7/31/25	$10,935	$11,777
8/31/25	$10,997	$12,016
9/30/25	$11,093	$12,455
10/31/25	$11,152	$12,746
11/30/25	$11,169	$12,777
12/31/25	$11,223	$12,785
1/31/26	$11,281	$12,971
2/28/26	$11,302	$12,872
3/31/26	$11,215	$12,231
4/30/26	$11,436	$13,514
5/31/26	$11,498	$14,226
6/30/26	$11,548	$14,090
7/31/26	$11,594	$14,081

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 7/1/24
NAV	6.25	7.52
S&P 500 Total Return Index	19.52	17.84

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - July

CPSJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$46,681,295	3	0%	$289,698

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	98.1
Long Put Option	5.3
Short Call Option	(4.1)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - August

CPSA: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - August for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSA	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.45% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
8/1/24	$10,000	$10,003
8/31/24	$10,136	$10,246
9/30/24	$10,239	$10,465
10/31/24	$10,223	$10,370
11/30/24	$10,346	$10,979
12/31/24	$10,342	$10,717
1/31/25	$10,441	$11,015
2/28/25	$10,425	$10,872
3/31/25	$10,272	$10,259
4/30/25	$10,285	$10,189
5/31/25	$10,528	$10,831
6/30/25	$10,713	$11,382
7/31/25	$10,804	$11,637
8/31/25	$10,899	$11,873
9/30/25	$10,986	$12,306
10/31/25	$11,031	$12,594
11/30/25	$11,052	$12,625
12/31/25	$11,105	$12,633
1/31/26	$11,163	$12,816
2/28/26	$11,184	$12,719
3/31/26	$11,089	$12,085
4/30/26	$11,320	$13,354
5/31/26	$11,414	$14,056
6/30/26	$11,447	$13,922
7/31/26	$11,513	$13,914

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 8/1/24
NAV	6.45	7.28
S&P 500 Total Return Index	19.52	17.96

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - August

CPSA: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$42,563,382	3	0%	$303,421

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	98.4
Long Put Option	5.4
Short Call Option	(4.6)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - September

CPST: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - September for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPST	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.26% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
9/3/24	$10,000	$9,999
9/30/24	$10,105	$10,213
10/31/24	$10,097	$10,120
11/30/24	$10,202	$10,714
12/31/24	$10,206	$10,459
1/31/25	$10,286	$10,750
2/28/25	$10,282	$10,610
3/31/25	$10,149	$10,012
4/30/25	$10,181	$9,944
5/31/25	$10,363	$10,570
6/30/25	$10,524	$11,107
7/31/25	$10,613	$11,357
8/31/25	$10,705	$11,587
9/30/25	$10,766	$12,010
10/31/25	$10,826	$12,291
11/30/25	$10,838	$12,321
12/31/25	$10,891	$12,329
1/31/26	$10,943	$12,507
2/28/26	$10,959	$12,412
3/31/26	$10,875	$11,794
4/30/26	$11,088	$13,032
5/31/26	$11,173	$13,718
6/30/26	$11,209	$13,587
7/31/26	$11,278	$13,578

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 9/3/24
NAV	6.26	6.52
S&P 500 Total Return Index	19.52	17.37

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - September

CPST: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$32,183,293	3	0%	$215,211

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	108.9
Long Put Option	0.1
Short Call Option	(9.3)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - October

CPSO: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - October for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSO	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.05% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
10/1/24	$10,000	$9,998
10/31/24	$9,992	$9,908
11/30/24	$10,091	$10,489
12/31/24	$10,087	$10,239
1/31/25	$10,166	$10,524
2/28/25	$10,166	$10,387
3/31/25	$10,044	$9,802
4/30/25	$10,091	$9,735
5/31/25	$10,238	$10,348
6/30/25	$10,384	$10,874
7/31/25	$10,459	$11,118
8/31/25	$10,546	$11,344
9/30/25	$10,610	$11,758
10/31/25	$10,657	$12,033
11/30/25	$10,665	$12,062
12/31/25	$10,713	$12,070
1/31/26	$10,768	$12,245
2/28/26	$10,776	$12,152
3/31/26	$10,689	$11,547
4/30/26	$10,914	$12,758
5/31/26	$11,006	$13,430
6/30/26	$11,021	$13,302
7/31/26	$11,097	$13,293

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 10/1/24
NAV	6.05	5.84
S&P 500 Total Return Index	19.52	16.80

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - October

CPSO: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$26,629,724	3	0%	$166,777

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	106.3
Long Put Option	0.4
Short Call Option	(6.9)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - November

CPSN: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - November for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSN	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.21% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
11/1/24	$10,000	$9,995
11/30/24	$10,120	$10,582
12/31/24	$10,104	$10,329
1/31/25	$10,196	$10,617
2/28/25	$10,196	$10,479
3/31/25	$10,084	$9,888
4/30/25	$10,164	$9,821
5/31/25	$10,272	$10,439
6/30/25	$10,404	$10,970
7/31/25	$10,479	$11,216
8/31/25	$10,547	$11,444
9/30/25	$10,631	$11,861
10/31/25	$10,687	$12,139
11/30/25	$10,723	$12,169
12/31/25	$10,751	$12,176
1/31/26	$10,795	$12,353
2/28/26	$10,799	$12,259
3/31/26	$10,695	$11,649
4/30/26	$10,939	$12,871
5/31/26	$11,039	$13,548
6/30/26	$11,059	$13,419
7/31/26	$11,119	$13,411

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 11/1/24
NAV	6.21	6.34
S&P 500 Total Return Index	19.52	18.28

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - November

CPSN: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$34,837,705	3	0%	$207,695

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	104.2
Long Put Option	1.0
Short Call Option	(5.4)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos S&P 500^® Structured Alt Protection ETF^® - December

CPSD: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos S&P 500^® Structured Alt Protection ETF^® - December for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPSD	$72	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the S&P 500 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were evident during bouts of volatility driven by the Iran conflict/oil shock, AI disruption, inflation concerns, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 7.39% (NAV) for the annual period ended July 31, 2026, versus 18.15% for the S&P 500 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
12/2/24	$10,000	$10,000
12/31/24	$10,025	$9,761
1/31/25	$10,075	$10,033
2/28/25	$10,087	$9,902
3/31/25	$9,909	$9,344
4/30/25	$10,000	$9,281
5/31/25	$10,108	$9,865
6/30/25	$10,286	$10,367
7/31/25	$10,373	$10,599
8/31/25	$10,468	$10,814
9/30/25	$10,585	$11,209
10/31/25	$10,668	$11,472
11/30/25	$10,746	$11,500
12/31/25	$10,792	$11,507
1/31/26	$10,833	$11,674
2/28/26	$10,837	$11,585
3/31/26	$10,746	$11,008
4/30/26	$10,966	$12,163
5/31/26	$11,061	$12,803
6/30/26	$11,070	$12,681
7/31/26	$11,136	$12,673

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 12/2/24
NAV	7.39	6.76
S&P 500 Total Return Index	19.52	15.31

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos S&P 500^® Structured Alt Protection ETF^® - December

CPSD: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$45,037,452	3	0%	$317,712

WHAT DID THE FUND INVEST IN?

The Fund invests in a combination of FLEX^® Options on the SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver upside participation to a cap, with 100% protection over the one-year outcome period. The package combines a long call, a long at-the-money put, and a short out-of-the-money call—all sharing the same underlying ETF (SPY), expiration date, and European style—to establish the long position, downside protection, and upside cap. At the end of the outcome period, the Fund will reset the positions for another one-year period.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	104.5
Long Put Option	1.3
Short Call Option	(6.1)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - March

CPNM: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq-100^® Structured Alt Protection ETF^® - March for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPNM	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Nasdaq-100 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.29% (NAV) for the annual period ended July 31, 2026, versus 21.78% for the Nasdaq-100 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
3/3/25	$10,000	$9,994
3/31/25	$9,918	$9,431
4/30/25	$9,988	$9,367
5/31/25	$10,135	$9,956
6/30/25	$10,274	$10,463
7/31/25	$10,340	$10,698
8/31/25	$10,401	$10,914
9/30/25	$10,488	$11,313
10/31/25	$10,545	$11,578
11/30/25	$10,582	$11,606
12/31/25	$10,660	$11,613
1/31/26	$10,709	$11,782
2/28/26	$10,750	$11,692
3/31/26	$10,680	$11,110
4/30/26	$10,873	$12,276
5/31/26	$10,971	$12,922
6/30/26	$10,971	$12,799
7/31/26	$10,967	$12,790

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 3/3/25
NAV	6.29	7.00
S&P 500 Total Return Index	19.52	19.02

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - March

CPNM: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$14,771,985	3	0%	$92,806

WHAT DID THE FUND INVEST IN?

The Fund invests in a combination of FLEX^® Options on the Invesco QQQ Trust℠, Series 1 to create a predetermined risk-reward profile that seeks to deliver upside participation to a cap, with 100% protection over the one-year outcome period before fees and expenses. The package combines a long call, a long at-the-money put, and a short out-of-the-money call—all sharing the same underlying ETF (QQQ), expiration date, and European style—to establish the long position, downside protection, and upside cap. At the end of the outcome period, the Fund will reset the positions for another one-year period.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	109.7
Long Put Option	3.2
Short Call Option	(13.7)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - June

CPNJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq-100^® Structured Alt Protection ETF^® - June for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPNJ	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Nasdaq-100 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 4.56% (NAV) for the annual period ended July 31, 2026, versus 21.78% for the Nasdaq-100 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
6/3/24	$10,000	$10,000
6/30/24	$10,182	$10,359
7/31/24	$10,195	$10,485
8/31/24	$10,280	$10,740
9/30/24	$10,382	$10,969
10/31/24	$10,386	$10,870
11/30/24	$10,535	$11,508
12/31/24	$10,569	$11,233
1/31/25	$10,658	$11,546
2/28/25	$10,641	$11,395
3/31/25	$10,433	$10,753
4/30/25	$10,535	$10,680
5/31/25	$10,950	$11,353
6/30/25	$11,099	$11,930
7/31/25	$11,150	$12,198
8/31/25	$11,218	$12,445
9/30/25	$11,307	$12,899
10/31/25	$11,370	$13,201
11/30/25	$11,383	$13,234
12/31/25	$11,451	$13,242
1/31/26	$11,502	$13,434
2/28/26	$11,519	$13,332
3/31/26	$11,459	$12,668
4/30/26	$11,676	$13,997
5/31/26	$11,731	$14,734
6/30/26	$11,723	$14,593
7/31/26	$11,646	$14,584

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 6/3/24
NAV	4.56	7.45
S&P 500 Total Return Index	19.52	19.07

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - June

CPNJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$41,991,511	3	0%	$248,904

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	92.7
Long Put Option	10.2
Short Call Option	(3.7)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - September

CPNS: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq-100^® Structured Alt Protection ETF^® - September for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPNS	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Nasdaq-100 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.40% (NAV) for the annual period ended July 31, 2026, versus 21.78% for the Nasdaq-100 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
9/3/24	$10,000	$9,999
9/30/24	$10,105	$10,213
10/31/24	$10,097	$10,120
11/30/24	$10,202	$10,714
12/31/24	$10,242	$10,459
1/31/25	$10,327	$10,750
2/28/25	$10,307	$10,610
3/31/25	$10,157	$10,012
4/30/25	$10,230	$9,944
5/31/25	$10,472	$10,570
6/30/25	$10,634	$11,107
7/31/25	$10,714	$11,357
8/31/25	$10,771	$11,587
9/30/25	$10,876	$12,010
10/31/25	$10,944	$12,291
11/30/25	$10,952	$12,321
12/31/25	$10,985	$12,329
1/31/26	$11,041	$12,507
2/28/26	$11,025	$12,412
3/31/26	$10,964	$11,794
4/30/26	$11,227	$13,032
5/31/26	$11,320	$13,718
6/30/26	$11,344	$13,587
7/31/26	$11,400	$13,578

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 9/3/24
NAV	6.40	7.10
S&P 500 Total Return Index	19.52	17.37

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - September

CPNS: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$21,189,269	3	0%	$171,490

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	113.2
Long Put Option	0.2
Short Call Option	(13.5)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - December

CPNQ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Nasdaq-100^® Structured Alt Protection ETF^® - December for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPNQ	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Nasdaq-100 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based S&P 500 Total Return Index climbed the wall of worry and delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. The Fund returned 6.49% (NAV) for the annual period ended July 31, 2026, versus 21.78% for the Nasdaq-100 Price Index and 19.52% for the broad-based benchmark S&P 500 Total Return Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	S&P 500 Total Return Index
12/2/24	$10,000	$10,000
12/31/24	$10,057	$9,761
1/31/25	$10,135	$10,033
2/28/25	$10,118	$9,902
3/31/25	$9,963	$9,344
4/30/25	$10,025	$9,281
5/31/25	$10,241	$9,865
6/30/25	$10,400	$10,367
7/31/25	$10,490	$10,599
8/31/25	$10,559	$10,814
9/30/25	$10,670	$11,209
10/31/25	$10,747	$11,472
11/30/25	$10,800	$11,500
12/31/25	$10,841	$11,507
1/31/26	$10,866	$11,674
2/28/26	$10,866	$11,585
3/31/26	$10,849	$11,008
4/30/26	$11,049	$12,163
5/31/26	$11,184	$12,803
6/30/26	$11,192	$12,681
7/31/26	$11,184	$12,673

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 12/2/24
NAV	6.49	6.96
S&P 500 Total Return Index	19.52	15.31

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Nasdaq-100^® Structured Alt Protection ETF^® - December

CPNQ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$21,911,429	3	0%	$166,323

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	106.3
Long Put Option	2.2
Short Call Option	(9.0)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Russell 2000^® Structured Alt Protection ETF^® - January

CPRY: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Russell 2000^® Structured Alt Protection ETF^® - January for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPRY	$73	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Russell 2000 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based Russell 3000 Index delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. Likewise, small caps experienced significant and sustained upside, supported by fundamental earnings growth momentum and attractive valuations. The Fund returned 11.93% (NAV) for the annual period ended July 31, 2026, versus 32.54% for the Russell 2000 Price Index and 19.57% for the broad-based benchmark Russell 3000 Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	Russell 3000 Total Return Index
1/2/25	$10,000	$10,006
1/31/25	$10,097	$10,322
2/28/25	$10,004	$10,124
3/31/25	$9,911	$9,534
4/30/25	$9,907	$9,470
5/31/25	$9,984	$10,070
6/30/25	$10,109	$10,581
7/31/25	$10,158	$10,815
8/31/25	$10,396	$11,065
9/30/25	$10,517	$11,447
10/31/25	$10,614	$11,692
11/30/25	$10,719	$11,724
12/31/25	$10,901	$11,722
1/31/26	$10,994	$11,904
2/28/26	$11,010	$11,847
3/31/26	$10,961	$11,258
4/30/26	$11,163	$12,406
5/31/26	$11,236	$13,035
6/30/26	$11,305	$12,995
7/31/26	$11,345	$12,934

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 1/2/25
NAV	11.93	8.45
Russell 3000 Total Return Index	19.57	17.71

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Russell 2000^® Structured Alt Protection ETF^® - January

CPRY: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$36,587,710	3	0%	$361,367

WHAT DID THE FUND INVEST IN?

The Fund invests in a combination of FLEX^® Options on the iShares Russell2000^® ETF (IWM) to create a predetermined risk-reward profile that seeks to deliver upside returns to a cap, with 100% protection over the one-year outcome period before fees and expenses. The package combines a long call, a long at-the-money put, and a short out-of-the-money call—all sharing the same underlying ETF (IWM), expiration date, and European style—to establish the long position, downside protection, and upside cap. At the end of the outcome period, the positions will be reset for another one-year period.

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	112.0
Long Put Option	1.3
Short Call Option	(13.7)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Russell 2000^® Structured Alt Protection ETF^® - April

CPRA: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Russell 2000^® Structured Alt Protection ETF^® - April for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPRA	$72	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Russell 2000 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based Russell 3000 Index delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. Likewise, small caps experienced significant and sustained upside, supported by fundamental earnings growth momentum and attractive valuations. The Fund returned 8.71% (NAV) for the annual period ended July 31, 2026, versus 32.54% for the Russell 2000 Price Index and 19.57% for the broad-based benchmark Russell 3000 Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	Russell 3000 Total Return Index
4/1/25	$10,000	$9,996
4/30/25	$10,061	$9,928
5/31/25	$10,158	$10,558
6/30/25	$10,283	$11,094
7/31/25	$10,339	$11,338
8/31/25	$10,485	$11,601
9/30/25	$10,561	$12,001
10/31/25	$10,610	$12,258
11/30/25	$10,666	$12,292
12/31/25	$10,727	$12,290
1/31/26	$10,784	$12,480
2/28/26	$10,824	$12,421
3/31/26	$10,868	$11,803
4/30/26	$11,086	$13,008
5/31/26	$11,159	$13,667
6/30/26	$11,224	$13,625
7/31/26	$11,240	$13,561

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 4/1/25
NAV	8.71	9.16
Russell 3000 Total Return Index	19.57	25.65

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Russell 2000^® Structured Alt Protection ETF^® - April

CPRA: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$13,217,600	3	0%	$59,696

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	111.9
Long Put Option	2.3
Short Call Option	(14.7)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Russell 2000^® Structured Alt Protection ETF^® - July

CPRJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Russell 2000^® Structured Alt Protection ETF^® - July for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPRJ	$71	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Russell 2000 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based Russell 3000 Index delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. Likewise, small caps experienced significant and sustained upside, supported by fundamental earnings growth momentum and attractive valuations. The Fund returned 7.16% (NAV) for the annual period ended July 31, 2026, versus 32.54% for the Russell 2000 Price Index and 19.57% for the broad-based benchmark Russell 3000 Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	Russell 3000 Total Return Index
7/1/24	$10,000	$9,996
7/31/24	$10,263	$10,182
8/31/24	$10,312	$10,403
9/30/24	$10,361	$10,619
10/31/24	$10,361	$10,541
11/30/24	$10,603	$11,242
12/31/24	$10,464	$10,898
1/31/25	$10,587	$11,242
2/28/25	$10,439	$11,027
3/31/25	$10,189	$10,384
4/30/25	$10,082	$10,314
5/31/25	$10,230	$10,968
6/30/25	$10,579	$11,525
7/31/25	$10,612	$11,779
8/31/25	$10,768	$12,051
9/30/25	$10,846	$12,467
10/31/25	$10,891	$12,734
11/30/25	$10,936	$12,769
12/31/25	$10,989	$12,767
1/31/26	$11,080	$12,965
2/28/26	$11,112	$12,903
3/31/26	$11,063	$12,261
4/30/26	$11,248	$13,512
5/31/26	$11,322	$14,197
6/30/26	$11,359	$14,154
7/31/26	$11,334	$14,088

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 7/1/24
NAV	7.16	6.34
Russell 3000 Total Return Index	19.57	17.87

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Russell 2000^® Structured Alt Protection ETF^® - July

CPRJ: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$37,377,583	3	0%	$217,397

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	95.2
Long Put Option	8.0
Short Call Option	(3.9)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Russell 2000^® Structured Alt Protection ETF^® - October

CPRO: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

This annual shareholder report contains important information about the Calamos Russell 2000^® Structured Alt Protection ETF^® - October for the period of August 1, 2025 to July 31, 2026. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 866-363-9219.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Ticker	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
CPRO	$73	0.69%

HOW THE FUND PERFORMED

The Fund seeks to match the positive price returns of the Russell 2000 up to a stated cap while protecting against 100% of losses over a one-year outcome period (before fees and expenses). Protection guards against declines; the cap limits gains. Together, these features cause the Fund's return to differ from the index. The Fund's protective attributes were particularly evident during bouts of sharp volatility driven by the Iran conflict/oil shock, AI disruption, conflicting labor market and inflation signals, and unresolved questions about Fed independence and monetary policy. Even as the Fund continued to perform as designed, the broad-based Russell 3000 Index delivered solid performance (well above the Fund's outcome period cap) over the 12-month reporting period, spurred by the AI infrastructure build-out and broadening earnings growth beyond mega-cap tech. Likewise, small caps experienced significant and sustained upside, supported by fundamental earnings growth momentum and attractive valuations. The Fund returned 12.74% (NAV) for the annual period ended July 31, 2026, versus 32.54% for the Russell 2000 Price Index and 19.57% for the broad-based benchmark Russell 3000 Index. Since the reporting period and the Fund's outcome period don't align, the returns shown here may not reflect what the Fund seeks to provide over its current outcome period.

GROWTH OF $10,000

Table Summary
	NAV	Russell 3000 Total Return Index
10/1/24	$10,000	$9,995
10/31/24	$9,996	$9,922
11/30/24	$10,158	$10,582
12/31/24	$10,053	$10,258
1/31/25	$10,129	$10,582
2/28/25	$10,032	$10,379
3/31/25	$9,907	$9,774
4/30/25	$9,907	$9,708
5/31/25	$9,968	$10,324
6/30/25	$10,081	$10,848
7/31/25	$10,141	$11,087
8/31/25	$10,465	$11,344
9/30/25	$10,780	$11,735
10/31/25	$10,828	$11,987
11/30/25	$10,865	$12,019
12/31/25	$10,893	$12,017
1/31/26	$11,014	$12,203
2/28/26	$11,050	$12,145
3/31/26	$10,974	$11,541
4/30/26	$11,212	$12,719
5/31/26	$11,309	$13,363
6/30/26	$11,382	$13,322
7/31/26	$11,438	$13,260

AVERAGE ANNUAL TOTAL RETURNS (%)

Table Summary
AATR	1 YEAR	SINCE INCEPTION 10/1/24
NAV	12.74	7.63
Russell 3000 Total Return Index	19.57	16.64

The Fund's past performance is not a good predictor of the Fund's future performance.

Calamos Russell 2000^® Structured Alt Protection ETF^® - October

CPRO: NYSE Arca, Inc.

Annual Shareholder Report - July 31, 2026

KEY FUND STATISTICS

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Total Advisory Fees Paid
$26,192,060	3	0%	$210,020

WHAT DID THE FUND INVEST IN?

Table Summary
ASSET ALLOCATION	% OF NET ASSETS
Long Call Option	112.2
Long Put Option	0.4
Short Call Option	(12.8)

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

July

31,

2026

Visit

www.calamos.com/paperless

enroll.

You

can

view

shareholder

communications,

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Funds

TIMELY

INFORMATION

INSIDE

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Table

Contents

The

Funds

Disclaimers

(unaudited)

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Schedules

Investments

Notes

Financial

Statements

133

Report

Independent

Registered

Public

Accounting

Firm

158

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

162

Tax

Information

(unaudited)

173

The

Funds

www.calamos.com

FUND

TICKER

COMMENCEMENT

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

Series

Structured

Alt

Protection

ETF

January

CBTJ

2/4/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

CBTA

4/7/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

CBTY

7/8/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

CBTO

10/7/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

CBXJ

2/4/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

CBXA

4/7/2025

CBOE

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

CBXY

7/8/2025

CBOE

Calamos

Bitcoin

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

Series

Structured

Alt

Protection

ETF

CBTL

10/14/2025

CBOE

Calamos

Laddered

Bitcoin

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

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

Disclaimers

(unaudited)

ETF

FAMILY

FUNDS

ANNUAL

REPORT

S&P

The

“S&P 500

”

product

S&P

Dow

Jones

Indices

LLC

its

affiliates

(“SPDJI”)

and

has

been

licensed

for

use

Calamos

Advisors

LLC

(“Calamos

Advisors”).

Standard &

Poor’s

and

S&P

are

registered

trademarks

Standard &

Poor’s

Financial

Services

LLC

(“S&P”)

and

Dow

Jones

registered

trademark

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”).

Calamos

S&P 500

Structured

Alt

Protection

ETFs

are

not

sponsored,

endorsed,

sold

promoted

SPDJI,

Dow

Jones,

S&P,

any

their

respective

affiliates

(collectively,

“S&P

Dow

Jones

Indices”).

S&P

Dow

Jones

Indices

makes

representation

warranty,

express

implied,

the

owners

the

Fund

any

member

the

public

regarding

the

advisability

investing

securities

generally

the

Fund

particularly

the

ability

the

S&P 500

track

general

market

performance.

S&P

Dow

Jones

Indices’

only

relationship

Calamos

Advisors

with

respect

the

S&P 500

the

licensing

the

Index

and

certain

trademarks,

service

marks

and/or

trade

names

S&P

Dow

Jones

Indices

and/or

its

licensors.

The

S&P 500

determined,

composed

and

calculated

S&P

Dow

Jones

Indices

without

regard

Calamos

Advisors

the

Fund.

S&P

Dow

Jones

Indices

has

obligation

take

the

needs

Calamos

Advisors

the

owners

the

Fund

into

consideration

determining,

composing

calculating

the

S&P 500

S&P

Dow

Jones

Indices is

not

responsible

for

and

has

not

participated

the

determination

the

prices

and

amount

the

Fund

the

timing

the

issuance

sale

the

Fund

the

determination

calculation

the

equation

which

the

Fund

converted

into

cash,

surrendered

redeemed,

the

case

may

be.

S&P

Dow

Jones

Indices

has

obligation

liability

connection

with

the

administration,

marketing

trading

the

Fund.

There

assurance

that

investment

products

based

the

S&P 500

will

accurately

track

index

performance

provide

positive

investment

returns.

S&P

Dow

Jones

Indices

LLC

not

investment

advisor.

Inclusion

security

within

index

not

recommendation

S&P

Dow

Jones

Indices

buy,

sell,

hold

such

security,

nor

considered

investment

advice.

S&P

DOW

JONES

INDICES

DOES

NOT

GUARANTEE

THE

ADEQUACY,

ACCURACY,

TIMELINESS

AND/OR

THE

COMPLETENESS

THE

S&P

500

ANY

DATA

THERETO

ANY

COMMUNICATION,

INCLUDING

BUT

NOT

LIMITED

TO,

ORAL

WRITTEN

COMMUNICATION

(INCLUDING

ELECTRONIC

COMMUNICATIONS)

WITH

RESPECT

THERETO.

S&P

DOW

JONES

INDICES

SHALL

NOT

SUBJECT

ANY

DAMAGES

LIABILITY

FOR

ANY

ERRORS,

OMISSIONS,

DELAYS

THEREIN.

S&P

DOW

JONES

INDICES

MAKES

EXPRESS

IMPLIED

WARRANTIES,

AND

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES,

MERCHANTABILITY

FITNESS

FOR

PARTICULAR

PURPOSE

USE

RESULTS

OBTAINED

CALAMOS

ADVISORS,

OWNERS

THE

FUND,

ANY

OTHER

PERSON

ENTITY

FROM

THE

USE

THE

S&P 500

WITH

RESPECT

ANY

DATA

THERETO.

WITHOUT

LIMITING

ANY

THE

FOREGOING,

EVENT

WHATSOEVER

SHALL

S&P

DOW

JONES

INDICES

LIABLE

FOR

ANY

INDIRECT,

SPECIAL,

INCIDENTAL,

PUNITIVE,

CONSEQUENTIAL

DAMAGES

INCLUDING

BUT

NOT

LIMITED

TO,

LOSS

PROFITS,

TRADING

LOSSES,

LOST

TIME

GOODWILL,

EVEN

THEY

HAVE

BEEN

ADVISED

THE

POSSIBILITY

SUCH

DAMAGES,

WHETHER

CONTRACT,

TORT,

STRICT

LIABILITY,

OTHERWISE.

THERE

ARE

THIRD

PARTY

BENEFICIARIES

ANY

AGREEMENTS

ARRANGEMENTS

BETWEEN

S&P

DOW

JONES

INDICES

AND

CALAMOS

ADVISORS,

OTHER

THAN

THE

LICENSORS

S&P

DOW

JONES

INDICES.

Nasdaq

;

Nasdaq-100

and

QQQ

are

registered

trademarks

Nasdaq,

Inc.

(which

with

its

affiliates

referred

the

“Corporations”)

and

are

licensed

for

use

Calamos

Advisors

LLC.

The

Product(s)

have

not

been

passed

the

Corporations

their

legality

suitability.

The

Product(s)

are

not

issued,

endorsed,

sold,

promoted

the

Corporations.

THE

CORPORATIONS

MAKE

WARRANTIES

AND

BEAR

LIABILITY

WITH

RESPECT

THE

PRODUCT(S).

Russell

The

Calamos

Russell 2000

Structured

Alt

Protection

ETFs

have

been

developed

solely

Calamos

Advisors.

The

Fund

not

any

way

connected

sponsored,

endorsed,

sold

promoted

MerQube,

any

Data

Provider,

any

other

third

party,

and

none

such

parties

make

any

representation

regarding

the

advisability

investing

securities

generally

the

Funds

particularly,

nor

they

have

any

liability

for

any

errors,

omissions,

interruptions

the

Input

Data,

the

MerQube

Large-Cap

Vol

Advantage

Index

(“MQUSLVA”),

the

MerQube

Large-Cap

Vol

Advantage

Autocallable

Index

(“MQAUTOCL”),

the

MerQube

Nasdaq-100

Vol

Advantage

Index

(“MQUSQVA”),

the

MerQube

Nasdaq-100

Vol

Advantage

Autocallable

Index

(“MQAUTOQL”),

the

MerQube

Large-Cap

Vol

Advantage

Autocallable

Growth

Index

(“MQAUTOCG,”

and

together

with

MQUSLVA,

MQUSQVA,

MQAUTOCL,

and

MQAUTOQL,

the

“Indices”),

any

associated

data.

Neither

MerQube

nor

the

Data

Providers

make

any

representation

warranty,

express

implied,

the

owners

the

Funds

any

member

the

public,

any

kind,

including

regarding

the

ability

the

Indices

track

market

performance

any

asset

class.

The

Indices

are

determined,

composed

and

calculated

MerQube

without

regard

Calamos

Advisors

LLC

the

Funds.

MerQube

and

Data

Providers

have

obligation

take

the

needs

Calamos

Advisors

LLC

the

owners

the

Funds

into

consideration

determining,

composing

calculating

the

Indices.

Neither

MerQube

nor

any

Data

Provider

responsible

for

and

have

not

participated

the

determination

the

prices

the

Funds,

the

amounts

issued

sold,

the

timing

the

issuance

sale

the

Funds

the

determination

calculation

the

equation

which

the

Funds

are

converted

into

cash,

surrendered

redeemed,

the

case

may

be.

MerQube

and

Data

Providers

have

obligation

liability

connection

with

the

administration,

marketing

trading

the

Funds.

There

assurance

that

investment

products

based

the

Indices

will

accurately

track

index

performance

provide

positive

investment

returns.

MerQube

not

investment

advisor.

Inclusion

security

within

index

not

recommendation

MerQube

buy,

sell,

hold

such

security,

nor

considered

investment

advice.

NEITHER

MERQUBE

NOR

ANY

OTHER

DATA

PROVIDER

GUARANTEES

THE

ADEQUACY,

ACCURACY,

TIMELINESS

AND/OR

THE

COMPLETENESS

THE

INDICES

ANY

DATA

THERETO

(INCLUDING

DATA

INPUTS)

ANY

COMMUNICATION

WITH

RESPECT

THERETO.

NEITHER

MERQUBE

NOR

ANY

OTHER

DATA

PROVIDERS

SHALL

SUBJECT

ANY

DAMAGES

LIABILITY

FOR

ANY

ERRORS,

OMISSIONS,

DELAYS

THEREIN.

MERQUBE

AND

ITS

DATA

PROVIDERS

MAKE

EXPRESS

IMPLIED

WARRANTIES,

AND

THEY

EXPRESSLY

DISCLAIM

ALL

WARRANTIES,

MERCHANTABILITY

FITNESS

FOR

PARTICULAR

PURPOSE

USE

RESULTS

OBTAINED

CALAMOS

ADVISORS

LLC,

OWNERS

THE

FUNDS,

ANY

OTHER

PERSON

ENTITY

FROM

THE

USE

THE

INDICES

WITH

RESPECT

ANY

DATA

THERETO.

WITHOUT

LIMITING

ANY

THE

FOREGOING,

EVENT

WHATSOEVER

SHALL

MERQUBE

DATA

PROVIDERS

LIABLE

FOR

ANY

INDIRECT,

SPECIAL,

INCIDENTAL,

PUNITIVE,

CONSEQUENTIAL

DAMAGES

INCLUDING

BUT

NOT

LIMITED

TO,

LOSS

PROFITS,

TRADING

LOSSES,

LOST

TIME

GOODWILL,

EVEN

THEY

HAVE

BEEN

ADVISED

THE

POSSIBILITY

SUCH

DAMAGES,

WHETHER

CONTRACT,

TORT,

STRICT

LIABILITY,

OTHERWISE.

THE

FOREGOING

REFERENCES

“MERQUBE”

AND/OR

“DATA

PROVIDER”

SHALL

CONSTRUED

INCLUDE

ANY

AND

ALL

SERVICE

PROVIDERS,

CONTRACTORS,

EMPLOYEES,

AGENTS,

AND

AUTHORIZED

REPRESENTATIVES

THE

REFERENCED

PARTY.

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

See

accompanying

Notes

Financial

Statements

CALAMOS

ANTETOKOUNMPO

GLOBAL

SUSTAINABLE

EQUITIES

ETF

CALAMOS

AUTOCALLABLE

INCOME

ETF

CALAMOS

NASDAQ

AUTOCALLABLE

INCOME

ETF

CALAMOS

AUTOCALLABLE

GROWTH

ETF

ASSETS

Investments

securities,

value

18,709,512

160,599,441

42,488,764

18,369,931

Investments

affiliated

funds,

value

—

939,490,314

232,140,205

85,671,912

Cash

with

custodian

78,482

19,995,343

4,358,833

851,197

Foreign

currency

575

—

Unrealized

appreciation

total

return

swaps

—

65,113,992

7,747,268

953,904

Receivables:

Accrued

dividends

11,275

—

Total

assets

18,799,844

1,185,199,090

286,735,070

105,846,944

LIABILITIES

Payables:

Due

counterparty

for

swap

contracts

—

232,133

204,469

—

Affiliates:

Investment

advisory

fees

14,961

595,721

143,863

47,728

Other

accounts

payable

and

accrued

liabilities

3,437

—

Total

liabilities

18,398

827,854

348,332

47,728

NET

ASSETS

18,781,446

1,184,371,236

286,386,738

105,799,216

COMPOSITION

NET

ASSETS

Paid

capital

13,438,234

1,111,511,720

277,088,242

104,410,990

Accumulated

distributable

earnings

5,343,212

72,859,516

9,298,496

1,388,226

NET

ASSETS

18,781,446

1,184,371,236

286,386,738

105,799,216

outstanding

(no

par

value;

unlimited

number

authorized)

504,000

44,200,001

11,250,001

3,850,001

Net

asset

value

per

37.26

26.80

25.46

27.48

—

Investments

securities,

cost

13,494,253

160,577,699

42,483,106

18,367,152

Investments

affiliated

funds,

cost

—

930,785,042

230,217,745

85,214,097

Foreign

currency,

cost

575

—

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

CALAMOS

CEF

INCOME

ARBITRAGE

ETF

CALAMOS

CONVERTIBLE

EQUITY

ALTERNATIVE

ETF

CALAMOS

NASDAQ

EQUITY

INCOME

ETF

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

ASSETS

Investments

securities,

value

30,317,290

33,451,430

20,896,277

27,114,737

Cash

with

custodian

2,906,879

2,203,059

154,293

127,522

Receivables:

Investments

sold

602,375

29,019,829

—

Accrued

interest

and

dividends

72,751

156,872

9,466

—

Total

assets

33,899,295

64,831,190

21,060,036

27,242,259

LIABILITIES

Options

written,

value

—

9,392,345

Collateral

for

securities

loaned

—

3,248,612

—

Payables:

Investments

purchased

—

99,613

—

Fund

redeemed

—

30,730,704

—

Affiliates:

Investment

advisory

fees

21,010

19,599

13,399

34,506

Total

liabilities

21,010

34,098,528

13,399

9,426,851

NET

ASSETS

33,878,285

30,732,662

21,046,637

17,815,408

COMPOSITION

NET

ASSETS

Paid

capital

32,019,805

30,043,903

21,002,641

20,412,381

Accumulated

distributable

earnings

(loss)

1,858,480

688,759

43,996

(

2,596,973

)

NET

ASSETS

33,878,285

30,732,662

21,046,637

17,815,408

outstanding

(no

par

value;

unlimited

number

authorized)

1,150,001

650,001

700,001

750,001

Net

asset

value

per

29.46

47.28

30.07

23.75

—

Investments

securities,

cost

28,663,685

33,513,403

20,382,571

28,837,168

Options

written,

premium

—

10,667,096

Includes

securities

loan

—

3,146,502

—

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

TAX-AWARE

COLLATERAL

ETF

ASSETS

Investments

securities,

value

7,723,359

8,204,096

6,125,446

1,278,382,250

Cash

with

custodian

43,650

53,793

19,806

3,171,002

Receivables:

Fund

sold

—

1,011,389

Due

from

Investment

adviser

—

49,865

Total

assets

7,767,009

8,257,889

6,145,252

1,282,614,506

LIABILITIES

Options

written,

value

2,910,320

3,344,214

—

(1)

—

Payables:

Investments

purchased

—

994,854

Affiliates:

Investment

advisory

fees

2,846

2,878

3,593

189,486

Total

liabilities

2,913,166

3,347,092

3,593

1,184,340

NET

ASSETS

4,853,843

4,910,797

6,141,659

1,281,430,166

COMPOSITION

NET

ASSETS

Paid

capital

5,242,710

5,085,832

6,237,891

1,269,845,873

Accumulated

distributable

earnings

(loss)

(

388,867

)

(

175,035

)

(

96,232

)

11,584,293

NET

ASSETS

4,853,843

4,910,797

6,141,659

1,281,430,166

outstanding

(no

par

value;

unlimited

number

authorized)

200,001

250,001

12,670,001

Net

asset

value

per

24.27

24.55

24.57

101.14

—

Investments

securities,

cost

7,643,044

8,486,876

7,303,196

1,266,797,957

Options

written,

premium

2,844,157

3,637,756

817,794

—

(1)

Amount

less

than

$1.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

ASSETS

Investments

securities,

value

34,945,157

7,477,226

7,224,688

27,541,176

Cash

with

custodian

194,492

81,119

64,700

126,284

Total

assets

35,139,649

7,558,345

7,289,388

27,667,460

LIABILITIES

Options

written,

value

11,287,462

2,361,959

2,409,207

Payables:

Affiliates:

Investment

advisory

fees

38,986

2,832

2,784

16,182

Total

liabilities

11,326,448

2,364,791

2,411,991

16,194

NET

ASSETS

23,813,201

5,193,554

4,877,397

27,651,266

COMPOSITION

NET

ASSETS

Paid

capital

40,810,690

6,679,119

7,840,395

31,635,752

Accumulated

distributable

(loss)

(

16,997,489

)

(

1,485,565

)

(

2,962,998

)

(

3,984,486

)

NET

ASSETS

23,813,201

5,193,554

4,877,397

27,651,266

outstanding

(no

par

value;

unlimited

number

authorized)

1,350,001

250,001

1,400,001

Net

asset

value

per

17.64

20.77

19.51

19.75

—

Investments

securities,

cost

39,127,808

7,648,953

7,550,647

31,471,199

Options

written,

premium

10,736,460

2,344,110

2,544,877

658,946

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

ASSETS

Investments

securities,

value

25,516,942

6,428,561

8,665,085

9,928,864

Cash

with

custodian

127,711

70,784

61,777

35,317

Total

assets

25,644,653

6,499,345

8,726,862

9,964,181

LIABILITIES

Options

written,

value

8,560,565

2,227,313

3,219,092

Payables:

Affiliates:

Investment

advisory

fees

34,705

2,546

3,239

5,827

Total

liabilities

8,595,270

2,229,859

3,222,331

5,831

NET

ASSETS

17,049,383

4,269,486

5,504,531

9,958,350

COMPOSITION

NET

ASSETS

Paid

capital

23,499,719

6,127,303

7,177,097

10,824,030

Accumulated

distributable

(loss)

(

6,450,336

)

(

1,857,817

)

(

1,672,566

)

(

865,680

)

NET

ASSETS

17,049,383

4,269,486

5,504,531

9,958,350

outstanding

(no

par

value;

unlimited

number

authorized)

850,001

200,001

250,001

450,001

Net

asset

value

per

20.06

21.35

22.02

22.13

—

Investments

securities,

cost

28,127,512

6,825,375

9,056,118

11,909,511

Options

written,

premium

8,658,766

1,961,223

3,605,730

806,144

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

CALAMOS

LADDERED

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

ASSETS

Investments

affiliated

funds,

value

125,468,241

2,341,308

2,633,100

1,488,377

Cash

with

custodian

131,618

2,183

3,644

1,190

Total

assets

125,599,859

2,343,491

2,636,744

1,489,567

LIABILITIES

Payables:

Affiliates:

Investment

advisory

fees

19,359

199

414

126

Total

liabilities

19,359

199

414

126

NET

ASSETS

125,580,500

2,343,292

2,636,330

1,489,441

COMPOSITION

NET

ASSETS

Paid

capital

118,114,171

2,457,382

3,263,653

1,842,134

Accumulated

distributable

earnings

(loss)

7,466,329

(

114,090

)

(

627,323

)

(

352,693

)

NET

ASSETS

125,580,500

2,343,292

2,636,330

1,489,441

outstanding

(no

par

value;

unlimited

number

authorized)

4,475,001

100,001

150,001

75,001

Net

asset

value

per

28.06

23.43

17.58

19.86

—

Investments

affiliated

funds,

cost

117,929,108

2,454,186

3,260,422

1,830,880

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

FEBRUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MARCH

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

APRIL

ASSETS

Investments

securities,

value

28,340,867

35,810,931

33,666,904

23,649,350

Cash

with

custodian

100,919

203,228

183,178

144,824

Total

assets

28,441,786

36,014,159

33,850,082

23,794,174

LIABILITIES

Options

written,

value

1,900,148

2,275,947

2,577,613

2,770,653

Payables:

Affiliates:

Investment

advisory

fees

15,509

58,222

35,880

11,800

Total

liabilities

1,915,657

2,334,169

2,613,493

2,782,453

NET

ASSETS

26,526,129

33,679,990

31,236,589

21,011,721

COMPOSITION

NET

ASSETS

Paid

capital

27,714,252

35,256,228

32,950,136

22,477,553

Accumulated

distributable

(loss)

(

1,188,123

)

(

1,576,238

)

(

1,713,547

)

(

1,465,832

)

NET

ASSETS

26,526,129

33,679,990

31,236,589

21,011,721

outstanding

(no

par

value;

unlimited

number

authorized)

1,025,001

1,275,001

1,200,001

775,001

Net

asset

value

per

25.88

26.42

26.03

27.11

—

Investments

securities,

cost

26,728,041

34,156,207

31,813,823

21,765,577

Options

written,

premium

1,188,203

1,590,017

1,534,145

1,437,418

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MAY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JUNE

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

AUGUST

ASSETS

Investments

securities,

value

59,622,794

27,057,764

48,248,214

44,173,746

Cash

with

custodian

432,538

224,472

395,275

115,801

Receivables:

Investments

sold

—

48,913,639

Total

assets

60,055,332

27,282,236

48,643,489

93,203,186

LIABILITIES

Options

written,

value

3,334,104

839,733

1,935,644

1,977,844

Payables:

Investments

purchased

—

48,588,182

Affiliates:

Investment

advisory

fees

96,689

27,575

26,550

73,778

Total

liabilities

3,430,793

867,308

1,962,194

50,639,804

NET

ASSETS

56,624,539

26,414,928

46,681,295

42,563,382

COMPOSITION

NET

ASSETS

Paid

capital

67,347,925

28,333,935

53,747,850

50,833,173

Accumulated

distributable

(loss)

(

10,723,386

)

(

1,919,007

)

(

7,066,555

)

(

8,269,791

)

NET

ASSETS

56,624,539

26,414,928

46,681,295

42,563,382

outstanding

(no

par

value;

unlimited

number

authorized)

1,925,001

950,001

1,675,001

1,525,001

Net

asset

value

per

29.42

27.81

27.87

27.91

—

Investments

securities,

cost

58,364,630

27,285,468

48,167,281

44,175,553

Options

written,

premium

2,846,184

1,234,009

2,199,428

1,976,900

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

NOVEMBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

ASSETS

Investments

securities,

value

35,077,615

28,414,187

36,635,406

47,641,016

Cash

with

custodian

124,121

56,602

132,254

181,876

Total

assets

35,201,736

28,470,789

36,767,660

47,822,892

LIABILITIES

Options

written,

value

2,981,523

1,825,502

1,869,785

2,733,741

Payables:

Affiliates:

Investment

advisory

fees

36,920

15,563

60,170

51,699

Total

liabilities

3,018,443

1,841,065

1,929,955

2,785,440

NET

ASSETS

32,183,293

26,629,724

34,837,705

45,037,452

COMPOSITION

NET

ASSETS

Paid

capital

32,473,078

27,097,943

35,045,268

45,661,121

Accumulated

distributable

(loss)

(

289,785

)

(

468,219

)

(

207,563

)

(

623,669

)

NET

ASSETS

32,183,293

26,629,724

34,837,705

45,037,452

outstanding

(no

par

value;

unlimited

number

authorized)

1,150,001

950,001

1,250,001

1,675,001

Net

asset

value

per

27.99

28.03

27.87

26.89

—

Investments

securities,

cost

31,595,881

26,497,232

34,773,574

45,255,146

Options

written,

premium

1,333,534

1,208,307

1,556,051

2,142,104

www.calamos.com

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

MARCH

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

JUNE

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

ASSETS

Investments

securities,

value

16,683,115

43,219,881

24,036,295

23,777,589

Cash

with

custodian

124,765

372,728

44,960

116,360

Receivables:

Investments

sold

—

3,765,347

Total

assets

16,807,880

43,592,609

24,081,255

27,659,296

LIABILITIES

Options

written,

value

2,018,871

1,557,095

2,866,155

1,978,482

Payables:

Investments

purchased

—

313,314

Fund

redeemed

—

3,423,603

Affiliates:

Investment

advisory

fees

17,024

44,003

25,831

32,468

Total

liabilities

2,035,895

1,601,098

2,891,986

5,747,867

NET

ASSETS

14,771,985

41,991,511

21,189,269

21,911,429

COMPOSITION

NET

ASSETS

Paid

capital

16,260,353

50,830,380

23,321,180

22,789,193

Accumulated

distributable

(loss)

(

1,488,368

)

(

8,838,869

)

(

2,131,911

)

(

877,764

)

NET

ASSETS

14,771,985

41,991,511

21,189,269

21,911,429

outstanding

(no

par

value;

unlimited

number

authorized)

550,001

1,525,001

750,001

800,001

Net

asset

value

per

26.86

27.54

28.25

27.39

—

Investments

securities,

cost

15,349,150

44,826,337

21,143,927

22,469,439

Options

written,

premium

1,061,375

3,080,886

1,218,462

1,306,137

See

accompanying

Notes

Financial

Statements

Assets

and

Liabilities

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

ASSETS

Investments

securities,

value

41,468,347

15,091,977

38,565,721

29,479,670

Cash

with

custodian

147,457

80,167

280,941

60,629

Receivables:

Investments

sold

—

3,211,218

Total

assets

41,615,804

15,172,144

38,846,662

32,751,517

LIABILITIES

Options

written,

value

5,006,684

1,946,807

1,449,497

3,346,396

Payables:

Investments

purchased

—

364,528

Fund

redeemed

—

2,831,552

Affiliates:

Investment

advisory

fees

21,410

7,737

19,582

16,981

Total

liabilities

5,028,094

1,954,544

1,469,079

6,559,457

NET

ASSETS

36,587,710

13,217,600

37,377,583

26,192,060

COMPOSITION

NET

ASSETS

Paid

capital

39,746,394

13,890,608

46,001,556

26,459,116

Accumulated

distributable

(loss)

(

3,158,684

)

(

673,008

)

(

8,623,973

)

(

267,056

)

NET

ASSETS

36,587,710

13,217,600

37,377,583

26,192,060

outstanding

(no

par

value;

unlimited

number

authorized)

1,300,001

475,001

1,350,001

925,001

Net

asset

value

per

28.14

27.83

27.69

28.32

—

Investments

securities,

cost

37,021,547

13,900,158

39,181,079

26,075,403

Options

written,

premium

2,125,193

1,162,354

2,146,613

1,526,669

Statements

Operations

Year

Ended

July

31,

2026

www.calamos.com

See

accompanying

Notes

Financial

Statements

CALAMOS

ANTETOKOUNMPO

GLOBAL

SUSTAINABLE

EQUITIES

ETF

CALAMOS

AUTOCALLABLE

INCOME

ETF

CALAMOS

NASDAQ

AUTOCALLABLE

INCOME

ETF

(a)

CALAMOS

AUTOCALLABLE

GROWTH

ETF

(b)

INVESTMENT

INCOME

Interest

5,883‌

558,942‌

74,706‌

13,155‌

(Amortization)/accretion

investment

securities

—‌

7,529,067‌

811,241‌

94,614‌

Dividends

271,155‌

—‌

Dividend

taxes

withheld

(

19,322‌

)

—‌

Total

investment

income

257,716‌

8,088,009‌

885,947‌

107,769‌

EXPENSES

Investment

advisory

fees

167,507‌

4,567,984‌

710,429‌

108,855‌

Total

expenses

167,507‌

4,567,984‌

710,429‌

108,855‌

Less

expense

reductions

—‌

(

304,475‌

)

(

66,953‌

)

(

15,781‌

)

Net

expenses

167,507‌

4,263,509‌

643,476‌

93,074‌

NET

INVESTMENT

INCOME

90,209‌

3,824,500‌

242,471‌

14,695‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

296,042‌

(c)

13,855‌

(

654‌

)

—‌

In-kind

redemptions

633,103‌

6,975,021‌

(d)

816,395‌

10,227‌

(d)

Foreign

currency

transactions

(

3,014‌

)

—‌

Total

return

swaps

—‌

(

995,345‌

)

(

376,236‌

)

(

40,967‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Investments

2,028,548‌

(e)

22,536‌

5,658‌

2,779‌

Affiliated

funds

—‌

8,705,272‌

1,922,460‌

457,815‌

Foreign

currency

translations

105‌

—‌

Total

return

swaps

—‌

64,060,910‌

7,747,268‌

953,904‌

NET

GAIN

2,954,784‌

78,782,249‌

10,114,891‌

1,383,758‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

3,044,993‌

82,606,749‌

10,357,362‌

1,398,453‌

(a)

Calamos

Nasdaq

Autocallable

Income

ETF

commenced

operations

November

20,

2025.

(b)

Calamos

Autocallable

Growth

ETF

commenced

operations

April

16,

2026.

(c)

Net

foreign

capital

gains

tax

$(14).

(d)

Net

realized

gain

(loss)

from

in-kind

redemptions

includes

$8,532

and

$10,220

from

affiliated

funds.

(e)

Net

change

deferred

capital

gains

tax

$(638).

See

accompanying

Notes

Financial

Statements

Operations

Year

Ended

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

CEF

INCOME

ARBITRAGE

ETF

CALAMOS

CONVERTIBLE

EQUITY

ALTERNATIVE

ETF

CALAMOS

NASDAQ

EQUITY

INCOME

ETF

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

INVESTMENT

INCOME

Interest

7,214‌

156,048‌

8,367‌

44,067‌

(Amortization)/accretion

investment

securities

—‌

(

1,471,315‌

)

—‌

725,336‌

Dividends

2,429,253‌

351,474‌

1,348,000‌

—‌

Dividend

taxes

withheld

—‌

(

635‌

)

—‌

Securities

lending

income,

net

fees

—‌

11,228‌

—‌

Total

investment

income

(loss)

2,436,467‌

(

953,200‌

)

1,356,367‌

769,403‌

EXPENSES

Investment

advisory

fees

196,521‌

129,856‌

192,979‌

210,407‌

Total

expenses

196,521‌

129,856‌

192,979‌

210,407‌

NET

INVESTMENT

INCOME

(LOSS)

2,239,946‌

(

1,083,056‌

)

1,163,388‌

558,996‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

(

218,853‌

)

3,512,510‌

(

69,722‌

)

769‌

In-kind

redemptions

55,294‌

5,506,732‌

1,892,448‌

766,562‌

Purchased

options

—‌

(

611,918‌

)

(

9,211,792‌

)

Written

options

—‌

24,411‌

5,531,848‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

916,616‌

(

1,672,734‌

)

(

452,789‌

)

27,320‌

Purchased

options

—‌

85,844‌

(

477,699‌

)

Written

options

—‌

664,540‌

NET

GAIN

(LOSS)

753,057‌

7,346,508‌

868,274‌

(

2,698,452‌

)

NET

INCREASE

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

2,993,003‌

6,263,452‌

2,031,662‌

(

2,139,456‌

)

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

(a)

CALAMOS

TAX-AWARE

COLLATERAL

ETF

(b)

INVESTMENT

INCOME

Interest

10,415‌

2,652‌

1,505‌

46,331‌

(Amortization)/accretion

investment

securities

118,445‌

193,111‌

179,529‌

—‌

Total

investment

income

128,860‌

195,763‌

181,034‌

46,331‌

EXPENSES

Investment

advisory

fees

35,137‌

36,884‌

34,946‌

533,922‌

Total

expenses

35,137‌

36,884‌

34,946‌

533,922‌

Less

expense

reductions

—‌

(

140,506‌

)

Net

expenses

35,137‌

36,884‌

34,946‌

393,416‌

NET

INVESTMENT

INCOME

(LOSS)

93,723‌

158,879‌

146,088‌

(

347,085‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

63‌

124‌

(

6‌

)

—‌

In-kind

redemptions

248,815‌

158,401‌

160,906‌

—‌

Purchased

options

(

3,348,367‌

)

(

1,373,732‌

)

—‌

Written

options

1,895,619‌

817,930‌

—‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

8,734‌

597‌

(

862‌

)

—‌

Purchased

options

351,121‌

(

235,905‌

)

(

1,176,888‌

)

11,584,293‌

Written

options

439,717‌

379,035‌

817,794‌

—‌

NET

GAIN

(LOSS)

(

404,298‌

)

(

253,550‌

)

(

199,056‌

)

11,584,293‌

NET

INCREASE

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

(

310,575‌

)

(

94,671‌

)

(

52,968‌

)

11,237,208‌

(a)

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

(b)

Calamos

Tax-Aware

Collateral

ETF

commenced

operations

April

17,

2026.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Operations

Year

Ended

July

31,

2026

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

(a)

INVESTMENT

INCOME

Interest

26,862‌

9,062‌

3,151‌

6,272‌

(Amortization)/accretion

investment

securities

607,268‌

51,995‌

341,825‌

689,509‌

Total

investment

income

634,130‌

61,057‌

344,976‌

695,781‌

EXPENSES

Investment

advisory

fees

224,010‌

25,461‌

70,868‌

140,489‌

Total

expenses

224,010‌

25,461‌

70,868‌

140,489‌

NET

INVESTMENT

INCOME

410,120‌

35,596‌

274,108‌

555,292‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

(

130‌

)

(

261‌

)

4,276‌

(

3,060‌

)

In-kind

redemptions

78,606‌

154,752‌

(

54,964‌

)

558,180‌

Purchased

options

(

14,791,620‌

)

(

2,387,929‌

)

(

3,058,968‌

)

(

1,843,677‌

)

Written

options

1,348,445‌

622,759‌

80,982‌

65,596‌

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

32,731‌

4,342‌

879‌

(

3,870‌

)

Purchased

options

(

2,699,086‌

)

(

52,749‌

)

(

230,031‌

)

(

3,926,153‌

)

Written

options

(

351,676‌

)

143,448‌

186,809‌

658,934‌

NET

(LOSS)

(

16,382,730‌

)

(

1,515,638‌

)

(

3,071,017‌

)

(

4,494,050‌

)

NET

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

(

15,972,610‌

)

(

1,480,042‌

)

(

2,796,909‌

)

(

3,938,758‌

)

(a)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

(a)

INVESTMENT

INCOME

Interest

21,918‌

8,778‌

5,075‌

2,158‌

(Amortization)/accretion

investment

securities

364,436‌

104,780‌

284,295‌

254,009‌

Total

investment

income

386,354‌

113,558‌

289,370‌

256,167‌

EXPENSES

Investment

advisory

fees

141,331‌

35,717‌

57,089‌

50,360‌

Total

expenses

141,331‌

35,717‌

57,089‌

50,360‌

NET

INVESTMENT

INCOME

245,023‌

77,841‌

232,281‌

205,807‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments,

excluding

purchased

options

(

676‌

)

47‌

568‌

6‌

In-kind

redemptions

1,641,838‌

846,652‌

(

98,153‌

)

156,091‌

Purchased

options

(

8,288,263‌

)

(

3,801,048‌

)

(

2,684,195‌

)

(

5,672‌

)

Written

options

2,025,421‌

1,353,488‌

865,747‌

(

158‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Investments,

excluding

purchased

options

18,869‌

9,690‌

473‌

(

1,226‌

)

Purchased

options

(

1,861,680‌

)

(

104,205‌

)

(

280,740‌

)

(

1,979,421‌

)

Written

options

227,618‌

169,301‌

444,147‌

806,140‌

NET

(LOSS)

(

6,236,873‌

)

(

1,526,075‌

)

(

1,752,153‌

)

(

1,024,240‌

)

NET

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

(

5,991,850‌

)

(

1,448,234‌

)

(

1,519,872‌

)

(

818,433‌

)

(a)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

See

accompanying

Notes

Financial

Statements

Operations

Year

Ended

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

LADDERED

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

(a)

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

(b)

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

(c)

INVESTMENT

INCOME

Interest

2,338‌

164‌

602‌

250‌

Dividends

from

affiliated

funds

—‌

32,450‌

10,274‌

23,840‌

Total

investment

income

2,338‌

32,614‌

10,876‌

24,090‌

EXPENSES

Investment

advisory

fees

97,485‌

1,662‌

2,434‌

1,225‌

Total

expenses

97,485‌

1,662‌

2,434‌

1,225‌

NET

INVESTMENT

INCOME

(LOSS)

(

95,147‌

)

30,952‌

8,442‌

22,865‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

566,628‌

(d)

—‌

(

146,640‌

)

(d)

—‌

Affiliated

funds

—‌

(

1,212‌

)

(

75,266‌

)

(

10,190‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Affiliated

funds

5,184,223‌

(

112,878‌

)

(

627,322‌

)

(

342,503‌

)

NET

GAIN

(LOSS)

5,750,851‌

(

114,090‌

)

(

849,228‌

)

(

352,693‌

)

NET

INCREASE

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

5,655,704‌

(

83,138‌

)

(

840,786‌

)

(

329,828‌

)

(a)

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

(b)

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

(c)

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

(d)

Net

realized

gain

(loss)

from

in-kind

redemptions

includes

$566,628

and

$(146,640)

from

affiliated

funds.

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

FEBRUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MARCH

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

APRIL

INVESTMENT

INCOME

Interest

3,393‌

4,300‌

2,538‌

1,834‌

Total

investment

income

3,393‌

4,300‌

2,538‌

1,834‌

EXPENSES

Investment

advisory

fees

165,294‌

194,887‌

177,944‌

115,262‌

Total

expenses

165,294‌

194,887‌

177,944‌

115,262‌

NET

INVESTMENT

(LOSS)

(

161,901‌

)

(

190,587‌

)

(

175,406‌

)

(

113,428‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

3,597,526‌

3,811,761‌

4,299,968‌

3,133,591‌

Purchased

options

(

1,075,687‌

)

(

1,458,899‌

)

(

1,371,919‌

)

(

1,315,592‌

)

Written

options

(

1,011,761‌

)

(

1,084,964‌

)

(

1,151,241‌

)

(

700,779‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Purchased

options

535,146‌

1,009,247‌

382,245‌

276,077‌

Written

options

(

426,880‌

)

(

320,053‌

)

(

380,574‌

)

(

216,299‌

)

NET

GAIN

1,618,344‌

1,957,092‌

1,778,479‌

1,176,998‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

1,456,443‌

1,766,505‌

1,603,073‌

1,063,570‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Operations

Year

Ended

July

31,

2026

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MAY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JUNE

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

AUGUST

INVESTMENT

INCOME

Interest

10,754‌

2,801‌

8,217‌

9,393‌

Total

investment

income

10,754‌

2,801‌

8,217‌

9,393‌

EXPENSES

Investment

advisory

fees

392,213‌

95,271‌

289,698‌

303,421‌

Total

expenses

392,213‌

95,271‌

289,698‌

303,421‌

NET

INVESTMENT

(LOSS)

(

381,459‌

)

(

92,470‌

)

(

281,481‌

)

(

294,028‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

15,357,798‌

2,758,677‌

8,934,922‌

8,083,175‌

Purchased

options

(

2,912,572‌

)

(

253,388‌

)

(

2,444,765‌

)

(

2,299,551‌

)

Written

options

(

8,434,180‌

)

(

1,832,192‌

)

(

3,730,127‌

)

(

2,749,459‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Purchased

options

(

4,824,402‌

)

(

625,767‌

)

(

552,254‌

)

86‌

Written

options

3,992,953‌

725,820‌

629,251‌

2‌

NET

GAIN

3,179,597‌

773,150‌

2,837,027‌

3,034,253‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

2,798,138‌

680,680‌

2,555,546‌

2,740,225‌

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

NOVEMBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

INVESTMENT

INCOME

Interest

6,198‌

4,334‌

5,600‌

5,568‌

Total

investment

income

6,198‌

4,334‌

5,600‌

5,568‌

EXPENSES

Investment

advisory

fees

215,211‌

166,777‌

207,695‌

317,712‌

Total

expenses

215,211‌

166,777‌

207,695‌

317,712‌

NET

INVESTMENT

(LOSS)

(

209,013‌

)

(

162,443‌

)

(

202,095‌

)

(

312,144‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

3,741,842‌

2,577,485‌

3,015,027‌

6,327,282‌

Purchased

options

(

1,122,291‌

)

(

857,168‌

)

(

270,940‌

)

(

1,196,931‌

)

Written

options

(

993,950‌

)

(

908,299‌

)

(

1,482,793‌

)

(

1,217,400‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Purchased

options

1,392,230‌

1,075,883‌

651,698‌

435,176‌

Written

options

(

937,565‌

)

(

338,584‌

)

97,292‌

(

687,757‌

)

NET

GAIN

2,080,266‌

1,549,317‌

2,010,284‌

3,660,370‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

1,871,253‌

1,386,874‌

1,808,189‌

3,348,226‌

See

accompanying

Notes

Financial

Statements

Operations

Year

Ended

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

MARCH

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

JUNE

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

INVESTMENT

INCOME

Interest

2,133‌

7,699‌

5,175‌

5,097‌

Total

investment

income

2,133‌

7,699‌

5,175‌

5,097‌

EXPENSES

Investment

advisory

fees

92,806‌

248,904‌

171,490‌

166,323‌

Total

expenses

92,806‌

248,904‌

171,490‌

166,323‌

NET

INVESTMENT

(LOSS)

(

90,673‌

)

(

241,205‌

)

(

166,315‌

)

(

161,226‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

3,076,452‌

9,956,442‌

4,362,533‌

2,729,104‌

Purchased

options

(

1,016,181‌

)

(

482,924‌

)

(

1,715,787‌

)

(

428,964‌

)

Written

options

(

848,656‌

)

(

6,873,896‌

)

(

1,660,252‌

)

(

1,081,221‌

)

Change

net

unrealized

appreciation

(depreciation)

on:

Purchased

options

(

249,681‌

)

(

3,831,791‌

)

821,364‌

708,303‌

Written

options

(

29,187‌

)

3,090,587‌

(

104,374‌

)

(

308,704‌

)

NET

GAIN

932,747‌

1,858,418‌

1,703,484‌

1,618,518‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

842,074‌

1,617,213‌

1,537,169‌

1,457,292‌

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

INVESTMENT

INCOME

Interest

4,583‌

1,149‌

5,587‌

4,006‌

Total

investment

income

4,583‌

1,149‌

5,587‌

4,006‌

EXPENSES

Investment

advisory

fees

361,367‌

59,696‌

217,397‌

210,020‌

Total

expenses

361,367‌

59,696‌

217,397‌

210,020‌

NET

INVESTMENT

(LOSS)

(

356,784‌

)

(

58,547‌

)

(

211,810‌

)

(

206,014‌

)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

In-kind

redemptions

10,427,643‌

1,595,091‌

9,093,732‌

4,199,727‌

Purchased

options

(

5,525,186‌

)

(

517,017‌

)

(

918,275‌

)

(

2,249,061‌

)

Written

options

809,721‌

(

563,357‌

)

(

5,348,639‌

)

404,224‌

Change

net

unrealized

appreciation

(depreciation)

on:

Purchased

options

4,910,033‌

790,716‌

(

1,007,936‌

)

4,424,857‌

Written

options

(

4,139,503‌

)

(

518,055‌

)

870,877‌

(

3,045,119‌

)

NET

GAIN

6,482,708‌

787,378‌

2,689,759‌

3,734,628‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

6,125,924‌

728,831‌

2,477,949‌

3,528,614‌

Statements

Changes

Net

Assets

July

31,

2026

www.calamos.com

See

accompanying

Notes

Financial

Statements

CALAMOS

ANTETOKOUNMPO

GLOBAL

SUSTAINABLE

EQUITIES

ETF

CALAMOS

AUTOCALLABLE

INCOME

ETF

CALAMOS

NASDAQ

AUTOCALLABLE

INCOME

ETF

CALAMOS

AUTOCALLABLE

GROWTH

ETF

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

(b)

YEAR

ENDED

JULY

31,

2026

(c)

OPERATIONS

Net

investment

income

90,209‌

89,318‌

3,824,500‌

102,790‌

242,471‌

14,695‌

Net

realized

gain

(loss)

926,131‌

(

105,248‌

)

5,993,531‌

—‌

439,505‌

(

30,740‌

)

Change

unrealized

appreciation

2,028,653‌

1,239,360‌

72,788,718‌

1,052,288‌

9,675,386‌

1,414,498‌

Net

increase

net

assets

resulting

from

operations

3,044,993‌

1,223,430‌

82,606,749‌

1,155,078‌

10,357,362‌

1,398,453‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

101,506‌

)

(

89,738‌

)

(

3,927,290‌

)

—‌

(

242,471‌

)

—‌

Return

capital

—‌

(

78,747,433‌

)

—‌

(

14,297,673‌

)

—‌

Total

distributions

(

101,506‌

)

(

89,738‌

)

(

82,674,723‌

)

—‌

(

14,540,144‌

)

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

1,725,146‌

3,020,850‌

1,155,035,923‌

65,099,144‌

291,871,280‌

106,435,382‌

Cost

redeemed

(

1,826,225‌

)

—‌

(

36,850,935‌

)

—‌

(

1,301,760‌

)

(

2,034,619‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

(

101,079‌

)

3,020,850‌

1,118,184,988‌

65,099,144‌

290,569,520‌

104,400,763‌

TOTAL

INCREASE

NET

ASSETS

2,842,408‌

4,154,542‌

1,118,117,014‌

66,254,222‌

286,386,738‌

105,799,216‌

NET

ASSETS

Beginning

year

15,939,038‌

11,784,496‌

66,254,222‌

—‌

End

year

18,781,446‌

15,939,038‌

1,184,371,236‌

66,254,222‌

286,386,738‌

105,799,216‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

504,000‌

404,000‌

2,500,001‌

—‌

issued

50,000‌

100,000‌

43,075,000‌

2,500,001‌

11,300,001‌

3,925,001‌

redeemed

(

50,000‌

)

—‌

(

1,375,000‌

)

—‌

(

50,000‌

)

(

75,000‌

)

Net

increase

capital

outstanding

—‌

100,000‌

41,700,000‌

2,500,001‌

11,250,001‌

3,850,001‌

outstanding,

end

year

504,000‌

44,200,001‌

2,500,001‌

11,250,001‌

3,850,001‌

(a)

Calamos

Autocallable

Income

ETF

commenced

operations

June

25,

2025.

(b)

Calamos

Nasdaq

Autocallable

Income

ETF

commenced

operations

November

20,

2025.

(c)

Calamos

Autocallable

Growth

ETF

commenced

operations

April

16,

2026.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

CEF

INCOME

ARBITRAGE

ETF

CALAMOS

CONVERTIBLE

EQUITY

ALTERNATIVE

ETF

CALAMOS

NASDAQ

EQUITY

INCOME

ETF

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

OPERATIONS

Net

investment

income

(loss)

2,239,946‌

1,368,756‌

(

1,083,056‌

)

(

973,050‌

)

1,163,388‌

263,919‌

Net

realized

gain

(loss)

(

163,559‌

)

324,467‌

9,019,242‌

2,008,677‌

1,235,219‌

302,202‌

Change

unrealized

appreciation/(depreciation)

916,616‌

26,546‌

(

1,672,734‌

)

827,539‌

(

366,945‌

)

822,345‌

Net

increase

net

assets

resulting

from

operations

2,993,003‌

1,719,769‌

6,263,452‌

1,863,166‌

2,031,662‌

1,388,466‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

2,116,251‌

)

(

1,327,910‌

)

(

304,188‌

)

(

146,566‌

)

(

1,163,388‌

)

(

281,051‌

)

Return

capital

—‌

(

44,507‌

)

—‌

Total

distributions

(

2,116,251‌

)

(

1,327,910‌

)

(

304,188‌

)

(

146,566‌

)

(

1,207,895‌

)

(

281,051‌

)

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

15,904,104‌

7,725,412‌

49,682,832‌

17,242,711‌

9,037,069‌

26,579,459‌

Cost

redeemed

(

715,734‌

)

(

3,431,609‌

)

(

38,290,234‌

)

(

13,792,656‌

)

(

15,058,525‌

)

(

2,749,406‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

15,188,370‌

4,293,803‌

11,392,598‌

3,450,055‌

(

6,021,456‌

)

23,830,053‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

16,065,122‌

4,685,662‌

17,351,862‌

5,166,655‌

(

5,197,689‌

)

24,937,468‌

NET

ASSETS

Beginning

year

17,813,163‌

13,127,501‌

13,380,800‌

8,214,145‌

26,244,326‌

1,306,858‌

End

year

33,878,285‌

17,813,163‌

30,732,662‌

13,380,800‌

21,046,637‌

26,244,326‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

625,001‌

475,001‌

400,001‌

300,001‌

900,001‌

50,001‌

issued

550,000‌

275,000‌

1,100,000‌

600,000‌

300,000‌

950,000‌

redeemed

(

25,000‌

)

(

125,000‌

)

(

850,000‌

)

(

500,000‌

)

(

500,000‌

)

(

100,000‌

)

Net

increase

(decrease)

capital

outstanding

525,000‌

150,000‌

250,000‌

100,000‌

(

200,000‌

)

850,000‌

outstanding,

end

year

1,150,001‌

625,001‌

650,001‌

400,001‌

700,001‌

900,001‌

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JULY

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

OPERATIONS

Net

investment

income

558,996‌

760,071‌

93,723‌

45,751‌

158,879‌

7,593‌

Net

realized

gain

(loss)

(

2,912,613‌

)

1,447,930‌

(

1,203,870‌

)

935,802‌

(

397,277‌

)

139,785‌

Change

unrealized

appreciation/(depreciation)

214,161‌

(

661,841‌

)

799,572‌

(

785,420‌

)

143,727‌

(

132,965‌

)

Net

increase

(decrease)

net

assets

resulting

from

operations

(

2,139,456‌

)

1,546,160‌

(

310,575‌

)

196,133‌

(

94,671‌

)

14,413‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

1,024,516‌

)

—‌

(

115,309‌

)

—‌

(

84,120‌

)

—‌

Total

distributions

(

1,024,516‌

)

—‌

(

115,309‌

)

—‌

(

84,120‌

)

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

46,056,783‌

137,701,762‌

5,363,785‌

15,584,880‌

14,030,917‌

8,814,037‌

Cost

redeemed

(

67,854,168‌

)

(

96,471,157‌

)

(

5,351,979‌

)

(

10,513,092‌

)

(

13,991,370‌

)

(

3,778,409‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

(

21,797,385‌

)

41,230,605‌

11,806‌

5,071,788‌

39,547‌

5,035,628‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(

24,961,357‌

)

42,776,765‌

(

414,078‌

)

5,267,921‌

(

139,244‌

)

5,050,041‌

NET

ASSETS

Beginning

year

42,776,765‌

—‌

5,267,921‌

—‌

5,050,041‌

—‌

End

year

17,815,408‌

42,776,765‌

4,853,843‌

5,267,921‌

4,910,797‌

5,050,041‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

1,650,001‌

—‌

200,001‌

—‌

200,001‌

—‌

issued

1,750,000‌

5,400,001‌

200,000‌

600,001‌

550,000‌

350,001‌

redeemed

(

2,650,000‌

)

(

3,750,000‌

)

(

200,000‌

)

(

400,000‌

)

(

550,000‌

)

(

150,000‌

)

Net

increase

(decrease)

capital

outstanding

(

900,000‌

)

1,650,001‌

—‌

200,001‌

—‌

200,001‌

outstanding,

end

year

750,001‌

1,650,001‌

200,001‌

(a)

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

commenced

operations

January

22,

2025.

(b)

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

commenced

operations

April

2025.

(c)

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

commenced

operations

July

2025.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

TAX-AWARE

COLLATERAL

ETF

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

YEAR

ENDED

JULY

31,

2026

(a)

YEAR

ENDED

JULY

31,

2026

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(d)

OPERATIONS

Net

investment

income

(loss)

146,088‌

(

347,085‌

)

410,120‌

453,040‌

35,596‌

23,619‌

Net

realized

gain

(loss)

160,900‌

—‌

(

13,364,699‌

)

6,682,930‌

(

1,610,679‌

)

1,199,800‌

Change

unrealized

appreciation/(depreciation)

(

359,956‌

)

11,584,293‌

(

3,018,031‌

)

(

1,715,622‌

)

95,041‌

(

284,617‌

)

Net

increase

(decrease)

net

assets

resulting

from

operations

(

52,968‌

)

11,237,208‌

(

15,972,610‌

)

5,420,348‌

(

1,480,042‌

)

938,802‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

42,114‌

)

—‌

(

475,695‌

)

—‌

(

24,800‌

)

—‌

Total

distributions

(

42,114‌

)

—‌

(

475,695‌

)

—‌

(

24,800‌

)

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

7,454,310‌

1,270,192,958‌

83,824,636‌

261,639,790‌

8,251,147‌

16,065,201‌

Cost

redeemed

(

1,217,569‌

)

—‌

(

91,792,601‌

)

(

218,830,667‌

)

(

4,715,121‌

)

(

13,841,633‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

6,236,741‌

1,270,192,958‌

(

7,967,965‌

)

42,809,123‌

3,536,026‌

2,223,568‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

6,141,659‌

1,281,430,166‌

(

24,416,270‌

)

48,229,471‌

2,031,184‌

3,162,370‌

NET

ASSETS

Beginning

year

—‌

48,229,471‌

—‌

3,162,370‌

—‌

End

year

6,141,659‌

1,281,430,166‌

23,813,201‌

48,229,471‌

5,193,554‌

3,162,370‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

—‌

1,700,001‌

—‌

100,001‌

—‌

issued

300,001‌

12,670,001‌

3,250,000‌

9,550,001‌

300,000‌

550,001‌

redeemed

(

50,000‌

)

—‌

(

3,600,000‌

)

(

7,850,000‌

)

(

150,000‌

)

(

450,000‌

)

Net

increase

(decrease)

capital

outstanding

250,001‌

12,670,001‌

(

350,000‌

)

1,700,001‌

150,000‌

100,001‌

outstanding,

end

year

250,001‌

12,670,001‌

1,350,001‌

1,700,001‌

250,001‌

100,001‌

(a)

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

(b)

Calamos

Tax-Aware

Collateral

ETF

commenced

operations

April

17,

2026.

(c)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

commenced

operations

February

2025.

(d)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

commenced

operations

April

2025.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

OPERATIONS

Net

investment

income

274,108‌

7,805‌

555,292‌

245,023‌

361,276‌

Net

realized

gain

(loss)

(

3,028,674‌

)

117,851‌

(

1,222,961‌

)

(

4,621,680‌

)

2,779,392‌

Change

unrealized

(depreciation)

(

42,343‌

)

(

147,946‌

)

(

3,271,089‌

)

(

1,615,193‌

)

(

897,176‌

)

Net

increase

(decrease)

net

assets

resulting

from

operations

(

2,796,909‌

)

(

22,290‌

)

(

3,938,758‌

)

(

5,991,850‌

)

2,243,492‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

112,903‌

)

—‌

(

47,550‌

)

(

379,347‌

)

—‌

Total

distributions

(

112,903‌

)

—‌

(

47,550‌

)

(

379,347‌

)

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

36,643,361‌

15,494,405‌

44,774,847‌

37,707,805‌

119,977,600‌

Cost

redeemed

(

39,203,382‌

)

(

5,124,885‌

)

(

13,137,273‌

)

(

40,282,449‌

)

(

96,225,868‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

(

2,560,021‌

)

10,369,520‌

31,637,574‌

(

2,574,644‌

)

23,751,732‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(

5,469,833‌

)

10,347,230‌

27,651,266‌

(

8,945,841‌

)

25,995,224‌

NET

ASSETS

Beginning

year

10,347,230‌

—‌

25,995,224‌

—‌

End

year

4,877,397‌

10,347,230‌

27,651,266‌

17,049,383‌

25,995,224‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

400,001‌

—‌

950,001‌

—‌

issued

1,550,000‌

600,001‌

2,050,001‌

1,450,000‌

4,550,001‌

redeemed

(

1,700,000‌

)

(

200,000‌

)

(

650,000‌

)

(

1,550,000‌

)

(

3,600,000‌

)

Net

increase

(decrease)

capital

outstanding

(

150,000‌

)

400,001‌

1,400,001‌

(

100,000‌

)

950,001‌

outstanding,

end

year

250,001‌

400,001‌

1,400,001‌

850,001‌

950,001‌

(a)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

commenced

operations

July

2025.

(b)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

(c)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

commenced

operations

February

2025.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

YEAR

ENDED

JULY

31,

2026

(c)

OPERATIONS

Net

investment

income

77,841‌

48,586‌

232,281‌

8,248‌

205,807‌

Net

realized

gain

(loss)

(

1,600,861‌

)

1,468,279‌

(

1,916,033‌

)

137,414‌

150,267‌

Change

unrealized

appreciation/(depreciation)

74,786‌

(

737,690‌

)

163,880‌

(

168,275‌

)

(

1,174,507‌

)

Net

increase

(decrease)

net

assets

resulting

from

operations

(

1,448,234‌

)

779,175‌

(

1,519,872‌

)

(

22,613‌

)

(

818,433‌

)

DISTRIBUTIONS

SHAREHOLDERS

Distributions

(

106,313‌

)

—‌

(

127,704‌

)

—‌

(

46,468‌

)

Total

distributions

(

106,313‌

)

—‌

(

127,704‌

)

—‌

(

46,468‌

)

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

9,218,201‌

23,502,246‌

29,708,046‌

10,197,220‌

11,984,794‌

Cost

redeemed

(

9,195,204‌

)

(

18,480,385‌

)

(

27,645,723‌

)

(

5,084,823‌

)

(

1,161,543‌

)

Net

increase

net

assets

from

capital

stock

transactions

22,997‌

5,021,861‌

2,062,323‌

5,112,397‌

10,823,251‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(

1,531,550‌

)

5,801,036‌

414,747‌

5,089,784‌

9,958,350‌

NET

ASSETS

Beginning

year

5,801,036‌

—‌

5,089,784‌

—‌

End

year

4,269,486‌

5,801,036‌

5,504,531‌

5,089,784‌

9,958,350‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

200,001‌

—‌

200,001‌

—‌

issued

350,000‌

850,001‌

1,150,000‌

400,001‌

500,001‌

redeemed

(

350,000‌

)

(

650,000‌

)

(

1,100,000‌

)

(

200,000‌

)

(

50,000‌

)

Net

increase

capital

outstanding

—‌

200,001‌

50,000‌

200,001‌

450,001‌

outstanding,

end

year

200,001‌

250,001‌

200,001‌

450,001‌

(a)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

commenced

operations

April

2025.

(b)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

commenced

operations

July

2025.

(c)

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

commenced

operations

October

2025.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

LADDERED

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

(b)

YEAR

ENDED

JULY

31,

2026

(c)

YEAR

ENDED

JULY

31,

2026

(d)

OPERATIONS

Net

investment

income

(loss)

(

95,147‌

)

(

30,494‌

)

30,952‌

8,442‌

22,865‌

Net

realized

gain

(loss)

566,628‌

704,767‌

(

1,212‌

)

(

221,906‌

)

(

10,190‌

)

Change

unrealized

appreciation/(depreciation)

5,184,223‌

2,354,910‌

(

112,878‌

)

(

627,322‌

)

(

342,503‌

)

Net

increase

(decrease)

net

assets

resulting

from

operations

5,655,704‌

3,029,183‌

(

83,138‌

)

(

840,786‌

)

(

329,828‌

)

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

(

32,106‌

)

(

10,182‌

)

(

23,671‌

)

Total

distributions

—‌

(

32,106‌

)

(

10,182‌

)

(

23,671‌

)

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

50,610,084‌

114,310,288‌

2,458,536‌

7,942,089‌

1,842,940‌

Cost

redeemed

(

10,086,465‌

)

(

37,938,294‌

)

—‌

(

4,454,791‌

)

—‌

Net

increase

net

assets

from

capital

stock

transactions

40,523,619‌

76,371,994‌

2,458,536‌

3,487,298‌

1,842,940‌

TOTAL

INCREASE

NET

ASSETS

46,179,323‌

79,401,177‌

2,343,292‌

2,636,330‌

1,489,441‌

NET

ASSETS

Beginning

year

79,401,177‌

—‌

End

year

125,580,500‌

79,401,177‌

2,343,292‌

2,636,330‌

1,489,441‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

3,000,001‌

—‌

issued

1,850,000‌

4,475,001‌

100,001‌

400,001‌

75,001‌

redeemed

(

375,000‌

)

(

1,475,000‌

)

—‌

(

250,000‌

)

—‌

Net

increase

capital

outstanding

1,475,000‌

3,000,001‌

100,001‌

150,001‌

75,001‌

outstanding,

end

year

4,475,001‌

3,000,001‌

100,001‌

150,001‌

75,001‌

(a)

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

commenced

operations

September

2024.

(b)

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

(c)

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

(d)

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

commenced

operations

October

14,

2025.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

FEBRUARY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MARCH

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

OPERATIONS

Net

investment

(loss)

(

161,901‌

)

(

76,757‌

)

(

190,587‌

)

(

72,984‌

)

(

175,406‌

)

(

57,536‌

)

Net

realized

gain

1,510,078‌

15,597‌

1,267,898‌

572,484‌

1,776,808‌

—‌

Change

unrealized

appreciation

108,266‌

792,615‌

689,194‌

279,600‌

1,671‌

807,942‌

Net

increase

net

assets

resulting

from

operations

1,456,443‌

731,455‌

1,766,505‌

779,100‌

1,603,073‌

750,406‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

4,401,239‌

22,373,673‌

11,563,636‌

29,467,312‌

8,241,657‌

22,503,281‌

Cost

redeemed

(

1,847,031‌

)

(

589,650‌

)

(

5,675,877‌

)

(

4,220,686‌

)

(

1,861,828‌

)

—‌

Net

increase

net

assets

from

capital

stock

transactions

2,554,208‌

21,784,023‌

5,887,759‌

25,246,626‌

6,379,829‌

22,503,281‌

TOTAL

INCREASE

NET

ASSETS

4,010,651‌

22,515,478‌

7,654,264‌

26,025,726‌

7,982,902‌

23,253,687‌

NET

ASSETS

Beginning

year

22,515,478‌

—‌

26,025,726‌

—‌

23,253,687‌

—‌

End

year

26,526,129‌

22,515,478‌

33,679,990‌

26,025,726‌

31,236,589‌

23,253,687‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

925,001‌

—‌

1,050,001‌

—‌

950,001‌

—‌

issued

175,000‌

950,001‌

450,000‌

1,225,001‌

325,000‌

950,001‌

redeemed

(

75,000‌

)

(

25,000‌

)

(

225,000‌

)

(

175,000‌

)

(

75,000‌

)

—‌

Net

increase

capital

outstanding

100,000‌

925,001‌

225,000‌

1,050,001‌

250,000‌

950,001‌

outstanding,

end

year

1,025,001‌

925,001‌

1,275,001‌

1,050,001‌

1,200,001‌

950,001‌

(a)

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

commenced

operations

January

2025.

(b)

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

commenced

operations

February

2025.

(c)

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

commenced

operations

March

2025.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

APRIL

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MAY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JUNE

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

OPERATIONS

Net

investment

(loss)

(

113,428‌

)

(

32,007‌

)

(

381,459‌

)

(

459,035‌

)

(

92,470‌

)

(

15,685‌

)

Net

realized

gain

1,117,220‌

77,635‌

4,011,046‌

7,063,969‌

673,097‌

242,027‌

Change

unrealized

appreciation/(depreciation)

59,778‌

490,760‌

(

831,449‌

)

(

859,580‌

)

100,053‌

66,519‌

Net

increase

net

assets

resulting

from

operations

1,063,570‌

536,388‌

2,798,138‌

5,745,354‌

680,680‌

292,861‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

5,986,467‌

15,999,620‌

3,643,286‌

69,714,344‌

15,861,200‌

24,751,271‌

Cost

redeemed

(

1,952,892‌

)

(

621,432‌

)

(

14,236,933‌

)

(

118,842,963‌

)

(

2,019,047‌

)

(

13,152,037‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

4,033,575‌

15,378,188‌

(

10,593,647‌

)

(

49,128,619‌

)

13,842,153‌

11,599,234‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

5,097,145‌

15,914,576‌

(

7,795,509‌

)

(

43,383,265‌

)

14,522,833‌

11,892,095‌

NET

ASSETS

Beginning

year

15,914,576‌

—‌

64,420,048‌

107,803,313‌

11,892,095‌

—‌

End

year

21,011,721‌

15,914,576‌

56,624,539‌

64,420,048‌

26,414,928‌

11,892,095‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

625,001‌

—‌

2,300,001‌

4,150,001‌

450,001‌

—‌

issued

225,000‌

650,001‌

125,000‌

2,650,000‌

575,000‌

950,001‌

redeemed

(

75,000‌

)

(

25,000‌

)

(

500,000‌

)

(

4,500,000‌

)

(

75,000‌

)

(

500,000‌

)

Net

increase

(decrease)

capital

outstanding

150,000‌

625,001‌

(

375,000‌

)

(

1,850,000‌

)

500,000‌

450,001‌

outstanding,

end

year

775,001‌

625,001‌

1,925,001‌

2,300,001‌

950,001‌

450,001‌

(a)

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

commenced

operations

April

2025.

(b)

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

commenced

operations

June

2025.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

AUGUST

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

OPERATIONS

Net

investment

(loss)

(

281,481‌

)

(

241,577‌

)

(

294,028‌

)

(

270,406‌

)

(

209,013‌

)

(

164,371‌

)

Net

realized

gain

2,760,030‌

2,973,171‌

3,034,165‌

3,467,359‌

1,625,601‌

392,029‌

Change

unrealized

appreciation/(depreciation)

76,997‌

(

337‌

)

88‌

(

2,839‌

)

454,665‌

1,379,080‌

Net

increase

net

assets

resulting

from

operations

2,555,546‌

2,731,257‌

2,740,225‌

3,194,114‌

1,871,253‌

1,606,738‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

5,539,142‌

20,838,035‌

9,252,451‌

47,995,135‌

6,644,217‌

29,826,071‌

Cost

redeemed

(

4,702,224‌

)

(

10,628,842‌

)

(

6,789,677‌

)

(

13,828,866‌

)

(

2,673,994‌

)

(

5,090,992‌

)

Net

increase

net

assets

from

capital

stock

transactions

836,918‌

10,209,193‌

2,462,774‌

34,166,269‌

3,970,223‌

24,735,079‌

TOTAL

INCREASE

NET

ASSETS

3,392,464‌

12,940,450‌

5,202,999‌

37,360,383‌

5,841,476‌

26,341,817‌

NET

ASSETS

Beginning

year

43,288,831‌

30,348,381‌

37,360,383‌

—‌

26,341,817‌

—‌

End

year

46,681,295‌

43,288,831‌

42,563,382‌

37,360,383‌

32,183,293‌

26,341,817‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

1,650,001‌

1,250,001‌

1,425,001‌

—‌

1,000,001‌

—‌

issued

200,000‌

825,000‌

350,000‌

1,975,001‌

250,000‌

1,200,001‌

redeemed

(

175,000‌

)

(

425,000‌

)

(

250,000‌

)

(

550,000‌

)

(

100,000‌

)

(

200,000‌

)

Net

increase

capital

outstanding

25,000‌

400,000‌

100,000‌

1,425,001‌

150,000‌

1,000,001‌

outstanding,

end

year

1,675,001‌

1,650,001‌

1,525,001‌

1,425,001‌

1,150,001‌

1,000,001‌

(a)

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

commenced

operations

August

2024.

(b)

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

commenced

operations

September

2024.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

NOVEMBER

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

OPERATIONS

Net

investment

(loss)

(

162,443‌

)

(

119,292‌

)

(

202,095‌

)

(

100,185‌

)

(

312,144‌

)

(

208,290‌

)

Net

realized

gain

812,018‌

421,983‌

1,261,294‌

178,465‌

3,912,951‌

177,827‌

Change

unrealized

appreciation/(depreciation)

737,299‌

562,461‌

748,990‌

799,108‌

(

252,581‌

)

2,046,814‌

Net

increase

net

assets

resulting

from

operations

1,386,874‌

865,152‌

1,808,189‌

877,388‌

3,348,226‌

2,016,351‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

9,397,669‌

30,990,136‌

16,028,273‌

23,251,073‌

3,899,539‌

55,486,434‌

Cost

redeemed

(

1,997,782‌

)

(

14,012,325‌

)

(

3,338,462‌

)

(

3,788,756‌

)

(

17,295,629‌

)

(

2,417,469‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

7,399,887‌

16,977,811‌

12,689,811‌

19,462,317‌

(

13,396,090‌

)

53,068,965‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

8,786,761‌

17,842,963‌

14,498,000‌

20,339,705‌

(

10,047,864‌

)

55,085,316‌

NET

ASSETS

Beginning

year

17,842,963‌

—‌

20,339,705‌

—‌

55,085,316‌

—‌

End

year

26,629,724‌

17,842,963‌

34,837,705‌

20,339,705‌

45,037,452‌

55,085,316‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

675,001‌

—‌

775,001‌

—‌

2,200,001‌

—‌

issued

350,000‌

1,225,001‌

600,000‌

925,001‌

150,000‌

2,300,001‌

redeemed

(

75,000‌

)

(

550,000‌

)

(

125,000‌

)

(

150,000‌

)

(

675,000‌

)

(

100,000‌

)

Net

increase

(decrease)

capital

outstanding

275,000‌

675,001‌

475,000‌

775,001‌

(

525,000‌

)

2,200,001‌

outstanding,

end

year

950,001‌

675,001‌

1,250,001‌

775,001‌

1,675,001‌

2,200,001‌

(a)

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

commenced

operations

October

2024.

(b)

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

commenced

operations

November

2024.

(c)

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

commenced

operations

December

2024.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

MARCH

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

JUNE

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

OPERATIONS

Net

investment

(loss)

(

90,673‌

)

(

38,060‌

)

(

241,205‌

)

(

267,112‌

)

(

166,315‌

)

(

210,130‌

)

Net

realized

gain

1,211,615‌

—‌

2,599,622‌

3,681,818‌

986,494‌

2,023,695‌

Change

unrealized

appreciation/(depreciation)

(

278,868‌

)

655,337‌

(

741,204‌

)

33,551‌

716,990‌

527,685‌

Net

increase

net

assets

resulting

from

operations

842,074‌

617,277‌

1,617,213‌

3,448,257‌

1,537,169‌

2,341,250‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

3,935,369‌

15,175,781‌

16,551,654‌

50,269,111‌

3,348,050‌

50,904,567‌

Cost

redeemed

(

5,798,516‌

)

—‌

(

21,598,575‌

)

(

73,146,270‌

)

(

7,592,813‌

)

(

29,348,954‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

(

1,863,147‌

)

15,175,781‌

(

5,046,921‌

)

(

22,877,159‌

)

(

4,244,763‌

)

21,555,613‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(

1,021,073‌

)

15,793,058‌

(

3,429,708‌

)

(

19,428,902‌

)

(

2,707,594‌

)

23,896,863‌

NET

ASSETS

Beginning

year

15,793,058‌

—‌

45,421,219‌

64,850,121‌

23,896,863‌

—‌

End

year

14,771,985‌

15,793,058‌

41,991,511‌

45,421,219‌

21,189,269‌

23,896,863‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

625,001‌

—‌

1,725,001‌

2,700,001‌

900,001‌

—‌

issued

150,000‌

625,001‌

600,000‌

1,950,000‌

125,000‌

2,050,001‌

redeemed

(

225,000‌

)

—‌

(

800,000‌

)

(

2,925,000‌

)

(

275,000‌

)

(

1,150,000‌

)

Net

increase

(decrease)

capital

outstanding

(

75,000‌

)

625,001‌

(

200,000‌

)

(

975,000‌

)

(

150,000‌

)

900,001‌

outstanding,

end

year

550,001‌

625,001‌

1,525,001‌

1,725,001‌

750,001‌

900,001‌

(a)

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

commenced

operations

March

2025.

(b)

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

commenced

operations

September

2024.

www.calamos.com

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

APRIL

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(b)

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(c)

OPERATIONS

Net

investment

(loss)

(

161,226‌

)

(

123,070‌

)

(

356,784‌

)

(

183,481‌

)

(

58,547‌

)

(

13,648‌

)

Net

realized

gain

1,218,919‌

1,028,888‌

5,712,178‌

265,649‌

514,717‌

107,439‌

Change

unrealized

appreciation

399,599‌

236,206‌

770,530‌

794,779‌

272,661‌

134,705‌

Net

increase

net

assets

resulting

from

operations

1,457,292‌

1,142,024‌

6,125,924‌

876,947‌

728,831‌

228,496‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

19,229,173‌

38,772,816‌

8,107,706‌

60,714,488‌

7,455,156‌

7,452,867‌

Cost

redeemed

(

13,563,424‌

)

(

25,126,452‌

)

(

37,357,117‌

)

(

1,880,238‌

)

(

2,005,341‌

)

(

642,409‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

5,665,749‌

13,646,364‌

(

29,249,411‌

)

58,834,250‌

5,449,815‌

6,810,458‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

7,123,041‌

14,788,388‌

(

23,123,487‌

)

59,711,197‌

6,178,646‌

7,038,954‌

NET

ASSETS

Beginning

year

14,788,388‌

—‌

59,711,197‌

—‌

7,038,954‌

—‌

End

year

21,911,429‌

14,788,388‌

36,587,710‌

59,711,197‌

13,217,600‌

7,038,954‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

575,001‌

—‌

2,375,001‌

—‌

275,001‌

—‌

issued

725,000‌

1,575,001‌

300,000‌

2,450,001‌

275,000‌

300,001‌

redeemed

(

500,000‌

)

(

1,000,000‌

)

(

1,375,000‌

)

(

75,000‌

)

(

75,000‌

)

(

25,000‌

)

Net

increase

(decrease)

capital

outstanding

225,000‌

575,001‌

(

1,075,000‌

)

2,375,001‌

200,000‌

275,001‌

outstanding,

end

year

800,001‌

575,001‌

1,300,001‌

2,375,001‌

475,001‌

275,001‌

(a)

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

commenced

operations

December

2024.

(b)

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

commenced

operations

January

2025.

(c)

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

commenced

operations

April

2025.

See

accompanying

Notes

Financial

Statements

Changes

Net

Assets

July

31,

2026

ETF

FAMILY

FUNDS

ANNUAL

REPORT

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JULY

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

YEAR

ENDED

JULY

31,

2026

YEAR

ENDED

JULY

31,

2025

(a)

OPERATIONS

Net

investment

(loss)

(

211,810‌

)

(

358,975‌

)

(

206,014‌

)

(

158,636‌

)

Net

realized

gain

2,826,818‌

3,257,378‌

2,354,890‌

395,867‌

Change

unrealized

appreciation/(depreciation)

(

137,059‌

)

(

1,256,394‌

)

1,379,738‌

204,802‌

Net

increase

net

assets

resulting

from

operations

2,477,949‌

1,642,009‌

3,528,614‌

442,033‌

DISTRIBUTIONS

SHAREHOLDERS

Distributions

—‌

Total

distributions

—‌

CAPITAL

STOCK

TRANSACTIONS

Proceeds

from

sold

16,508,090‌

8,251,637‌

5,352,894‌

31,570,700‌

Cost

redeemed

(

34,581,634‌

)

(

12,697,587‌

)

(

10,316,849‌

)

(

4,385,332‌

)

Net

increase

(decrease)

net

assets

from

capital

stock

transactions

(

18,073,544‌

)

(

4,445,950‌

)

(

4,963,955‌

)

27,185,368‌

TOTAL

INCREASE

(DECREASE)

NET

ASSETS

(

15,595,595‌

)

(

2,803,941‌

)

(

1,435,341‌

)

27,627,401‌

NET

ASSETS

Beginning

year

52,973,178‌

55,777,119‌

27,627,401‌

—‌

End

year

37,377,583‌

52,973,178‌

26,192,060‌

27,627,401‌

CAPITAL

TRANSACTIONS

outstanding,

beginning

year

2,050,001‌

2,225,001‌

1,100,001‌

—‌

issued

600,000‌

325,000‌

200,000‌

1,275,001‌

redeemed

(

1,300,000‌

)

(

500,000‌

)

(

375,000‌

)

(

175,000‌

)

Net

increase

(decrease)

capital

outstanding

(

700,000‌

)

(

175,000‌

)

(

175,000‌

)

1,100,001‌

outstanding,

end

year

1,350,001‌

2,050,001‌

925,001‌

1,100,001‌

(a)

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

commenced

operations

October

2024.

www.calamos.com

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

FEBRUARY

2023•

THROUGH

JULY

31,

2023

2026

2025

2024

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

31.63

29.17

26.59

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.18

0.20

0.27

0.18

Net

realized

and

unrealized

gain

(loss)

5.65

2.46

2.56

1.41

Total

from

investment

operations

5.83

2.66

2.83

1.59

Less

distributions

from:

Net

investment

income

(

0.20

)

(

0.20

)

(

0.25

)

—

Total

distributions

(b)

(

0.20

)

(

0.20

)

(

0.25

)

—

Net

asset

value,

end

year

37.26

31.63

29.17

26.59

TOTAL

RETURN

Total

return

(c)

.55

.13

.74

.36

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.95

(d)

Net

investment

income

(loss)

.51

.67

.02

.47

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

18,781

15,939

11,784

10,743

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Autocallable

Income

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JUNE

25,

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.50

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.17

0.09

Net

realized

and

unrealized

gain

(loss)

4.05

1.41

Total

from

investment

operations

4.22

1.50

Less

distributions

from:

Net

investment

income

(

0.19

)

—

Return

capital

(

3.73

)

—

Total

distributions

(b)

(

3.92

)

—

Net

asset

value,

end

year

26.80

26.50

TOTAL

RETURN

Total

return

(c)

.05

.00

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

.74

(d)

Gross

expenses

prior

expense

reductions

.74

(d)

Net

investment

income

(loss)

.62

.53

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

1,184,371

66,254

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Nasdaq

Autocallable

Income

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

NOVEMBER

20,

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.05

Net

realized

and

unrealized

gain

(loss)

3.08

Total

from

investment

operations

3.13

Less

distributions

from:

Net

investment

income

(

0.05

)

Return

capital

(

2.62

)

Total

distributions

(b)

(

2.67

)

Net

asset

value,

end

year

25.46

TOTAL

RETURN

Total

return

(c)

.90

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.67

(d)

Gross

expenses

prior

expense

reductions

.74

(d)

Net

investment

income

(loss)

.25

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

286,387

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Autocallable

Growth

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

APRIL

16,

2026•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.01

Net

realized

and

unrealized

gain

(loss)

2.47

Total

from

investment

operations

2.48

Net

asset

value,

end

year

27.48

TOTAL

RETURN

Total

return

(b)

.92

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.63

(c)

Gross

expenses

prior

expense

reductions

.74

(c)

Net

investment

income

(loss)

.10

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

105,799

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

CEF

Income

Arbitrage

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

JANUARY

16,

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

28.50

27.64

25.03

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

2.45

2.31

1.11

Net

realized

and

unrealized

gain

(loss)

0.87

0.82

2.19

Total

from

investment

operations

3.32

3.13

3.30

Less

distributions

from:

Net

investment

income

(

2.15

)

(

1.74

)

(

0.69

)

Net

realized

gains

(

0.21

)

(

0.53

)

—

Total

distributions

(b)

(

2.36

)

(

2.27

)

(

0.69

)

Net

asset

value,

end

year

29.46

28.50

27.64

TOTAL

RETURN

Total

return

(c)

.11

.81

.36

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.74

(d)

.74

(d)

.74

(d)

(e)

Net

investment

income

(loss)

.43

(d)

.26

(d)

.80

(d)

(e)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

33,878

17,813

13,128

Portfolio

turnover

rate

(f)

(g)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

The

Fund

invests

other

funds

and

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

underlying

funds

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(e)

Annualized.

(f)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(g)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Convertible

Equity

Alternative

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

OCTOBER

2023•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

33.45

27.38

24.23

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

2.49

)

(

2.40

)

(

2.74

)

Net

realized

and

unrealized

gain

(loss)

17.07

8.85

6.21

Total

from

investment

operations

14.58

6.45

3.47

Less

distributions

from:

Net

investment

income

(

0.75

)

(

0.38

)

(

0.32

)

Total

distributions

(b)

(

0.75

)

(

0.38

)

(

0.32

)

Net

asset

value,

end

year

47.28

33.45

27.38

TOTAL

RETURN

Total

return

(c)

.95

.85

.37

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

(

.75

)

(

.08

)

(

.44

)

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

30,733

13,381

8,214

Portfolio

turnover

rate

(e)

(f)

162

150

123

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Nasdaq

Equity

Income

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

FEBRUARY

13,

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

29.16

26.14

24.86

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

1.34

1.14

0.56

Net

realized

and

unrealized

gain

(loss)

0.94

3.40

1.15

Total

from

investment

operations

2.28

4.54

1.71

Less

distributions

from:

Net

investment

income

(

1.32

)

(

1.52

)

(

0.43

)

Return

capital

(

0.05

)

—

Total

distributions

(b)

(

1.37

)

(

1.52

)

(

0.43

)

Net

asset

value,

end

year

30.07

29.16

26.14

TOTAL

RETURN

Total

return

(c)

.97

.94

.96

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.74

.75

.77

(d)

Net

investment

income

(loss)

.46

.08

.74

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

21,047

26,244

1,307

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JANUARY

22,

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.93

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.46

0.44

Net

realized

and

unrealized

gain

(loss)

(

1.88

)

0.49

Total

from

investment

operations

(

1.42

)

0.93

Less

distributions

from:

Net

investment

income

(

0.76

)

—

Total

distributions

(b)

(

0.76

)

—

Net

asset

value,

end

year

23.75

25.93

TOTAL

RETURN

Total

return

(c)

(

.54

)

.72

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.83

.33

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

17,815

42,777

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

APRIL

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.34

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.47

0.24

Net

realized

and

unrealized

gain

(loss)

(

1.96

)

1.10

Total

from

investment

operations

(

1.49

)

1.34

Less

distributions

from:

Net

investment

income

(

0.58

)

—

Total

distributions

(b)

(

0.58

)

—

Net

asset

value,

end

year

24.27

26.34

TOTAL

RETURN

Total

return

(c)

(

.80

)

.36

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.84

.99

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

4,854

5,268

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JULY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.25

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.74

0.05

Net

realized

and

unrealized

gain

(loss)

(

1.10

)

0.20

Total

from

investment

operations

(

0.36

)

0.25

Less

distributions

from:

Net

investment

income

(

0.34

)

—

Total

distributions

(b)

(

0.34

)

—

Net

asset

value,

end

year

24.55

25.25

TOTAL

RETURN

Total

return

(c)

(

.44

)

.00

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.97

.44

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

4,911

5,050

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.58

Net

realized

and

unrealized

gain

(loss)

(

0.87

)

Total

from

investment

operations

(

0.29

)

Less

distributions

from:

Net

investment

income

(

0.14

)

Total

distributions

(b)

(

0.14

)

Net

asset

value,

end

year

24.57

TOTAL

RETURN

Total

return

(c)

(

.16

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.88

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

6,142

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Tax-Aware

Collateral

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

APRIL

17,

2026•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

100.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.04

)

Net

realized

and

unrealized

gain

(loss)

1.18

Total

from

investment

operations

1.14

Net

asset

value,

end

year

101.14

TOTAL

RETURN

Total

return

(b)

.14

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.14

(c)

Gross

expenses

prior

expense

reductions

.19

(c)

Net

investment

income

(loss)

(

.12

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

1,281,430

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

FEBRUARY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

28.37

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.29

0.30

Net

realized

and

unrealized

gain

(loss)

(

10.70

)

3.07

Total

from

investment

operations

(

10.41

)

3.37

Less

distributions

from:

Net

investment

income

(

0.32

)

—

Total

distributions

(b)

(

0.32

)

—

Net

asset

value,

end

year

17.64

28.37

TOTAL

RETURN

Total

return

(c)

(

.96

)

.48

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.26

.41

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

23,813

48,229

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

APRIL

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

31.62

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.24

0.17

Net

realized

and

unrealized

gain

(loss)

(

10.84

)

6.45

Total

from

investment

operations

(

10.60

)

6.62

Less

distributions

from:

Net

investment

income

(

0.25

)

—

Total

distributions

(b)

(

0.25

)

—

Net

asset

value,

end

year

20.77

31.62

TOTAL

RETURN

Total

return

(c)

(

.76

)

.52

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.96

.83

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

5,194

3,162

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JULY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.87

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.58

0.04

Net

realized

and

unrealized

gain

(loss)

(

6.62

)

0.83

Total

from

investment

operations

(

6.04

)

0.87

Less

distributions

from:

Net

investment

income

(

0.32

)

—

Total

distributions

(b)

(

0.32

)

—

Net

asset

value,

end

year

19.51

25.87

TOTAL

RETURN

Total

return

(c)

(

.50

)

.48

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.67

.64

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

4,877

10,347

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.46

Net

realized

and

unrealized

gain

(loss)

(

5.66

)

Total

from

investment

operations

(

5.20

)

Less

distributions

from:

Net

investment

income

(

0.05

)

Total

distributions

(b)

(

0.05

)

Net

asset

value,

end

year

19.75

TOTAL

RETURN

Total

return

(c)

(

.83

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.73

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

27,651

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

FEBRUARY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

27.36

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.28

0.35

Net

realized

and

unrealized

gain

(loss)

(

7.13

)

2.01

Total

from

investment

operations

(

6.85

)

2.36

Less

distributions

from:

Net

investment

income

(

0.45

)

—

Total

distributions

(b)

(

0.45

)

—

Net

asset

value,

end

year

20.06

27.36

TOTAL

RETURN

Total

return

(c)

(

.31

)

.48

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.20

.86

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

17,049

25,995

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

APRIL

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

29.01

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.38

0.21

Net

realized

and

unrealized

gain

(loss)

(

7.51

)

3.80

Total

from

investment

operations

(

7.13

)

4.01

Less

distributions

from:

Net

investment

income

(

0.53

)

—

Total

distributions

(b)

(

0.53

)

—

Net

asset

value,

end

year

21.35

29.01

TOTAL

RETURN

Total

return

(c)

(

.97

)

.04

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.50

.36

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

4,269

5,801

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JULY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.45

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.66

0.05

Net

realized

and

unrealized

gain

(loss)

(

3.77

)

0.40

Total

from

investment

operations

(

3.11

)

0.45

Less

distributions

from:

Net

investment

income

(

0.32

)

—

Total

distributions

(b)

(

0.32

)

—

Net

asset

value,

end

year

22.02

25.45

TOTAL

RETURN

Total

return

(c)

(

.30

)

.80

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.81

.03

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

5,505

5,090

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.52

Net

realized

and

unrealized

gain

(loss)

(

3.27

)

Total

from

investment

operations

(

2.75

)

Less

distributions

from:

Net

investment

income

(

0.12

)

Total

distributions

(b)

(

0.12

)

Net

asset

value,

end

year

22.13

TOTAL

RETURN

Total

return

(c)

(

.03

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(d)

Net

investment

income

(loss)

.82

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

9,958

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

www.calamos.com

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

SEPTEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.47

24.92

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.03

)

(

0.02

)

Net

realized

and

unrealized

gain

(loss)

1.62

1.57

Total

from

investment

operations

1.59

1.55

Net

asset

value,

end

year

28.06

26.47

TOTAL

RETURN

Total

return

(b)

.01

.22

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.10

(c)

.10

(c)

(d)

Net

investment

income

(loss)

(

.10

)

(c)

(

.07

)

(c)

(d)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

125,581

79,401

Portfolio

turnover

rate

(e)

(f)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

The

Fund

invests

other

funds

and

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

underlying

funds

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(d)

Annualized.

(e)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(f)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

14,

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.35

Net

realized

and

unrealized

gain

(loss)

(

1.49

)

Total

from

investment

operations

(

1.14

)

Less

distributions

from:

Net

investment

income

(

0.43

)

Total

distributions

(b)

(

0.43

)

Net

asset

value,

end

year

23.43

TOTAL

RETURN

Total

return

(c)

(

.60

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.10

(d)

(e)

Net

investment

income

(loss)

.86

(d)

(e)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

2,343

Portfolio

turnover

rate

(f)

(g)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

The

Fund

invests

other

funds

and

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

underlying

funds

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(f)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(g)

Not

annualized.

www.calamos.com

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

14,

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.05

Net

realized

and

unrealized

gain

(loss)

(

7.27

)

Total

from

investment

operations

(

7.22

)

Less

distributions

from:

Net

investment

income

(

0.20

)

Total

distributions

(b)

(

0.20

)

Net

asset

value,

end

year

17.58

TOTAL

RETURN

Total

return

(c)

(

.00

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.10

(d)

(e)

Net

investment

income

(loss)

.35

(d)

(e)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

2,636

Portfolio

turnover

rate

(f)

(g)

164

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

The

Fund

invests

other

funds

and

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

underlying

funds

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(f)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(g)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

OCTOBER

14,

2025•

THROUGH

JULY

31,

2026

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

0.32

Net

realized

and

unrealized

gain

(loss)

(

5.14

)

Total

from

investment

operations

(

4.82

)

Less

distributions

from:

Net

investment

income

(

0.32

)

Total

distributions

(b)

(

0.32

)

Net

asset

value,

end

year

19.86

TOTAL

RETURN

Total

return

(c)

(

.43

)

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.10

(d)

(e)

Net

investment

income

(loss)

.87

(d)

(e)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

1,489

Portfolio

turnover

rate

(f)

(g)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Distribution

for

annual

periods

determined

accordance

with

federal

income

tax

regulations.

(c)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(d)

Annualized.

(e)

The

Fund

invests

other

funds

and

indirectly

bears

its

proportionate

fees

and

expenses

incurred

the

underlying

funds

which

the

Fund

invested.

This

ratio

does

not

include

these

indirect

fees

and

expenses.

(f)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(g)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JANUARY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

24.34

23.46

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.17

)

(

0.09

)

Net

realized

and

unrealized

gain

(loss)

1.71

0.97

Total

from

investment

operations

1.54

0.88

Net

asset

value,

end

year

25.88

24.34

TOTAL

RETURN

Total

return

(b)

.33

.75

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

26,526

22,515

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

FEBRUARY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

24.79

24.09

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.17

)

(

0.08

)

Net

realized

and

unrealized

gain

(loss)

1.80

0.78

Total

from

investment

operations

1.63

0.70

Net

asset

value,

end

year

26.42

24.79

TOTAL

RETURN

Total

return

(b)

.58

.91

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

33,680

26,026

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

MARCH

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

24.48

23.78

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.17

)

(

0.07

)

Net

realized

and

unrealized

gain

(loss)

1.72

0.77

Total

from

investment

operations

1.55

0.70

Net

asset

value,

end

year

26.03

24.48

TOTAL

RETURN

Total

return

(b)

.33

.94

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

31,237

23,254

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

APRIL

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.46

24.64

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.06

)

Net

realized

and

unrealized

gain

(loss)

1.83

0.88

Total

from

investment

operations

1.65

0.82

Net

asset

value,

end

year

27.11

25.46

TOTAL

RETURN

Total

return

(b)

.48

.33

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

21,012

15,915

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

MAY

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

28.01

25.98

25.00

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.19

)

(

0.18

)

(

0.04

)

Net

realized

and

unrealized

gain

(loss)

1.60

2.21

1.02

Total

from

investment

operations

1.41

2.03

0.98

Net

asset

value,

end

year

29.42

28.01

25.98

TOTAL

RETURN

Total

return

(b)

.00

.81

.92

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.67

)

(

.65

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

56,625

64,420

107,803

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JUNE

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.43

25.94

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.03

)

Net

realized

and

unrealized

gain

(loss)

1.56

0.52

Total

from

investment

operations

1.38

0.49

Net

asset

value,

end

year

27.81

26.43

TOTAL

RETURN

Total

return

(b)

.18

.89

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.66

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

26,415

11,892

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

JULY

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.24

24.28

23.96

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.17

)

(

0.01

)

Net

realized

and

unrealized

gain

(loss)

1.81

2.13

0.33

Total

from

investment

operations

1.63

1.96

0.32

Net

asset

value,

end

year

27.87

26.24

24.28

TOTAL

RETURN

Total

return

(b)

.25

.03

.34

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

46,681

43,289

30,348

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

AUGUST

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.22

24.25

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.17

)

Net

realized

and

unrealized

gain

(loss)

1.87

2.14

Total

from

investment

operations

1.69

1.97

Net

asset

value,

end

year

27.91

26.22

TOTAL

RETURN

Total

return

(b)

.45

.12

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

42,563

37,360

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

SEPTEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.34

24.81

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.16

)

Net

realized

and

unrealized

gain

(loss)

1.83

1.69

Total

from

investment

operations

1.65

1.53

Net

asset

value,

end

year

27.99

26.34

TOTAL

RETURN

Total

return

(b)

.26

.17

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

32,183

26,342

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

OCTOBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.43

25.26

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.15

)

Net

realized

and

unrealized

gain

(loss)

1.78

1.32

Total

from

investment

operations

1.60

1.17

Net

asset

value,

end

year

28.03

26.43

TOTAL

RETURN

Total

return

(b)

.05

.63

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

26,630

17,843

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

NOVEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.24

25.03

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.13

)

Net

realized

and

unrealized

gain

(loss)

1.81

1.34

Total

from

investment

operations

1.63

1.21

Net

asset

value,

end

year

27.87

26.24

TOTAL

RETURN

Total

return

(b)

.21

.83

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

34,838

20,340

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

DECEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.04

24.12

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.11

)

Net

realized

and

unrealized

gain

(loss)

2.03

1.03

Total

from

investment

operations

1.85

0.92

Net

asset

value,

end

year

26.89

25.04

TOTAL

RETURN

Total

return

(b)

.39

.81

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

45,037

55,085

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

MARCH

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.27

24.41

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.07

)

Net

realized

and

unrealized

gain

(loss)

1.77

0.93

Total

from

investment

operations

1.59

0.86

Net

asset

value,

end

year

26.86

25.27

TOTAL

RETURN

Total

return

(b)

.29

.52

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

14,772

15,793

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

JUNE

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.33

24.02

23.57

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.17

)

(

0.03

)

Net

realized

and

unrealized

gain

(loss)

1.39

2.48

0.48

Total

from

investment

operations

1.21

2.31

0.45

Net

asset

value,

end

year

27.54

26.33

24.02

TOTAL

RETURN

Total

return

(b)

.56

.62

.91

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.66

)

(

.65

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

41,992

45,421

64,850

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

SEPTEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

26.55

24.78

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.16

)

Net

realized

and

unrealized

gain

(loss)

1.88

1.93

Total

from

investment

operations

1.70

1.77

Net

asset

value,

end

year

28.25

26.55

TOTAL

RETURN

Total

return

(b)

.40

.14

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

21,189

23,897

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

DECEMBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.72

24.49

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.11

)

Net

realized

and

unrealized

gain

(loss)

1.85

1.34

Total

from

investment

operations

1.67

1.23

Net

asset

value,

end

year

27.39

25.72

TOTAL

RETURN

Total

return

(b)

.49

.02

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

21,911

14,788

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

JANUARY

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.14

24.76

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.10

)

Net

realized

and

unrealized

gain

(loss)

3.18

0.48

Total

from

investment

operations

3.00

0.38

Net

asset

value,

end

year

28.14

25.14

TOTAL

RETURN

Total

return

(b)

.93

.53

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

36,588

59,711

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

APRIL

2025•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.60

24.76

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.06

)

Net

realized

and

unrealized

gain

(loss)

2.41

0.90

Total

from

investment

operations

2.23

0.84

Net

asset

value,

end

year

27.83

25.60

TOTAL

RETURN

Total

return

(b)

.71

.39

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.69

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

13,218

7,039

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

www.calamos.com

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

JULY

2024•

THROUGH

JULY

31,

2024

2026

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.84

25.07

24.36

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.17

)

(

0.01

)

Net

realized

and

unrealized

gain

(loss)

2.03

0.94

0.72

Total

from

investment

operations

1.85

0.77

0.71

Net

asset

value,

end

year

27.69

25.84

25.07

TOTAL

RETURN

Total

return

(b)

.16

.07

.91

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.67

)

(

.69

)

(

.68

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

37,378

52,973

55,777

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

Financial

Highlights

Selected

data

for

outstanding

throughout

each

year

were

follows:

YEAR

ENDED

JULY

31,

2026

OCTOBER

2024•

THROUGH

JULY

31,

2025

PER

OPERATING

PERFORMANCE

Net

asset

value,

beginning

year

25.12

24.75

Income

from

investment

operations:

Net

investment

income

(loss)

(a)

(

0.18

)

(

0.14

)

Net

realized

and

unrealized

gain

(loss)

3.38

0.51

Total

from

investment

operations

3.20

0.37

Net

asset

value,

end

year

28.32

25.12

TOTAL

RETURN

Total

return

(b)

.74

.49

RATIOS

AVERAGE

NET

ASSETS

Net

expenses

.69

(c)

Net

investment

income

(loss)

(

.68

)

(

.69

)

(c)

SUPPLEMENTAL

DATA

Net

assets

end

year

(000)

26,192

27,627

Portfolio

turnover

rate

(d)

(e)

•

Commencement

operations.

(a)

Net

investment

income

(loss)

allocated

based

average

method.

(b)

Total

return

measures

net

investment

income

(loss)

and

capital

gain

loss

from

portfolio

investments

assuming

reinvestment

dividends

and

capital

gains

distributions.

Total

return

not

annualized

for

periods

that

are

less

than

full

year

and

does

not

reflect

the

deduction

taxes

that

shareholder

would

pay

fund

distributions

the

redemption

fund

shares.

(c)

Annualized.

(d)

Portfolio

turnover

rate

excludes

securities

received

delivered

from

in-kind

processing

creations

redemptions.

(e)

Not

annualized.

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

COMMON

STOCKS

(99.6%)

Communication

Services

(7.5%)

3,317

Alphabet,

Inc.

Class

1,181,283

1,130

Netflix,

Inc.#

81,033

546,135

KES

Safaricom

PLC

154,710

1,417,026

Consumer

Discretionary

(10.1%)

1,087

EUR

Amadeus

Group

66,860

1,953

Amazon.com,

Inc.#

530,396

409

Booking

Holdings,

Inc.

78,896

11,675

HKD

BYD

Co.

Ltd.

Class

140,161

2,570

Chipotle

Mexican

Grill,

Inc.#

95,656

2,268

EUR

Cie

Generale

des

Etablissements

Michelin

SCA

91,459

1,074

KRW

Coway

Co.

Ltd.

68,928

5,653

GBP

Greggs

PLC

143,234

387

Home

Depot,

Inc.

128,469

1,786

EUR

Industria

Diseno

Textil

116,240

MercadoLibre,

Inc.#

76,996

6,563

Sony

Group

Corp.

(ADR)

152,655

1,354

TJX

Cos.,

Inc.

213,038

1,902,988

Consumer

Staples

(4.4%)

1,199

Colgate-Palmolive

Co.

109,469

Costco

Wholesale

Corp.

85,670

3,197

Darling

Ingredients,

Inc.#

193,866

5,292

EUR

Jeronimo

Martins

SGPS

105,939

1,393

EUR

Kerry

Group

PLC

Class

133,005

202

EUR

L'Oreal

90,134

1,026

Walmart,

Inc.

114,091

832,174

Financials

(14.0%)

EUR

Adyen

NV#*

91,008

17,868

HKD

AIA

Group

Ltd.

180,562

292

American

Express

Co.

98,185

14,024

GBP

Aviva

PLC

131,058

1,398

Bank

New

York

Mellon

Corp.

218,549

4,252

NOK

DNB

Bank

ASA

136,836

25,177

EUR

Eurobank

129,196

11,490

MXN

Grupo

Financiero

Banorte

SAB

Class

132,444

6,444

HDFC

Bank

Ltd.

(ADR)

154,205

1,959

HKD

Hong

Kong

Exchanges

Clearing

Ltd.

102,067

716

Intercontinental

Exchange,

Inc.

109,176

13,075

Itau

Unibanco

Holding

(ADR)

110,614

617

Jack

Henry

Associates,

Inc.

95,043

1,010

EUR

KBC

Group

145,177

248

S&P

Global,

Inc.

102,159

2,798

JPY

Tokio

Marine

Holdings,

Inc.

142,692

636

Travelers

Cos.,

Inc.

238,093

NUMBER

VALUE

841

Visa,

Inc.

Class

307,915

2,624,979

Health

Care

(9.1%)

102

Argenx

(ADR)#

87,090

586

GBP

AstraZeneca

PLC

99,765

6,222

JPY

Daiichi

Sankyo

Co.

Ltd.

100,405

928

Edwards

Lifesciences

Corp.#

79,873

118

Eli

Lilly

Co.

135,563

357

EUR

EssilorLuxottica

67,535

1,292

HealthCare

Technologies,

Inc.

87,882

791

Gilead

Sciences,

Inc.

102,996

25,307

GBP

Haleon

PLC

123,913

247

IDEXX

Laboratories,

Inc.#

138,090

175

CHF

Lonza

Group

121,696

986

Merck

Co.,

Inc.

128,377

276

CHF

Roche

Holding

120,717

244

Thermo

Fisher

Scientific,

Inc.

140,129

820

Veeva

Systems,

Inc.

Class

167,100

1,701,131

Industrials

(16.7%)

4,242

SEK

Atlas

Copco

Class

89,587

1,585

Canadian

Pacific

Kansas

City

Ltd.

140,891

106

Caterpillar,

Inc.

86,370

1,126

EUR

Cie

Saint-Gobain

105,538

443

Cintas

Corp.

90,651

1,500

HKD

Contemporary

Amperex

Technology

Co.

Ltd.

Class

119,064

2,500

JPY

Daifuku

Co.

Ltd.

94,010

213

Deere

Co.

126,239

331

Eaton

Corp.

PLC

137,431

3,104

SEK

Epiroc

Class

79,570

373

Ferguson

Enterprises,

Inc.

87,405

Vernova,

Inc.

85,165

5,368

JPY

Hitachi

Ltd.

177,702

414

Howmet

Aerospace,

Inc.

116,856

825

Nextpower,

Inc.

Class

74,143

595

nVent

Electric

PLC

91,529

550

Old

Dominion

Freight

Line,

Inc.

116,677

1,129

Otis

Worldwide

Corp.

81,232

236

Quanta

Services,

Inc.

157,497

2,419

GBP

RELX

PLC

84,994

219

Rockwell

Automation,

Inc.

105,137

434

EUR

Schneider

Electric

144,935

462

EUR

Siemens

150,583

300

JPY

SMC

Corp.

132,893

4,300

CNY

Sungrow

Power

Supply

Co.

Ltd.

Class

65,874

266

Trane

Technologies

PLC

121,017

944

Veralto

Corp.

88,896

282

Verisk

Analytics,

Inc.

54,948

572

Waste

Management,

Inc.

129,587

3,136,421

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

Schedule

Investments

July

31,

2026

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

Information

Technology

(30.0%)

1,271

Amphenol

Corp.

Class

204,250

2,315

Apple,

Inc.

715,127

644

Applied

Materials,

Inc.

326,939

638

Arista

Networks,

Inc.#

115,063

123

EUR

ASML

Holding

203,423

3,222

Bentley

Systems,

Inc.

Class

114,188

932

Broadcom,

Inc.

362,809

248

Cadence

Design

Systems,

Inc.#

84,325

1,824

GBP

Halma

PLC

86,778

3,280

EUR

Infineon

Technologies

233,256

300

JPY

Keyence

Corp.

153,012

1,555

Microsoft

Corp.

722,640

302

Motorola

Solutions,

Inc.

131,596

901

EUR

Nemetschek

60,313

4,089

NVIDIA

Corp.

820,867

371

Palo

Alto

Networks,

Inc.#

123,109

510

EUR

SAP

92,733

315

KRW

Hynix,

Inc.

379,582

1,548

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

625,779

312

Texas

Instruments,

Inc.

86,031

5,641,820

Materials

(4.1%)

495

EUR

Air

Liquide

97,449

708

EUR

DSM-Firmenich

76,238

481

Ecolab,

Inc.

133,540

16,882

BRL

Klabin

60,779

282

Linde

PLC

134,903

1,282

DKK

Novonesis

Novozymes

Class

83,462

244

Sherwin-Williams

Co.

83,167

459

CHF

Sika

103,246

772,784

Real

Estate

(1.4%)

401

American

Tower

Corp.

69,517

4,063

AUD

Goodman

Group

85,110

686

Prologis,

Inc.

99,203

253,830

Utilities

(2.3%)

5,888

EUR

Iberdrola

140,208

6,802

GBP

National

Grid

PLC

109,092

19,209

INR

Power

Grid

Corp.

India

Ltd.

57,215

3,015

EUR

Veolia

Environnement

119,844

426,359

TOTAL

COMMON

STOCKS

(Cost

$13,494,253)

18,709,512

TOTAL

INVESTMENTS

(99.6%)

(Cost

$13,494,253)

18,709,512

OTHER

ASSETS,

LESS

LIABILITIES

(0.4%)

71,934

NET

ASSETS

(100.0%)

18,781,446

Non-income

producing

security.

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

FOREIGN

CURRENCY

ABBREVIATIONS

AUD

Australian

Dollar

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

foreign

currencies

shown

U.S.

dollars.

COUNTRY

EXPOSURE

July

31,

2026

VALUE

TOTAL

INVESTMENTS

United

States

11,428,613

61.1‌%

Japan

953,370

5.1‌%

All

other

countries

less

than

6,327,529

33.8‌%

Total

Investments

$18,709,512

100.0‌%

Country

exposure

may

vary

over

time.

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

Common

Stocks

120

18,709,512

—

18,709,512

Total

18,709,512

—

18,709,512

Calamos

Autocallable

Income

ETF

Schedule

Investments

July

31,

2026

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period August

2025 through

July

31,

2026 are

follows:

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(13.6%)

Other

(13.6%)

163,284,000

U.S.

Treasury

Bills~

3.886%,

01/07/27

(Cost

$160,577,699)

160,599,441

NUMBER

VALUE

EXCHANGE-TRADED

FUND

(79.3%)

Domestic

Alternative

(79.3%)

9,287,631

Calamos

Tax-Aware

Collateral

ETF

(Cost

$930,785,042)

939,490,314

TOTAL

INVESTMENTS

(92.9%)

(Cost

$1,091,362,741)

1,100,089,755

OTHER

ASSETS,

LESS

LIABILITIES

(7.1%)

84,281,481

NET

ASSETS

(100.0%)

1,184,371,236

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

swaps.

The

aggregate

value

such

securities

$67,738,591.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Tax-Aware

Collateral

ETF

—

933,426,102

(

2,649,592

)

—

8,532

8,705,272

939,490,314

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

Autocallable

Index

Equity

returns

1,272,244

MerQube

U.S.

Large-Cap

Vol

Advantage

Autocallable

Index

mo.

SOFR

Plus

0.100%

08/31/26

Annual

$1,082,772,314

—

65,113,992

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

160,599,441

—

160,599,441

Exchange-Traded

Fund

939,490,314

—

939,490,314

Total

Return

Swaps

–

—

65,113,992

—

65,113,992

Total

939,490,314

225,713,433

—

1,165,203,747

Calamos

Nasdaq

Autocallable

Income

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period November

20,

2025 (commencement

operations)

through

July

31,

2026 are

follows:

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(14.8%)

Other

(14.8%)

43,199,000

U.S.

Treasury

Bills~

3.886%,

01/07/27

(Cost

$42,483,106)

42,488,764

NUMBER

VALUE

EXCHANGE-TRADED

FUND

(81.1%)

Domestic

Alternative

(81.1%)

2,294,896

Calamos

Tax-Aware

Collateral

ETF

(Cost

$230,217,745)

232,140,205

TOTAL

INVESTMENTS

(95.9%)

(Cost

$272,700,851)

274,628,969

OTHER

ASSETS,

LESS

LIABILITIES

(4.1%)

11,757,769

NET

ASSETS

(100.0%)

286,386,738

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

swaps.

The

aggregate

value

such

securities

$27,106,688.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Tax-Aware

Collateral

ETF

—

230,217,745

—

1,922,460

232,140,205

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

126,089

MerQube

Nasdaq-100®

Vol

Advantage

Autocallable

Index

mo.

SOFR

Plus

0.100%

12/31/26

Annual

$270,909,759

—

7,747,268

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Nasdaq

Autocallable

Income

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

42,488,764

—

42,488,764

Exchange-Traded

Fund

232,140,205

—

232,140,205

Total

Return

Swaps

–

—

7,747,268

—

7,747,268

Total

232,140,205

50,236,032

—

282,376,237

Calamos

Autocallable

Growth

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period April

16,

2026 through

July

31,

2026 are

follows:

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(17.3%)

Other

(17.3%)

18,677,000

U.S.

Treasury

Bills~

3.890%,

01/07/27

(Cost

$18,367,152)

18,369,931

NUMBER

VALUE

EXCHANGE-TRADED

FUND

(81.0%)

Domestic

Alternative

(81.0%)

846,937

Calamos

Tax-Aware

Collateral

ETF

(Cost

$85,214,097)

85,671,912

TOTAL

INVESTMENTS

(98.3%)

(Cost

$103,581,249)

104,041,843

OTHER

ASSETS,

LESS

LIABILITIES

(1.7%)

1,757,373

NET

ASSETS

(100.0%)

105,799,216

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

swaps.

The

aggregate

value

such

securities

$15,854,872.

ABBREVIATION

SOFR

Secured

Overnight

Financing

Rate

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Tax-Aware

Collateral

ETF

—

86,832,001

(

1,628,124

)

—

10,220

457,815

85,671,912

TOTAL

RETURN

SWAPS

COUNTERPARTY

UNDERLYING

REFERENCE

INSTRUMENT

FIXED

RATE

(FUND

PAYS)

FLOATING

RATE

(FUND

RECEIVES)

TERMINATION

DATE

PERIODIC

PAYMENT

FREQUENCY

NOTIONAL

AMOUNT

UPFRONT

PAYMENTS

(PAID)/

RECEIVED

MARKET

VALUE

UNREALIZED

APPRECIATION

(DEPRECIATION)

JPMorgan

Chase

Bank

N.A.

MerQube

Large

Cap

Vol

Advantage

Autocallable

Growth

Index

Equity

returns

50,466

MerQube

Large

Cap

Vol

Advantage

Autocallable

Growth

Index

mo.

SOFR

Plus

0.100%

05/28/27

Annual

$104,278,425

—

953,904

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Autocallable

Growth

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

18,369,931

—

18,369,931

Exchange-Traded

Fund

85,671,912

—

85,671,912

Total

Return

Swaps

–

—

953,904

—

953,904

Total

85,671,912

19,323,835

—

104,995,747

Calamos

CEF

Income

Arbitrage

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NUMBER

VALUE

CLOSED-END

FUNDS

(89.5%)

Convertible

(1.4%)

39,038

Advent

Convertible

Income

Fund

483,290

Covered

Call

(13.8%)

70,889

BlackRock

Enhanced

Equity

Dividend

Trust

693,295

148,178

BlackRock

Enhanced

International

Dividend

Trust

856,469

146,831

Eaton

Vance

Tax

Managed

Global

Buy

Write

Opportunities

Fund

1,396,363

11,352

Eaton

Vance

Tax-Managed

Buy-

Write

Opportunities

Fund

166,420

47,011

Eaton

Vance

Tax-Managed

Diversified

Equity

Income

Fund

676,958

47,169

Nuveen

S&P

500

Dynamic

Overwrite

Fund

870,268

4,659,773

Equity-Sector

(14.2%)

43,823

Adams

Natural

Resources

Fund,

Inc.

1,178,400

64,937

BlackRock

Health

Sciences

Term

Trust

1,005,225

7,477

BlackRock

Science

Technology

Trust

345,886

18,684

Cohen

Steers

Infrastructure

Fund,

Inc.

519,228

103,825

GAMCO

Global

Gold

Natural

Resources

Income

Trust

508,743

23,221

Neuberger

Generation

Connectivity

Fund,

Inc.

342,742

36,539

Virtus

Artificial

Intelligence

Technology

Opportunities

Fund

921,514

4,821,738

Global

Allocation

(8.1%)

12,041

Eaton

Vance

Tax-Advantaged

Global

Dividend

Opportunities

Fund

372,187

81,983

Highland

Opportunities

Income

Fund

616,512

56,853

LMP

Capital

Income

Fund,

Inc.

880,085

63,430

Nuveen

Multi-Asset

Income

Fund

887,386

2,756,170

High

Yield

Bond

(6.0%)

52,764

Allspring

Income

Opportunities

Fund

332,413

72,448

Allspring

Multi-Sector

Income

Fund

660,001

71,421

BNY

Mellon

High

Yield

Strategies

Fund

167,840

68,305

Credit

Suisse

Asset

Management

Income

Fund,

Inc.

166,664

141,501

Credit

Opportunities

Corp.

700,430

2,027,348

Master

Limited

Partnership

(7.0%)

17,848

ClearBridge

Energy

Midstream

Opportunity

Fund,

Inc.

921,314

34,170

Kayne

Anderson

Energy

Infrastructure

Fund

499,565

NUMBER

VALUE

41,732

Neuberger

Energy

Infrastructure

Income

Fund,

Inc.

436,517

12,046

Tortoise

Energy

Infrastructure

Corp.

516,532

2,373,928

Municipal

Bond

(1.8%)

20,675

Nuveen

Taxable

Municipal

Income

Fund

314,467

42,582

PIMCO

Municipal

Income

Fund

310,848

625,315

Preferred

(5.9%)

42,039

Flaherty

Crumrine

Preferred

Income

Fund

475,881

41,904

Flaherty

Crumrine

Preferred

Income

Securities

Fund

675,912

64,319

John

Hancock

Premium

Dividend

Fund

829,715

1,981,508

Real

Estate

Investment

Trust

(2.5%)

278,760

Neuberger

Real

Estate

Securities

Income

Fund,

Inc.

841,855

Senior

Loan

(3.0%)

47,130

Blackstone

Long-Short

Credit

Income

Fund

505,234

14,937

Blackstone

Strategic

Credit

2027

Term

Fund

166,846

44,262

Nuveen

Floating

Rate

Income

Fund

341,260

1,013,340

U.S.

Allocation

(7.5%)

69,135

Bexil

Investment

Trust

1,182,969

52,448

Virtus

Equity

Convertible

Income

Fund

1,361,026

2,543,995

U.S.

Investment

Grade

(2.2%)

34,207

Eaton

Vance

Short

Duration

Diversified

Income

Fund

359,516

38,160

Western

Asset

Premier

Bond

Fund

398,390

757,906

U.S.

Stock

(4.8%)

85,953

Liberty

All

Star

Growth

Fund,

Inc.

441,798

23,881

Royce

Micro-Cap

Trust,

Inc.

325,259

18,819

Royce

Small-Cap

Trust,

Inc.

340,436

27,031

SRH

Total

Return

Fund,

Inc.

500,885

1,608,378

World

Bond

(5.1%)

119,038

Morgan

Stanley

Emerging

Markets

Debt

Fund,

Inc.

861,835

57,128

PGIM

Global

High

Yield

Fund,

Inc.

666,112

30,929

Templeton

Emerging

Markets

Income

Fund

205,369

1,733,316

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

CEF

Income

Arbitrage

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

VALUE

World

Stock

(6.2%)

29,951

Aberdeen

India

Fund,

Inc.

350,726

14,643

Eaton

Vance

Tax-Advantaged

Global

Dividend

Income

Fund

345,721

15,561

European

Equity

Fund,

Inc.

171,482

16,102

Mexico

Fund,

Inc.

350,380

NUMBER

VALUE

41,110

Templeton

Emerging

Markets

Fund

871,121

2,089,430

TOTAL

CLOSED-END

FUNDS

(Cost

$28,663,685)

30,317,290

TOTAL

INVESTMENTS

(89.5%)

(Cost

$28,663,685)

30,317,290

OTHER

ASSETS,

LESS

LIABILITIES

(10.5%)

3,560,995

NET

ASSETS

(100.0%)

33,878,285

LEVEL

TOTAL

Assets:

—

Closed-End

Funds

30,317,290

—

30,317,290

Total

30,317,290

—

30,317,290

Calamos

Convertible

Equity

Alternative

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

PRINCIPAL

AMOUNT

VALUE

CONVERTIBLE

BONDS

(59.8%)

Communication

Services

(2.3%)

101,000

Liberty

Media

Corp.-Liberty

Formula

One

2.250%,

08/15/27

127,685

213,000

Live

Nation

Entertainment,

Inc.

3.125%,

01/15/29

362,714

55,000

Sphere

Entertainment

Co.

3.500%,

12/01/28

224,358

714,757

Consumer

Discretionary

(3.6%)

123,000

Cheesecake

Factory,

Inc.

2.000%,

03/15/30

187,963

61,000

Chefs'

Warehouse,

Inc.

2.375%,

12/15/28

162,192

238,000

Liberty

Live

Holdings,

Inc.*

2.375%,

09/30/53

420,289

55,000

Patrick

Industries,

Inc.

1.750%,

12/01/28

77,175

75,000

Peloton

Interactive,

Inc.

5.500%,

12/01/29

127,711

90,000

Stride,

Inc.

1.125%,

09/01/27

142,241

1,117,571

Consumer

Staples

(0.4%)

88,000

Oscar

Health,

Inc.*

2.250%,

09/01/30

136,461

Energy

(1.0%)

74,000

Sable

Offshore

Corp.

6.500%,

07/01/31

111,090

55,000

Transocean

International

Ltd.

4.625%,

09/30/29

92,391

75,000

World

Kinect

Corp.

3.250%,

07/01/28

111,768

315,249

Financials

(2.2%)

75,000

COPT

Defense

Properties

LP*

5.250%,

09/15/28

98,818

87,000

HAT

Holdings

LLC/HAT

Holdings

LLC*

3.750%,

08/15/28

126,921

85,000

Pebblebrook

Hotel

Trust*

1.625%,

01/15/30

112,406

184,000

SoFi

Technologies,

Inc.*

1.250%,

03/15/29

342,669

680,814

Health

Care

(4.9%)

Bridgebio

Pharma,

Inc.

117,000

2.500%,

03/15/27

221,876

122,000

1.750%,

03/01/31

217,109

Guardant

Health,

Inc.

128,000

1.250%,

02/15/31

344,902

86,000

0.000%,

05/15/33*

132,323

PRINCIPAL

AMOUNT

VALUE

100,000

Halozyme

Therapeutics,

Inc.

1.000%,

08/15/28

152,278

86,000

Hims

Hers

Health,

Inc.*

0.000%,

06/01/32

103,267

123,000

Lantheus

Holdings,

Inc.

2.625%,

12/15/27

161,396

98,000

Ligand

Pharmaceuticals,

Inc.*

0.750%,

10/01/30

156,115

1,489,266

Industrials

(1.9%)

Granite

Construction,

Inc.

52,000

3.750%,

05/15/28

154,920

80,000

3.250%,

06/15/30

130,508

98,000

Planet

Labs

PBC*

0.500%,

10/15/30

191,606

53,000

Xometry,

Inc.

0.750%,

06/15/30

106,742

583,776

Information

Technology

(30.3%)

368,000

Akamai

Technologies,

Inc.

0.250%,

05/15/33

526,807

96,000

Applied

Digital

Corp.

2.750%,

06/01/30

286,959

139,000

Avnet,

Inc.*

1.750%,

09/01/30

194,676

277,000

Cipher

Digital,

Inc.*

0.000%,

10/01/31

458,089

243,000

Cloudflare,

Inc.

0.000%,

08/15/26

347,721

61,000

Cohu,

Inc.*

1.500%,

01/15/31

119,490

98,000

Core

Scientific,

Inc.*

3.000%,

09/01/29

201,370

266,000

CyberArk

Software

Ltd.

0.000%,

06/15/30

435,958

81,000

InterDigital,

Inc.

3.500%,

06/01/27

320,312

269,000

Lumentum

Holdings,

Inc.*

0.375%,

03/15/32

1,049,049

73,000

MACOM

Technology

Solutions

Holdings,

Inc.

0.000%,

12/15/29

118,651

298,000

MKS,

Inc.^

1.250%,

06/01/30

611,493

171,000

Semiconductor

Corp.

0.000%,

05/01/27

272,465

74,000

OSI

Systems,

Inc.

2.250%,

08/01/29

99,718

127,000

Riot

Platforms,

Inc.^

0.750%,

01/15/30

201,038

86,000

Semtech

Corp.*

0.000%,

10/15/30

127,320

Snowflake,

Inc.

245,000

0.000%,

10/01/27

463,741

245,000

0.000%,

10/01/29

485,507

62,000

Synaptics,

Inc.

0.750%,

12/01/31

82,918

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Convertible

Equity

Alternative

ETF

Schedule

Investments

July

31,

2026

PRINCIPAL

AMOUNT

VALUE

Terawulf,

Inc.*

107,000

2.750%,

02/01/30

243,284

213,000

1.000%,

09/01/31

350,617

53,000

Viavi

Solutions,

Inc.*

0.625%,

03/01/31

149,462

149,000

Western

Digital

Corp.

3.000%,

11/15/28

2,150,995

9,297,640

Materials

(1.8%)

86,000

Centrus

Energy

Corp.

2.250%,

11/01/30

178,043

185,000

Materials

Corp.*

3.000%,

03/01/30

377,604

555,647

Real

Estate

(2.8%)

Welltower

LLC*

220,000

3.125%,

07/15/29

407,403

180,000

2.750%,

05/15/28

441,115

848,518

Utilities

(8.6%)

203,000

CenterPoint

Energy,

Inc.

4.250%,

08/15/26

238,251

247,000

Evergy,

Inc.

4.500%,

12/15/27

337,936

FirstEnergy

Corp.

245,000

3.875%,

01/15/31

274,265

288,000

3.625%,

01/15/29

317,425

215,000

NextEra

Energy

Capital

Holdings,

Inc.

3.000%,

03/01/27

279,702

112,000

Pinnacle

West

Capital

Corp.

4.750%,

06/15/27

127,464

215,000

PPL

Capital

Funding,

Inc.

2.875%,

03/15/28

238,542

178,000

Southern

Co.

4.500%,

06/15/27

194,084

150,000

UGI

Corp.

5.000%,

06/01/28

206,436

WEC

Energy

Group,

Inc.

185,000

4.375%,

06/01/27

212,308

185,000

4.375%,

06/01/29

218,768

2,645,181

TOTAL

CONVERTIBLE

BONDS

(Cost

$18,218,248)

18,384,880

NUMBER

VALUE

COMMON

STOCKS

(5.1%)

Health

Care

(1.3%)

7,310

Brookdale

Senior

Living,

Inc.#^

106,726

1,156

Jazz

Pharmaceuticals

PLC#

292,306

399,032

Information

Technology

(2.6%)

5,297

Oracle

Corp.

687,922

NUMBER

VALUE

2,056

Shift4

Payments,

Inc.

Class

A#^

108,968

796,890

Materials

(1.2%)

3,314

Albemarle

Corp.

389,859

TOTAL

COMMON

STOCKS

(Cost

$1,520,898)

1,585,781

CONVERTIBLE

PREFERRED

STOCKS

(33.3%)

Communication

Services

(10.0%)

61,398

Alphabet,

Inc.

6.250%,

05/15/29#

3,080,952

Consumer

Discretionary

(0.3%)

2,311

Whirlpool

Corp.

8.500%,

02/15/29#

76,841

Financials

(2.4%)

6,385

ARES

Management

Corp.

6.750%,

10/01/27

262,551

11,015

KKR

Co.,

Inc.^

6.250%,

03/01/28

477,941

740,492

Health

Care

(1.9%)#

1,602

BrightSpring

Health

Services,

Inc.

6.750%,

02/01/27

319,567

560

Bruker

Corp.

6.375%,

09/01/28

261,464

581,031

Industrials

(5.7%)

24,477

Boeing

Co.#

6.000%,

10/15/27

1,635,308

2,539

QXO,

Inc.

5.500%,

05/15/28

102,830

1,738,138

Information

Technology

(7.0%)

6,385

Hewlett

Packard

Enterprise

Co.

7.625%,

09/01/27

795,124

6,322

Microchip

Technology,

Inc.

7.500%,

03/15/28

406,378

2,603

Novanta,

Inc.#

6.500%,

11/01/28

158,731

15,963

Super

Micro

Computer,

Inc.#

7.000%,

06/01/29

804,056

2,164,289

Utilities

(6.0%)

3,146

CenterPoint

Energy,

Inc.

(Warner

Media

LLC,

Charter

Communications

Time,

Inc.)#§

3.369%,

09/15/29

97,306

NextEra

Energy,

Inc.

6,385

7.234%,

11/01/27#

312,418

8,514

7.299%,

06/01/27

452,945

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Convertible

Equity

Alternative

ETF

Schedule

Investments

July

31,

2026

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

9,791

7.375%,

02/15/29#

467,030

6,854

PG&E

Corp.

6.000%,

12/01/27

290,678

4,895

PPL

Corp.#^

7.000%,

02/15/29

229,967

1,850,344

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$10,525,645)

10,232,087

WARRANTS

(0.0%)#

Real

Estate

(0.0%)

106

Opendoor

Technologies,

Inc.

11/20/26,

Strike

$0.00

106

Opendoor

Technologies,

Inc.

11/20/26,

Strike

$0.00

106

Opendoor

Technologies,

Inc.

11/20/26,

Strike

$0.00

TOTAL

WARRANTS

(Cost

$–)

NUMBER

SHARES/

PRINCIPAL

AMOUNT

VALUE

INVESTMENT

CASH

COLLATERAL

FOR

SECURITIES

LOANED

(10.6%)

3,248,612

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio,

3.674%†***

(Cost

$3,248,612)

3,248,612

TOTAL

INVESTMENTS

(108.8%)

(Cost

$33,513,403)

33,451,430

PAYABLE

UPON

RETURN

SECURITIES

LOAN

(-10.6%)

(

3,248,612

)

OTHER

ASSETS,

LESS

LIABILITIES

(1.8%)

529,844

NET

ASSETS

(100.0%)

30,732,662

Securities

issued

and

sold

pursuant

Rule

144A

transaction

are

exempted

from

the

registration

requirement

the

Securities

Act

1933,

amended.

These

securities

may

only

sold

qualified

institutional

buyers

(“QIBs”),

such

the

Fund.

Any

resale

these

securities

must

generally

effected

through

sale

that

registered

under

the

Act

otherwise

exempted

from

such

registration

requirements.

Security,

portion

security,

loan.

Non-income

producing

security.

Securities

exchangeable

convertible

into

securities

one

entities

that

are

different

than

the

issuer.

Each

entity

identified

the

parenthetical.

†

Represents

investment

cash

collateral

received

from

securities

loan

July

31,

2026.

***

The

rate

disclosed

the

day

net

yield

July

31,

2026.

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Convertible

Equity

Alternative

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

Convertible

Bonds

—

18,384,880

—

18,384,880

Common

Stocks

1,585,781

—

1,585,781

Convertible

Preferred

Stocks

10,134,781

97,306

—

10,232,087

Warrants

—

Investment

Cash

Collateral

for

Securities

Loaned

—

3,248,612

—

3,248,612

Total

11,720,632

21,730,798

—

33,451,430

Calamos

Nasdaq

Equity

Income

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

NUMBER

VALUE

EXCHANGE-TRADED

FUNDS

(85.2%)

Other

(85.2%)

22,390

Franklin

Senior

Loan

ETF

516,313

11,151

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

583,086

16,354

iShares

Broad

USD

Investment

Grade

Corporate

Bond

ETF

822,933

47,481

Janus

Henderson

AAA

CLO

ETF

2,397,791

38,140

Schwab

1-5

Year

Corporate

Bond

ETF

935,574

104,178

Simplify

MBS

ETF

5,044,299

134,589

State

Street

SPDR

Portfolio

High

Yield

Bond

ETF

3,131,886

68,168

Vanguard

Emerging

Markets

Government

Bond

ETF

4,488,181

17,920,063

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$18,271,171)

17,920,063

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(14.1%)#Ω

Communication

Services

(1.3%)

1,994,328

Alphabet,

Inc.

Call,

Expires

12/18/26,

Strike

$340.00

238,110

779,394

Meta

Platforms,

Inc.

Call,

Expires

03/19/27,

Strike

$750.00

33,590

301,182

Netflix,

Inc.

Call,

Expires

09/18/26,

Strike

$110.00

241,794

T-Mobile

U.S.,

Inc.

Call,

Expires

09/18/26,

Strike

$250.00

271,817

Consumer

Discretionary

(1.1%)

1,140,636

Amazon.com,

Inc.

Call,

Expires

03/19/27,

Strike

$245.00

213,191

435,694

Tesla,

Inc.

Call,

Expires

12/18/26,

Strike

$420.00

15,287

228,478

Consumer

Staples

(0.6%)

1,332,646

Costco

Wholesale

Corp.

Call,

Expires

06/17/27,

Strike

$1,000.00

119,372

622,720

Walmart,

Inc.

Call,

Expires

03/19/27,

Strike

$135.00

18,816

138,188

Information

Technology

(6.3%)

666,610

Advanced

Micro

Devices,

Inc.

Call,

Expires

09/18/26,

Strike

$200.00

388,381

2,162,370

Apple,

Inc.

Call,

Expires

09/18/26,

Strike

$245.00

457,575

544,992

Broadcom,

Inc.

Call,

Expires

06/17/27,

Strike

$560.00

46,059

487,158

Cisco

Systems,

Inc.

Call,

Expires

12/18/26,

Strike

$78.00

171,651

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

1,301,216

Microsoft

Corp.

Call,

Expires

06/17/27,

Strike

$450.00

188,884

1,967,350

NVIDIA

Corp.

Call,

Expires

12/18/26,

Strike

$250.00

63,666

344,568

Palantir

Technologies,

Inc.

Call,

Expires

03/19/27,

Strike

$230.00

11,652

1,327,868

Other

(4.8%)

140

1,638,980

Direxion

Nasdaq-100

Equal

Weighted

Index

ETF

Call,

Expires

09/18/26,

Strike

$98.50

273,981

491,694

Direxion

Nasdaq-100

Equal

Weighted

Index

ETF

Call,

Expires

12/18/26,

Strike

$101.00

82,298

224

2,622,368

Direxion

Nasdaq-100

Equal

Weighted

Index

ETF

Call,

Expires

03/19/27,

Strike

$101.00

484,685

126

1,475,082

Direxion

Nasdaq-100

Equal

Weighted

Index

ETF

Call,

Expires

06/17/27,

Strike

$124.00

116,675

963,186

Invesco

QQQ

Trust

Series

Call,

Expires

06/17/27,

Strike

$775.00

52,224

1,009,863

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$2,111,400)

2,976,214

TOTAL

INVESTMENTS

(99.3%)

(Cost

$20,382,571)

20,896,277

OTHER

ASSETS,

LESS

LIABILITIES

(0.7%)

150,360

NET

ASSETS

(100.0%)

21,046,637

FLexible

EXchange®

Options

(see

Note

1).

Non-income

producing

security.

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Calamos

Nasdaq

Equity

Income

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Funds

17,920,063

—

17,920,063

Exchange-Traded

Purchased

Options

—

2,976,214

—

2,976,214

Total

17,920,063

2,976,214

—

20,896,277

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(152.2%)#Ω

Long

Call

Option

(151.7%)

911

13,506,486

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$197.86

387,447

358

26,743,674

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$1.00

26,638,258

27,025,705

Long

Put

Option

(0.5%)

358

26,743,674

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$501.00

89,032

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$28,837,168)

27,114,737

TOTAL

INVESTMENTS

(152.2%)

(Cost

$28,837,168)

27,114,737

LIABILITIES,

LESS

OTHER

ASSETS

(-52.2%)

(

9,299,329

)

NET

ASSETS

(100.0%)

17,815,408

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-52.7%)#Ω

Short

Call

Option

(-52.7%)

(911)

(13,506,486)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$214.40

(

215,070

)

(358)

(26,743,674)

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$501.00

(

9,177,275

)

(

9,392,345

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$10,667,096)

(

9,392,345

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

27,114,737

—

27,114,737

Total

—

27,114,737

—

27,114,737

Liabilities:

—

Exchange-Traded

Written

Options

—

9,392,345

—

9,392,345

Total

—

9,392,345

—

9,392,345

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

Schedule

Investments

July

31,

2026

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(159.1%)#Ω

Long

Call

Option

(158.2%)

297

4,403,322

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$162.86

547,656

7,171,488

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$1.00

7,133,428

7,681,084

Long

Put

Option

(0.9%)

7,171,488

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$501.00

42,275

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$7,643,044)

7,723,359

TOTAL

INVESTMENTS

(159.1%)

(Cost

$7,643,044)

7,723,359

LIABILITIES,

LESS

OTHER

ASSETS

(-59.1%)

(

2,869,516

)

NET

ASSETS

(100.0%)

4,853,843

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-60.0%)#Ω

Short

Call

Option

(-60.0%)

(297)

(4,403,322)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$178.69

(

392,228

)

(96)

(7,171,488)

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$501.00

(

2,518,092

)

(

2,910,320

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$2,844,157)

(

2,910,320

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

7,723,359

—

7,723,359

Total

—

7,723,359

—

7,723,359

Liabilities:

—

Exchange-Traded

Written

Options

—

2,910,320

—

2,910,320

Total

—

2,910,320

—

2,910,320

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(167.1%)#Ω

Long

Call

Option

(165.8%)

325

4,818,450

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$150.46

940,505

7,246,191

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$1.00

7,202,956

8,143,461

Long

Put

Option

(1.3%)

7,246,191

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$501.00

60,635

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$8,486,876)

8,204,096

TOTAL

INVESTMENTS

(167.1%)

(Cost

$8,486,876)

8,204,096

LIABILITIES,

LESS

OTHER

ASSETS

(-67.1%)

(

3,293,299

)

NET

ASSETS

(100.0%)

4,910,797

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-68.1%)#Ω

Short

Call

Option

(-68.1%)

(325)

(4,818,450)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$165.51

(

737,430

)

(97)

(7,246,191)

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$501.00

(

2,606,784

)

(

3,344,214

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$3,637,756)

(

3,344,214

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

8,204,096

—

8,204,096

Total

—

8,204,096

—

8,204,096

Liabilities:

—

Exchange-Traded

Written

Options

—

3,344,214

—

3,344,214

Total

—

3,344,214

—

3,344,214

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

Schedule

Investments

July

31,

2026

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(99.7%)

Other

(99.7%)

6,162,500

U.S.

Treasury

Bills~

3.529%,

10/01/26

(Cost

$6,126,307)

6,125,445

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.0%)#Ω

Long

Call

Option

(0.0%)

217

3,217,242

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$287.63

(Cost

$1,176,889)

TOTAL

INVESTMENTS

(99.7%)

(Cost

$7,303,196)

6,125,446

OTHER

ASSETS,

LESS

LIABILITIES

(0.3%)

16,213

NET

ASSETS

(100.0%)

6,141,659

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (0.0%)#Ω

Short

Call

Option

(0.0%)

(217)

(3,217,242)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$311.99

(Premium

$817,794)

—

Non-income

producing

security.

Amount

rounds

less

than

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$1,487,005.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

6,125,445

—

6,125,445

Exchange-Traded

Purchased

Option

—

Total

—

6,125,446

—

6,125,446

Liabilities:

—

Exchange-Traded

Written

Option

—

Total

—

Amount

rounds

less

than

Calamos

Tax-Aware

Collateral

ETF

Schedule

Investments

July

31,

2026

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(99.8%)#Ω

Long

Call

Option

(7.5%)

1,285

95,993,355

SPDR

S&P

500

ETF

Trust

Expires

09/16/26,

Strike

$1.00

95,950,950

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

Long

Put

Option

(92.3%)

1,285

95,993,355

SPDR

S&P

500

ETF

Trust

Expires

09/16/26,

Strike

$10,001.00

1,182,431,300

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$1,266,797,957)

1,278,382,250

TOTAL

INVESTMENTS

(99.8%)

(Cost

$1,266,797,957)

1,278,382,250

OTHER

ASSETS,

LESS

LIABILITIES

(0.2%)

3,047,916

NET

ASSETS

(100.0%)

1,281,430,166

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

1,278,382,250

—

1,278,382,250

Total

—

1,278,382,250

—

1,278,382,250

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Schedule

Investments

July

31,

2026

100

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(146.7%)#Ω

Long

Call

Option

(146.3%)

1,409

20,889,834

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$158.29

2,031,208

442

33,018,726

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$3.00

32,801,903

34,833,111

Long

Put

Option

(0.4%)

442

33,018,726

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$503.00

112,046

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$39,127,808)

34,945,157

TOTAL

INVESTMENTS

(146.7%)

(Cost

$39,127,808)

34,945,157

LIABILITIES,

LESS

OTHER

ASSETS

(-46.7%)

(

11,131,956

)

NET

ASSETS

(100.0%)

23,813,201

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-47.4%)#Ω

Short

Call

Option

(-47.4%)

(1,409)

(20,889,834)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$272.06

(

41,408

)

(442)

(33,018,726)

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$503.00

(

11,246,054

)

(

11,287,462

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$10,736,460)

(

11,287,462

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

34,945,157

—

34,945,157

Total

—

34,945,157

—

34,945,157

Liabilities:

—

Exchange-Traded

Written

Options

—

11,287,462

—

11,287,462

Total

—

11,287,462

—

11,287,462

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Schedule

Investments

July

31,

2026

101

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(144.0%)#Ω

Long

Call

Option

(143.3%)

332

4,922,232

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$130.29

1,139,643

6,349,755

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$3.00

6,299,561

7,439,204

Long

Put

Option

(0.7%)

6,349,755

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$503.00

38,022

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$7,648,953)

7,477,226

TOTAL

INVESTMENTS

(144.0%)

(Cost

$7,648,953)

7,477,226

LIABILITIES,

LESS

OTHER

ASSETS

(-44.0%)

(

2,283,672

)

NET

ASSETS

(100.0%)

5,193,554

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-45.5%)#Ω

Short

Call

Option

(-45.5%)

(332)

(4,922,232)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$224.70

(

148,303

)

(85)

(6,349,755)

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$503.00

(

2,213,656

)

(

2,361,959

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$2,344,110)

(

2,361,959

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

7,477,226

—

7,477,226

Total

—

7,477,226

—

7,477,226

Liabilities:

—

Exchange-Traded

Written

Options

—

2,361,959

—

2,361,959

Total

—

2,361,959

—

2,361,959

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Schedule

Investments

July

31,

2026

102

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(148.1%)#Ω

Long

Call

Option

(147.1%)

325

4,818,450

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$120.37

1,472,816

5,752,131

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$3.00

5,703,024

7,175,840

Long

Put

Option

(1.0%)

5,752,131

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$503.00

48,848

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$7,550,647)

7,224,688

TOTAL

INVESTMENTS

(148.1%)

(Cost

$7,550,647)

7,224,688

LIABILITIES,

LESS

OTHER

ASSETS

(-48.1%)

(

2,347,291

)

NET

ASSETS

(100.0%)

4,877,397

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-49.4%)#Ω

Short

Call

Option

(-49.4%)

(325)

(4,818,450)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$207.57

(

353,975

)

(77)

(5,752,131)

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$503.00

(

2,055,232

)

(

2,409,207

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$2,544,877)

(

2,409,207

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

7,224,688

—

7,224,688

Total

—

7,224,688

—

7,224,688

Liabilities:

—

Exchange-Traded

Written

Options

—

2,409,207

—

2,409,207

Total

—

2,409,207

—

2,409,207

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Schedule

Investments

July

31,

2026

103

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(99.6%)

Other

(99.6%)

27,706,000

U.S.

Treasury

Bills~

3.529%,

10/01/26

(Cost

$27,543,274)

27,539,404

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.0%)#Ω

Long

Call

Option

(0.0%)

1,216

18,028,416

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$230.10

(Cost

$3,927,925)

1,772

TOTAL

INVESTMENTS

(99.6%)

(Cost

$31,471,199)

27,541,176

OTHER

ASSETS,

LESS

LIABILITIES

(0.4%)

110,090

NET

ASSETS

(100.0%)

27,651,266

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (0.0%)#Ω

Short

Call

Option

(0.0%)

(1,216)

(18,028,416)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$407.34

(Premium

$658,946)

(

)

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$11,823,475.

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

27,539,404

—

27,539,404

Exchange-Traded

Purchased

Option

—

1,772

—

1,772

Total

—

27,541,176

—

27,541,176

Liabilities:

—

Exchange-Traded

Written

Option

—

Total

—

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Schedule

Investments

July

31,

2026

104

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(149.7%)#Ω

Long

Call

Option

(149.2%)

939

13,921,614

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$178.07

762,496

332

24,801,396

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$2.00

24,671,085

25,433,581

Long

Put

Option

(0.5%)

332

24,801,396

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$502.00

83,361

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$28,127,512)

25,516,942

TOTAL

INVESTMENTS

(149.7%)

(Cost

$28,127,512)

25,516,942

LIABILITIES,

LESS

OTHER

ASSETS

(-49.7%)

(

8,467,559

)

NET

ASSETS

(100.0%)

17,049,383

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-50.2%)#Ω

Short

Call

Option

(-50.2%)

(939)

(13,921,614)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

01/29/27,

Strike

$241.86

(

81,553

)

(332)

(24,801,396)

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$502.00

(

8,479,012

)

(

8,560,565

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$8,658,766)

(

8,560,565

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

25,516,942

—

25,516,942

Total

—

25,516,942

—

25,516,942

Liabilities:

—

Exchange-Traded

Written

Options

—

8,560,565

—

8,560,565

Total

—

8,560,565

—

8,560,565

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Schedule

Investments

July

31,

2026

105

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(150.6%)#Ω

Long

Call

Option

(149.8%)

267

3,958,542

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$146.57

680,255

5,752,131

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$2.00

5,714,132

6,394,387

Long

Put

Option

(0.8%)

5,752,131

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$502.00

34,174

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$6,825,375)

6,428,561

TOTAL

INVESTMENTS

(150.6%)

(Cost

$6,825,375)

6,428,561

LIABILITIES,

LESS

OTHER

ASSETS

(-50.6%)

(

2,159,075

)

NET

ASSETS

(100.0%)

4,269,486

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-52.2%)#Ω

Short

Call

Option

(-52.2%)

(267)

(3,958,542)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

04/30/27,

Strike

$200.51

(

214,799

)

(77)

(5,752,131)

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$502.00

(

2,012,514

)

(

2,227,313

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$1,961,223)

(

2,227,313

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

6,428,561

—

6,428,561

Total

—

6,428,561

—

6,428,561

Liabilities:

—

Exchange-Traded

Written

Options

—

2,227,313

—

2,227,313

Total

—

2,227,313

—

2,227,313

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Schedule

Investments

July

31,

2026

106

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(157.4%)#Ω

Long

Call

Option

(156.3%)

366

5,426,316

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$135.41

1,335,567

7,320,894

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$2.00

7,267,804

8,603,371

Long

Put

Option

(1.1%)

7,320,894

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$502.00

61,714

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$9,056,118)

8,665,085

TOTAL

INVESTMENTS

(157.4%)

(Cost

$9,056,118)

8,665,085

LIABILITIES,

LESS

OTHER

ASSETS

(-57.4%)

(

3,160,554

)

NET

ASSETS

(100.0%)

5,504,531

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTIONS (-58.5%)#Ω

Short

Call

Option

(-58.5%)

(366)

(5,426,316)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

07/30/27,

Strike

$185.37

(

594,389

)

(98)

(7,320,894)

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$502.00

(

2,624,703

)

(

3,219,092

)

TOTAL

EXCHANGE-TRADED

WRITTEN

OPTIONS

(Premium

$3,605,730)

(

3,219,092

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

8,665,085

—

8,665,085

Total

—

8,665,085

—

8,665,085

Liabilities:

—

Exchange-Traded

Written

Options

—

3,219,092

—

3,219,092

Total

—

3,219,092

—

3,219,092

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Schedule

Investments

July

31,

2026

107

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

PRINCIPAL

AMOUNT

VALUE

U.S.

GOVERNMENT

AND

AGENCY

SECURITY

(99.7%)

Other

(99.7%)

9,988,900

U.S.

Treasury

Bills~

3.539%,

10/01/26

(Cost

$9,930,063)

9,928,837

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTION

(0.0%)#Ω

Long

Call

Option

(0.0%)

391

5,796,966

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$258.87

(Cost

$1,979,448)

TOTAL

INVESTMENTS

(99.7%)

(Cost

$11,909,511)

9,928,864

OTHER

ASSETS,

LESS

LIABILITIES

(0.3%)

29,486

NET

ASSETS

(100.0%)

9,958,350

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (0.0%)#Ω

Short

Call

Option

(0.0%)

(391)

(5,796,966)

CBOE

Mini

Bitcoin

U.S.

ETF

Index

Expires

10/06/26,

Strike

$355.02

(Premium

$806,144)

(

)

Security,

portion

security,

segregated

collateral

(or

collateral

for

potential

future

transactions)

for

written

options.

The

aggregate

value

such

securities

$3,546,546.

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

U.S.

Government

and

Agency

Security

—

9,928,837

—

9,928,837

Exchange-Traded

Purchased

Option

—

Total

—

9,928,864

—

9,928,864

Liabilities:

—

Exchange-Traded

Written

Option

—

Total

—

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

Schedule

Investments

July

31,

2026

108

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period August

2025 through

July

31,

2026 are

follows:

NUMBER

VALUE

EXCHANGE-TRADED

FUNDS

(99.9%)

Other

(99.9%)

386,618

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

10,450,323

375,166

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

10,473,697

389,627

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

10,464,368

396,532

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

10,448,658

404,934

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

10,459,364

376,585

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

10,460,778

375,822

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

10,414,366

402,822

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

10,455,245

NUMBER

VALUE

355,509

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

10,435,896

375,765

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

10,457,502

373,685

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

10,473,232

374,416

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

10,474,812

125,468,241

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$117,929,108)

125,468,241

TOTAL

INVESTMENTS

(99.9%)

(Cost

$117,929,108)

125,468,241

OTHER

ASSETS,

LESS

LIABILITIES

(0.1%)

112,259

NET

ASSETS

(100.0%)

125,580,500

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

6,575,117

4,217,182

(

846,241

)

—

40,379

463,886

10,450,323

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

6,656,439

4,227,279

(

927,572

)

—

65,172

452,379

10,473,697

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

6,654,257

4,230,225

(

980,300

)

—

55,274

504,912

10,464,368

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

6,619,206

4,221,013

(

889,386

)

—

41,731

456,094

10,448,658

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

6,614,749

4,214,116

(

850,928

)

—

42,287

439,140

10,459,364

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

6,649,295

4,222,932

(

885,973

)

—

63,562

410,962

10,460,778

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

6,574,790

4,204,645

(

752,696

)

—

21,259

366,368

10,414,366

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

6,601,081

4,214,809

(

837,634

)

—

36,105

440,884

10,455,245

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

6,567,188

4,216,878

(

736,293

)

—

48,160

339,963

10,435,896

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

6,614,254

4,211,747

(

851,691

)

—

48,529

434,663

10,457,502

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

6,623,601

4,215,648

(

850,321

)

—

48,811

435,493

10,473,232

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

6,638,398

4,218,683

(

877,107

)

—

55,359

439,479

10,474,812

79,388,375

50,615,157

(

10,286,142

)

—

566,628

5,184,223

125,468,241

109

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

Schedule

Investments

July

31,

2026

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Funds

125,468,241

—

125,468,241

Total

125,468,241

—

125,468,241

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

Schedule

Investments

July

31,

2026

110

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period October

14,

2025 (commencement

operations)

through

July

31,

2026 are

follows:

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

VALUE

EXCHANGE-TRADED

FUNDS

(99.9%)

Other

(99.9%)

24,240

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

586,346

24,722

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

584,181

23,874

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

584,674

NUMBER

VALUE

23,874

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

586,107

2,341,308

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$2,454,186)

2,341,308

TOTAL

INVESTMENTS

(99.9%)

(Cost

$2,454,186)

2,341,308

OTHER

ASSETS,

LESS

LIABILITIES

(0.1%)

1,984

NET

ASSETS

(100.0%)

2,343,292

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

—

631,477

—

10,096

—

(

45,131

)

586,346

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

—

629,565

—

13,549

—

(

45,384

)

584,181

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

—

616,207

(

14,316

)

6,173

(

639

)

(

16,578

)

584,674

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

—

619,922

(

27,457

)

2,632

(

573

)

(

5,785

)

586,107

—

2,497,171

(

41,773

)

32,450

(

1,212

)

(

112,878

)

2,341,308

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Funds

2,341,308

—

2,341,308

Total

2,341,308

—

2,341,308

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Schedule

Investments

July

31,

2026

111

www.calamos.com

See

accompanying

Notes

Schedule

Investments

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period October

14,

2025 (commencement

operations)

through

July

31,

2026 are

follows:

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

VALUE

EXCHANGE-TRADED

FUNDS

(99.9%)

Other

(99.9%)

31,850

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

661,617

37,022

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

650,847

33,755

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

660,386

NUMBER

VALUE

33,439

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

660,250

2,633,100

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$3,260,422)

2,633,100

TOTAL

INVESTMENTS

(99.9%)

(Cost

$3,260,422)

2,633,100

OTHER

ASSETS,

LESS

LIABILITIES

(0.1%)

3,230

NET

ASSETS

(100.0%)

2,636,330

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

—

2,072,758

(

1,112,560

)

2,369

(

53,365

)

(

245,216

)

661,617

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

—

2,028,104

(

1,095,757

)

3,430

(

65,236

)

(

216,264

)

650,847

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

—

2,013,076

(

1,209,558

)

3,869

(

39,331

)

(

103,801

)

660,386

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

—

2,092,535

(

1,306,270

)

606

(

63,974

)

(

62,041

)

660,250

—

8,206,473

(

4,724,145

)

10,274

(

221,906

)

(

627,322

)

2,633,100

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Funds

2,633,100

—

2,633,100

Total

2,633,100

—

2,633,100

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Schedule

Investments

July

31,

2026

112

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Amounts

relating

investments

affiliated

funds

July

31,

2026,

and

for

the

fiscal

year-to-date

period October

14,

2025 (commencement

operations)

through

July

31,

2026 are

follows:

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

VALUE

EXCHANGE-TRADED

FUNDS

(99.9%)

Other

(99.9%)

17,508

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

373,155

18,524

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

369,089

16,912

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

372,554

NUMBER

VALUE

16,885

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

373,579

1,488,377

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$1,830,880)

1,488,377

TOTAL

INVESTMENTS

(99.9%)

(Cost

$1,830,880)

1,488,377

OTHER

ASSETS,

LESS

LIABILITIES

(0.1%)

1,064

NET

ASSETS

(100.0%)

1,489,441

AFFILIATE

VALUE,

BEGINNING

PERIOD

PURCHASES

SALES

PROCEEDS

DIVIDEND

INCOME

NET

REALIZED

GAINS/(LOSS)

NET

INCREASE/

DECREASE

UNREALIZED

APPRECIATION/

DEPRECIATION

VALUE,

END

PERIOD

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

—

499,750

—

8,377

—

(

126,595

)

373,155

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

—

490,458

—

7,486

—

(

121,369

)

369,089

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

—

459,715

(

25,692

)

5,773

(

4,605

)

(

56,864

)

372,554

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

—

462,727

(

45,888

)

2,204

(

5,585

)

(

37,675

)

373,579

—

1,912,650

(

71,580

)

23,840

(

10,190

)

(

342,503

)

1,488,377

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Funds

1,488,377

—

1,488,377

Total

1,488,377

—

1,488,377

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

Schedule

Investments

July

31,

2026

113

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(106.8%)#Ω

Long

Call

Option

(105.2%)

377

28,163,031

SPDR

S&P

500

ETF

Trust

Expires

12/31/26,

Strike

$4.71

27,901,605

Long

Put

Option

(1.6%)

377

28,163,031

SPDR

S&P

500

ETF

Trust

Expires

12/31/26,

Strike

$681.92

439,262

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$26,728,041)

28,340,867

TOTAL

INVESTMENTS

(106.8%)

(Cost

$26,728,041)

28,340,867

LIABILITIES,

LESS

OTHER

ASSETS

(-6.8%)

(

1,814,738

)

NET

ASSETS

(100.0%)

26,526,129

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-7.2%)#Ω

Short

Call

Option

(-7.2%)

(377)

(28,163,031)

SPDR

S&P

500

ETF

Trust

Expires

12/31/26,

Strike

$725.43

(Premium

$1,188,203)

(

1,900,148

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

28,340,867

—

28,340,867

Total

—

28,340,867

—

28,340,867

Liabilities:

—

Exchange-Traded

Written

Option

—

1,900,148

—

1,900,148

Total

—

1,900,148

—

1,900,148

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

Schedule

Investments

July

31,

2026

114

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(106.3%)#Ω

Long

Call

Option

(104.2%)

474

35,409,222

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$4.77

35,094,445

Long

Put

Option

(2.1%)

474

35,409,222

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$691.97

716,486

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$34,156,207)

35,810,931

TOTAL

INVESTMENTS

(106.3%)

(Cost

$34,156,207)

35,810,931

LIABILITIES,

LESS

OTHER

ASSETS

(-6.3%)

(

2,130,941

)

NET

ASSETS

(100.0%)

33,679,990

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-6.8%)#Ω

Short

Call

Option

(-6.8%)

(474)

(35,409,222)

SPDR

S&P

500

ETF

Trust

Expires

01/29/27,

Strike

$735.70

(Premium

$1,590,017)

(

2,275,947

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

35,810,931

—

35,810,931

Total

—

35,810,931

—

35,810,931

Liabilities:

—

Exchange-Traded

Written

Option

—

2,275,947

—

2,275,947

Total

—

2,275,947

—

2,275,947

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

Schedule

Investments

July

31,

2026

115

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(107.8%)#Ω

Long

Call

Option

(105.5%)

445

33,242,835

SPDR

S&P

500

ETF

Trust

Expires

02/26/27,

Strike

$4.73

32,949,597

Long

Put

Option

(2.3%)

445

33,242,835

SPDR

S&P

500

ETF

Trust

Expires

02/26/27,

Strike

$685.99

717,307

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$31,813,823)

33,666,904

TOTAL

INVESTMENTS

(107.8%)

(Cost

$31,813,823)

33,666,904

LIABILITIES,

LESS

OTHER

ASSETS

(-7.8%)

(

2,430,315

)

NET

ASSETS

(100.0%)

31,236,589

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-8.3%)#Ω

Short

Call

Option

(-8.3%)

(445)

(33,242,835)

SPDR

S&P

500

ETF

Trust

Expires

02/26/27,

Strike

$728.25

(Premium

$1,534,145)

(

2,577,613

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

33,666,904

—

33,666,904

Total

—

33,666,904

—

33,666,904

Liabilities:

—

Exchange-Traded

Written

Option

—

2,577,613

—

2,577,613

Total

—

2,577,613

—

2,577,613

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

Schedule

Investments

July

31,

2026

116

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(112.6%)#Ω

Long

Call

Option

(110.6%)

314

23,456,742

SPDR

S&P

500

ETF

Trust

Expires

03/31/27,

Strike

$4.49

23,230,899

Long

Put

Option

(2.0%)

314

23,456,742

SPDR

S&P

500

ETF

Trust

Expires

03/31/27,

Strike

$650.34

418,451

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$21,765,577)

23,649,350

TOTAL

INVESTMENTS

(112.6%)

(Cost

$21,765,577)

23,649,350

LIABILITIES,

LESS

OTHER

ASSETS

(-12.6%)

(

2,637,629

)

NET

ASSETS

(100.0%)

21,011,721

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-13.2%)#Ω

Short

Call

Option

(-13.2%)

(314)

(23,456,742)

SPDR

S&P

500

ETF

Trust

Expires

03/31/27,

Strike

$693.91

(Premium

$1,437,418)

(

2,770,653

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

23,649,350

—

23,649,350

Total

—

23,649,350

—

23,649,350

Liabilities:

—

Exchange-Traded

Written

Option

—

2,770,653

—

2,770,653

Total

—

2,770,653

—

2,770,653

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

Schedule

Investments

July

31,

2026

117

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(105.3%)#Ω

Long

Call

Option

(101.6%)

778

58,118,934

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$4.96

57,511,544

Long

Put

Option

(3.7%)

778

58,118,934

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$718.66

2,111,250

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$58,364,630)

59,622,794

TOTAL

INVESTMENTS

(105.3%)

(Cost

$58,364,630)

59,622,794

LIABILITIES,

LESS

OTHER

ASSETS

(-5.3%)

(

2,998,255

)

NET

ASSETS

(100.0%)

56,624,539

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-5.9%)#Ω

Short

Call

Option

(-5.9%)

(778)

(58,118,934)

SPDR

S&P

500

ETF

Trust

Expires

04/30/27,

Strike

$767.10

(Premium

$2,846,184)

(

3,334,104

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

59,622,794

—

59,622,794

Total

—

59,622,794

—

59,622,794

Liabilities:

—

Exchange-Traded

Written

Option

—

3,334,104

—

3,334,104

Total

—

3,334,104

—

3,334,104

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

Schedule

Investments

July

31,

2026

118

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(102.4%)#Ω

Long

Call

Option

(97.1%)

347

25,921,941

SPDR

S&P

500

ETF

Trust

Expires

05/28/27,

Strike

$5.22

25,642,947

Long

Put

Option

(5.3%)

347

25,921,941

SPDR

S&P

500

ETF

Trust

Expires

05/28/27,

Strike

$756.48

1,414,817

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$27,285,468)

27,057,764

TOTAL

INVESTMENTS

(102.4%)

(Cost

$27,285,468)

27,057,764

LIABILITIES,

LESS

OTHER

ASSETS

(-2.4%)

(

642,836

)

NET

ASSETS

(100.0%)

26,414,928

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-3.2%)#Ω

Short

Call

Option

(-3.2%)

(347)

(25,921,941)

SPDR

S&P

500

ETF

Trust

Expires

05/28/27,

Strike

$811.40

(Premium

$1,234,009)

(

839,733

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

27,057,764

—

27,057,764

Total

—

27,057,764

—

27,057,764

Liabilities:

—

Exchange-Traded

Written

Option

—

839,733

—

839,733

Total

—

839,733

—

839,733

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

Schedule

Investments

July

31,

2026

119

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(103.4%)#Ω

Long

Call

Option

(98.1%)

620

46,315,860

SPDR

S&P

500

ETF

Trust

Expires

06/30/27,

Strike

$5.15

45,802,086

Long

Put

Option

(5.3%)

620

46,315,860

SPDR

S&P

500

ETF

Trust

Expires

06/30/27,

Strike

$746.77

2,446,128

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$48,167,281)

48,248,214

TOTAL

INVESTMENTS

(103.4%)

(Cost

$48,167,281)

48,248,214

LIABILITIES,

LESS

OTHER

ASSETS

(-3.4%)

(

1,566,919

)

NET

ASSETS

(100.0%)

46,681,295

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-4.1%)#Ω

Short

Call

Option

(-4.1%)

(620)

(46,315,860)

SPDR

S&P

500

ETF

Trust

Expires

06/30/27,

Strike

$804.50

(Premium

$2,199,428)

(

1,935,644

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

48,248,214

—

48,248,214

Total

—

48,248,214

—

48,248,214

Liabilities:

—

Exchange-Traded

Written

Option

—

1,935,644

—

1,935,644

Total

—

1,935,644

—

1,935,644

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

Schedule

Investments

July

31,

2026

120

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(103.8%)#Ω

Long

Call

Option

(98.4%)

569

42,506,007

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$5.15

41,869,296

Long

Put

Option

(5.4%)

569

42,506,007

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$747.03

2,304,450

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$44,175,553)

44,173,746

TOTAL

INVESTMENTS

(103.8%)

(Cost

$44,175,553)

44,173,746

LIABILITIES,

LESS

OTHER

ASSETS

(-3.8%)

(

1,610,364

)

NET

ASSETS

(100.0%)

42,563,382

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-4.6%)#Ω

Short

Call

Option

(-4.6%)

(569)

(42,506,007)

SPDR

S&P

500

ETF

Trust

Expires

07/30/27,

Strike

$805.07

(Premium

$1,976,900)

(

1,977,844

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

44,173,746

—

44,173,746

Total

—

44,173,746

—

44,173,746

Liabilities:

—

Exchange-Traded

Written

Option

—

1,977,844

—

1,977,844

Total

—

1,977,844

—

1,977,844

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

Schedule

Investments

July

31,

2026

121

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(109.0%)#Ω

Long

Call

Option

(108.9%)

472

35,259,816

SPDR

S&P

500

ETF

Trust

Expires

08/31/26,

Strike

$4.45

35,047,494

Long

Put

Option

(0.1%)

472

35,259,816

SPDR

S&P

500

ETF

Trust

Expires

08/31/26,

Strike

$645.05

30,121

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$31,595,881)

35,077,615

TOTAL

INVESTMENTS

(109.0%)

(Cost

$31,595,881)

35,077,615

LIABILITIES,

LESS

OTHER

ASSETS

(-9.0%)

(

2,894,322

)

NET

ASSETS

(100.0%)

32,183,293

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-9.3%)#Ω

Short

Call

Option

(-9.3%)

(472)

(35,259,816)

SPDR

S&P

500

ETF

Trust

Expires

08/31/26,

Strike

$687.56

(Premium

$1,333,534)

(

2,981,523

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

35,077,615

—

35,077,615

Total

—

35,077,615

—

35,077,615

Liabilities:

—

Exchange-Traded

Written

Option

—

2,981,523

—

2,981,523

Total

—

2,981,523

—

2,981,523

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

Schedule

Investments

July

31,

2026

122

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(106.7%)#Ω

Long

Call

Option

(106.3%)

382

28,536,546

SPDR

S&P

500

ETF

Trust

Expires

09/30/26,

Strike

$4.60

28,295,568

Long

Put

Option

(0.4%)

382

28,536,546

SPDR

S&P

500

ETF

Trust

Expires

09/30/26,

Strike

$666.18

118,619

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$26,497,232)

28,414,187

TOTAL

INVESTMENTS

(106.7%)

(Cost

$26,497,232)

28,414,187

LIABILITIES,

LESS

OTHER

ASSETS

(-6.7%)

(

1,784,463

)

NET

ASSETS

(100.0%)

26,629,724

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-6.9%)#Ω

Short

Call

Option

(-6.9%)

(382)

(28,536,546)

SPDR

S&P

500

ETF

Trust

Expires

09/30/26,

Strike

$708.82

(Premium

$1,208,307)

(

1,825,502

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

28,414,187

—

28,414,187

Total

—

28,414,187

—

28,414,187

Liabilities:

—

Exchange-Traded

Written

Option

—

1,825,502

—

1,825,502

Total

—

1,825,502

—

1,825,502

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

Schedule

Investments

July

31,

2026

123

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(105.2%)#Ω

Long

Call

Option

(104.2%)

490

36,604,470

SPDR

S&P

500

ETF

Trust

Expires

10/30/26,

Strike

$4.71

36,300,426

Long

Put

Option

(1.0%)

490

36,604,470

SPDR

S&P

500

ETF

Trust

Expires

10/30/26,

Strike

$682.06

334,980

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$34,773,574)

36,635,406

TOTAL

INVESTMENTS

(105.2%)

(Cost

$34,773,574)

36,635,406

LIABILITIES,

LESS

OTHER

ASSETS

(-5.2%)

(

1,797,701

)

NET

ASSETS

(100.0%)

34,837,705

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-5.4%)#Ω

Short

Call

Option

(-5.4%)

(490)

(36,604,470)

SPDR

S&P

500

ETF

Trust

Expires

10/30/26,

Strike

$728.32

(Premium

$1,556,051)

(

1,869,785

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

36,635,406

—

36,635,406

Total

—

36,635,406

—

36,635,406

Liabilities:

—

Exchange-Traded

Written

Option

—

1,869,785

—

1,869,785

Total

—

1,869,785

—

1,869,785

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

Schedule

Investments

July

31,

2026

124

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(105.8%)#Ω

Long

Call

Option

(104.5%)

635

47,436,405

SPDR

S&P

500

ETF

Trust

Expires

11/30/26,

Strike

$4.72

47,052,019

Long

Put

Option

(1.3%)

635

47,436,405

SPDR

S&P

500

ETF

Trust

Expires

11/30/26,

Strike

$683.39

588,997

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$45,255,146)

47,641,016

TOTAL

INVESTMENTS

(105.8%)

(Cost

$45,255,146)

47,641,016

LIABILITIES,

LESS

OTHER

ASSETS

(-5.8%)

(

2,603,564

)

NET

ASSETS

(100.0%)

45,037,452

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-6.1%)#Ω

Short

Call

Option

(-6.1%)

(635)

(47,436,405)

SPDR

S&P

500

ETF

Trust

Expires

11/30/26,

Strike

$728.97

(Premium

$2,142,104)

(

2,733,741

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

47,641,016

—

47,641,016

Total

—

47,641,016

—

47,641,016

Liabilities:

—

Exchange-Traded

Written

Option

—

2,733,741

—

2,733,741

Total

—

2,733,741

—

2,733,741

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

Schedule

Investments

July

31,

2026

125

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(112.9%)#Ω

Long

Call

Option

(109.7%)

237

16,305,363

Invesco

QQQ

Trust

Series

Expires

02/26/27,

Strike

$4.19

16,208,095

Long

Put

Option

(3.2%)

237

16,305,363

Invesco

QQQ

Trust

Series

Expires

02/26/27,

Strike

$607.29

475,020

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$15,349,150)

16,683,115

TOTAL

INVESTMENTS

(112.9%)

(Cost

$15,349,150)

16,683,115

LIABILITIES,

LESS

OTHER

ASSETS

(-12.9%)

(

1,911,130

)

NET

ASSETS

(100.0%)

14,771,985

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-13.7%)#Ω

Short

Call

Option

(-13.7%)

(237)

(16,305,363)

Invesco

QQQ

Trust

Series

Expires

02/26/27,

Strike

$647.13

(Premium

$1,061,375)

(

2,018,871

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

16,683,115

—

16,683,115

Total

—

16,683,115

—

16,683,115

Liabilities:

—

Exchange-Traded

Written

Option

—

2,018,871

—

2,018,871

Total

—

2,018,871

—

2,018,871

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

Schedule

Investments

July

31,

2026

126

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(102.9%)#Ω

Long

Call

Option

(92.7%)

570

39,215,430

Invesco

QQQ

Trust

Series

Expires

05/28/27,

Strike

$5.09

38,951,807

Long

Put

Option

(10.2%)

570

39,215,430

Invesco

QQQ

Trust

Series

Expires

05/28/27,

Strike

$738.31

4,268,074

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$44,826,337)

43,219,881

TOTAL

INVESTMENTS

(102.9%)

(Cost

$44,826,337)

43,219,881

LIABILITIES,

LESS

OTHER

ASSETS

(-2.9%)

(

1,228,370

)

NET

ASSETS

(100.0%)

41,991,511

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-3.7%)#Ω

Short

Call

Option

(-3.7%)

(570)

(39,215,430)

Invesco

QQQ

Trust

Series

Expires

05/28/27,

Strike

$797.37

(Premium

$3,080,886)

(

1,557,095

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

43,219,881

—

43,219,881

Total

—

43,219,881

—

43,219,881

Liabilities:

—

Exchange-Traded

Written

Option

—

1,557,095

—

1,557,095

Total

—

1,557,095

—

1,557,095

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

Schedule

Investments

July

31,

2026

127

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(113.4%)#Ω

Long

Call

Option

(113.2%)

351

24,148,449

Invesco

QQQ

Trust

Series

Expires

08/31/26,

Strike

$3.94

23,998,328

Long

Put

Option

(0.2%)

351

24,148,449

Invesco

QQQ

Trust

Series

Expires

08/31/26,

Strike

$570.40

37,967

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$21,143,927)

24,036,295

TOTAL

INVESTMENTS

(113.4%)

(Cost

$21,143,927)

24,036,295

LIABILITIES,

LESS

OTHER

ASSETS

(-13.4%)

(

2,847,026

)

NET

ASSETS

(100.0%)

21,189,269

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-13.5%)#Ω

Short

Call

Option

(-13.5%)

(351)

(24,148,449)

Invesco

QQQ

Trust

Series

Expires

08/31/26,

Strike

$610.39

(Premium

$1,218,462)

(

2,866,155

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

24,036,295

—

24,036,295

Total

—

24,036,295

—

24,036,295

Liabilities:

—

Exchange-Traded

Written

Option

—

2,866,155

—

2,866,155

Total

—

2,866,155

—

2,866,155

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

Schedule

Investments

July

31,

2026

128

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(108.5%)#Ω

Long

Call

Option

(106.3%)

341

23,460,459

Invesco

QQQ

Trust

Series

Expires

11/30/26,

Strike

$4.27

23,294,051

Long

Put

Option

(2.2%)

341

23,460,459

Invesco

QQQ

Trust

Series

Expires

11/30/26,

Strike

$619.25

483,538

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$22,469,439)

23,777,589

TOTAL

INVESTMENTS

(108.5%)

(Cost

$22,469,439)

23,777,589

LIABILITIES,

LESS

OTHER

ASSETS

(-8.5%)

(

1,866,160

)

NET

ASSETS

(100.0%)

21,911,429

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-9.0%)#Ω

Short

Call

Option

(-9.0%)

(341)

(23,460,459)

Invesco

QQQ

Trust

Series

Expires

11/30/26,

Strike

$663.22

(Premium

$1,306,137)

(

1,978,482

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

23,777,589

—

23,777,589

Total

—

23,777,589

—

23,777,589

Liabilities:

—

Exchange-Traded

Written

Option

—

1,978,482

—

1,978,482

Total

—

1,978,482

—

1,978,482

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

Schedule

Investments

July

31,

2026

129

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(113.3%)#Ω

Long

Call

Option

(112.0%)

1,424

41,466,880

iShares

Russell

2000

ETF

Expires

12/31/26,

Strike

$1.70

40,975,720

Long

Put

Option

(1.3%)

1,424

41,466,880

iShares

Russell

2000

ETF

Expires

12/31/26,

Strike

$246.16

492,627

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$37,021,547)

41,468,347

TOTAL

INVESTMENTS

(113.3%)

(Cost

$37,021,547)

41,468,347

LIABILITIES,

LESS

OTHER

ASSETS

(-13.3%)

(

4,880,637

)

NET

ASSETS

(100.0%)

36,587,710

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-13.7%)#Ω

Short

Call

Option

(-13.7%)

(1,424)

(41,466,880)

iShares

Russell

2000

ETF

Expires

12/31/26,

Strike

$264.65

(Premium

$2,125,193)

(

5,006,684

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

41,468,347

—

41,468,347

Total

—

41,468,347

—

41,468,347

Liabilities:

—

Exchange-Traded

Written

Option

—

5,006,684

—

5,006,684

Total

—

5,006,684

—

5,006,684

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

Schedule

Investments

July

31,

2026

130

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(114.2%)#Ω

Long

Call

Option

(111.9%)

515

14,996,800

iShares

Russell

2000

ETF

Expires

03/31/27,

Strike

$1.71

14,788,204

Long

Put

Option

(2.3%)

515

14,996,800

iShares

Russell

2000

ETF

Expires

03/31/27,

Strike

$248.00

303,773

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$13,900,158)

15,091,977

TOTAL

INVESTMENTS

(114.2%)

(Cost

$13,900,158)

15,091,977

LIABILITIES,

LESS

OTHER

ASSETS

(-14.2%)

(

1,874,377

)

NET

ASSETS

(100.0%)

13,217,600

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-14.7%)#Ω

Short

Call

Option

(-14.7%)

(515)

(14,996,800)

iShares

Russell

2000

ETF

Expires

03/31/27,

Strike

$267.67

(Premium

$1,162,354)

(

1,946,807

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

15,091,977

—

15,091,977

Total

—

15,091,977

—

15,091,977

Liabilities:

—

Exchange-Traded

Written

Option

—

1,946,807

—

1,946,807

Total

—

1,946,807

—

1,946,807

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

Schedule

Investments

July

31,

2026

131

www.calamos.com

See

accompanying

Notes

Schedule

Investments

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(103.2%)#Ω

Long

Call

Option

(95.2%)

1,242

36,167,040

iShares

Russell

2000

ETF

Expires

06/30/27,

Strike

$2.07

35,574,612

Long

Put

Option

(8.0%)

1,242

36,167,040

iShares

Russell

2000

ETF

Expires

06/30/27,

Strike

$300.45

2,991,109

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$39,181,079)

38,565,721

TOTAL

INVESTMENTS

(103.2%)

(Cost

$39,181,079)

38,565,721

LIABILITIES,

LESS

OTHER

ASSETS

(-3.2%)

(

1,188,138

)

NET

ASSETS

(100.0%)

37,377,583

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-3.9%)#Ω

Short

Call

Option

(-3.9%)

(1,242)

(36,167,040)

iShares

Russell

2000

ETF

Expires

06/30/27,

Strike

$328.30

(Premium

$2,146,613)

(

1,449,497

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

38,565,721

—

38,565,721

Total

—

38,565,721

—

38,565,721

Liabilities:

—

Exchange-Traded

Written

Option

—

1,449,497

—

1,449,497

Total

—

1,449,497

—

1,449,497

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

Schedule

Investments

July

31,

2026

132

See

accompanying

Notes

Schedule

Investments

CALAMOS

ETF

FAMILY

FUNDS

ANNUAL

REPORT

NOTES

SCHEDULE

INVESTMENTS

The

following

table

summarizes

the

Fund’s

investments

and

derivative

financial

instruments

categorized

the

fair

value

hierarchy

July

31,

2026

(see

Note

7):

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

PURCHASED

OPTIONS

(112.6%)#Ω

Long

Call

Option

(112.2%)

1,019

29,673,280

iShares

Russell

2000

ETF

Expires

09/30/26,

Strike

$1.67

29,393,055

Long

Put

Option

(0.4%)

1,019

29,673,280

iShares

Russell

2000

ETF

Expires

09/30/26,

Strike

$241.96

86,615

TOTAL

EXCHANGE-TRADED

PURCHASED

OPTIONS

(Cost

$26,075,403)

29,479,670

TOTAL

INVESTMENTS

(112.6%)

(Cost

$26,075,403)

29,479,670

LIABILITIES,

LESS

OTHER

ASSETS

(-12.6%)

(

3,287,610

)

NET

ASSETS

(100.0%)

26,192,060

NUMBER

CONTRACTS/

NOTIONAL

AMOUNT

VALUE

EXCHANGE-TRADED

WRITTEN

OPTION (-12.8%)#Ω

Short

Call

Option

(-12.8%)

(1,019)

(29,673,280)

iShares

Russell

2000

ETF

Expires

09/30/26,

Strike

$260.98

(Premium

$1,526,669)

(

3,346,396

)

Non-income

producing

security.

FLexible

EXchange®

Options

(see

Note

1).

LEVEL

TOTAL

Assets:

—

Exchange-Traded

Purchased

Options

—

29,479,670

—

29,479,670

Total

—

29,479,670

—

29,479,670

Liabilities:

—

Exchange-Traded

Written

Option

—

3,346,396

—

3,346,396

Total

—

3,346,396

—

3,346,396

Notes

Financial

Statements

133

www.calamos.com

Note

–

Organization

and

Significant

Accounting

Policies

Organization.

Calamos

ETF

Trust

(the

“Trust”),

Delaware

statutory

trust

organized

June

17,

2013,

consists

forty-

four

series

the

date

this

report.

These

financial

statements

relate

the

funds listed

page

1 (each,

“Fund”

and

collectively,

the

“Funds”).

The

Trust

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

Prior

commencement

operations,

each

Fund

had

issued

one

beneficial

interest

purchase

price

$25

Calamos

Investments,

LLC,

the

parent

Calamos

Advisors,

LLC,

except

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

(SROI),

which

issued

4,000

beneficial

interest

aggregate

purchase

price

$100,000,

and

the

Calamos

Tax-Aware

Collateral

ETF

(CBOX), which

issued

beneficial

interest

aggregate

purchase

price

$100.

Each

Fund

actively

managed.

The

diversification

classifications

and

investment

objectives

the

Funds

are

follows:

TICKER

DIVERSIFICATION

CLASSIFICATION

OBJECTIVE

(a)

SROI

Diversified

Long-term

capital

appreciation.

CAIE,

CAIQ

Non-Diversified

Seeks

generate

high

monthly

income

while

providing

reduced

downside

risk

through

exposure

the

MerQube

Large

Cap

Vol

Advantage

Autocallable

Index

and

the

MerQube

Nasdaq-100

Vol

Advantage

Autocallable

Index,

respectively.

CAGE

Non-Diversified

Seeks

generate

long-term

capital

growth

while

providing

reduced

downside

risk

through

exposure

the

MerQube

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

provide

investment

results

that,

before

taking

total

fund

operating

fees

and

expenses

into

account,

track

the

positive

price

return

the

CME

Bitcoin

Reference

Rate

—

New

York

Variant

(“BRRNY”)

(“Spot

bitcoin”),

predetermined

Cap,

while

protecting

against

100%

the

negative

price

return

Spot

bitcoin

(before

total

fund

operating

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

CBTJ,

CBTA,

CBTY,

CBTO

Non-Diversified

Seeks

provide

investment

results

that,

before

taking

total

fund

operating

fees

and

expenses

into

account,

track

the

positive

price

return

the

CME

Bitcoin

Reference

Rate

—

New

York

Variant

(“BRRNY”)

(“Spot

bitcoin”),

predetermined

Cap,

while

seeking

provide

Floor

with

protection

against

loss

exceeding

20%

the

negative

price

return

Spot

bitcoin

(before

total

fund

operating

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

CBXJ,

CBXA,

CBXY,

CBXO

Non-Diversified

Seeks

provide

investment

results

that,

before

taking

total

fund

operating

fees

and

expenses

into

account,

track

the

positive

price

return

the

CME

Bitcoin

Reference

Rate

—

New

York

Variant

(“BRRNY”)

(“Spot

bitcoin”),

predetermined

Cap,

while

seeking

provide

Floor

with

protection

against

loss

exceeding

10%

the

negative

price

return

Spot

bitcoin

(before

total

fund

operating

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

CPSL,

CBOX

Non-Diversified

Seeks

provide

investors

with

capital

appreciation.

CBOL,

CBTL,

CBXL

Non-Diversified

Seeks

provide

exposure

the

price

bitcoin.

CPSY,

CPSF,

CPSR,

CPSP,

CPSM,

CPSU,

CPSJ,

CPSA,

CPST,

CPSO,

CPSN,

CPSD

Non-Diversified

Seeks

provide

investment

results

that,

before

taking

fees

and

expenses

into

account,

match

the

positive

price

return

the

SPDR

S&P

500

ETF

Trust

predetermined

Cap,

while

protecting

against

100%

negative

price

return

the

Underlying

ETF

(before

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

CPNM,

CPNJ,

CPNS,

CPNQ

Non-Diversified

Seeks

provide

investment

results

that,

before

taking

fees

and

expenses

into

account,

match

the

positive

price

return

the

Invesco

QQQ

Trust,

Series

predetermined

Cap,

while

protecting

against

100%

negative

price

return

the

Underlying

ETF

(before

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

Notes

Financial

Statements

134

ETF

FAMILY

FUNDS

ANNUAL

REPORT

(a)

Capitalized

terms

not

defined

herein

have

the

same

meaning

the

Fund’s

prospectus.

Current

Caps

and

Outcome

Periods

are

reflected

each

Fund’s

prospectus.

Calamos

Antetokounmpo

Asset

Management

LLC

(“CGAM”)

serves

the

Fund’s

adviser

for

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF.

CGAM

jointly

owned

Calamos

Advisors

LLC

(“Calamos

Advisors”)

and

Original

Fund,

LLC

("Original

C"),

entity

whose

voting

rights

are

wholly

owned

Original

PE,

LLC

which,

turn,

wholly

owned

Giannis

Sina

Ugo

Antetokounmpo.

Calamos

Advisors

serves

the

Fund’s

subadviser.

Mr.

Antetokounmpo

serves

CGAM's

Board

Directors

and

has

indirect

control

half

CGAM's

Board

Directors.

Mr.

Antetokounmpo

not

portfolio

manager

the

Fund

and

not

involved

the

day-to-day

management

the

Fund’s

investments,

and

neither

Original

nor

Mr.

Antetokounmpo

provides

any

“investment

advice”

the

Fund.

Mr.

Antetokounmpo

provided

input

selecting

the

initial

strategy

for

the

Fund.

Mr.

Antetokounmpo is

involved

with

marketing

efforts

behalf

of CGAM.

Mr.

Antetokounmpo

longer

involved

with

the

Fund

or CGAM,

then

“Antetokounmpo”

will

removed

from

the

name

the

Fund

and

CGAM.

Further,

shareholders

would

notified

any

change

the

name

the

Fund

its

strategy.

CGAM

jointly

owned

and

controlled

Calamos

Advisors

and,

indirectly,

Mr.

Antetokounmpo,

well-known

professional

athlete.

Unanticipated

events,

including,

without

limitation,

death,

adverse

reputational

events

business

disputes,

could

result

Mr.

Antetokounmpo

longer

being

associated

involved

with

CGAM.

Any

such

event

could

adversely

impact

the

Fund

and

result

shareholders

experiencing

substantial

losses.

For

all

other

Funds

the Trust,

Calamos

Advisors

LLC

(“Calamos

Advisors”

the

“Adviser”)

serves

the

Funds’

adviser.

Significant

Accounting

Policies.

The

financial

statements

have

been

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

("U.S.

GAAP"),

and

each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Under

U.S.

GAAP,

management

required

make

certain

estimates

and

assumptions

the

date

the

financial

statements

and

actual

results

may

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

the

Funds.

Fund

Valuation.

The

Trust's

Board

Trustees

(“Board”

“Trustees”),

including

majority

the

Trustees

who

are

not

“interested

persons”

the

Funds,

have

designated

the

Adviser

perform

fair

valuation

determinations

all

Fund

investments

under

the

oversight

the

Board.

“valuation

designee”,

Calamos

Advisors

has

adopted

procedures

consistent

with

ASC

Topic

820:

Fair

Value

Measurement

guide

the

determination

the

net

asset

value

(“NAV”)

any

day

which

the

Funds'

NAVs

are

determined.

The

valuation

the

Funds'

investments

accordance

with

these

procedures.

Fund securities

that

are

traded

U.S.

securities

exchanges,

except

option

securities,

are

valued

the

official

closing

price,

which

the

last

current

reported

sales

price

on their

respective principal

exchanges

the

time

the

Fund

determines

its

NAV.

Securities

traded

the

over-the-counter

market

and

quoted

The

NASDAQ

Stock

Market

are

valued

the

NASDAQ

Official

Closing

Price,

determined

NASDAQ

lacking

NASDAQ

Official

Closing

Price,

the

last

current

reported

sale

price

NASDAQ

the

time

Fund

determines

its

NAV.

When

last

sale

closing

price

not

available,

equity

securities,

other

than

option

securities,

that

are

traded

U.S.

securities

exchange

and

other

equity

securities

traded

the

over-the-counter

market

are

valued

the

mean

between

the

most

recent

bid

and

asked

quotations

its

principal

exchange

accordance

with

guidelines

adopted

the

Board.

Each

option

security

traded

U.S.

securities

exchange

valued

the

mid-point

the

consolidated

bid/ask

quote

for

the

option

security,

also

accordance

with

guidelines

adopted

the

Board.

Each

over-the-counter

option

that

not

traded

through

the

Options

Clearing

Corporation

valued

either

independent

pricing

agent

approved

the

Board

based

quotation

provided

the

counterparty

such

option

under

the

ultimate

supervision

the

Board.

Trading

European

and

Far

Eastern

exchanges

and

over-the-counter

markets

typically

completed

various

times

before

the

business

each

day

which

the

New

York

Stock

Exchange

(“NYSE”)

open.

Securities

that

are

principally

traded

foreign

markets

are

valued

the

last

reported

sale

price

the

time

the

respective

Fund

determines

its

NAV,

when

reliable

market

prices

quotations

are

not

readily

available,

the

mean

between

the

most

recent

bid

and

asked

quotations

the

appropriate

exchange

other

designated

time.

Trading

foreign

securities

may

not

take

TICKER

DIVERSIFICATION

CLASSIFICATION

OBJECTIVE

(a)

CPRY,

CPRA,

CPRJ,

CPRO

Non-Diversified

Seeks

provide

investment

results

that,

before

taking

fees

and

expenses

into

account,

match

the

positive

price

return

the

iShares

Russell

2000

ETF

predetermined

Cap,

while

protecting

against

100%

negative

price

return

the

Underlying

ETF

(before

fees

and

expenses),

over

defined

period

(the

“Outcome

Period”).

Notes

Financial

Statements

135

www.calamos.com

place

every

NYSE

business

day.

addition,

trading

may

take

place

various

foreign

markets

Saturdays

other

days

when

the

NYSE

not

open

and

which

the

respective

Fund’s

NAV

not

calculated.

FLexible

EXchange

Options

(“FLEX

Options”)

listed

exchange

will

typically

valued

model-based

price

the

official

that

exchange’s

trading

day.

However,

when

Fund’s

option

has

same-day

market

trade

price,

this

same-day

market

trade

price

will

used

for

FLEX

Option

values

instead

the

exchange’s

model-based

price.

the

pricing

vendor

not

available

provide

model

price

for

that

day,

the

value

FLEX

Option

will

determined

the

Valuation

Designee

(as

defined

Rule

2a-5)

accordance

with

the

Pricing

and

Valuation

Policy

and

Fair

Value

Procedures.

Total

Return

Swaps

(“TRS”)

will

typically

valued

daily

based

upon

the

market

prices

the

reference

assets.

the

market

price

not

available,

the

TRS

will

valued

mean

between

bid

and

asked

price

provided

independent

pricing

agent

dealer

(which

may

the

counterparty).

the

valuation

designee

determines

that

the

valuation

security

accordance

with

the

methods

described

above

not

reflective

fair

value

for

such

security,

the

security

valued

fair

value

the

valuation

designee.

Each

Fund

also

may

use

fair

value

pricing,

pursuant

guidelines

adopted

the

Adviser,

trading

the

security

halted

the

value

security

holds

materially

affected

events

occurring

before

the

Fund's

pricing

time

but

after

the

primary

market

exchange

which

the

security

listed.

Those

procedures

may

utilize

valuations

furnished

pricing

services

approved

the

Adviser,

which

may

based

market

transactions

for

comparable

securities

and

various

relationships

between

securities

that

are

generally

recognized

institutional

traders,

computerized

matrix

system,

appraisals

derived

from

information

concerning

the

securities

similar

securities

received

from

recognized

dealers

those

securities.

When

fair

value

pricing

securities

employed,

the

prices

securities

used

Fund

calculate

its

NAV

may

differ

from

market

quotations

official

closing

prices.

There

can

assurance

that

Fund

could

purchase

sell

portfolio

security

the

price

used

calculate

Fund’s

NAV.

Investment

Transactions.

Investment

transactions

are

recorded

trade

date

basis

July

31,

2026.

Net

realized

gains

and

losses

from

investment

transactions

are

reported

identified

cost

basis.

Interest

income

recognized

using

the

accrual

method

and

includes

accretion

original

issue

and

market

discount

and

amortization

premium.

Dividend

income

recognized

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

soon

the

information

becomes

available

after

the

ex-dividend

date.

Foreign

Currency

Translation.

Values

investments

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

rate

quoted

major

bank

dealer

the

particular

currency

market,

reported

recognized

quotation

dissemination

service.

The

Funds do

not

isolate

that

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

the

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

Reported

net

realized

foreign

currency

gains

losses

arise

from the

disposition

foreign

currency,

the

difference

the

foreign

exchange

rates

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amounts

dividends,

interest

and

foreign

withholding

taxes

recorded

the

ex-date

accrual

date

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

(due

the

changes

the

exchange

rate)

the

value

foreign

currency

and

other

assets

and

liabilities

denominated

foreign

currencies

held

at year end.

Allocation

Expenses

Among

Funds.

Expenses

directly

attributable

Fund

are

charged

that

Fund;

certain

other

common

expenses

Calamos

Advisors

Trust,

Calamos

Investment

Trust,

Calamos

Convertible

Opportunities

and

Income

Fund,

Calamos

Convertible

and

High

Income

Fund,

Calamos

Strategic

Total

Return

Fund,

Calamos

Global

Total

Return

Fund,

Calamos

Global

Dynamic

Income

Fund,

Calamos

Dynamic

Convertible

and

Income

Fund,

Calamos

Long/Short

Equity

Dynamic

Income

Trust,

Calamos

Antetokounmpo

Sustainable

Equities

Trust,

Calamos

ETF

Trust,

Calamos

Aksia

Alternative

Credit

and

Income

Fund,

Calamos

Aksia

Private

Equity

and

Alternatives

Fund,

and

Calamos

Aksia

Hedged

Strategies

Fund

are

allocated

proportionately

among

each

fund

which

the

expenses

relate

relation

the

net

assets

each

fund

another

reasonable

basis.

Notes

Financial

Statements

136

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Income

Taxes.

provision

has

been

made

for

U.S.

income

taxes

because

the Trust’s

policy

continue

qualify

regulated

investment

company

under

the

Internal

Revenue

Code

1986,

amended,

and

distribute

shareholders

substantially

all

the

Funds’

taxable

income

and

net

realized

gains.

Dividends

and

distributions

paid

shareholders

are

recorded

the

ex-dividend

date.

The

amount

dividends

and

distributions

from

net

investment

income

and

net

realized

capital

gains

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

generally

accepted

accounting

principles.

the

extent

these

“book/tax”

differences

are

permanent

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

their

federal

tax-basis

treatment.

These

differences

are

primarily

due

differing

treatments

for

foreign

currency

transactions

and

investments

passive

foreign

investment

companies.

The

financial

statements

are

not

adjusted

for

temporary

differences.

The

Funds

recognized

liability

for

uncertain

tax

positions.

reconciliation

not

provided

the

beginning

and

ending

amounts

unrecognized

benefits

are

zero,

with

interim

additions,

reductions

settlements.

Generally,

the

federal

returns

are

subject

examination

the

Internal

Revenue

Service

for

period

three

years

from

the

date

filing,

while

the

state

returns

may

remain

open

for

additional

year

depending

upon

jurisdiction.

Indemnifications.

Under

the Trust’s

organizational

documents,

the

Trust

obligated

indemnify

its

officers

and

trustees

against

certain

liabilities

incurred

them

reason

having

been

officer

trustee

the

Trust.

addition,

the

normal

course

business,

the

Trust

may

enter

into

contracts

that

provide

general

indemnifications

other

parties.

Each

Fund’s

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

Currently,

the

Funds’

management

expects

the

risk

material

loss

connection

potential

claim

remote.

Segment

Reporting.

operating

segment

defined

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

chief

operating

decision

maker,

and

for

which

discrete

financial

information

available.

Consistent

with

the

definition

chief

operating

decision

maker

(“CODM”)

provided

Financial

Accounting

Standards

Board

("FASB")

“Accounting

Standards

Update

(ASU)

2023-07-Segment

Reporting

(Topic

280):

Improvements

Reportable

Segment

Disclosures,”

the

Funds'

CODM

Calamos

Advisors'

Chief

Executive

Officer,

who

also

serves

Trustee

and

Vice

President

the

Trust.

The Funds

operate

single

reportable

segment,

which

reflects

how

the

CODM

monitors

and

manages

the

operating

results

the

Funds.

The

financial

information

used

the

CODM

assess

the

segment’s

performance

and

allocate

resources,

including

total

return,

expense

ratios,

changes

net

assets

from

operations

and

portfolio

composition,

consistent

with

that

presented

within

the

Funds'

financial

statements

and

financial

highlights.

New

Accounting

Pronouncement.

December

14,

2023,

the

FASB

issued

ASU

2023-09-Income

Taxes

(Topic

740):

Improvements

Income

Tax

Disclosures

which

establishes

new

income

tax

disclosure

requirements

and

modifies

eliminates

certain

existing

disclosure

provisions.

The

amendments

this

ASU

are

intended

address

investor

requests

for

transparency

about

income

tax

information

and

improve

the

effectiveness

income

tax

disclosures.

ASU

2023-

applies

all

entities

that

are

subject

Accounting

Standards

Codification

("ASC")

740,

Income

Taxes

The

Funds

have adopted

ASU

2023-09,

which

did

not

have

material

impact

their

financial

statements.

Note

–

Investment

Advisor

and

Transactions

with

Affiliates

Certain

Other

Parties

Advisory

Fee.

Pursuant

investment

advisory

agreement,

each

Fund

pays

Calamos

Advisors

(or

CGAM

with

respect

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF)

unitary

advisory

fee

based

the

average

daily

net

assets

the

Fund

the

following

annual

rates:

FUND

PAYMENT

FREQUENCY

ADVISORY

FEE

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

Monthly

.95‌

005

Calamos

Autocallable

Income

ETF

Monthly

.74‌

006

Calamos

Nasdaq

Autocallable

Income

ETF

Monthly

.74‌

007

Calamos

Autocallable

Growth

ETF

Monthly

.74‌

010

Calamos

CEF

Income

Arbitrage

ETF

Monthly

.74‌

015

Calamos

Convertible

Equity

Alternative

ETF

Monthly

.69‌

020

Calamos

Nasdaq

Equity

Income

ETF

Monthly

.74‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

Quarterly

.69‌

Notes

Financial

Statements

137

www.calamos.com

Certain

Funds

may

invest

the

Calamos

Tax-Aware

Collateral

ETF

(CBOX).

Calamos

Advisors

has

contractually

agreed

waive

portion

its

advisory

fee

charged

these

Funds

equal

the

advisory

fee

paid

CBOX

attributable

the

Fund’s

investment

CBOX,

based

daily

net

assets.

For

the

period

ended

July

31,

2026,

the

total

advisory

fees

waived

pursuant

such

agreement

were

$304,475, $66,953

and $15,781

for

the

Calamos

Autocallable

Income

ETF,

Calamos

Nasdaq

Autocallable

Income

ETF,

and

Calamos

Autocallable

Growth

ETF

respectively,

and

are

included

the

Statements

Operations

under

the

caption

“Expense

reductions”.

FUND

PAYMENT

FREQUENCY

ADVISORY

FEE

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

Quarterly

.69‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

Quarterly

.69‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

Quarterly

.69‌

039

Calamos

Tax-Aware

Collateral

ETF

Monthly

.19‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Quarterly

.69‌

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Quarterly

.69‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Quarterly

.69‌

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Quarterly

.69‌

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

Quarterly

.69‌

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

Quarterly

.69‌

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

Quarterly

.69‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

Quarterly

.69‌

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

Quarterly

.10‌

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

Quarterly

.10‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Quarterly

.10‌

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Quarterly

.10‌

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

Quarterly

.69‌

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

Quarterly

.69‌

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

Quarterly

.69‌

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

Quarterly

.69‌

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

Quarterly

.69‌

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

Quarterly

.69‌

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

Quarterly

.69‌

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

Quarterly

.69‌

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

Quarterly

.69‌

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

Quarterly

.69‌

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

Quarterly

.69‌

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

Quarterly

.69‌

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

Quarterly

.69‌

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

Quarterly

.69‌

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

Quarterly

.69‌

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

Quarterly

.69‌

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

Quarterly

.69‌

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

Quarterly

.69‌

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

Quarterly

.69‌

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

Quarterly

.69‌

Calamos

Advisors

has

entered

into

expense

limitation

agreement

with

the

Trust

pursuant

which

Calamos

Advisors

has

agreed

reimburse

the

Fund

0.05%

the

average

net

assets

the

Fund

such

that

the

unitary

fee

reduced

from

0.19%

0.14%.

The

agreement

extends

December

2029.

Notes

Financial

Statements

138

ETF

FAMILY

FUNDS

ANNUAL

REPORT

When

fund

the

Calamos

Family

Funds

(an

“Acquiring

Fund”)

invests

another

fund

the

Calamos

Family

Funds

(an

“Acquired

Fund”),

the

portion

the

Acquiring

Fund’s

advisory

fee

equal

the

advisory

fee

payable

the

Acquired

Fund

(based

average

daily

net

assets

invested)

waived.

For

the

year

ended

July

31,

2026,

Calamos

Advisors

waived

absorbed

the

following

expenses:

These

amounts

are

included

the

Statements

Operations

under

the

caption

“Expense

reductions”.

Distributor.

The

distributor

each

Fund

Calamos

Financial

Services

LLC

(“CFS”

the

“Distributor”).

CFS

limited

purpose

broker-dealer

affiliated

with

Calamos

Advisors.

The

Distributor

has

entered

into

distribution

agreement

with

the

Trust

pursuant

which

distributes

Fund

shares.

Affiliated

Trustees

and

Officers.

Two

Trustees

and

certain

officers

the

Trust

are

also

officers/directors

Calamos

Financial

Services

LLC

(“CFS”)

and

Calamos

Advisors.

Such

trustees

and

officers

serve

without

direct

compensation

from

the

Trust.

The

Trust’s

Statement

Additional

Information

contains

additional

information

about

the

Trust’s

Trustees

and

Officers

and

available

without

charge,

upon

request,

www.calamos.com

calling

800.582.6959.

July

31,

2026,

certain

affiliates

Calamos

Advisors

hold

material

investments

the

Funds

follows:

Note

–

Investments

The

cost

purchases

and

proceeds

from

sales

long-term

investments,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

July

31,

2026

are

shown

the

table

below.

The

cost

purchases

and

proceeds

from

in-kind

transactions

associated

with

creations

and

redemptions

for

the

year

ended

July

31,

2026

are

shown

the

table

below.

FUND

AMOUNT

005

Calamos

Autocallable

Income

ETF

304,475‌

006

Calamos

Nasdaq®

Autocallable

Income

ETF

66,953‌

007

Calamos

Autocallable

Growth

ETF

15,781‌

039

Calamos

Tax-Aware

Collateral

ETF

140,506‌

FUND

PERCENTAGE

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

35‌

COST

PURCHASES

PROCEEDS

FROM

SALES

FUND

U.S.

GOV’T

SECURITIES

OTHER

U.S.

GOV’T

SECURITIES

OTHER

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

—‌

3,878,300‌

—‌

3,848,237‌

005

Calamos

Autocallable

Income

ETF

—‌

933,426,102‌

—‌

006

Calamos

Nasdaq

Autocallable

Income

ETF

—‌

230,217,745‌

—‌

007

Calamos

Autocallable

Growth

ETF

—‌

86,832,000‌

—‌

1,628,124‌

010

Calamos

CEF

Income

Arbitrage

ETF

—‌

26,151,376‌

—‌

29,222,359‌

015

Calamos

Convertible

Equity

Alternative

ETF

—‌

52,024,382‌

—‌

28,856,574‌

020

Calamos

Nasdaq

Equity

Income

ETF

—‌

6,044,020‌

—‌

2,963,592‌

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

—‌

712,406‌

—‌

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

—‌

2,497,171‌

—‌

41,773‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

—‌

8,206,472‌

—‌

4,724,146‌

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

—‌

1,912,651‌

—‌

71,580‌

FUND

COST

IN-KIND

PURCHASES

PROCEEDS

FROM

IN-KIND

SALES

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

1,541,520‌

1,618,552‌

005

Calamos

Autocallable

Income

ETF

—‌

1,678,547,674‌

006

Calamos

Nasdaq

Autocallable

Income

ETF

—‌

263,574,510‌

007

Calamos

Autocallable

Growth

ETF

—‌

1,990,046‌

Notes

Financial

Statements

139

www.calamos.com

Note

–

Income

Taxes

For

the

fiscal

year

ended

July

31,

2026,

the

Funds

recorded

the

following

permanent

reclassifications

reflect

tax

character.

The

results

operations

and

net

assets

were

not

affected

these

reclassifications.

FUND

COST

IN-KIND

PURCHASES

PROCEEDS

FROM

IN-KIND

SALES

010

Calamos

CEF

Income

Arbitrage

ETF

15,731,139‌

696,623‌

015

Calamos

Convertible

Equity

Alternative

ETF

19,499,885‌

32,802,768‌

020

Calamos

Nasdaq

Equity

Income

ETF

3,764,300‌

14,910,023‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

—‌

46,240,676‌

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

—‌

5,534,558‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

—‌

6,382,925‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

—‌

1,238,170‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

—‌

73,433,695‌

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

—‌

2,540,992‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

—‌

28,479,562‌

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

—‌

7,105,759‌

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

—‌

33,718,256‌

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

—‌

11,773,264‌

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

—‌

11,364,050‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

—‌

1,251,356‌

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

49,902,751‌

10,286,142‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

—‌

4,449,367‌

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

—‌

48,992,123‌

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

—‌

56,356,996‌

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

—‌

51,940,233‌

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

—‌

35,634,912‌

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

—‌

144,061,337‌

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

—‌

31,841,340‌

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

—‌

96,821,338‌

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

658,831‌

100,441,824‌

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

—‌

54,560,552‌

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

—‌

37,136,112‌

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

—‌

44,271,604‌

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

—‌

100,884,179‌

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

—‌

31,028,038‌

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

—‌

92,897,874‌

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

—‌

60,418,923‌

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

—‌

43,335,587‌

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

—‌

162,452,363‌

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

—‌

15,275,958‌

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

—‌

98,782,504‌

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

—‌

68,251,227‌

FUND

PAID-IN

CAPITAL

UNDISTRIBUTED/

(OVERDISTRIBUTED)

NET

INVESTMENT

INCOME

ACCUMULATED

NET

REALIZED

GAIN/(LOSS)

INVESTMENTS

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

672,834‌

(

3,278‌

)

(

669,556‌

)

Notes

Financial

Statements

140

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

following

information

presented

federal

income

tax

basis

July

31,

2026.

Differences

between

the

cost

basis

under

U.S.

GAAP

and

federal

income

tax

purposes

are

primarily

due

temporary

differences.

FUND

PAID-IN

CAPITAL

UNDISTRIBUTED/

(OVERDISTRIBUTED)

NET

INVESTMENT

INCOME

ACCUMULATED

NET

REALIZED

GAIN/(LOSS)

INVESTMENTS

005

Calamos

Autocallable

Income

ETF

(

71,772,412‌

)

78,747,433‌

(

6,975,021‌

)

006

Calamos

Nasdaq

Autocallable

Income

ETF

(

13,481,278‌

)

14,297,673‌

(

816,395‌

)

007

Calamos

Autocallable

Growth

ETF

10,227‌

—‌

(

10,227‌

)

010

Calamos

CEF

Income

Arbitrage

ETF

(

66,781‌

)

(

304,006‌

)

370,787‌

015

Calamos

Convertible

Equity

Alternative

ETF

6,427,917‌

1,464,801‌

(

7,892,718‌

)

020

Calamos

Nasdaq

Equity

Income

ETF

1,648,454‌

(

40,243‌

)

(

1,608,211‌

)

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

165,751‌

—‌

(

165,751‌

)

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

3,091‌

—‌

(

3,091‌

)

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

1,150‌

—‌

(

1,150‌

)

039

Calamos

Tax-Aware

Collateral

ETF

(

347,085‌

)

347,085‌

—‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

969,293‌

—‌

(

969,293‌

)

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

30,896‌

—‌

(

30,896‌

)

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

(

1,822‌

)

—‌

1,822‌

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

421,546‌

—‌

(

421,546‌

)

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

342,166‌

—‌

(

342,166‌

)

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

2,377‌

—‌

(

2,377‌

)

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

779‌

—‌

(

779‌

)

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

463,946‌

95,147‌

(

559,093‌

)

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

(

1,154‌

)

1,154‌

—‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

(

223,645‌

)

1,740‌

221,905‌

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

(

806‌

)

806‌

—‌

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

3,435,625‌

161,901‌

(

3,597,526‌

)

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

3,621,174‌

190,587‌

(

3,811,761‌

)

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

4,124,562‌

175,406‌

(

4,299,968‌

)

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

3,020,162‌

113,428‌

(

3,133,590‌

)

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

14,965,568‌

381,459‌

(

15,347,027‌

)

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

2,666,206‌

92,470‌

(

2,758,676‌

)

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

8,653,441‌

281,481‌

(

8,934,922‌

)

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

7,789,146‌

294,028‌

(

8,083,174‌

)

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

3,532,827‌

209,013‌

(

3,741,840‌

)

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

2,415,041‌

162,443‌

(

2,577,484‌

)

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

2,812,934‌

202,095‌

(

3,015,029‌

)

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

6,015,139‌

312,144‌

(

6,327,283‌

)

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

2,985,779‌

90,673‌

(

3,076,452‌

)

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

9,715,237‌

241,205‌

(

9,956,442‌

)

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

4,189,355‌

166,315‌

(

4,355,670‌

)

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

2,567,879‌

161,226‌

(

2,729,105‌

)

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

10,070,858‌

356,784‌

(

10,427,642‌

)

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

1,536,544‌

58,547‌

(

1,595,091‌

)

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

8,881,922‌

211,810‌

(

9,093,732‌

)

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

3,993,712‌

206,014‌

(

4,199,726‌

)

Notes

Financial

Statements

141

www.calamos.com

The

cost

basis

investments

for

federal

income

tax

purposes

July

31,

2026

was

follows:

FUND

COST

BASIS

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

13,496,491‌

5,760,692‌

(

547,671‌

)

5,213,021‌

005

Calamos

Autocallable

Income

ETF

1,092,210,460‌

72,993,287‌

—‌

72,993,287‌

006

Calamos

Nasdaq

Autocallable

Income

ETF

273,032,854‌

9,343,383‌

—‌

9,343,383‌

007

Calamos

Autocallable

Growth

ETF

103,620,255‌

1,375,492‌

—‌

1,375,492‌

010

Calamos

CEF

Income

Arbitrage

ETF

28,580,224‌

1,920,106‌

(

183,040‌

)

1,737,066‌

015

Calamos

Convertible

Equity

Alternative

ETF

33,975,480‌

846,812‌

(

1,370,862‌

)

(

524,050‌

)

020

Calamos

Nasdaq

Equity

Income

ETF

20,389,095‌

1,393,802‌

(

886,620‌

)

507,182‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

17,493,269‌

4,937,324‌

(

4,708,201‌

)

229,123‌

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

4,753,218‌

1,627,411‌

(

1,567,590‌

)

59,821‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

4,824,020‌

323,662‌

(

287,800‌

)

35,862‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

6,126,307‌

817,794‌

(

818,655‌

)

(

861‌

)

039

Calamos

Tax-Aware

Collateral

ETF

1,266,797,957‌

11,584,293‌

—‌

11,584,293‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

24,259,405‌

1,988,757‌

(

2,590,467‌

)

(

601,710‌

)

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

5,067,757‌

1,122,264‌

(

1,074,754‌

)

47,510‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

4,817,120‌

135,669‌

(

137,308‌

)

(

1,639‌

)

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

27,545,597‌

658,934‌

(

663,367‌

)

(

4,433‌

)

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

17,068,917‌

3,035,606‌

(

3,148,146‌

)

(

112,540‌

)

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

4,493,564‌

404,072‌

(

696,388‌

)

(

292,316‌

)

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

5,409,761‌

391,609‌

(

355,377‌

)

36,232‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

9,930,087‌

806,140‌

(

807,367‌

)

(

1,227‌

)

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

117,941,652‌

7,526,589‌

—‌

7,526,589‌

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

2,454,186‌

—‌

(

112,878‌

)

(

112,878‌

)

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

3,260,422‌

—‌

(

627,322‌

)

(

627,322‌

)

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

1,830,880‌

—‌

(

342,503‌

)

(

342,503‌

)

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

25,539,838‌

2,596,156‌

(

1,695,275‌

)

900,881‌

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

32,566,190‌

2,842,506‌

(

1,873,712‌

)

968,794‌

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

30,279,678‌

3,077,010‌

(

2,267,397‌

)

809,613‌

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

20,328,159‌

2,782,222‌

(

2,231,684‌

)

550,538‌

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

55,518,446‌

2,365,420‌

(

1,595,176‌

)

770,244‌

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

26,051,459‌

394,276‌

(

227,704‌

)

166,572‌

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

45,967,853‌

454,134‌

(

109,417‌

)

344,717‌

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

42,198,653‌

—‌

(

2,751‌

)

(

2,751‌

)

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

30,262,347‌

5,000,872‌

(

3,167,127‌

)

1,833,745‌

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

25,288,925‌

3,158,602‌

(

1,858,842‌

)

1,299,760‌

Notes

Financial

Statements

142

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Distributions

were

characterized

for

federal

income

tax

purposes

follows:

FUND

COST

BASIS

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

33,220,134‌

3,517,743‌

(

1,972,256‌

)

1,545,487‌

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

43,113,042‌

4,306,892‌

(

2,512,659‌

)

1,794,233‌

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

14,287,775‌

1,964,701‌

(

1,588,232‌

)

376,469‌

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

41,745,450‌

2,384,762‌

(

2,467,426‌

)

(

82,664‌

)

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

19,925,465‌

4,138,920‌

(

2,894,245‌

)

1,244,675‌

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

21,163,302‌

2,374,018‌

(

1,738,213‌

)

635,805‌

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

34,896,354‌

6,496,852‌

(

4,931,543‌

)

1,565,309‌

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

12,737,804‌

1,881,868‌

(

1,474,502‌

)

407,366‌

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

37,034,465‌

904,096‌

(

822,337‌

)

81,759‌

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

24,548,734‌

5,097,817‌

(

3,513,277‌

)

1,584,540‌

YEAR

PERIOD

ENDED

JULY

31,

2026

YEAR

PERIOD

ENDED

JULY

31,

2025

FUND

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAIN

RETURN

CAPITAL

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAIN

RETURN

CAPITAL

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

101,506‌

—‌

89,738‌

—‌

005

Calamos

Autocallable

Income

ETF

3,927,290‌

—‌

78,747,433‌

—‌

006

Calamos

Nasdaq®

Autocallable

Income

ETF

242,471‌

—‌

14,297,673‌

—‌

010

Calamos

CEF

Income

Arbitrage

ETF

1,935,940‌

180,311‌

—‌

1,270,831‌

57,079‌

—‌

015

Calamos

Convertible

Equity

Alternative

ETF

304,188‌

—‌

146,566‌

—‌

020

Calamos

Nasdaq®

Equity

Income

ETF

1,163,388‌

—‌

44,507‌

281,051‌

—‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF®

January

1,024,516‌

—‌

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF®

April

115,309‌

—‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF®

July

84,120‌

—‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF®

October

42,114‌

—‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

January

475,695‌

—‌

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

April

24,800‌

—‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

July

112,903‌

—‌

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

October

47,550‌

—‌

Notes

Financial

Statements

143

www.calamos.com

July

31,

2026,

the

components

accumulated

earnings/(loss)

tax

basis

were

follows:

YEAR

PERIOD

ENDED

JULY

31,

2026

YEAR

PERIOD

ENDED

JULY

31,

2025

FUND

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAIN

RETURN

CAPITAL

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAIN

RETURN

CAPITAL

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

January

379,347‌

—‌

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

April

106,313‌

—‌

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

July

127,704‌

—‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF®

October

46,468‌

—‌

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF®

32,106‌

—‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF®

10,182‌

—‌

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF®

23,671‌

—‌

001

CALAMOS

ANTETOKOUNMPO

GLOBAL

SUSTAINABLE

EQUITIES

ETF

005

CALAMOS

AUTOCALLABLE

INCOME

ETF

006

CALAMOS

NASDAQ

AUTOCALLABLE

INCOME

ETF

007

CALAMOS

AUTOCALLABLE

GROWTH

ETF

Undistributed

ordinary

income

133,417‌

—‌

14,695‌

Total

undistributed

earnings

133,417‌

—‌

14,695‌

Accumulated

capital

and

other

losses

—‌

(

133,771‌

)

(

44,887‌

)

(

1,961‌

)

Net

unrealized

gains/(losses)

5,209,795‌

72,993,287‌

9,343,383‌

1,375,492‌

Total

accumulated

earnings/(losses)

5,343,212‌

72,859,516‌

9,298,496‌

1,388,226‌

Paid-in-capital

13,438,234‌

1,111,511,720‌

277,088,242‌

104,410,990‌

Net

assets

applicable

common

shareholders

18,781,446‌

1,184,371,236‌

286,386,738‌

105,799,216‌

010

CALAMOS

CEF

INCOME

ARBITRAGE

ETF

015

CALAMOS

CONVERTIBLE

EQUITY

ALTERNATIVE

ETF

020

CALAMOS

NASDAQ

EQUITY

INCOME

ETF

025

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

Undistributed

ordinary

income

—‌

1,212,809‌

—‌

294,551‌

Undistributed

capital

gains

121,414‌

—‌

Total

undistributed

earnings

121,414‌

1,212,809‌

—‌

294,551‌

Accumulated

capital

and

other

losses

—‌

(

463,186‌

)

(

3,120,647‌

)

Net

unrealized

gains/(losses)

1,737,066‌

(

524,050‌

)

507,182‌

229,123‌

Total

accumulated

earnings/(losses)

1,858,480‌

688,759‌

43,996‌

(

2,596,973‌

)

Paid-in-capital

32,019,805‌

30,043,903‌

21,002,641‌

20,412,381‌

Net

assets

applicable

common

shareholders

33,878,285‌

30,732,662‌

21,046,637‌

17,815,408‌

030

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

APRIL

035

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JULY

038

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

039

CALAMOS

TAX-AWARE

COLLATERAL

ETF

Undistributed

ordinary

income

24,165‌

82,352‌

103,974‌

—‌

Total

undistributed

earnings

24,165‌

82,352‌

103,974‌

—‌

Accumulated

capital

and

other

losses

(

472,853‌

)

(

293,249‌

)

(

199,345‌

)

—‌

Notes

Financial

Statements

144

ETF

FAMILY

FUNDS

ANNUAL

REPORT

030

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

APRIL

035

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

JULY

038

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

039

CALAMOS

TAX-AWARE

COLLATERAL

ETF

Net

unrealized

gains/(losses)

59,821‌

35,862‌

(

861‌

)

11,584,293‌

Total

accumulated

earnings/(losses)

(

388,867‌

)

(

175,035‌

)

(

96,232‌

)

11,584,293‌

Paid-in-capital

5,242,710‌

5,085,832‌

6,237,891‌

1,269,845,873‌

Net

assets

applicable

common

shareholders

4,853,843‌

4,910,797‌

6,141,659‌

1,281,430,166‌

040

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

045

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

050

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

053

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

Undistributed

ordinary

income

387,465‌

34,415‌

169,010‌

507,742‌

Total

undistributed

earnings

387,465‌

34,415‌

169,010‌

507,742‌

Accumulated

capital

and

other

losses

(

16,783,244‌

)

(

1,567,490‌

)

(

3,130,369‌

)

(

4,487,795‌

)

Net

unrealized

gains/(losses)

(

601,710‌

)

47,510‌

(

1,639‌

)

(

4,433‌

)

Total

accumulated

earnings/(losses)

(

16,997,489‌

)

(

1,485,565‌

)

(

2,962,998‌

)

(

3,984,486‌

)

Paid-in-capital

40,810,690‌

6,679,119‌

7,840,395‌

31,635,752‌

Net

assets

applicable

common

shareholders

23,813,201‌

5,193,554‌

4,877,397‌

27,651,266‌

055

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

060

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

APRIL

065

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

JULY

068

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

Undistributed

ordinary

income

226,952‌

20,114‌

112,825‌

159,339‌

Total

undistributed

earnings

226,952‌

20,114‌

112,825‌

159,339‌

Accumulated

capital

and

other

losses

(

6,564,748‌

)

(

1,585,615‌

)

(

1,821,623‌

)

(

1,023,792‌

)

Net

unrealized

gains/(losses)

(

112,540‌

)

(

292,316‌

)

36,232‌

(

1,227‌

)

Total

accumulated

earnings/(losses)

(

6,450,336‌

)

(

1,857,817‌

)

(

1,672,566‌

)

(

865,680‌

)

Paid-in-capital

23,499,719‌

6,127,303‌

7,177,097‌

10,824,030‌

Net

assets

applicable

common

shareholders

17,049,383‌

4,269,486‌

5,504,531‌

9,958,350‌

070

CALAMOS

LADDERED

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

071

CALAMOS

LADDERED

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF

072

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

073

CALAMOS

LADDERED

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF

Accumulated

capital

and

other

losses

(

60,260‌

)

(

1,212‌

)

(

1‌

)

(

10,190‌

)

Net

unrealized

gains/(losses)

7,526,589‌

(

112,878‌

)

(

627,322‌

)

(

342,503‌

)

Total

accumulated

earnings/(losses)

7,466,329‌

(

114,090‌

)

(

627,323‌

)

(

352,693‌

)

Paid-in-capital

118,114,171‌

2,457,382‌

3,263,653‌

1,842,134‌

Net

assets

applicable

common

shareholders

125,580,500‌

2,343,292‌

2,636,330‌

1,489,441‌

075

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

080

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

FEBRUARY

085

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MARCH

090

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

APRIL

Accumulated

capital

and

other

losses

(

2,089,004‌

)

(

2,545,032‌

)

(

2,523,160‌

)

(

2,016,370‌

)

Net

unrealized

gains/(losses)

900,881‌

968,794‌

809,613‌

550,538‌

Total

accumulated

earnings/(losses)

(

1,188,123‌

)

(

1,576,238‌

)

(

1,713,547‌

)

(

1,465,832‌

)

Paid-in-capital

27,714,252‌

35,256,228‌

32,950,136‌

22,477,553‌

Notes

Financial

Statements

145

www.calamos.com

The

following

Funds

had

capital

loss

carryforwards

for

the

year

ended

July

31,

2026,

with

expiration

date,

available

offset

future

realized

capital

gains:

075

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

080

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

FEBRUARY

085

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MARCH

090

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

APRIL

Net

assets

applicable

common

shareholders

26,526,129‌

33,679,990‌

31,236,589‌

21,011,721‌

095

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

MAY

100

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JUNE

105

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

JULY

110

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

AUGUST

Accumulated

capital

and

other

losses

(

11,493,630‌

)

(

2,085,579‌

)

(

7,411,272‌

)

(

8,267,040‌

)

Net

unrealized

gains/(losses)

770,244‌

166,572‌

344,717‌

(

2,751‌

)

Total

accumulated

earnings/(losses)

(

10,723,386‌

)

(

1,919,007‌

)

(

7,066,555‌

)

(

8,269,791‌

)

Paid-in-capital

67,347,925‌

28,333,935‌

53,747,850‌

50,833,173‌

Net

assets

applicable

common

shareholders

56,624,539‌

26,414,928‌

46,681,295‌

42,563,382‌

115

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

120

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

125

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

NOVEMBER

130

CALAMOS

S&P

500

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

Accumulated

capital

and

other

losses

(

2,123,530‌

)

(

1,767,979‌

)

(

1,753,050‌

)

(

2,417,902‌

)

Net

unrealized

gains/(losses)

1,833,745‌

1,299,760‌

1,545,487‌

1,794,233‌

Total

accumulated

earnings/(losses)

(

289,785‌

)

(

468,219‌

)

(

207,563‌

)

(

623,669‌

)

Paid-in-capital

32,473,078‌

27,097,943‌

35,045,268‌

45,661,121‌

Net

assets

applicable

common

shareholders

32,183,293‌

26,629,724‌

34,837,705‌

45,037,452‌

135

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

MARCH

140

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

JUNE

145

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

SEPTEMBER

150

CALAMOS

NASDAQ-100

STRUCTURED

ALT

PROTECTION

ETF

DECEMBER

Accumulated

capital

and

other

losses

(

1,864,837‌

)

(

8,756,205‌

)

(

3,376,586‌

)

(

1,513,569‌

)

Net

unrealized

gains/(losses)

376,469‌

(

82,664‌

)

1,244,675‌

635,805‌

Total

accumulated

earnings/(losses)

(

1,488,368‌

)

(

8,838,869‌

)

(

2,131,911‌

)

(

877,764‌

)

Paid-in-capital

16,260,353‌

50,830,380‌

23,321,180‌

22,789,193‌

Net

assets

applicable

common

shareholders

14,771,985‌

41,991,511‌

21,189,269‌

21,911,429‌

155

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JANUARY

160

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

APRIL

165

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

JULY

170

CALAMOS

RUSSELL

2000

STRUCTURED

ALT

PROTECTION

ETF

OCTOBER

Accumulated

capital

and

other

losses

(

4,723,993‌

)

(

1,080,374‌

)

(

8,705,732‌

)

(

1,851,596‌

)

Net

unrealized

gains/(losses)

1,565,309‌

407,366‌

81,759‌

1,584,540‌

Total

accumulated

earnings/(losses)

(

3,158,684‌

)

(

673,008‌

)

(

8,623,973‌

)

(

267,056‌

)

Paid-in-capital

39,746,394‌

13,890,608‌

46,001,556‌

26,459,116‌

Net

assets

applicable

common

shareholders

36,587,710‌

13,217,600‌

37,377,583‌

26,192,060‌

FUND

SHORT-TERM

LONG-TERM

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

—‌

005

Calamos

Autocallable

Income

ETF

133,771‌

—‌

Notes

Financial

Statements

146

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

following

funds

had

capital

loss

carryforwards

utilized

the

year

ended

July

31,

2026:

FUND

SHORT-TERM

LONG-TERM

006

Calamos

Nasdaq

Autocallable

Income

ETF

44,887‌

—‌

007

Calamos

Autocallable

Growth

ETF

1,961‌

—‌

010

Calamos

CEF

Income

Arbitrage

ETF

—‌

015

Calamos

Convertible

Equity

Alternative

ETF

—‌

020

Calamos

Nasdaq

Equity

Income

ETF

385,003‌

78,183‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

1,235,070‌

1,866,934‌

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

189,104‌

283,749‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

117,224‌

176,025‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

79,738‌

119,607‌

039

Calamos

Tax-Aware

Collateral

ETF

—‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

6,711,229‌

10,071,625‌

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

627,151‌

940,339‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

1,249,074‌

1,881,295‌

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

1,795,460‌

2,692,335‌

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

2,621,661‌

3,936,384‌

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

634,219‌

951,396‌

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

728,309‌

1,093,314‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

409,513‌

614,279‌

070

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

60,260‌

—‌

071

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

1,212‌

—‌

072

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

1‌

—‌

073

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

10,190‌

—‌

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

2,089,004‌

—‌

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

2,545,032‌

—‌

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

2,523,160‌

—‌

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

2,016,370‌

—‌

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

11,493,630‌

—‌

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

2,085,579‌

—‌

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

7,411,272‌

—‌

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

8,267,040‌

—‌

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

2,118,507‌

—‌

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

1,767,979‌

—‌

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

1,753,050‌

—‌

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

2,417,902‌

—‌

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

1,864,837‌

—‌

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

8,756,205‌

—‌

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

3,339,865‌

—‌

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

1,455,379‌

—‌

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

4,696,611‌

—‌

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

1,080,374‌

—‌

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

8,705,732‌

—‌

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

1,841,093‌

—‌

FUND

UTILIZED

001

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

175,651‌

015

Calamos

Convertible

Equity

Alternative

ETF

166,333‌

Notes

Financial

Statements

147

www.calamos.com

Note

–

Derivative

Instruments

Counterparty

Risk.

Fund

will

subject

credit

risk

with

respect

the

counterparties

the

derivative

contracts

entered

into

Fund.

counterparty

becomes

bankrupt

otherwise

fails

perform

its

obligations,

the

Fund

may

experience

significant

delays

obtaining

any

recovery,

may

obtain

only

limited

recovery,

may

obtain

recovery

all.

Even

temporary

disruptions

counterparty’s

ability

perform

under

derivative

agreements

could

significantly

impact

Fund

performance.

Fund

may

have

substantial

exposure

single

counterparty,

which

may

result

the

Fund

being

susceptible

single

economic

regulatory

occurrence

affecting

such

counterparty.

With

respect

Calamos

Autocallable

Income

ETF

(CAIE),

Calamos

Nasdaq

Autocallable

Income

ETF

(CAIQ),

and

Calamos

Autocallable

Growth

ETF

(CAGE),

each

Fund’s

holdings

consist

primarily

contractual

claims

against

swap

counterparties,

making

each

Fund

particularly

vulnerable

counterparty

failure.

Derivatives

Risk.

Derivatives

are

instruments,

such

swaps,

options,

futures

and

forward

foreign

currency

contracts,

whose

value

derived

from

that

other

assets,

rates

indices.

Derivatives

can

used

for

hedging

(attempting

reduce

risk

offsetting

one

investment

position

with

another)

non-hedging

purposes.

The

use

derivatives

for

non-hedging

purposes

may

considered

speculative

than

other

types

investments.

The

use

derivatives

will

increase

expenses

and

volatility,

and

there

guarantee

that

derivatives

strategy

will

work

anticipated.

While

hedging

with

derivatives

can

reduce

eliminate

losses,

can

also

reduce

eliminate

gains.

addition,

derivative

instruments

are

subject

counterparty

risk,

meaning

that

the

party

with

whom

Fund

enters

into

derivative

transaction

may

experience

significant

credit

event

and/or

may

unwilling

unable

make

timely

settlement.

Digital

Assets

Risk.

The

Bitcoin,

Bitcoin

Series

and

Bitcoin

Series

Structured

Alt

Protection

ETFs

may

engage

option

transactions

that

reference

the

price

performance

one

underlying

exchange-traded

products

(“Underlying

ETPs”)

which,

turn,

own

bitcoin

and/or

one

indexes

that

are

designed

track

the

price

bitcoin

(“Bitcoin

Index”).

The

value

the

Underlying

ETPs

and/or

Bitcoin

Index

relates

the

value

bitcoins,

the

value

which

may

highly

volatile

and

subject

fluctuations

due

number

factors

that

could

adversely

affect

the

value

the

Underlying

ETPs

and/or

Bitcoin

Index.

Equity

Risk.

Each

Fund

may

engage

option

transactions

and

doing

achieve

similar

objectives

what

it would

achieve

through

the

sale

purchase

individual

securities.

call

option,

upon

payment

premium,

gives

the

purchaser

the

option

the

right

buy,

and

the

seller

the

option

the

obligation

sell,

the

underlying

security,

index

other

instrument

the

exercise

price.

put

option

gives

the

purchaser

the

option,

upon

payment

premium,

the

right

sell,

and

the

seller

the

obligation

buy,

the

underlying

security,

index,

other

instrument

the

exercise

price.

seek

offset

some

the

risk

potential

decline

value

certain

long

positions,

each

Fund

may

also

purchase

put

options

individual

securities,

broad-based

securities

indexes

certain

exchange-traded

funds

(“ETFs”).

Certain

Funds

may

also

seek

generate

income

from

option

premiums

writing

(selling)

options

portion

the

equity

securities

(including

securities

that

are

convertible

into

equity

securities)

Fund's

portfolio,

broad-based

securities

indexes,

certain

ETFs.

When

Fund

purchases

option,

pays

premium

and

amount

equal

that

premium

recorded

asset.

When

Fund

writes

option,

receives

premium

and

amount

equal

that

premium

recorded

liability.

The

asset

liability

adjusted

daily

reflect

the

current

market

value

the

option.

option

expires

unexercised,

Fund

realizes

gain

loss

the

extent

the

premium

received

paid.

option

exercised,

the

premium

received

paid

recorded

adjustment

the

proceeds

from

the

sale

the

cost

basis

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

purchase

sale

transaction

also

treated

realized

gain

loss.

The

cost

securities

acquired

through

the

exercise

call

options

increased

premiums

paid.

The

proceeds

from

securities

sold

through

the

exercise

put

options

are

decreased

the

premiums

paid.

Gain

loss

written

options

and

purchased

options

presented

separately

the

Statements

Operations

net

realized

gain

loss

written

options

and

net

realized

gain

loss

purchased

options,

respectively.

Options

written

each

Fund

not

typically

give

rise

counterparty

credit

risk

since

options

written

obligate

each

Fund

and

not

the

counterparty

perform.

Exchange

traded

purchased

options

have

minimal

counterparty

credit

risk

each

Fund

since

the

exchange’s

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

Certain

Funds

may

invest

FLEX

Options

issued

and

guaranteed

for

settlement

The

Options

Clearing

Corporation

(“OCC”).

FLEX

Options

are

customized

option

contracts

that

trade

exchange

but

provide

investors

with

the

ability

customize

key

contract

terms

strike

price,

style

and

expiration

date

while

achieving

price

discovery

competitive,

transparent

auctions

markets

and

avoiding

the

counterparty

exposure

over-the-counter

options

positions.

traditional

exchange-traded

options,

FLEX

Options

are

guaranteed

for

settlement

the

OCC,

market

clearinghouse

that

guarantees

Notes

Financial

Statements

148

ETF

FAMILY

FUNDS

ANNUAL

REPORT

performance

counterparties

certain

derivatives

contracts.

The

Funds

bear

the

risk

that

the

OCC

will

unable

unwilling

perform

its

obligations

under

the

FLEX

Options

contracts.

Additionally,

FLEX

Options

may

illiquid,

and

such

cases,

the

Funds

may

have

difficulty

closing

out

certain

FLEX

Options

positions

desired

times

and

prices.

The

FLEX

Options

held

the

Funds

will

exercisable

the

strike

price

only

their

expiration

date.

Prior

the

expiration

date,

the

value

the

FLEX

Options

will

determined

based

upon

market

quotations

using

other

recognized

pricing

methods.

The

value

the

FLEX

Options

prior

the

expiration

date

may

vary

because

factors

other

than

the

value

the

reference

asset.

Factors

that

may

influence

the

value

the

FLEX

Options,

other

than

gains

losses

the

reference

asset,

include

interest

rate

changes,

changing

supply

and

demand,

decreased

liquidity

the

FLEX

Options

and

changing

volatility

levels

the

reference

asset.

connection

with

the

creation

and

redemption

Fund

shares,

the

extent

market

participants

are

not

willing

able

enter

into

FLEX

Option

transactions

with

the

Funds

prices

that

reflect

the

market

price

the

Fund

shares,

Fund’s

NAV

and,

turn,

the

price

Fund,

could

negatively

impacted.

The

Funds

may

experience

substantial

downside

from

specific

FLEX

Option

positions

and

certain

FLEX

Option

positions

may

expire

worthless.

July

31,

2026,

the

Funds

had

outstanding

derivative

contracts

which

are

reflected

the

Statements

Assets

and

Liabilities

follows:

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

AUTOCALLABLE

INCOME

ETF

Gross

amounts

fair

value:

Total

Return

Swaps

(3)

65,113,992‌

—‌

65,113,992‌

—‌

65,113,992‌

—‌

CALAMOS

NASDAQ®

AUTOCALLABLE

INCOME

ETF

Gross

amounts

fair

value:

Total

Return

Swaps

(3)

7,747,268‌

—‌

7,747,268‌

—‌

7,747,268‌

—‌

CALAMOS

AUTOCALLABLE

GROWTH

ETF

Gross

amounts

fair

value:

Total

Return

Swaps

(3)

953,904‌

—‌

953,904‌

—‌

953,904‌

—‌

CALAMOS

NASDAQ®

EQUITY

INCOME

ETF

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

2,976,214‌

—‌

2,976,214‌

—‌

2,976,214‌

—‌

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF®

JANUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

27,114,737‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

9,392,345‌

27,114,737‌

9,392,345‌

27,114,737‌

9,392,345‌

Notes

Financial

Statements

149

www.calamos.com

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF®

APRIL

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

7,723,359‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,910,320‌

7,723,359‌

2,910,320‌

7,723,359‌

2,910,320‌

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF®

JULY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

8,204,096‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

3,344,214‌

8,204,096‌

3,344,214‌

8,204,096‌

3,344,214‌

CALAMOS

BITCOIN

STRUCTURED

ALT

PROTECTION

ETF®

OCTOBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

1‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

(1)

1‌

—‌

(1)

1‌

—‌

CALAMOS

TAX-AWARE

COLLATERAL

ETF

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

1,278,382,250‌

—‌

1,278,382,250‌

—‌

1,278,382,250‌

—‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

JANUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

34,945,157‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

11,287,462‌

34,945,157‌

11,287,462‌

34,945,157‌

11,287,462‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

APRIL

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

7,477,226‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,361,959‌

7,477,226‌

2,361,959‌

7,477,226‌

2,361,959‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

JULY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

7,224,688‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,409,207‌

7,224,688‌

2,409,207‌

7,224,688‌

2,409,207‌

Notes

Financial

Statements

150

ETF

FAMILY

FUNDS

ANNUAL

REPORT

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

OCTOBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

1,772‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

12‌

1,772‌

12‌

1,772‌

12‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

JANUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

25,516,942‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

8,560,565‌

25,516,942‌

8,560,565‌

25,516,942‌

8,560,565‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

APRIL

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

6,428,561‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,227,313‌

6,428,561‌

2,227,313‌

6,428,561‌

2,227,313‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

JULY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

8,665,085‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

3,219,092‌

8,665,085‌

3,219,092‌

8,665,085‌

3,219,092‌

CALAMOS

BITCOIN

SERIES

STRUCTURED

ALT

PROTECTION

ETF®

OCTOBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

27‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

4‌

27‌

4‌

27‌

4‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

JANUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

28,340,867‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,900,148‌

28,340,867‌

1,900,148‌

28,340,867‌

1,900,148‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

FEBRUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

35,810,931‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,275,947‌

35,810,931‌

2,275,947‌

35,810,931‌

2,275,947‌

Notes

Financial

Statements

151

www.calamos.com

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

MARCH

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

33,666,904‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,577,613‌

33,666,904‌

2,577,613‌

33,666,904‌

2,577,613‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

APRIL

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

23,649,350‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,770,653‌

23,649,350‌

2,770,653‌

23,649,350‌

2,770,653‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

MAY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

59,622,794‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

3,334,104‌

59,622,794‌

3,334,104‌

59,622,794‌

3,334,104‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

JUNE

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

27,057,764‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

839,733‌

27,057,764‌

839,733‌

27,057,764‌

839,733‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

JULY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

48,248,214‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,935,644‌

48,248,214‌

1,935,644‌

48,248,214‌

1,935,644‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

AUGUST

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

44,173,746‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,977,844‌

44,173,746‌

1,977,844‌

44,173,746‌

1,977,844‌

Notes

Financial

Statements

152

ETF

FAMILY

FUNDS

ANNUAL

REPORT

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

SEPTEMBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

35,077,615‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,981,523‌

35,077,615‌

2,981,523‌

35,077,615‌

2,981,523‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

OCTOBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

28,414,187‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,825,502‌

28,414,187‌

1,825,502‌

28,414,187‌

1,825,502‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

NOVEMBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

36,635,406‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,869,785‌

36,635,406‌

1,869,785‌

36,635,406‌

1,869,785‌

CALAMOS

S&P

500®

STRUCTURED

ALT

PROTECTION

ETF®

DECEMBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

47,641,016‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,733,741‌

47,641,016‌

2,733,741‌

47,641,016‌

2,733,741‌

CALAMOS

NASDAQ-100®

STRUCTURED

ALT

PROTECTION

ETF®

MARCH

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

16,683,115‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,018,871‌

16,683,115‌

2,018,871‌

16,683,115‌

2,018,871‌

CALAMOS

NASDAQ-100®

STRUCTURED

ALT

PROTECTION

ETF®

JUNE

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

43,219,881‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,557,095‌

43,219,881‌

1,557,095‌

43,219,881‌

1,557,095‌

Notes

Financial

Statements

153

www.calamos.com

ASSET

DERIVATIVES

LIABILITY

DERIVATIVES

CALAMOS

NASDAQ-100®

STRUCTURED

ALT

PROTECTION

ETF®

SEPTEMBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

24,036,295‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

2,866,155‌

24,036,295‌

2,866,155‌

24,036,295‌

2,866,155‌

CALAMOS

NASDAQ-100®

STRUCTURED

ALT

PROTECTION

ETF®

DECEMBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

23,777,589‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,978,482‌

23,777,589‌

1,978,482‌

23,777,589‌

1,978,482‌

CALAMOS

RUSSELL

2000®

STRUCTURED

ALT

PROTECTION

ETF®

JANUARY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

41,468,347‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

5,006,684‌

41,468,347‌

5,006,684‌

41,468,347‌

5,006,684‌

CALAMOS

RUSSELL

2000®

STRUCTURED

ALT

PROTECTION

ETF®

APRIL

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

15,091,977‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,946,807‌

15,091,977‌

1,946,807‌

15,091,977‌

1,946,807‌

CALAMOS

RUSSELL

2000®

STRUCTURED

ALT

PROTECTION

ETF®

JULY

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

38,565,721‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

1,449,497‌

38,565,721‌

1,449,497‌

38,565,721‌

1,449,497‌

CALAMOS

RUSSELL

2000®

STRUCTURED

ALT

PROTECTION

ETF®

OCTOBER

Gross

amounts

fair

value:

Exchange-Traded

Purchased

Options

(2)

29,479,670‌

—‌

Exchange-Traded

Written

Options

(4)

—‌

3,346,396‌

29,479,670‌

3,346,396‌

29,479,670‌

3,346,396‌

Notes

Financial

Statements

154

ETF

FAMILY

FUNDS

ANNUAL

REPORT

For

the

year

ended

July

31,

2026,

the

volume

derivative

activity

for

the

Fund

reflected

below:*

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

AUTOCALLABLE

INCOME

ETF

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

JPMorgan

Chase

Bank

N.A.

ISDA

$65,113,992

$—

$65,113,992

$—

$65,113,992

$—

$65,113,992

$—

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

NASDAQ®

AUTOCALLABLE

INCOME

ETF

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

JPMorgan

Chase

Bank

N.A.

ISDA

$7,747,268

$—

$7,747,268

$—

$7,747,268

$—

$7,747,268

$—

GROSS

AMOUNTS

NOT

OFFSET

THE

STATEMENT

ASSETS

AND

LIABILITIES

CALAMOS

AUTOCALLABLE

GROWTH

ETF

GROSS

AMOUNTS

PRESENTED

THE

STATEMENT

ASSETS

AND

LIABILITIES

COLLATERAL

NET

AMOUNT

RECEIVABLE

THE

EVENT

NET

AMOUNT

PAYABLE

THE

EVENT

Counterparty

ASSETS

LIABILITIES

PLEDGED

DEFAULT

JPMorgan

Chase

Bank

N.A.

ISDA

$953,904

$—

$953,904

$—

$953,904

$—

$953,904

$—

FUND

PURCHASED

OPTIONS

(2)

WRITTEN

OPTIONS

(4)

SWAPS

(3)

005

Calamos

Autocallable

Income

ETF

1,678‌

59,842,858‌

006

Calamos

Nasdaq

Autocallable

Income

ETF

264‌

10,559,046‌

007

Calamos

Autocallable

Growth

ETF

—‌

753,236‌

020

Calamos

Nasdaq

Equity

Income

ETF

2,020‌

14‌

—‌

025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

January

4,447‌

3,850‌

—‌

030

Calamos

Bitcoin

Structured

Alt

Protection

ETF

April

761‌

665‌

—‌

035

Calamos

Bitcoin

Structured

Alt

Protection

ETF

July

1,052‌

955‌

—‌

038

Calamos

Bitcoin

Structured

Alt

Protection

ETF

October

260‌

—‌

039

Calamos

Tax-Aware

Collateral

ETF

2,570‌

—‌

040

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

6,313‌

5,545‌

—‌

045

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

842‌

757‌

—‌

050

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

2,266‌

2,098‌

—‌

053

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

1,781‌

—‌

055

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

3,478‌

2,970‌

—‌

060

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

April

1,010‌

875‌

—‌

065

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

July

1,677‌

1,579‌

—‌

068

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

October

435‌

—‌

075

Calamos

S&P

500

Structured

Alt

Protection

ETF

January

1,114‌

727‌

—‌

080

Calamos

S&P

500

Structured

Alt

Protection

ETF

February

1,348‌

854‌

—‌

085

Calamos

S&P

500

Structured

Alt

Protection

ETF

March

1,290‌

825‌

—‌

090

Calamos

S&P

500

Structured

Alt

Protection

ETF

April

925‌

589‌

—‌

Notes

Financial

Statements

155

www.calamos.com

Activity

during

the

period

measured

opened

number

contracts

for

options

purchased

written,

and

opened

total

return

swaps

(measured

notional).

Note

–

Securities

Lending

Each

SROI,

CVRT,

CCEF,

and

CANQ

may

loan

one

its

securities

broker-dealers

and

banks.

Any

such

loan

must

secured

collateral

cash

equivalents

maintained

current

basis

amount

least

equal

the

value

the

securities

loaned

the

Fund.

The

Funds’

securities

lending

agent

enters

into

Securities

Lending

Agreements

with

borrowers

its

capacity

agent

behalf

Calamos

Advisors

and

the

Funds.

Pursuant

Securities

Lending

Agreement,

Fund

receives

collateral

for

securities

loaned.

This

collateral

may

include

cash

(U.S.

and

foreign

currency);

securities

issued

guaranteed

the

United

States

government

its

agencies

instrumentalities;

and

such

other

collateral

Calamos

Advisors

and

the

securities

lending

agent

may

agree

writing. The

Funds

continue

receive

the

equivalent

the

interest

dividends

paid

the

issuer

the

securities

loaned

and

also

receive

additional

return

that

may

the

form

fixed

fee

percentage

the

collateral.

The

additional

return

disclosed

net

basis

Securities

lending

income

the

Statement

Operations.

Upon

receipt

cash

equivalent

collateral,

the

Funds'

securities

lending

agent

invests

the

collateral

into

short

term

investments

following

investment

guidelines

approved

Calamos

Advisors.

The

Funds

record

the

investment

collateral

asset

(investment

securities,

value

Restricted

cash

for

collateral

securities

loaned)

and

the

value

the

collateral

liability

(collateral

for

securities

loaned)

the

Statement

Assets

and

Liabilities.

The

contractual

maturity

the

collateral

received

under

the

securities

lending

agreement

classified

overnight

and

continuous.

the

value

the

invested

collateral

declines

below

the

value

the

collateral

deposited

the

borrower,

the

Funds

will

record

unrealized

depreciation

equal

the

decline

value

the

invested

collateral.

The

Funds

will

pay

reasonable

fees

persons

unaffiliated

with

the

Funds

for

services

arranging

these

loans.

The

Funds

have

the

right

call

loan

and

obtain

the

securities

loaned

any

time.

The

Funds

not

have

the

right

vote

the

securities

during

the

existence

the

loan

but

could

call

the

loan

attempt

permit

voting

the

securities

certain

circumstances.

Upon

return

the

securities

loaned,

the

cash

equivalent

collateral

will

returned

the

borrower.

the

event

bankruptcy

other

default

the

borrower,

the

Funds

could

experience

both

delays

liquidating

the

loan

collateral

recovering

the

loaned

securities

and

losses,

including

(a)

possible

decline

the

value

the

collateral

the

value

the

securities

loaned

during

that period

while

the

Funds

seek

enforce

their

rights

thereto,

(b)

possible

subnormal

levels

income

and

lack

access

income

during that

period,

and

(c)

the

expenses

enforcing

their

rights.

effort

reduce

these

risks,

the

Funds’

securities

lending

agent

monitors

and

reports

Calamos

Advisors

the

creditworthiness

the

firms

which

the

Funds

lend

securities.

FUND

PURCHASED

OPTIONS

(2)

WRITTEN

OPTIONS

(4)

SWAPS

(3)

095

Calamos

S&P

500

Structured

Alt

Protection

ETF

May

2,467‌

1,677‌

—‌

100

Calamos

S&P

500

Structured

Alt

Protection

ETF

June

980‌

589‌

—‌

105

Calamos

S&P

500

Structured

Alt

Protection

ETF

July

1,883‌

1,253‌

—‌

110

Calamos

S&P

500

Structured

Alt

Protection

ETF

August

2,048‌

1,335‌

—‌

115

Calamos

S&P

500

Structured

Alt

Protection

ETF

September

1,394‌

900‌

—‌

120

Calamos

S&P

500

Structured

Alt

Protection

ETF

October

1,050‌

657‌

—‌

125

Calamos

S&P

500

Structured

Alt

Protection

ETF

November

1,348‌

828‌

—‌

130

Calamos

S&P

500

Structured

Alt

Protection

ETF

December

1,928‌

1,274‌

—‌

135

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

March

690‌

441‌

—‌

140

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

June

1,624‌

1,042‌

—‌

145

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

September

1,416‌

935‌

—‌

150

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

December

1,276‌

752‌

—‌

155

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

9,526‌

7,003‌

—‌

160

Calamos

Russell

2000

Structured

Alt

Protection

ETF

April

1,340‌

794‌

—‌

165

Calamos

Russell

2000

Structured

Alt

Protection

ETF

July

3,636‌

2,295‌

—‌

170

Calamos

Russell

2000

Structured

Alt

Protection

ETF

October

5,052‌

3,674‌

—‌

(1)

Amount

less

than

$1.

(2)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Purchased

Options

"Investments

securities,

value".

(3)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Swap

contracts

Unrealized

appreciation

total

return

swaps

for

asset

derivatives

and

Unrealized

depreciation

total

return

swaps

for

liability

derivatives.

(4)

Generally,

the

Statement

Assets

and

Liabilities

location

for

Written

Options

"Options

written,

value".

Notes

Financial

Statements

156

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

following

table

indicates

the

total

amount

securities

loaned

asset

class,

reconciled

the

gross

liability

payable

upon

return

the

securities

loaned

the

Funds

of July

31,

2026.

Note

–

Fair

Value

Measurements

Various

inputs

are

used

determine

the

value

the

Funds'

investments.

These

inputs

are

categorized

into

three

broad

levels

follows:

Level

–

Prices

are

determined

using

inputs

from

unadjusted

quoted

prices

from

active

markets

(including

securities

actively

traded

securities

exchange)

for

identical

assets.

Level

–

Prices

are

determined

using

significant

observable

market

inputs

other

than

unadjusted

quoted

prices,

including

quoted

prices

similar

securities,

fair

value

adjustments

quoted

foreign

securities,

interest

rates,

credit

risk,

prepayment

speeds,

and

other

relevant

data.

Level

–

Prices

reflect

unobservable

market

inputs

(including

the

Funds'

own

judgments

about

assumptions

market

participants

would

use

determining

fair

value)

when

observable

inputs

are

unavailable.

Debt

securities

are

valued

based

upon

evaluated

prices

received

from

independent

pricing

service

from

dealer

broker that

makes

markets

such

securities.

Pricing

services

utilize

various

observable

market

data

and

such,

debt

securities

are

generally

categorized

Level

The

levels

are

not

necessarily

indication

the

risk

liquidity

the

Funds’

investments.

The summary

the

inputs

used

valuing

the

Funds’

holdings is

available

after each

Fund's

Schedule

Investments.

Note

–

Creation

and

Redemption

Transactions

Each

Fund

offers

and

issues

NAV

only

aggregations

specified

number

shares,

generally

exchange

for

basket

securities

constituting

the

portfolio

holdings

Fund,

together

with

the

deposit

specified

cash

payment,

or,

certain

circumstances,

for

all

cash

payment.

the

Funds

are

listed

and

principally

trade

the

NYSE

Arca,

Inc.

("NYSE

Arca"),

the

Nasdaq

Stock

Market

LLC,

the

CBOE

BZX

Exchange,

Inc.

(each,

“Exchange”).

trade

the

Exchange

market

prices

that

may

below,

at,

above

NAV.

Unlike

mutual

funds,

Fund

are

not

individually

redeemable

securities.

Rather,

each

Fund

issues

and

redeems

continuous

basis

NAV,

typically

creation

units

(each,

“Creation

Unit”).

the

event

the

liquidation

Fund,

the

Trust

may

lower

the

number

Creation

Unit.

Financial

entities

known

“authorized

participants”

have

contractual

arrangements

with

each

Fund

the

Distributor

purchase

and

redeem

Fund

directly

with

such

Fund

Creation

Units

exchange

for

the

securities

comprising

the

Fund

and/or

cash,

some

combination

thereof.

Fund

are

traded

the

secondary

market

and

elsewhere

market

prices

that

may

at,

above,

below

Fund’s

NAV.

Fund

are

only

redeemable

Creation

Units

authorized

participants.

authorized

participant

that

purchases

Creation

Unit

Fund

deposits

with

such

Fund

“basket”

securities

and/or

other

assets

identified

the

Fund

that

day,

and

then

receives

the

Creation

Unit

Fund

return

for

those

assets.

The

redemption

process

the

reverse

the

purchase

process:

the

authorized

participant

redeems

Creation

Unit

Fund

for

basket

securities

and

other

assets.

The

basket

generally

representative

Fund’s

portfolio,

and

together

with

cash

balancing

amount,

equal

the

NAV

the

Fund

comprising

the

Creation

Unit.

Pursuant

Rule

6c-11

the

1940

Act

(“Rule

6c-11”),

Fund

may

utilize

baskets

that

are

not

representative

the

Fund’s

portfolio.

Such

“custom

baskets”

are

discussed

each

Fund’s

Statement

Additional

Information

the

section

entitled

“Creation

and

Redemption

Creation

Units”.

Transaction

fees

and

other

costs

associated

with

creations

redemptions

that

include

cash

may

higher

than

the

transaction

fees

and

other

costs

associated

with

in-kind

creations

redemptions.

all

cases,

AMOUNT

COLLATERAL

HELD

SHORT

TERM

INVESTMENTS

AND

RESTRICTED

AMOUNT

NON-CASH

TOTAL

VALUE

SECURITIES

LOAN

BROKER-DEALERS

AND

BANKS

ASSET

CLASS

LOAN

EXCESS

AMOUNT

DUE

TO/(FROM)

FUND

CASH

COLLATERAL

EQUITY

FIXED

INCOME

TOTAL

COUNTERPARTY

015

Calamos

Convertible

Equity

Alternative

ETF

3,248,612‌

—‌

3,248,612‌

2,466,809‌

679,693‌

3,146,502‌

102,110‌

Notes

Financial

Statements

157

www.calamos.com

conditions

with

respect

creations

and

redemptions

and

fees

will

limited

accordance

with

the

requirements

SEC

rules

and

regulations

applicable

management

investment

companies

offering

redeemable

securities.

Note

–

Subsequent

Events

Subsequent

events,

any,

through

the

date

that

the

financial

statements

were

issued,

have

been

evaluated

the

preparation

the

financial

statements.

Other

than

described

below,

there

have

been

subsequent

events

that

occurred

during

such

period

that

would

require

disclosure

would

required

recognized

the

financial

statements.

September

10,

2026,

the

Board

the

Trust

determined

advisable

and

the

best

interests

the

shareholders

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF,

series

the

Trust,

that

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

dissolved,

terminated

and

liquidated

about

November

23,

2026,

accordance

with

the

terms

Plan

Liquidation.

Effective

November

19,

2026,

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

will

stop

accepting

orders

Creation

Units

from

authorized

participants.

expected

that

November

20,

2026

will

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF’s

last

full

day

trading

NYSE

Arca,

the

exchange

which

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF’s

are

listed

and

principally

trade.

Report

Independent

Registered

Public

Accounting

Firm

158

ETF

FAMILY

FUNDS

ANNUAL

REPORT

the

shareholders

and

the

Board

Trustees

Calamos

ETF

Trust

Opinion

the

Financial

Statements

and

Financial

Highlights

have

audited

the

accompanying

statements

assets

and

liabilities

Calamos

ETF

Trust

(the

"Funds")

comprising

the

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF,

Calamos

Autocallable

Income

ETF,

Calamos

Nasdaq

Autocallable

Income

ETF,

Calamos

Autocallable

Growth

ETF,

Calamos

CEF

Income

Arbitrage

ETF,

Calamos

Convertible

Equity

Alternative

ETF,

Calamos

Nasdaq

Equity

Income

ETF,

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

January,

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

April,

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

July,

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

October,

Calamos

Tax-Aware

Collateral

ETF,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

January,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

April,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

July,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

October,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

January,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

April,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

July,

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

October,

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

January,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

February,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

March,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

April,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

May,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

June,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

July,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

August,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

September,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

October,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

November,

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

December,

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

March,

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

June,

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

September,

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

December,

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

January,

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

April,

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

July,

and

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

October,

including

the

schedules

investments,

July

31,

2026,

the

statements

operations,

statements

changes

net

assets,

financial

highlights

for

the

periods

indicated

the

table

below,

and

the

notes

(collectively

referred

the

"financial

statements

and

financial

highlights").

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

all

material

respects,

the

financial

position

each

the

funds

constituting

the

Calamos

ETF

Trust

July

31,

2026,

and

the

results

their

operations,

the

changes

their

net

assets,

and

the

financial

highlights

for

each

the

periods

listed

the

table

below

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Individual

Fund

Comprising

the

Calamos

ETF

Trust

Statement

Operations

Statement

Changes

Net

Assets

Financial

Highlights

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026,

2025,

and

2024

and

the

period

from

February

2023

(commencement

operations)

through

July

31,

2023

Calamos

Autocallable

Income

ETF

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

June

25,

2025

(commencement

operations)

July

31,

2025

Calamos

Nasdaq

Autocallable

Income

ETF

For

the

period

from

November

20,

2025

(commencement

operations)

through

July

31,

2026

Calamos

Autocallable

Growth

ETF

For

the

period

from

April

16,

2026

(commencement

operations)

through

July

31,

2026

Calamos

CEF

Income

Arbitrage

ETF

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

the

period

from

January

16,

2024

(commencement

operations)

July

31,

2024

Calamos

Convertible

Equity

Alternative

ETF

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

the

period

from

October

2023

(commencement

operations)

July

31,

2024

Report

Independent

Registered

Public

Accounting

Firm

159

www.calamos.com

Individual

Fund

Comprising

the

Calamos

ETF

Trust

Statement

Operations

Statement

Changes

Net

Assets

Financial

Highlights

Calamos

Nasdaq

Equity

Income

ETF

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

for

the

period

from

February

13,

2024

(commencement

operations)

July

31,

2024

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

January

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

January

22,

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

April

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

April

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

July

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

July

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

October

For

the

period

from

October

2025

(commencement

operations)

July

31,

2026

Calamos

Tax-Aware

Collateral

ETF

For

the

period

from

April

17,

2026

(commencement

operations)

through

July

31,

2026

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

January

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

February

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

April

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

April

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

July

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

July

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

October

For

the

period

from

October

2025

(commencement

operations)

through

July

31,

2026

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

January

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

February

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

April

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

April

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

July

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

July

2025

(commencement

operations)

July

31,

2025

Calamos

Bitcoin

Series

Structured

Alt

Protection

ETF

–

October

For

the

period

from

October

2025

(commencement

operations)

through

July

31,

2026

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

September

2024

(commencement

operations)

July

31,

2025

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF

For

the

period

from

October

14,

2025

(commencement

operations)

through

July

31,

2026

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

For

the

period

from

October

14,

2025

(commencement

operations)

through

July

31,

2026

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF

For

the

period

from

October

14,

2025

(commencement

operations)

through

July

31,

2026

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

January

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

January

2025

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

February

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

February

2025

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

March

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

March

2025

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

April

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

April

2025

(commencement

operations)

July

31,

2025

Report

Independent

Registered

Public

Accounting

Firm

160

ETF

FAMILY

FUNDS

ANNUAL

REPORT

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

the

Funds'

management.

Our

responsibility

express

opinion

the

Funds'

financial

statements

and

financial

highlights

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

material

Individual

Fund

Comprising

the

Calamos

ETF

Trust

Statement

Operations

Statement

Changes

Net

Assets

Financial

Highlights

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

May

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

for

the

period

from

May

2024

(commencement

operations)

July

31,

2024

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

June

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

June

2025

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

July

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

for

the

period

from

July

2024

(commencement

operations)

July

31,

2024

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

August

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

August

2024

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

September

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

September

2024

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

October

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

October

2024

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

November

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

November

2024

(commencement

operations)

July

31,

2025

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

December

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

December

2024

(commencement

operations)

July

31,

2025

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

March

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

March

2025

(commencement

operations)

July

31,

2025

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

June

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

for

the

period

from

June

2024

(commencement

operations)

July

31,

2024

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

September

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

September

2024

(commencement

operations)

July

31,

2025

Calamos

Nasdaq-100

Structured

Alt

Protection

ETF

–

December

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

December

2024

(commencement

operations)

July

31,

2025

Calamos

Russell

2000

Structured

Alt

Protection

ETF

January

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

January

2025

(commencement

operations)

July

31,

2025

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

April

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

April

2025

(commencement

operations)

July

31,

2025

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

July

For

the

year

ended

July

31,

2026

For

the

years

ended

July

31,

2026

and

2025

For

the

year

ended

July

31,

2026

and

2025

and

for

the

period

from

July

2024

(commencement

operations)

July

31,

2024

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

October

For

the

year

ended

July

31,

2026

For

the

year

ended

July

31,

2026

and

for

the

period

from

October

2024

(commencement

operations)

July

31,

2025

Report

Independent

Registered

Public

Accounting

Firm

161

www.calamos.com

misstatement,

whether

due

error

fraud.

The

Funds

are

not

required

have,

nor

were

engaged

perform,

audit

their

internal

control

over

financial

reporting.

part

our

audits,

are

required

obtain

understanding

internal

control

over

financial

reporting

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Funds'

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements

and

financial

highlights,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

securities

owned

July

31,

2026,

correspondence

with

the

custodian

and

brokers.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

Chicago,

Illinois

September

23,

2026

have

served

the

auditor

one

Calamos

Advisors

LLC

investment

companies

since

2003.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

162

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

Board

Trustees

(“Board”

the

“Trustees”)

Calamos

ETF

Trust

(“Trust”),

behalf

its

new

series,

Calamos

Autocallable

Growth

ETF

and

Calamos

Tax-Aware

Collateral

ETF

(each,

“New

Fund”

and,

collectively,

the

“New

Funds”),

oversees

the

management

each

New

Fund,

and,

required

law,

determines

whether

approve

(annually

thereafter)

continue

the

New

Fund’s,

and,

the

case

Calamos

Autocallable

Growth

ETF

only,

the

New

Fund’s

wholly-

owned

subsidiary’s,

management

agreement

with

Calamos

Advisors

LLC

(“Adviser”)

pursuant

which

the

Adviser

serves

the

investment

manager

and

provides

certain

administrative

services

for

each

New

Fund

and

Calamos

Autocallable

Growth

ETF’s

wholly-owned

subsidiary.

The

“Independent

Trustees,”

who

comprise

than

80%

the

Board,

have

never

been

affiliated

with

the

Adviser.

The

wholly-owned

subsidiary

Calamos

Autocallable

Growth

ETF

referred

herein

the

“CAGE

Subsidiary”.

connection

with

their

consideration

regarding

the

initial

approval

the

management

agreement

for

each

New

Fund

and

the

CAGE

Subsidiary,

the

Trustees

received

and

reviewed

substantial

amount

information

provided

the

Adviser

response

detailed

requests

from

the

Independent

Trustees

and

their

independent

legal

counsel.

The

Board,

including

the

Independent

Trustees,

considered

the

data

provided

the

Adviser

and

concluded

that

sufficient

information

had

been

provided

allow

them

evaluate

the

terms

the

management

agreement

and

each

New

Fund’s

and

the

CAGE

Subsidiary’s

investment

advisory

fee.

the

course

their

consideration

the

agreement,

the

Independent

Trustees

were

advised

their

counsel

and,

addition

meeting

with

management

the

Adviser,

they

met

separately

executive

session

with

their

counsel.

meeting

held

April

7-8,

2026,

based

their

evaluation

the

information

referred

above

and

other

information

provided

this

and

meetings,

the

Trustees

determined

that

the

overall

arrangement

between

each

New

Fund

and

the

CAGE

Subsidiary

and

the

Adviser

was

fair

light

the

nature,

quality

and

extent

the

services

provided

the

Adviser

and

its

affiliates,

applicable,

the

proposed

fees

charged

for

those

services,

and

other

matters

that

the

Trustees

considered

relevant

the

exercise

their

business

judgment.

that

meeting,

the

Trustees,

including

all

the

Independent

Trustees,

approved

the

management

agreement

with

respect

each

New

Fund

and

the

CAGE

Subsidiary

through

September

2027,

subject

possible

earlier

termination

provided

such

agreement.

connection

with

its

consideration

the

management

agreement

with

respect

each

New

Fund

and

the

CAGE

Subsidiary,

the

Board

considered,

among

other

things:

(i)

the

nature,

quality

and

extent

the

Adviser’s

services

provided,

(ii)

the

fees

and

other

expenses

paid

each

New

Fund

and

the

CAGE

Subsidiary

well

expense

information

for

comparable

funds,

(iii)

the

estimated

profitability

the

Adviser

and

its

affiliates

from

their

relationship

with

each

New

Fund

and

the

CAGE

Subsidiary,

(iv)

whether

economies

scale

may

realized

each

New

Fund

and

the

CAGE

Subsidiary

grows

and

whether

potential

economies

may

shared,

some

measure,

with

each

New

Fund’s

investors;

and

(v)

other

benefits

the

Adviser

from

their

relationship

with

each

New

Fund

and

the

CAGE

Subsidiary.

the

Board’s

deliberations,

single

factor

was

responsible

for

the

Board’s

decision

approve

the

management

agreement,

and

each

Trustee

may

have

afforded

different

weight

the

various

factors.

With

respect

the

management

agreement

with

the

CAGE

Subsidiary,

the

Trustees

considered

that

Calamos

Autocallable

Growth

ETF

expects

utilize

the

CAGE

Subsidiary

execute

its

investment

strategy,

and

that

the

Adviser

provides

investment

advisory

and

administrative

services

the

CAGE

Subsidiary

pursuant

management

agreement

the

same

manner

does

for

the

Calamos

Autocallable

Growth

ETF

under

its

management

agreement.

The

Trustees

also

noted

that

the

Adviser

will

not

charge

management

fee

under

the

management

agreement

with

the

CAGE

Subsidiary.

The

Trustees

determined,

therefore,

that

was

appropriate

consider

the

approval

the

management

agreement

with

the

CAGE

Subsidiary

collectively

with

their

consideration

the

management

agreement

with

the

Calamos

Autocallable

Growth

ETF.

Nature,

Quality

and

Extent

Services.

The

Board’s

consideration

the

nature,

quality

and

extent

the

Adviser’s

services

provided

each

New

Fund

and

the

CAGE

Subsidiary

took

into

account

the

knowledge

that

may

gained

from

the

Board’s

meetings

with

the

Adviser

throughout

the

years.

addition,

the

Board

considered:

the

Adviser’s

long-term

history

managing

other

funds

the

Calamos

fund

complex;

the

consistency

the

Adviser’s

investment

approach;

the

background

and

experience

the

portfolio

management

personnel

who

will

play

key

roles

managing

each

New

Fund

and

the

CAGE

Subsidiary;

and

the

Adviser’s

provision

administrative

services

for

other

funds

the

Calamos

fund

complex,

including,

among

other

things,

the

areas

brokerage

selection,

trade

execution,

compliance

and

shareholder

communications.

The

Board

also

reviewed

the

Adviser’s

resources

and

key

personnel

expected

involved

providing

investment

management

services

each

New

Fund

and

the

CAGE

Subsidiary.

The

Board

also

considered

compliance

reports

about

the

Adviser

from

the

Trust’s

Chief

Compliance

Officer.

The

Board

concluded

that

the

nature,

quality

and

extent

the

services

provided

the

Adviser

each

New

Fund

and

the

CAGE

Subsidiary

were

appropriate

and

consistent

with

the

management

agreement

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

163

www.calamos.com

and

that

each

New

Fund

and

the

CAGE

Subsidiary

was

likely

benefit

from

services

provided

under

the

management

agreement

with

the

Adviser.

Investment

Performance

each

New

Fund.

Because

each

New

Fund

has

not

yet

commenced

operations,

the

Board

did

not

consider

the

investment

performance

the

New

Funds.

Costs

Services

Provided

and

Profits

Realized

the

Adviser

Using

information

provided

independent

third-party

service

provider,

the

Board

evaluated

each

New

Fund’s

proposed

management

fee

rate

compared

the

median

management

fee

rate

for

other

funds

similar

size

the

estimated

size

such

New

Fund,

character

and

investment

strategy

(the

“Expense

Group”)

and

estimated

total

expense

ratio

compared

the

median

total

expense

ratio

the

Expense

Group.

The

Board

considered

that

estimated

total

net

expense

ratio

and

proposed

management

fee

rate

for

each

New

Fund

are

both

lower

than

the

respective

medians

the

New

Fund’s

Expense

Group.

With

respect

the

Calamos

Tax-Aware

Collateral

ETF,

the

Board

took

into

account

the

Adviser’s

agreement

reimburse

the

New

Fund

0.05%

average

net

assets

such

that

the

New

Fund’s

management

fee

reduced

from

0.19%

0.14%

through

December

2029.

The

Board

also

took

into

consideration

that

the

proposed

management

fee

for

each

New

Fund

was

unitary

“all-inclusive”

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

proposed

rendered

the

Adviser

each

New

Fund.

Lastly,

the

Board

considered

the

Adviser’s

confidence

its

investment

team

deliver

favorable

performance

and

scale

given

its

track

record

with

other

accounts

that

manages.

The

Trustees

also

noted

that

the

Adviser

will

not

charge

management

fee

under

the

management

agreement

with

the

CAGE

Subsidiary.

Economies

Scale.

The

Board

noted

that

the

proposed

management

fee

with

respect

each

New

Fund

does

not

contain

breakpoints.

The

Board

also

considered

that

the

proposed

unitary

fee

structure

for

each

New

Fund

provides

investors

with

additional

stability

and

increased

fee

certainty

during

the

contractual

period.

The

Trustees

noted

that,

the

extent

the

Adviser

may

achieve

economies

scale

relating

each

New

Fund

and

the

CAGE

Subsidiary,

may

the

benefits

such

economies

scale

with

such

New

Fund

and

the

CAGE

Subsidiary

through,

for

example,

enhancements

investment

practices

and

operations

and

increasing

levels

services

such

New

Fund

and

its

shareholders

and

the

CAGE

Subsidiary.

Profitability.

The

Board

considered

information

the

anticipated

profitability

the

Adviser

serving

each

New

Fund’s

and

the

CAGE

Subsidiary’s

investment

manager,

respectively,

and

the

Adviser

and

its

affiliates

their

relationships

with

each

New

Fund

and

the

CAGE

Subsidiary,

respectively,

well

explanation

the

methodology

utilized

allocating

various

expenses

among

the

funds

the

Calamos

fund

complex

and

the

Adviser’s

other

business

units.

Other

Benefits

Derived

from

the

Relationship

with

each

New

Fund

and

the

CAGE

Subsidiary.

The

Board

considered

other

benefits

that

could

accrue

the

Adviser

and

its

affiliates

from

their

relationship

with

each

New

Fund

and

the

CAGE

Subsidiary.

The

Board

concluded

that

while

the

Adviser

may

potentially

benefit

from

its

relationship

with

each

New

Fund

and

the

CAGE

Subsidiary

ways

other

than

the

proposed

fees

payable

such

New

Fund,

each

New

Fund

and

the

CAGE

Subsidiary

also

may

benefit

from

its

relationship

with

the

Adviser

ways

other

than

the

services

provided

the

Adviser

and

its

affiliates

pursuant

its

management

agreement

with

such

New

Fund

and

the

CAGE

Subsidiary

and

the

proposed

fees

payable

such

New

Fund.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

164

ETF

FAMILY

FUNDS

ANNUAL

REPORT

light

all

the

information

presented,

and

after

full

consideration

the

above

factors

well

other

factors

that

were

instructive

their

consideration,

the

Trustees,

including

all

the

Independent

Trustees,

concluded

that

the

Trust’s

proposed

management

agreement

with

the

Adviser

with

respect

each

New

Fund

and

the

CAGE

Subsidiary

was,

and

its

approval

would

be,

the

best

interest

such

New

Fund

and

its

prospective

shareholders

and

the

CAGE

Subsidiary.

The

Board

Trustees

(the

“Board”

“Trustees”)

Calamos

ETF

Trust

(the

“Trust”)

oversees

the

management

each

series

the

Trust,

and,

required

law,

determines

annually

whether

continue

the

Trust’s

respective

management

agreement

with

Calamos

Advisors

LLC

(“Adviser”)

pursuant

which

the

Adviser

serves

the

investment

manager

and

provides

certain

administrative

services

for

certain

series

the

Trust

(each,

“Fund”

and,

collectively,

the

“Funds”).

The

“Independent

Trustees,”

who

comprise

than

80%

the

Board,

have

never

been

affiliated

with

the

Adviser.

connection

with

their

most

recent

consideration

regarding

the

continuation

the

management

agreement,

the

Trustees

received

and

reviewed

substantial

amount

information

provided

the

Adviser

response

detailed

requests

the

Independent

Trustees

and

their

independent

legal

counsel.

the

course

their

consideration

the

agreement,

the

Independent

Trustees

were

advised

their

counsel

and,

addition

meeting

with

management

the

Adviser,

they

met

separately

executive

session

with

their

counsel.

meeting

held

June

24,

2026,

based

their

evaluation

the

information

referred

above

and

other

information

provided

this

and

meetings,

the

Trustees

determined

that

the

overall

arrangement

between

the

Trust

and

the

Adviser

behalf

the

Funds

was

fair

light

the

nature,

quality

and

extent

the

services

provided

the

Adviser

and

its

affiliates,

the

fees

charged

for

those

services

and

other

matters

that

the

Trustees

considered

relevant

the

exercise

their

business

judgment.

that

meeting,

the

Trustees,

including

all

the

Independent

Trustees,

approved

the

continuation

the

management

agreement

through

September

2027,

subject

possible

earlier

termination

provided

the

agreement.

connection

with

its

consideration

the

management

agreement

the

Trust,

the

Board

considered,

among

other

things:

(i)

the

nature,

quality

and

extent

the

Adviser’s

services,

(ii)

the

investment

performance

each

Fund

well

performance

information

for

comparable

funds

and

other,

comparable

clients

the

Adviser,

(iii)

the

fees

and

other

expenses

paid

each

Fund

well

expense

information

for

comparable

funds

and

for

other,

comparable

clients

the

Adviser,

(iv)

the

profitability

the

Adviser

and

its

affiliates

from

their

relationship

with

each

Fund,

(v)

whether

economies

scale

may

realized

each

Fund

grows

and

whether

potential

economies

may

shared,

some

measure,

with

Fund

investors

and

(vi)

other

benefits

the

Adviser

from

its

relationship

with

the

Funds.

the

Board’s

deliberations,

single

factor

was

responsible

for

the

Board’s

decision

approve

the

continuation

the

management

agreement,

and

each

Trustee

may

have

afforded

different

weight

the

various

factors.

The

Trustees

considered

that

certain

Funds

have

wholly-owned

subsidiaries

that

may

utilized

each

such

Fund

execute

its

investment

strategy

and

that

the

Adviser

provides

investment

advisory

and

administrative

services

each

such

subsidiary

pursuant

management

agreement

the

same

manner

does

for

each

Fund

under

its

management

agreement.

The

Trustees

also

noted

that

the

Adviser

does

not

charge

management

fee

under

the

management

agreement

with

any

such

subsidiary.

The

Trustees

determined,

therefore,

that

was

appropriate

consider

the

approval

the

management

agreement

with

each

subsidiary

collectively

with

their

consideration

the

management

agreement

with

the

applicable

Funds.

Nature,

Quality

and

Extent

Services.

The

Board’s

consideration

the

nature,

quality

and

extent

the

Adviser’s

services

the

Funds

took

into

account

the

knowledge

gained

from

the

Board’s

meetings

with

the

Adviser

throughout

the

years.

addition,

the

Board

considered:

the

Adviser’s

long-term

history

managing

the

Funds;

the

consistency

investment

approach;

the

background

and

experience

the

Adviser’s

investment

personnel

responsible

for

managing

the

Funds;

and

the

Adviser’s

performance

administrator

the

Funds,

including,

among

other

things,

the

areas

brokerage

selection,

trade

execution,

compliance

and

shareholder

communications.

The

Board

also

reviewed

the

Adviser’s

resources

and

key

personnel

involved

providing

investment

management

services

the

Funds.

The

Board

noted

the

personal

investments

that

the

Adviser’s

key

investment

personnel

have

made

the

Funds,

which

further

aligns

the

interests

the

Adviser

and

its

personnel

with

those

the

Funds’

shareholders.

addition,

the

Board

considered

compliance

reports

about

the

Adviser

from

the

Funds’

Chief

Compliance

Officer.

The

Board

also

considered

the

information

provided

the

Adviser

regarding

the

Funds’

performance

and

the

steps

the

Adviser

taking

improve

performance.

particular,

the

Board

noted

the

additional

personnel

added

the

Adviser’s

investment

team,

which

includes

portfolio

managers,

research

analysts,

research

associates

and

risk

management

personnel.

The

Board

also

noted

the

Adviser’s

significant

investment

into

its

infrastructure

and

investment

processes.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

165

www.calamos.com

Investment

Performance

the

Funds.

The

Board

considered

each

Fund’s

investment

performance

over

various

time

periods,

including

how

the

Fund

performed

compared

the

average

performance

group

comparable

funds

(the

Fund’s

“Category”)

selected

independent

third-party

service

provider.

certain

instances

noted

below,

the

Category

represents

custom

group

comparable

funds,

also

selected

the

independent

third-party

service

provider.

The

performance

periods

considered

the

Board

ended

March

31,

2026,

except

where

otherwise

noted.

Where

available,

the

Board

considered

one-,

three-,

five-

and

ten-year

performance.

the

extent

the

Board

considered

data

for

periods

other

than

those

ending

March

31,

2026

considered

comparative

data

addition

that

the

Category,

such

comparative

data

for

alternate

group

comparable

funds,

the

data

was

still

produced

independent

third-party

service

provider.

Further

detail

considered

the

Board

regarding

the

investment

performance

each

Fund

set

forth

below:

Calamos

Convertible

Equity

Alternative

ETF.

The

Board

considered

that

the

Fund

outperformed

its

custom

Category

average

for

the

one-year

period,

which

was

the

only

available

period.

Calamos

CEF

Income

Arbitrage

ETF.

The

Board

considered

that,

while

the

Fund

underperformed

its

custom

Category

average

for

the

one-year

period,

which

was

the

only

available

period,

the

Fund

outperformed

its

custom

Category

average

for

the

since

inception

(January

16,

2024)

period

ended

March

31,

2026.

The

Board

also

considered

that,

given

the

Fund

had

commenced

operations

relatively

recently,

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Fund.

Calamos

Nasdaq

Equity

Income

ETF.

The

Board

considered

that,

while

the

Fund

underperformed

its

custom

Category

average

for

the

one-year

period,

which

was

the

only

available

period,

the

Fund

had

commenced

operations

relatively

recently,

February

13,

2024,

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Fund.

Calamos

Autocallable

Income

ETF.

The

Board

considered

that

the

Fund

had

commenced

operations

relatively

recently,

June

25,

2025.

The

Board

noted

the

Adviser’s

assertion

that

performance

data

for

the

Fund

was

not

available

because

the

Fund

had

not

completed

one

year

operations.

Calamos

Nasdaq

Autocallable

Income

ETF.

The

Board

considered

that

the

Fund

had

commenced

operations

relatively

recently,

November

20,

2025.

The

Board

noted

the

Adviser’s

assertion

that

performance

data

for

the

Fund

was

not

available

because

the

Fund

had

not

completed

one

year

operations.

Calamos

S&P

500

Structured

Alt

Protection

ETFs

(June,

July,

August,

September,

October,

November,

December,

January,

February,

March,

April

and

May).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

each

Fund

other

than

Calamos

S&P

500

Structured

Alt

Protection

ETF

–

May

(“S&P

500

May

ETF”)

exceeded

the

returns

that

were

anticipated

light

each

Fund’s

initial

cap,

stated

protection

level

and

the

actual

returns

its

respective

reference

index.

the

case

S&P

500

May

ETF,

the

Board

considered

the

Adviser’s

explanation

that

the

Fund’s

returns

were

within

two

basis

points

estimated

expectations.

The

Board

also

considered

that

the

S&P

500

May

ETF

had

commenced

operations

relatively

recently

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Fund.

Calamos

Russell

2000

Structured

Alt

Protection

ETFs

(July,

October,

January

and

April).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

each

Fund

other

than

Calamos

Russell

2000

Structured

Alt

Protection

ETF

–

April

(“Russell

2000

April

ETF”)

exceeded

the

returns

that

were

anticipated

light

each

such

Fund’s

initial

cap,

stated

protection

level

and

the

actual

returns

its

respective

reference

index.

The

Board

also

considered

the

Adviser’s

explanation

that

the

Russell

2000

April

ETF’s

returns

were

within

eight

basis

points

estimated

expectations

due

expenses

associated

with

its

options

transactions

and

its

relatively

low

total

net

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

166

ETF

FAMILY

FUNDS

ANNUAL

REPORT

asset

level

light

having

commenced

operations

April

2025,

later

than

the

other

Funds.

The

Board

noted

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Russell

2000

April

ETF.

Calamos

Nasdaq-100

Structured

Alt

Protection

ETFs

(June,

September,

December

and

March).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

each

Fund

exceeded

the

returns

that

were

anticipated

light

such

Fund’s

initial

cap,

stated

protection

level

and

the

actual

returns

its

respective

reference

index.

Calamos

Bitcoin

Structured

Alt

Protection

ETFs

(January

and

April).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

were

within

estimated

expectations

five

and

two

basis

points

for

the

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

January

and

Calamos

Bitcoin

Structured

Alt

Protection

ETF

–

April,

respectively.

The

Board

also

considered

that

both

Funds

had

commenced

operations

relatively

recently

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

each

Fund.

Calamos

Series

Structured

Alt

Protection

ETFs

(January

and

April).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

each

Fund

exceeded

the

returns

that

were

anticipated

light

each

such

Fund’s

initial

cap,

stated

protection

level

and

the

actual

returns

its

respective

reference

index.

Calamos

Series

Structured

Alt

Protection

ETFs

(January

and

April).

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

each

Fund,

which

built

around

one-year

outcome

period,

based

completed

outcome

period

results

assess

whether

such

Fund

delivered

its

stated

protection

and

estimated

upside

participation

levels

net

fee

basis

relative

its

reference

index.

The

Board

also

noted

the

Adviser’s

assertion

that

trailing

returns

are

not

meaningful

for

performance

comparisons

and

that,

because

each

Fund’s

options-based

structure,

standard

trailing

return

analysis

does

not

provide

relevant

basis

for

evaluating

the

Fund

against

peers

benchmarks.

The

Board,

therefore,

considered

the

Adviser’s

statement

that,

for

the

applicable

outcome

period,

the

returns

net

fee

basis

Calamos

Series

Structured

Alt

Protection

ETF

–

April

exceeded

the

returns

that

were

anticipated

light

each

the

Fund’s

initial

cap,

stated

protection

level

and

the

actual

returns

its

respective

reference

index.

the

case

Calamos

Series

Structured

Alt

Protection

ETF

–

January,

the

Board

considered

the

Adviser’s

explanation

that

the

Fund’s

returns

were

within

estimated

expectations

one

basis

point.

The

Board

also

considered

that

both

Funds

had

commenced

operations

relatively

recently

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

each

Fund.

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF.

The

Board

noted

that

the

Adviser

had

recommended

that

the

Board

evaluate

the

Fund’s

performance

reference

the

results

each

underlying

Calamos

S&P

500

Structured

Alt

Protection

ETF

that

the

Fund

invests

in.

The

Board

considered

that,

while

the

Fund

underperformed

its

custom

Category

average

for

the

one-year

period,

which

was

the

only

available

period,

the

Fund’s

peers

utilize,

according

the

Adviser,

different

investment

strategies

and

that

the

Fund’s

downside

protection

unique

relative

peers.

The

Board

also

considered

that

the

Fund

had

commenced

operations

relatively

recently,

September

2024,

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Fund.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

167

www.calamos.com

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund

had

commenced

operations

relatively

recently,

October

14,

2025.

The

Board

noted

the

Adviser’s

assertion

that

performance

data

for

the

Fund

was

not

available

because

the

Fund

had

not

completed

one

year

operations.

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund

had

commenced

operations

relatively

recently,

October

14,

2025.

The

Board

noted

the

Adviser’s

assertion

that

performance

data

for

the

Fund

was

not

available

because

the

Fund

had

not

completed

one

year

operations.

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund

had

commenced

operations

relatively

recently,

October

14,

2025.

The

Board

noted

the

Adviser’s

assertion

that

performance

data

for

the

Fund

was

not

available

because

the

Fund

had

not

completed

one

year

operations.

Costs

Services

Provided

and

Profits

Realized

the

Adviser.

Using

information

provided

independent

third-party

service

provider,

the

Board

evaluated

each

Fund’s

actual

management

fee

rate

compared

the

median

management

fee

rate

for

other

open-end

similar

size,

character

and

investment

strategy

(the

Fund’s

“Expense

Group”),

and

the

Fund’s

total

expense

ratio

compared

the

median

total

expense

ratio

the

Fund’s

Expense

Group.

The

Board

also

reviewed

the

Adviser’s

management

fee

rates

for

its

institutional

separate

accounts,

other

advisory

accounts

and sub-advisory

accounts

with

comparable

investment

strategies.

The

Board

took

into

account

that,

although

the

rates

fees

paid

institutional

clients

for

sub-advisory

services

were

generally

lower

than

the

rates

fees

paid

the

Funds,

the

differences

reflected

the

Adviser’s

greater

level

responsibilities

and

significantly

broader

scope

services

regarding

the

Funds,

the

extensive

regulatory

obligations

and

risks

associated

with

managing

the

Funds,

and

other

financial

considerations

with

respect

creation

and

sponsorship

the

Funds.

The

Board

considered

factors

that

led

expenses

for

registered

funds

including

but

not

limited

to:

(i) capital

expenditures

establish

Fund,

(ii) length

time

reach

critical

mass,

and

the

expenses,

(iii) higher

servicing

costs

intermediaries

and

shareholders,

(iv) higher

redemption

rates

assets

under

management,

(v) entrepreneurial

risk

assumed

the

Adviser

and

(vi) greater

exposure

“make

whole”

errors.

The

Board

also

considered

the

Adviser’s

costs

serving

the

Funds’

investment

adviser

and

manager,

including

but

not

limited

costs

associated

with

technology,

infrastructure

and

compliance

necessary

manage

the

Funds.

The

Board

reviewed

the

Adviser’s

methodology

for

allocating

costs

among

the

Adviser’s

lines

business.

The

Board

also

considered

information

regarding

the

structure

the

Adviser’s

compensation

program

for

portfolio

managers,

analysts

and

certain

other

employees,

and

the

relationship

such

compensation

the

attraction

and

retention

quality

personnel.

Finally,

the

Board

reviewed

information

the

profitability

the

Adviser

serving

each

Fund’s

investment

adviser

and

the

Adviser

and

its

affiliates

all

their

relationships

with

each

Fund,

well

explanation

the

methodology

utilized

allocating

various

expenses

among

the

Funds

and

the

Adviser’s

other

business

units.

Data

was

provided

the

Board

with

respect

profitability,

both

a pre- and

post-marketing

cost

basis.

The

Board

reviewed

the

financial

statements

the

Adviser’s

parent

company

and

discussed

its

corporate

structure.

Further

detail

considered

the

Board

regarding

the

management

fee

rate

and

total

expense

ratio

each

Fund

set

forth

below:

Calamos

Convertible

Equity

Alternative

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

lower

than

the

Expense

Group

median

and

the

Fund’s

management

fee

only

one

basis

point

higher

than

the

Expense

Group

median.

The

Board

reviewed

the

Fund’s

expenses

light

its

performance

record.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

CEF

Income

Arbitrage

ETF.

The

Board

considered

that

the

Fund’s

management

fee

rate

and

total

expense

ratio

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Nasdaq

Equity

Income

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

and

management

fee

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Autocallable

Income

ETF.

The

Board

considered

that

the

Fund’s

management

fee

rate

and

total

expense

ratio

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

168

ETF

FAMILY

FUNDS

ANNUAL

REPORT

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Nasdaq

Autocallable

Income

ETF.

The

Board

considered

that

the

Fund’s

management

fee

rate

and

total

expense

ratio

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

S&P

500

Structured

Alt

Protection

ETFs

(June,

July,

August,

September,

October,

November,

December,

January,

February,

March,

April

and

May).

The

Board

considered

that

each

Fund’s

management

fee

rate

and

total

expense

ratio

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Russell

2000

Structured

Alt

Protection

ETFs

(July,

October,

January

and

April).

The

Board

considered

that

each

Fund’s

management

fee

rate

and

total

expense

ratio

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Nasdaq-100

Structured

Alt

Protection

ETFs

(June,

September,

December

and

March).

The

Board

considered

that

each

Fund’s

management

fee

rate

and

total

expense

ratio

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Bitcoin

Structured

Alt

Protection

ETFs

(January

and

April);

Calamos

Series

Structured

Alt

Protection

ETFs

(January

and

April);

Calamos

Series

Structured

Alt

Protection

ETFs

(January

and

April).

The

Board

considered

that

each

Fund’s

management

fee

rate

and

total

expense

ratio

are

lower

than

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Laddered

S&P

500

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

and

management

fee

rate

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

and

management

fee

rate

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Laddered

Bitcoin

Series

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

and

management

fee

rate

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Calamos

Laddered

Bitcoin

Structured

Alt

Protection

ETF.

The

Board

considered

that

the

Fund’s

total

expense

ratio

and

management

fee

rate

are

the

same

the

respective

Expense

Group

medians.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

Economies

Scale.

The

Board

considered

whether

each

Fund’s

management

fee

with

shareholders

potential

economies

scale

that

may

achieved

the

Adviser.

The

Board

also

considered

the

benefits

accruing

shareholders

from

the

Adviser’s

investments

into

its

infrastructure

and

investment

processes.

Other

Benefits

Derived

from

the

Relationship

with

the

Funds.

The

Board

also

considered

other

benefits

that

accrue

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Funds.

The

Board

concluded

that

while

the

Adviser

may

potentially

benefit

from

its

relationship

with

the

Funds

ways

other

than

the

fees

payable

the

Funds,

the

Funds

also

may

benefit

from

their

relationship

with

the

Adviser

ways

other

than

the

services

provided

the

Adviser

and

its

affiliates

pursuant

their

agreement

with

the

Funds

and

the

fees

payable

the

Funds.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

169

www.calamos.com

The

Board

also

considered

the

Adviser’s

use

portion

the

commissions

paid

the

Funds

their

portfolio

brokerage

transactions

obtain

research

products

and

services

benefiting

the

Funds

and/or

other

clients

the

Adviser

and

concluded,

based

reports

from

the

Funds’

Chief

Compliance

Officer,

that

the

Adviser’s

use

“soft”

commission

dollars

obtain

research

products

and

services

was

consistent

with

regulatory

requirements.

After

full

consideration

the

above

factors

well

other

factors

that

were

instructive

their

consideration,

the

Trustees,

including

all

the

Independent

Trustees,

concluded

that

the

continuation

the

management

agreement

for

each

Fund

with

the

Adviser

was

the

best

interest

each

respective

Fund

and

its

shareholders.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

170

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

Board

Trustees

(the

“Board”

“Trustees”)

Calamos

ETF

Trust

(the

“Trust”)

oversees

the

management

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

(the

“Fund”),

and,

required

law,

determines

annually

whether

continue

the

Trust’s

management

agreement

with

Calamos

Antetokounmpo

Asset

Management

LLC

(“Adviser”)

pursuant

which

the

Adviser

serves

the

investment

manager

and

provides

certain

administrative

services

for

the

Fund,

and

the

investment

sub-advisory

agreement

and

among

the

Trust,

the

Adviser

and

Calamos

Advisors

LLC

(“Sub-Adviser”),

pursuant

which

the

Sub-Adviser

serves

investment

sub-adviser

for

the

Fund.

The

“Independent

Trustees,”

who

comprise

than

80%

the

Board,

have

never

been

affiliated

with

the

Adviser

the

Sub-Adviser.

connection

with

their

most

recent

consideration

regarding

the

continuation

the

management

agreement

and

investment

sub-advisory

agreement,

the

Trustees

received

and

reviewed

substantial

amount

information

provided

the

Adviser

and

Sub-Adviser

response

detailed

requests

the

Independent

Trustees

and

their

independent

legal

counsel.

the

course

their

consideration

the

agreements,

the

Independent

Trustees

were

advised

their

counsel

and,

addition

meeting

with

management

the

Adviser

and

Sub-Adviser,

they

met

separately

executive

session

with

their

counsel.

meeting

held

June

24,

2026,

based

their

evaluation

the

information

referred

above

and

other

information

provided

this

and

meetings,

the

Trustees

determined

that

the

overall

arrangement

between

the

Trust

and

the

Adviser

and

Sub-Adviser

behalf

the

Fund

was

fair

light

the

nature,

quality

and

extent

the

services

provided

the

Adviser,

Sub-Adviser

and

their

affiliates,

applicable,

the

fees

charged

for

those

services

and

other

matters

that

the

Trustees

considered

relevant

the

exercise

their

business

judgment.

that

meeting,

the

Trustees,

including

all

the

Independent

Trustees,

approved

the

continuation

the

management

agreement

and

investment

sub-advisory

agreement

with

respect

the

Fund

through

January

10,

2028,

subject

possible

earlier

termination

provided

each

agreement.

connection

with

its

consideration

the

management

agreement

and

sub-advisory

agreement

the

Trust,

the

Board

considered,

among

other

things:

(i)

the

nature,

quality

and

extent

the

Adviser’s

and

Sub-Adviser’s

services,

(ii)

the

investment

performance

the

Fund

well

performance

information

for

comparable

funds

and

other,

comparable

clients

the

Adviser

and

Sub-Adviser,

(iii)

the

fees

and

other

expenses

paid

the

Fund

well

expense

information

for

comparable

funds

and

for

other,

comparable

clients

the

Adviser

and

Sub-Adviser,

(iv)

the

profitability

the

Adviser

and

Sub-Adviser

and

their

affiliates

from

their

relationship

with

the

Fund,

(v)

whether

economies

scale

may

realized

the

Fund

grows

and

whether

potential

economies

may

shared,

some

measure,

with

Fund

investors

and

(vi)

other

benefits

the

Adviser

and

Sub-Adviser

from

their

relationship

with

the

Fund.

the

Board’s

deliberations,

single

factor

was

responsible

for

the

Board’s

decision

approve

the

continuation

the

management

agreement

and

investment

sub-advisory

agreement,

and

each

Trustee

may

have

afforded

different

weight

the

various

factors.

Nature,

Quality

and

Extent

Services.

The

Board’s

consideration

the

nature,

quality

and

extent

the

Adviser’s

and

Sub-

Adviser’s

services

the

Fund

took

into

account

the

knowledge

gained

from

the

Board’s

meetings

with

the

Adviser

and/or

Sub-Adviser

throughout

the

years.

addition,

the

Board

considered:

the

Adviser’s

and

Sub-Adviser’s

history

managing

the

Fund

and

the

Sub-Adviser’s

long-term

history

managing

other

funds

the

Calamos

fund

complex;

the

consistency

investment

approach;

the

Sub-Adviser’s

relatively

recent

acquisition

Pearl

Impact

Capital

LLC;

the

background

and

experience

Messrs.

Madden

and

Tursich

and

Ms.

Williamson

(who

are

now

employees

the

Sub-Adviser)

and

other

investment

personnel

responsible

for

managing

the

Fund;

the

Sub-Adviser’s

provision

administrative

services

for

other

funds

the

Calamos

funds

complex,

including,

among

other

things,

the

areas

brokerage

selection,

trade

execution,

compliance

and

shareholder

communications;

and

the

“dual

hatting”

arrangement

place

between

the

Adviser

and

Sub-

Adviser

with

respect

employees

the

Sub-Adviser

that

provide

services

the

Adviser.

The

Board

also

reviewed

the

Adviser’s

and

Sub-

Adviser’s

resources

and

key

personnel

involved

providing

investment

management

and

investment

sub-advisory

services

the

Fund.

addition,

the

Board

considered

compliance

reports

about

the

Adviser

and

Sub-Adviser

from

the

Trust’s

Chief

Compliance

Officer.

The

Board

also

considered

the

information

provided

the

Adviser

and

Sub-Adviser

regarding

the

Fund’s

performance

and

the

steps

the

Adviser

and

Sub-Adviser

are

taking

improve

performance.

particular,

the

Board

noted

the

additional

personnel

added

the

Sub-Adviser’s

investment

team,

which

includes

portfolio

managers,

research

analysts,

research

associates

and

risk

management

personnel.

The

Board

also

noted

the

Adviser’s

and

Sub-Adviser’s

significant

investment

into

their

infrastructure

and

investment

processes.

Investment

Performance

the

Fund.

The

Board

considered

the

Fund’s

investment

performance

over

various

time

periods,

including

how

the

Fund

performed

compared

the

average

performance

group

comparable

funds

(the

Fund’s

“Category”)

selected

independent

third-party

service

provider.

noted

below,

the

Category

represents

custom

group

comparable

funds,

also

selected

the

independent

third-party

service

provider.

The

performance

periods

considered

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

171

www.calamos.com

the

Board

ended

March

31,

2026,

except

where

otherwise

noted.

Because

the

Fund

commenced

operations

February

2023,

five-

and

ten-year

performance

was

not

available

and

the

Board

only

considered

one-

and

three-year

performance.

the

extent

the

Board

considered

data

for

periods

other

than

those

ending

March

31,

2026

considered

comparative

data

addition

that

the

Category,

such

comparative

data

for

alternate

group

comparable

funds,

the

data

was

still

produced

independent

third-party

service

provider.

The

Board

considered

that

the

Fund

outperformed

its

custom

Category

average

for

the

three-year

period,

and

underperformed

for

the

one-year

period.

The

Board

noted

that,

for

the

three-year

period,

the

Fund’s

performance

ranked

the

second

quartile

the

Category

and

that,

for

the

since

inception

(February

2023)

period

ended

March

31,

2026,

the

Fund

outperformed

its

Category

average.

The

Board

also

considered

that

the

Fund

had

only

commenced

operations

recently

and

that

would

prudent

allow

the

portfolio

management

team

time

further

develop

its

performance

record

with

the

Fund.

Costs

Services

Provided

and

Profits

Realized

the

Adviser

and

Sub-Adviser.

Using

information

provided

independent

third-party

service

provider,

the

Board

evaluated

the

Fund’s

actual

management

fee

rate

and

sub-advisory

fee

rate

compared

the

median

management

fee

rate

and

sub-advisory

fee

rate

for

other

open-end

funds

similar

size,

character

and

investment

strategy

(the

Fund’s

“Expense

Group”),

and

the

Fund’s

total

expense

ratio

compared

the

median

total

expense

ratio

the

Fund’s

Expense

Group.

The

Board

also

reviewed

the

Adviser’s

and

Sub-Adviser’s

management

fee

rates

for

their

institutional

separate

accounts,

other

advisory

accounts

and sub-advisory

accounts

with

comparable

investment

strategies.

The

Board

took

into

account

that,

although

the

rates

fees

paid

institutional

clients

for

sub-advisory

services

were

generally

lower

than

the

rates

fees

paid

the

Fund,

the

differences

reflected

the

Adviser’s

and

Sub-Adviser’s

greater

level

responsibilities

and

significantly

broader

scope

services

regarding

the

Fund,

the

extensive

regulatory

obligations

and

risks

associated

with

managing

the

Fund,

and

other

financial

considerations

with

respect

creation

and

sponsorship

the

Fund.

The

Board

considered

factors

that

led

expenses

for

registered

funds

including

but

not

limited

to:

(i) capital

expenditures

establish

fund,

(ii) length

time

reach

critical

mass,

and

the

expenses,

(iii) higher

servicing

costs

intermediaries

and

shareholders,

(iv) higher

redemption

rates

assets

under

management,

(v) entrepreneurial

risk

assumed

the

Adviser

and

Sub-Adviser

and

(vi) greater

exposure

“make

whole”

errors.

The

Board

also

considered

the

Adviser’s

and

Sub-Adviser’s

costs

serving

the

Fund’s

investment

adviser

and

sub-adviser,

respectively,

including

but

not

limited

costs

associated

with

technology,

infrastructure

and

compliance

necessary

manage

sub-advise

the

Fund.

The

Board

reviewed

the

Adviser’s

and

Sub-Adviser’s

methodology

for

allocating

costs

among

their

lines

business.

The

Board

also

considered

information

regarding

the

structure

the

Adviser’s

and

Sub-Adviser’s

compensation

program

for

portfolio

managers,

analysts

and

certain

other

employees,

and

the

relationship

such

compensation

the

attraction

and

retention

quality

personnel.

Finally,

the

Board

reviewed

information

the

profitability

the

Adviser

and

the

Sub-Adviser

serving

the

Fund’s

investment

adviser

and

sub-adviser,

respectively,

and

the

Adviser,

Sub-Adviser

and

their

affiliates

all

their

relationships

with

the

Fund,

well

explanation

the

methodology

utilized

allocating

various

expenses

among

the

Fund

and

the

Adviser’s

and

Sub-Adviser’s

other

business

units.

Data

was

provided

the

Board

with

respect

profitability,

both

a pre- and

post-marketing

cost

basis.

The

Board

reviewed

the

financial

statements

the

Adviser’s

and

Sub-Adviser’s

parent

companies

and

discussed

their

corporate

structure.

The

Board

considered

that

the

Fund’s

management

fee

rate

and

total

expense

ratio

are

higher

than

the

respective

medians

the

Fund’s

Expense

Group.

The

Board

also

considered

that

the

Fund’s

management

fee

was

unitary

"all-inclusive"

fee

structure

which

combines

fees

for

investment

advisory

and

administrative

services

rendered

the

Adviser

the

Fund.

The

Board

reviewed

the

Fund’s

expenses

light

its

level

assets

and

longer-term

performance

record.

Economies

Scale.

The

Board

considered

whether

the

Fund’s

management

fee

with

shareholders

potential

economies

scale

that

may

achieved

the

Adviser

and

Sub-Adviser.

The

Board

also

considered

the

benefits

accruing

shareholders

from

the

Adviser’s

and

Sub-Adviser’s

investments

into

their

infrastructure

and

investment

processes.

Other

Benefits

Derived

from

the

Relationship

with

the

Fund.

The

Board

also

considered

other

benefits

that

accrue

the

Adviser,

Sub-Adviser

and

their

affiliates

from

their

relationship

with

the

Fund.

The

Board

concluded

that,

while

each

the

Adviser

and

Sub-Adviser

may

potentially

benefit

from

its

relationship

with

the

Fund

ways

other

than

the

fees

payable

the

Fund,

the

Fund

also

may

benefit

from

its

relationship

with

the

Adviser

and

Sub-Adviser

ways

other

than

the

services

provided

the

Adviser

and

Sub-Adviser

and

their

affiliates

pursuant

their

agreements

with

the

Fund

and

the

fees

payable

the

Fund.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

(unaudited)

172

ETF

FAMILY

FUNDS

ANNUAL

REPORT

The

Board

also

considered

the

Sub-Adviser’s

use

portion

the

commissions

paid

the

Fund

its

portfolio

brokerage

transactions

obtain

research

products

and

services

benefiting

the

Fund

and/or

other

clients

the

Sub-Adviser

and

concluded,

based

reports

from

the

Trust’s

Chief

Compliance

Officer,

that

the

Sub-Adviser’s

use

“soft”

commission

dollars

obtain

research

products

and

services

was

consistent

with

regulatory

requirements.

After

full

consideration

the

above

factors

well

other

factors

that

were

instructive

their

consideration,

the

Trustees,

including

all

the

Independent

Trustees,

concluded

that

the

continuation

the

management

agreement

for

the

Fund

with

the

Adviser

and

the

investment

sub-advisory

agreement

with

the

Sub-Adviser

with

respect

the

Fund

were

the

best

interest

the

Fund

and

its

shareholders.

Tax

Information

(unaudited)

173

www.calamos.com

are

providing

this

information

required

the

Internal

Revenue

Code

(Code).

The

amounts

shown

may

differ

from

those

elsewhere

this

report

due

differences

between

tax

and

financial

reporting

requirements.

February

2027,

shareholders

will

receive

Form

1099-DIV

which

will

include

their

qualified

dividends

and

capital

gains

distributed

during

the

calendar

year

2026.

Shareholders

are

advised

check

with

their

tax

advisors

for

information

the

treatment

these

amounts

their

individual

income

tax

returns.

Under

Section

852(b)(3)(C)

the

Code,

the

Funds

hereby

designate

the

following

amounts

capital

gain

dividends

for

the

fiscal

period

ended

July

31,

2026:

Under

Section

854(b)(2)

the

Code,

the

Funds

hereby

designate

the

following

amounts,

the

maximum

amount

allowable

under

the

Code,

qualified

dividends

for

the

fiscal

period

ended

July

31,

2026:

Under

Section

854(b)(2)

the

Code,

the

Funds

hereby

designate

the

following

percentage

amounts

the

ordinary

income

dividends

income

qualifying

for

the

dividends

received

deduction

for

the

period

ended

July

31,

2026:

FUND

CAPITAL

GAINS

DIVIDENDS

Calamos

CEF

Income

Arbitrage

ETF

180,311‌

FUND

QUALIFIED

DIVIDENDS

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

141,237‌

Calamos

CEF

Income

Arbitrage

ETF

262,294‌

Calamos

Convertible

Equity

Alternative

ETF

216,697‌

FUND

DIVIDENDS

RECEIVED

DEDUCTION

Calamos

Antetokounmpo

Global

Sustainable

Equities

ETF

55‌

Calamos

CEF

Income

Arbitrage

ETF

10‌

Calamos

Convertible

Equity

Alternative

ETF

14‌

Fiscal Years Ended	07/31/2025		07/31/2026
Audit Fees^(a)	$	388,518	$	533,018
Audit-Related Fees^(b)	$	91,187	$	184,200
Tax Fees^(c)	$	-	$	-
All Other Fees^(d)	$	-	$	-
Total	$	479,705	$	717,218

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	September 30, 2026

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	September 30, 2026

Calamos Antetokounmpo Global Sustainable Equities ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Antetokounmpo Global Sustainable Equities ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

MATERIAL FUND CHANGES

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Autocallable Income ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Autocallable Income ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq® Autocallable Income ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Nasdaq® Autocallable Income ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Autocallable Growth ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Autocallable Growth ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos CEF Income & Arbitrage ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos CEF Income & Arbitrage ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

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Calamos Convertible Equity Alternative ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Convertible Equity Alternative ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

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Calamos Nasdaq® Equity & Income ETF

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Nasdaq® Equity & Income ETF

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF® - January

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Bitcoin Structured Alt Protection ETF® - January

KEY FUND STATISTICS

WHAT DID THE FUND INVEST IN?

©2026 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF® - April

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

HOW THE FUND PERFORMED

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURNS (%)

Calamos Bitcoin Structured Alt Protection ETF® - April

KEY FUND STATISTICS

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq^® Autocallable Income ETF

Calamos Nasdaq^® Autocallable Income ETF

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Nasdaq^® Equity & Income ETF

Calamos Nasdaq^® Equity & Income ETF

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - January

Calamos Bitcoin Structured Alt Protection ETF^® - January

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - April

Calamos Bitcoin Structured Alt Protection ETF^® - April

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - July

Calamos Bitcoin Structured Alt Protection ETF^® - July

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin Structured Alt Protection ETF^® - October

Calamos Bitcoin Structured Alt Protection ETF^® - October

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - January

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - April

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - July

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October

Calamos Bitcoin 80 Series Structured Alt Protection ETF^® - October

©2026 Calamos Investments LLC. All Rights Reserved. Calamos^® and Calamos Investments^® are registered trademarks of Calamos Investments LLC.

Calamos Bitcoin 90 Series Structured Alt Protection ETF^® - January