# EDGAR Filing Document

**Accession Number:** 0001579881
**File Stem:** 0001104659-25-093260
**Filing Date:** 2025-9
**Character Count:** 645441
**Document Hash:** 38806955e0859c18d50a06428591a599
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-093260.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001104659-25-093260

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**EFFECTIVENESS DATE**: 20250925

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos ETF Trust
- **CENTRAL INDEX KEY:** 0001579881

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22887
- **FILM NUMBER:** 251342280

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-245-8394

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

## Series and Classes Contracts Data

### Calamos Antetokounmpo Global Sustainable Equities ETF (Series ID: S000079464)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000240501 | Calamos Antetokounmpo Global Sustainable Equities ETF |  |

### Calamos Convertible Equity Alternative ETF (Series ID: S000081270)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000243953 | Calamos Convertible Equity Alternative ETF |  |

### Calamos CEF Income & Arbitrage ETF (Series ID: S000083148)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246662 | Calamos CEF Income & Arbitrage ETF |  |

### Calamos Nasdaq Equity & Income ETF (Series ID: S000083476)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000247126 | Calamos Nasdaq Equity & Income ETF |  |

### Calamos Nasdaq-100 Structured Alt Protection ETF - December (Series ID: S000084790)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000249271 | Calamos Nasdaq-100 Structured Alt Protection ETF - December | CPNQ            |

### Calamos Nasdaq-100 Structured Alt Protection ETF - June (Series ID: S000084791)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000249272 | Calamos Nasdaq-100 Structured Alt Protection ETF - June | CPNJ            |

### Calamos Nasdaq-100 Structured Alt Protection ETF - March (Series ID: S000084792)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000249273 | Calamos Nasdaq-100 Structured Alt Protection ETF - March | CPNM            |

### Calamos Nasdaq-100 Structured Alt Protection ETF - September (Series ID: S000084793)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000249274 | Calamos Nasdaq-100 Structured Alt Protection ETF - September | CPNS            |

### Calamos S&P 500 Structured Alt Protection ETF - August (Series ID: S000084798)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000249279 | Calamos S&P 500 Structured Alt Protection ETF - August | CPSA            |

### Calamos S&P 500 Structured Alt Protection ETF - September (Series ID: S000084799)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000249280 | Calamos S&P 500 Structured Alt Protection ETF - September | CPST            |

### Calamos S&P 500 Structured Alt Protection ETF - May (Series ID: S000084800)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000249281 | Calamos S&P 500 Structured Alt Protection ETF - May | CPSM            |

### Calamos S&P 500 Structured Alt Protection ETF - July (Series ID: S000084801)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000249282 | Calamos S&P 500 Structured Alt Protection ETF - July | CPSJ            |

### Calamos Russell 2000 Structured Alt Protection ETF - April (Series ID: S000085629)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000250958 | Calamos Russell 2000 Structured Alt Protection ETF - April |  |

### Calamos Russell 2000 Structured Alt Protection ETF - January (Series ID: S000085630)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000250959 | Calamos Russell 2000 Structured Alt Protection ETF - January |  |

### Calamos Russell 2000 Structured Alt Protection ETF - July (Series ID: S000085631)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000250960 | Calamos Russell 2000 Structured Alt Protection ETF - July |  |

### Calamos Russell 2000 Structured Alt Protection ETF - October (Series ID: S000085632)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000250961 | Calamos Russell 2000 Structured Alt Protection ETF - October |  |

### Calamos S&P 500 Structured Alt Protection ETF - April (Series ID: S000086979)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000252649 | Calamos S&P 500 Structured Alt Protection ETF - April |  |

### Calamos S&P 500 Structured Alt Protection ETF - December (Series ID: S000086980)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000252650 | Calamos S&P 500 Structured Alt Protection ETF - December |  |

### Calamos S&P 500 Structured Alt Protection ETF - February (Series ID: S000086981)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000252651 | Calamos S&P 500 Structured Alt Protection ETF - February |  |

### Calamos S&P 500 Structured Alt Protection ETF - January (Series ID: S000086982)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000252652 | Calamos S&P 500 Structured Alt Protection ETF - January |  |

### Calamos S&P 500 Structured Alt Protection ETF - June (Series ID: S000086983)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000252653 | Calamos S&P 500 Structured Alt Protection ETF - June |  |

### Calamos S&P 500 Structured Alt Protection ETF - March (Series ID: S000086984)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000252654 | Calamos S&P 500 Structured Alt Protection ETF - March |  |

### Calamos S&P 500 Structured Alt Protection ETF - November (Series ID: S000086985)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000252655 | Calamos S&P 500 Structured Alt Protection ETF - November |  |

### Calamos S&P 500 Structured Alt Protection ETF - October (Series ID: S000086986)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000252656 | Calamos S&P 500 Structured Alt Protection ETF - October |  |

### Calamos Laddered S&P 500 Structured Alt Protection ETF (Series ID: S000088047)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000254075 | Calamos Laddered S&P 500 Structured Alt Protection ETF |  |

### Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (Series ID: S000090058)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000256935 | Calamos Bitcoin 80 Series Structured Alt Protection ETF - January |  |

### Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (Series ID: S000090059)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000256936 | Calamos Bitcoin 80 Series Structured Alt Protection ETF - April |  |

### Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (Series ID: S000090060)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000256937 | Calamos Bitcoin 80 Series Structured Alt Protection ETF - July |  |

### Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (Series ID: S000090064)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000256941 | Calamos Bitcoin 90 Series Structured Alt Protection ETF - January |  |

### Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (Series ID: S000090065)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000256942 | Calamos Bitcoin 90 Series Structured Alt Protection ETF - April |  |

### Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (Series ID: S000090066)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000256943 | Calamos Bitcoin 90 Series Structured Alt Protection ETF - July |  |

### Calamos Bitcoin Structured Alt Protection ETF - January (Series ID: S000090114)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000256995 | Calamos Bitcoin Structured Alt Protection ETF - January |  |

### Calamos Bitcoin Structured Alt Protection ETF - April (Series ID: S000090115)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000256996 | Calamos Bitcoin Structured Alt Protection ETF - April |  |

### Calamos Bitcoin Structured Alt Protection ETF - July (Series ID: S000090116)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000256997 | Calamos Bitcoin Structured Alt Protection ETF - July |  |

### Calamos Autocallable Income ETF (Series ID: S000093393)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000261610 | Calamos Autocallable Income ETF | CAIE            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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.,<br> c/o Calamos Advisors LLC<br> 2020 Calamos Court,<br> Naperville, Illinois<br> 60563-2787 |

---

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (630) 245-7200

DATE OF FISCAL YEAR END: July 31, 2025

DATE OF REPORTING PERIOD: August 1, 2024 through July 31, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Calamos Antetokounmpo Global Sustainable Equities ETF](#classnamed30e277f-1f49-46d3-bf8b-8b01edc35bef)<br> **[SROI](#classnamed30e277f-1f49-46d3-bf8b-8b01edc35bef)**  |
|  [Calamos Autocallable Income ETF](#classname3ce2339b-5853-4df9-912b-0c71dbfbde5c)<br> **[CAIE](#classname3ce2339b-5853-4df9-912b-0c71dbfbde5c)**  |
|  [Calamos CEF Income & Arbitrage ETF](#classnamecd9dd88a-e684-4279-9143-35b9bcda08f7)<br> **[CCEF](#classnamecd9dd88a-e684-4279-9143-35b9bcda08f7)**  |
|  [Calamos Convertible Equity Alternative ETF](#classname497833cb-7535-49fb-9249-86a880ce3040)<br> **[CVRT](#classname497833cb-7535-49fb-9249-86a880ce3040)**  |
|  [Calamos Nasdaq<sup>®</sup> Equity & Income ETF](#classnamef97bcd64-be02-41ef-b3c9-3a61abdc5179)<br> **[CANQ](#classnamef97bcd64-be02-41ef-b3c9-3a61abdc5179)**  |
|  [Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – January](#classname9f77899c-0324-4afc-8862-0f9e5a5ae099)<br> **[CBOJ](#classname9f77899c-0324-4afc-8862-0f9e5a5ae099)**  |
|  [Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – April](#classname22ee6e27-fa73-4444-bebd-59ac04f85439)<br> **[CBOA](#classname22ee6e27-fa73-4444-bebd-59ac04f85439)**  |
|  [Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – July](#classnamec4941942-bbc6-46e6-8e07-808d6ea300fa)<br> **[CBOY](#classnamec4941942-bbc6-46e6-8e07-808d6ea300fa)**  |
|  [Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – January](#classname0061019d-b8e0-4754-b14a-4543fc2f12be)<br> **[CBTJ](#classname0061019d-b8e0-4754-b14a-4543fc2f12be)**  |
|  [Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – April](#classname7b087662-498f-452a-bd87-b754fbf5f391)<br> **[CBTA](#classname7b087662-498f-452a-bd87-b754fbf5f391)**  |
|  [Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – July](#classnamec88ca0b4-db9d-41da-b2eb-eb299c6e5fbe)<br> **[CBTY](#classnamec88ca0b4-db9d-41da-b2eb-eb299c6e5fbe)**  |
|  [Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – January](#classname1c3c5b1c-9361-4607-a5ad-d9defca2f5e7)<br> **[CBXJ](#classname1c3c5b1c-9361-4607-a5ad-d9defca2f5e7)**  |
|  [Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – April](#classname332de7e5-98d8-464b-9da6-0c7916b65b7e)<br> **[CBXA](#classname332de7e5-98d8-464b-9da6-0c7916b65b7e)**  |
|  [Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – July](#classname5465c030-12dd-45a0-978a-d1337b42e6db)<br> **[CBXY](#classname5465c030-12dd-45a0-978a-d1337b42e6db)**  |
|  [Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>](#classname182f6d37-5f9e-4370-a090-c04cc72e1ac6)<br> **[CPSL](#classname182f6d37-5f9e-4370-a090-c04cc72e1ac6)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January](#classnameb180f9bd-23c8-45e2-8f9c-452acd628ee6)<br> **[CPSY](#classnameb180f9bd-23c8-45e2-8f9c-452acd628ee6)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – February](#classname8020f1cd-13d7-40ac-ba63-c594ebd77830)<br> **[CPSF](#classname8020f1cd-13d7-40ac-ba63-c594ebd77830)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March](#classname5a90bd06-713a-4412-852a-abad4880c40e)<br> **[CPSR](#classname5a90bd06-713a-4412-852a-abad4880c40e)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April](#classnamecd7023a3-8a1f-4324-89d3-afbdf194473c)<br> **[CPSP](#classnamecd7023a3-8a1f-4324-89d3-afbdf194473c)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – May](#classname704bd72a-d219-4cdd-bacc-8fe177385af0)<br> **[CPSM](#classname704bd72a-d219-4cdd-bacc-8fe177385af0)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June](#classnamec722226d-ae20-40b4-97da-8a0bf184cc07)<br> **[CPSU](#classnamec722226d-ae20-40b4-97da-8a0bf184cc07)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July](#classname915bdd27-b981-49a1-a283-dd89c249a6fd)<br> **[CPSJ](#classname915bdd27-b981-49a1-a283-dd89c249a6fd)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – August](#classname674224aa-802c-45f4-8734-abf3badafee3)<br> **[CPSA](#classname674224aa-802c-45f4-8734-abf3badafee3)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September](#classname60d1a667-382f-45d5-b43f-0187e05ab79b)<br> **[CPST](#classname60d1a667-382f-45d5-b43f-0187e05ab79b)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October](#classnamea2aecafa-560d-40cc-8779-3b77cacfb54a)<br> **[CPSO](#classnamea2aecafa-560d-40cc-8779-3b77cacfb54a)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – November](#classnamea638255f-3ffb-4538-9021-9546ae711745)<br> **[CPSN](#classnamea638255f-3ffb-4538-9021-9546ae711745)**  |
|  [Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December](#classnameb2c3b805-66d8-473b-8a4a-ac9fa8e4ec94)<br> **[CPSD](#classnameb2c3b805-66d8-473b-8a4a-ac9fa8e4ec94)**  |
|  [Calamos Nasdaq 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March](#classnameda706f67-55cf-4c17-9339-93c44f191ac3)<br> **[CPNM](#classnameda706f67-55cf-4c17-9339-93c44f191ac3)**  |
|  [Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June](#classnamedad72080-1f71-48ca-a930-b253a04c7a41)<br> **[CPNJ](#classnamedad72080-1f71-48ca-a930-b253a04c7a41)**  |
|  [Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September](#classname506ff341-8734-4805-afc2-f2b106c1f2ad)<br> **[CPNS](#classname506ff341-8734-4805-afc2-f2b106c1f2ad)**  |
|  [Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December](#classname0b5bb94d-e282-470d-9eb1-63bf914f7c1b)<br> **[CPNQ](#classname0b5bb94d-e282-470d-9eb1-63bf914f7c1b)**  |
|  [Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January](#classname7c767058-0766-48f1-858b-dec 282e167f8)<br> **[CPRY](#classname7c767058-0766-48f1-858b-dec 282e167f8)**  |
|  [Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April](#classname94fa44ea-c004-4ec1-a94e-e79ee3144b97)<br> **[CPRA](#classname94fa44ea-c004-4ec1-a94e-e79ee3144b97)**  |
|  [Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July](#classnameead0dfdd-fbe4-4e43-94ca-7947c8d4c6d5)<br> **[CPRJ](#classnameead0dfdd-fbe4-4e43-94ca-7947c8d4c6d5)**  |
|  [Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October](#classname23306c0d-ab80-45e3-92aa-07f35cc2a1a4)<br> **[CPRO](#classname23306c0d-ab80-45e3-92aa-07f35cc2a1a4)**  |

---

# Calamos Antetokounmpo Global Sustainable Equities ETF

#### SROI: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Antetokounmpo Global Sustainable Equities ETF for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| SROI | $99 | 0.95% |

---

## **HOW THE FUND PERFORMED** 
The portfolio delivered solid returns, yet trailed the overall market as investors continued to favor high-priced momentum stocks. While we recognize some of the favorable characteristics of these businesses and have invested in several of these stocks, we have been underweight these names due to our concerns surrounding valuations and our focus on risk management. The Fund's portfolio includes many idiosyncratic opportunities where we see well-priced quality growth. We believe this positioning and our valuation discipline will continue to serve the Fund well.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **MSCI ACWI Gross Total Return Index** |
| **2/3/23** | $10000 | $9999 |
| **2/28/23** | $9596 | $9511 |
| **3/31/23** | $9872 | $9811 |
| **4/30/23** | $10036 | $9957 |
| **5/31/23** | $9892 | $9857 |
| **6/30/23** | $10396 | $10434 |
| **7/31/23** | $10668 | $10819 |
| **8/31/23** | $10244 | $10521 |
| **9/30/23** | $9624 | $10089 |
| **10/31/23** | $9340 | $9788 |
| **11/30/23** | $10180 | $10696 |
| **12/31/23** | $10769 | $11214 |
| **1/31/24** | $10664 | $11282 |
| **2/29/24** | $11112 | $11770 |
| **3/31/24** | $11375 | $12140 |
| **4/30/24** | $10987 | $11751 |
| **5/31/24** | $11508 | $12236 |
| **6/30/24** | $11686 | $12513 |
| **7/31/24** | $11819 | $12718 |
| **8/31/24** | $12162 | $13045 |
| **9/30/24** | $12348 | $13353 |
| **10/31/24** | $11960 | $13058 |
| **11/30/24** | $12126 | $13550 |
| **12/31/24** | $11788 | $13234 |
| **1/31/25** | $12114 | $13681 |
| **2/28/25** | $12061 | $13603 |
| **3/31/25** | $11654 | $13073 |
| **4/30/25** | $11882 | $13201 |
| **5/31/25** | $12561 | $13968 |
| **6/30/25** | $12975 | $14601 |
| **7/31/25** | $12870 | $14803 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 2/3/23** |
| **NAV** | 9.13 | 10.61 |
| **MSCI ACWI Gross Total Return Index** | 16.4 | 17.06 |

---

***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.

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $15939038 | 110 | 15% | $126700 |

---

# Calamos Antetokounmpo Global Sustainable Equities ETF

#### SROI: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **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.

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 26.9 |
| **Industrials** | 15.7 |
| **Financials** | 15.5 |
| **Consumer Discretionary** | 10.2 |
| **Health Care** | 9.4 |
| **Communication Services** | 6.1 |
| **Consumer Staples** | 6.0 |
| **Materials** | 5.1 |
| **Utilities** | 3.1 |
| **Real Estate** | 1.1 |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Microsoft Corp.** | 5.5 |
| **Alphabet, Inc. - Class A** | 4.6 |
| **NVIDIA Corp.** | 4.0 |
| **Apple, Inc.** | 3.2 |
| **Taiwan Semiconductor Manufacturing Co. Ltd., ADR** | 2.6 |
| **SAP SE** | 2.0 |
| **Broadcom, Inc.** | 1.8 |
| **Visa, Inc. - Class A** | 1.7 |
| **HDFC Bank Ltd., ADR** | 1.6 |
| **TJX Cos., Inc.** | 1.5 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| SROITSRA 25

# Calamos Autocallable Income ETF

#### CAIE: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Autocallable Income ETF for the period of June 25, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CAIE | $8<sup>Footnote Reference(1)</sup> | 0.74%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on June 25, 2025, the Fund generated a strong early return, outperforming the MerQube US Large-Cap Vol Adv Autocallable TR Index (MQAUTOCL). The Fund offered a weighted average coupon of 14.6%.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **6/25/25** | $10000 | $10002 |
| **6/30/25** | $10268 | $10189 |
| **7/31/25** | $10636 | $10417 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 6/25/25** |
| **NAV** | 6.0 |
| **S&P 500 Total Return Index** | 4.17 |

---

***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/CAIE for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $66254222<sub>2</sub> | 0% | $21556 |

---

# Calamos Autocallable Income ETF

#### CAIE: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
Calamos Autocallable Income ETF seeks to generate high monthly income while reducing downside risk through exposure to a portfolio of autocallables, each with similar terms and whose coupon payments and principal at maturity are tied to the MerQube US Large Cap Vol Advantage Index—a benchmark optimized specifically for autocallable strategies. An autocallable note is a structured financial product with an automatic early redemption feature. If called early, investors receive their principal plus coupon.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 96.1 |
| **Total Return Swap** | 1.6 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CAIETSRA 25

# Calamos CEF Income & Arbitrage ETF

#### CCEF: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos CEF Income & Arbitrage ETF for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **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** 
The Fund generated strong double-digit returns, trailing the broad-based all-equity MSCI World Index, while outperforming the S-Network Composite Closed-End Fund Index (SNCEFCT). The Fund also paid out attractive distributions totaling 2.27% over the period. The Fund's performance was driven by the investment team's deft selection of the underlying closed-end funds, which increased in value and narrowed their discounts. The funds that make up the portfolio are diversified across various assets and industries, such as real estate, energy, and municipal bonds. Broadly speaking, a positive environment for various asset classes and the closed-end fund market in general characterized the reporting period.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **MSCI ACWI Gross Total Return Index** |
| **1/16/24** | $10000 | $9993 |
| **1/31/24** | $9956 | $10124 |
| **2/29/24** | $10264 | $10557 |
| **3/31/24** | $10639 | $10899 |
| **4/30/24** | $10342 | $10502 |
| **5/31/24** | $10721 | $10978 |
| **6/30/24** | $10988 | $11205 |
| **7/31/24** | $11340 | $11405 |
| **8/31/24** | $11633 | $11710 |
| **9/30/24** | $12004 | $11929 |
| **10/31/24** | $11728 | $11695 |
| **11/30/24** | $12301 | $12236 |
| **12/31/24** | $11769 | $11921 |
| **1/31/25** | $12230 | $12344 |
| **2/28/25** | $12163 | $12259 |
| **3/31/25** | $12034 | $11720 |
| **4/30/25** | $11717 | $11830 |
| **5/31/25** | $12149 | $12538 |
| **6/30/25** | $12578 | $13083 |
| **7/31/25** | $12675 | $13254 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 1/16/24** |
| **NAV** | 11.81 | 16.61 |
| **MSCI ACWI Gross Total Return Index** | 16.14 | 20.04 |

---

***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/CCEF for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $17813163 | 46 | 74% | $122600 |

---

# Calamos CEF Income & Arbitrage ETF

#### CCEF: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **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.

Fund categories and top 10 holdings exclude, if any, cash or cash equivalents.

---

| | |
|:---|:---|
| **FUND CATEGORIES** | % OF NET ASSETS |
| **Covered Call** | 15.3 |
| **Senior Loan** | 11.4 |
| **World Stock** | 10.8 |
| **Master Limited Partnership** | 10.6 |
| **U.S. Allocation** | 9.4 |
| **High Yield Bond** | 6.9 |
| **Equity-Sector** | 6.5 |
| **U.S. Stock** | 5.8 |
| **Real Estate Investment Trust** | 5.5 |
| **Preferred** | 5.2 |
| **Municipal Bond** | 5.0 |
| **World Bond** | 3.0 |
| **Convertible** | 2.2 |
| **Global Allocation** | 1.3 |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Bexil Investment Trust** | 4.2 |
| **Nuveen Credit Strategies Income Fund** | 4.1 |
| **ClearBridge Energy Midstream Opportunity Fund, Inc.** | 3.4 |
| **John Hancock Tax-Advantaged Dividend Income Fund** | 3.3 |
| **India Fund, Inc.** | 3.3 |
| **Liberty All Star Growth Fund, Inc.** | 3.2 |
| **John Hancock Premium Dividend Fund** | 3.1 |
| **Eaton Vance Tax-Managed Global Diversified Equity Income Fund** | 3.0 |
| **abrdn Total Dynamic Dividend Fund** | 2.9 |
| **XAI Madison Equity Premium Income Fund** | 2.9 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CCEFTSRA 25

# Calamos Convertible Equity Alternative ETF

#### CVRT: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Convertible Equity Alternative ETF for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CVRT | $77 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund generated strong double-digit returns, outperforming the broad-based Bloomberg US Aggregate Bond Index. The Fund slightly trailed the ICE US Core Equity Alternative Index, which focuses on more equity-sensitive convertible securities similar to what the Fund invests in. Convertibles displaying a high amount of equity sensitivity benefited from the strong performance of the equity market, which was also evident in the substantial gains of the convertibles' underlying equities. Relative to the broader convertible market represented by the ICE BofA All US Convertibles Index, the Fund outperformed in 9 of 11 sectors.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/4/23** | $10000 | $10000 |
| **10/31/23** | $9497 | $9990 |
| **11/30/23** | $10442 | $10443 |
| **12/31/23** | $11150 | $10842 |
| **1/31/24** | $10918 | $10813 |
| **2/29/24** | $11266 | $10660 |
| **3/31/24** | $11540 | $10758 |
| **4/30/24** | $10897 | $10487 |
| **5/31/24** | $11262 | $10664 |
| **6/30/24** | $11289 | $10765 |
| **7/31/24** | $11478 | $11017 |
| **8/31/24** | $11698 | $11175 |
| **9/30/24** | $11957 | $11325 |
| **10/31/24** | $12015 | $11044 |
| **11/30/24** | $13697 | $11161 |
| **12/31/24** | $12627 | $10978 |
| **1/31/25** | $13271 | $11036 |
| **2/28/25** | $12602 | $11279 |
| **3/31/25** | $12060 | $11283 |
| **4/30/25** | $12315 | $11328 |
| **5/31/25** | $12956 | $11247 |
| **6/30/25** | $13543 | $11419 |
| **7/31/25** | $14193 | $11389 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 10/4/23** |
| **NAV** | 23.85 | 20.98 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | 7.38 |

---

***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/CVRT for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $13380800 | 74 | 150% | $83106 |

---

# Calamos Convertible Equity Alternative ETF

#### CVRT: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund seeks to deliver total returns through capital appreciation and current income by investing primarily in a portfolio of US convertible securities exhibiting a high level of equity sensitivity.

Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.

---

| | |
|:---|:---|
| **SECTOR WEIGHTINGS** | % OF NET ASSETS |
| **Information Technology** | 31.7 |
| **Industrials** | 17.8 |
| **Utilities** | 12.4 |
| **Financials** | 12.4 |
| **Communication Services** | 7.8 |
| **Consumer Discretionary** | 6.1 |
| **Materials** | 4.9 |
| **Real Estate** | 3.1 |
| **Health Care** | 1.6 |
| **Energy** | 1.1 |
| **Other** | 0.4 |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Boeing Co., 6.000%, 10/15/27** | 7.9 |
| **Western Digital Corp., 3.000%, 11/15/28** | 3.4 |
| **Rocket Lab USA, Inc., 4.250%, 02/01/29** | 3.1 |
| **KKR & Co., Inc., 6.250%, 03/01/28** | 2.9 |
| **Seagate HDD Cayman, 3.500%, 06/01/28** | 2.9 |
| **Super Micro Computer, Inc., 0.000%, 06/15/30** | 2.8 |
| **Carnival Corp., 5.750%, 12/01/27** | 2.6 |
| **MicroStrategy, Inc., 0.625%, 09/15/28** | 2.5 |
| **MP Materials Corp., 3.000%, 03/01/30** | 2.5 |
| **Uber Technologies, Inc., 0.875%, 12/01/28** | 2.3 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CVRTTSRA 25

# Calamos Nasdaq<sup>®</sup> Equity & Income ETF

#### CANQ: Nasdaq
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Nasdaq<sup>®</sup> Equity & Income ETF for the period of August 1, 2024 to July 31, 2025. 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 the reporting period.**

## **WHAT WERE THE FUND COSTS FOR THE LAST YEAR ?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CANQ | $82 | 0.75% |

---

## **HOW THE FUND PERFORMED** 
The Fund outperformed the broad-based Bloomberg US Aggregate Bond Index while capturing significant upside participation in the Nasdaq-100 Total Return Index<sup>®</sup>. CANQ's hybrid approach combines fixed-income for yield with downside resistant equity exposure. During the market stress of March and April 2025 when the Nasdaq-100 nosedived, our positioning limited downside participation to just 57%, effectively cutting the equity index's decline by nearly half. CANQ also paid out an attractive 30-day SEC yield of 4.64% in July.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg028.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/13/24** | $10000 | $10001 |
| **2/29/24** | $10056 | $9973 |
| **3/31/24** | $10177 | $10065 |
| **4/30/24** | $9811 | $9811 |
| **5/31/24** | $10219 | $9977 |
| **6/30/24** | $10716 | $10072 |
| **7/31/24** | $10688 | $10307 |
| **8/31/24** | $10924 | $10455 |
| **9/30/24** | $11141 | $10595 |
| **10/31/24** | $11013 | $10333 |
| **11/30/24** | $11501 | $10442 |
| **12/31/24** | $11811 | $10271 |
| **1/31/25** | $12063 | $10325 |
| **2/28/25** | $12013 | $10553 |
| **3/31/25** | $11363 | $10557 |
| **4/30/25** | $11478 | $10598 |
| **5/31/25** | $11900 | $10522 |
| **6/30/25** | $12440 | $10684 |
| **7/31/25** | $12584 | $10656 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 2/13/24** |
| **NAV** | 17.94 | 17.17 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.38 | 4.43 |

---

***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/CANQ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $26244326 | 29 | 27% | $48641 |

---

# Calamos Nasdaq<sup>®</sup> Equity & Income ETF

#### CANQ: Nasdaq
Annual Shareholder Report - July 31, 2025

## **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 performance of Nasdaq-100 securities while potentially offering better downside protection.

Asset allocation and top 10 holdings exclude, if any, cash and equivalents.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Exchange-Traded Funds** | 85.5 |
| **Exchange-Traded Purchased Options** | 13.9 |

---

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Simplify MBS ETF** | 21.9 |
| **Vanguard Emerging Markets Government Bond ETF** | 19.5 |
| **SPDR Portfolio High Yield Bond ETF** | 13.8 |
| **Janus Henderson AAA CLO ETF** | 11.7 |
| **Franklin Senior Loan ETF** | 9.2 |
| **Schwab 1-5 Year Corporate Bond ETF** | 5.4 |
| **NVIDIA Corp., 12/19/25** | 3.0 |
| **iShares 5-10 Year Investment Grade Corporate Bond ETF** | 2.7 |
| **Direxion Nasdaq-100<sup>®</sup> Equal Weighted Index Shares, 03/20/26** | 1.7 |
| **Alphabet, Inc., 12/19/25** | 1.2 |

---

## **MATERIAL FUND CHANGES** 
This is a summary of certain changes of the Fund since August 1, 2024.

On May 2, 2025, the Fund's name changed from Calamos Alternative Nasdaq<sup>®</sup> & Bond ETF to Calamos Nasdaq<sup>®</sup> Equity & Income ETF.

At the same time, the management fees were reduced from 0.77% to 0.74%, and the acquired fund fees and expenses were restated as 0.15% (previously 0.18%). The acquired fund fees and expenses were restated based on actual acquired fund fees and expenses as of April 15, 2025.

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CANQTSRA 25

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – January

#### CBOJ: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – January for the period of January 22, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBOJ | $37<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on January 22, 2025, the Fund has delivered a 3.72% return by participating in Bitcoin's upside and providing robust risk management, as Bitcoin's movements have been volatile over the period. The Fund's protective design proved particularly valuable during the extreme volatility and selloff in Bitcoin that occurred in late February through early April. As Bitcoin plummeted approximately -25%, the Fund's 100% downside protection safeguarded investor capital. Conversely, when Bitcoin staged a dramatic recovery, the Fund also gained and demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg013.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/22/25** | $10000 | $10000 |
| **1/31/25** | $10020 | $10022 |
| **2/28/25** | $9892 | $10242 |
| **3/31/25** | $9904 | $10246 |
| **4/30/25** | $10024 | $10286 |
| **5/31/25** | $10172 | $10213 |
| **6/30/25** | $10232 | $10370 |
| **7/31/25** | $10388 | $10342 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 1/22/25** |
| **NAV** | 3.72 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.42 |

---

***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/CBOJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $42776765<sub>3</sub> | 0% | $157621 |

---

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – January

#### CBOJ: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while protecting against 100% of losses over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be restruck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 94.0 |
| **Long Call Option** | 21.3 |
| **Short Call Option** | (15.4) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBOJTSRA 25

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – April

#### CBOA: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – April for the period of April 7, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBOA | $22<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on April 7, 2025, the Fund has delivered a 5.36% return by participating in Bitcoin's upside and providing 100% downside protection. Incidentally, just before the Fund's launch, Bitcoin plummeted approximately 25%. When Bitcoin staged a dramatic recovery in April, the newly launched Fund also gained and demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/7/25** | $10000 | $10001 |
| **4/30/25** | $10248 | $9952 |
| **5/31/25** | $10404 | $9881 |
| **6/30/25** | $10480 | $10033 |
| **7/31/25** | $10580 | $10006 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 4/7/25** |
| **NAV** | 5.36 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.06 |

---

***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/CBOA for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $5267921<sub>3</sub> | 0% | $10579 |

---

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – April

#### CBOA: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while protecting against 100% of losses over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be restruck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 92.2 |
| **Long Call Option** | 53.5 |
| **Short Call Option** | (45.6) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBOATSRA 25

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – July

#### CBOY: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – July for the period of July 8, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBOY | $4<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on July 8, 2025, the Fund has delivered a 1.00% return by participating in Bitcoin's upside and providing 100% downside protection, as Bitcoin's movements have been volatile over the period.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg005.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/8/25** | $10000 | $10001 |
| **7/31/25** | $10116 | $10045 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 7/8/25** |
| **NAV** | 1 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.45 |

---

***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/CBOY for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $5050041<sub>3</sub> | 0% | $1524 |

---

# Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup> – July

#### CBOY: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while protecting against 100% of losses over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be restruck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 95.3 |
| **Long Call Option** | 24.7 |
| **Short Call Option** | (20.0) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBOYTSRA 25

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – January

#### CBTJ: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – January for the period of February 4, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBTJ | $36<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on February 4, 2025, the Fund has delivered a 13.48% return by participating in Bitcoin's upside and providing robust risk management, as Bitcoin's movements have been volatile over the period. The Fund's protective design proved particularly valuable during the extreme volatility and selloff in Bitcoin that occurred in late February through early April. As Bitcoin plummeted approximately -25%, the Fund's 80% downside protection helped safeguard investor capital. Conversely, when Bitcoin staged a dramatic recovery, the Fund also gained and demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/4/25** | $10000 | $10001 |
| **2/28/25** | $9364 | $10213 |
| **3/31/25** | $9288 | $10217 |
| **4/30/25** | $9856 | $10257 |
| **5/31/25** | $10576 | $10184 |
| **6/30/25** | $10820 | $10340 |
| **7/31/25** | $11484 | $10313 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 2/4/25** |
| **NAV** | 13.48 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.13 |

---

***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/CBTJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $48229471<sub>3</sub> | 0% | $129536 |

---

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – January

#### CBTJ: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 20% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 68.8 |
| **Long Call Option** | 37.1 |
| **Short Call Option** | (5.9) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBTJTSRA 25

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – April

#### CBTA: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – April for the period of April 7, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBTA | $25<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on April 7, 2025, the Fund has delivered a 26.52% return by participating in Bitcoin's upside and providing 80% downside protection should Bitcoin decline. Incidentally, just before the Fund's launch, Bitcoin plummeted approximately 25%. When Bitcoin staged a dramatic recovery in April, the newly launched Fund also gained and demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/7/25** | $10000 | $10001 |
| **4/30/25** | $11148 | $9952 |
| **5/31/25** | $12000 | $9881 |
| **6/30/25** | $12268 | $10033 |
| **7/31/25** | $12460 | $10006 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 4/7/25** |
| **NAV** | 26.52 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.06 |

---

***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/CBTA for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $3162370<sub>3</sub> | 0% | $8898 |

---

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – April

#### CBTA: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 20% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 61.4 |
| **Long Call Option** | 58.0 |
| **Short Call Option** | (19.4) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBTATSRA 25

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – July

#### CBTY: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – July for the period of July 8, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBTY | $4<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on July 8, 2025, the Fund has delivered a 3.48% return by participating in Bitcoin's upside and providing 80% downside protection, as Bitcoin's movements have been volatile over the period.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg033.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/8/25** | $10000 | $10001 |
| **7/31/25** | $10348 | $10045 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 7/8/25** |
| **NAV** | 3.48 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.45 |

---

***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/CBTY for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $10347230<sub>3</sub> | 0% | $2043 |

---

# Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup> – July

#### CBTY: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 20% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 74.4 |
| **Long Call Option** | 35.7 |
| **Short Call Option** | (10.4) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBTYTSRA 25

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – January

#### CBXJ: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – January for the period of February 4, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBXJ | $35<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on February 4, 2025, the Fund has delivered a 9.48% return by participating in Bitcoin's upside and providing robust risk management, as Bitcoin's movements have been volatile over the period. The Fund's protective design proved particularly valuable during the extreme volatility and selloff in Bitcoin that occurred in late February through early April. As Bitcoin plummeted approximately -25%, the Fund's 90% downside protection helped safeguard investor capital. Conversely, when Bitcoin staged a dramatic recovery, the Fund also gained and demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg020.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/4/25** | $10000 | $10001 |
| **2/28/25** | $9656 | $10213 |
| **3/31/25** | $9604 | $10217 |
| **4/30/25** | $9960 | $10257 |
| **5/31/25** | $10428 | $10184 |
| **6/30/25** | $10596 | $10340 |
| **7/31/25** | $11048 | $10313 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 2/4/25** |
| **NAV** | 9.48 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.13 |

---

***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/CBXJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $25995224<sub>3</sub> | 0% | $87249 |

---

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – January

#### CBXJ: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 10% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 80.2 |
| **Long Call Option** | 31.2 |
| **Short Call Option** | (11.4) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBXJTSRA 25

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – April

#### CBXA: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – April for the period of April 7, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBXA | $23<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on April 7, 2025, the Fund has delivered a 16.04% return by participating in Bitcoin's upside and providing 90% downside protection should Bitcoin decline. Incidentally, just before the Fund's launch, Bitcoin plummeted approximately 25%. When Bitcoin staged a dramatic recovery in April, the newly launched Fund also gained, having demonstrated its ability to benefit from positive price movements.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/7/25** | $10000 | $10001 |
| **4/30/25** | $10720 | $9952 |
| **5/31/25** | $11180 | $9881 |
| **6/30/25** | $11412 | $10033 |
| **7/31/25** | $11740 | $10006 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 4/7/25** |
| **NAV** | 16.04 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.06 |

---

***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/CBXA for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $5801036<sub>3</sub> | 0% | $14305 |

---

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – April

#### CBXA: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 10% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 75.4 |
| **Long Call Option** | 55.6 |
| **Short Call Option** | (31.0) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBXATSRA 25

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – July

#### CBXY: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – July for the period of July 8, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CBXY | $4<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception on July 8, 2025, the Fund has delivered a 1.80% return by participating in Bitcoin's upside and providing 90% downside protection, as Bitcoin's movements have been volatile over the period.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/8/25** | $10000 | $10001 |
| **7/31/25** | $10272 | $10045 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 7/8/25** |
| **NAV** | 1.8 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.45 |

---

***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/CBXY for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $5089784<sub>3</sub> | 0% | $1879 |

---

# Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup> – July

#### CBXY: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund is designed to match the positive price return of Bitcoin up to a defined cap while limiting maximum potential losses to 10% over a predetermined one-year outcome period (before fees and expenses). The Fund seeks to achieve its objective through investments in FLEX<sup>®</sup> Options on indexes of ETPs that own bitcoin (CBOE Bitcoin US ETF Index). US Treasuries (with maturities to match the outcome period) are utilized to guarantee the return of principal (before fees and expenses). The FLEX Options package consists of a long call option (to establish the long position) and a short out-of-the-money call option (to establish the upside cap and fund the long call position). The options share the same underlying asset, expiration date, and style (European). At the end of the period, the positions will be re-struck for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **U.S. Government and Agency Security** | 85.1 |
| **Long Call Option** | 29.4 |
| **Short Call Option** | (14.6) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CBXYTSRA 25

# Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>

#### CPSL: Cboe BZX Exchange, Inc
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> for the period of September 9, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSL | $9<sup>Footnote Reference(1)</sup> | 0.10%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception September 9, 2024, the Fund generated a 6.22% return while demonstrating effective risk management and reducing volatility through its innovative approach. As a fund of funds, CPSL equally allocates capital across 12 Calamos S&P 500<sup>®</sup> Structured Alt Protection ETFs<sup>®</sup> with staggered monthly outcome periods. This design enabled CPSL to provide notable downside protection during the late February to early April tariff-related selloff, which sent the S&P 500 tumbling -18.75%, while capturing upside participation in the subsequent market recovery.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **9/9/24** | $10000 | $10003 |
| **9/30/24** | $10169 | $10666 |
| **10/31/24** | $10148 | $10570 |
| **11/30/24** | $10269 | $11190 |
| **12/31/24** | $10257 | $10923 |
| **1/31/25** | $10341 | $11228 |
| **2/28/25** | $10333 | $11081 |
| **3/31/25** | $10205 | $10457 |
| **4/30/25** | $10237 | $10386 |
| **5/31/25** | $10409 | $11040 |
| **6/30/25** | $10558 | $11601 |
| **7/31/25** | $10622 | $11861 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 9/9/24** |
| **NAV** | 6.22 |
| **S&P 500 Total Return Index** | 18.61 |

---

***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/CPSL for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $79401177<sub>12</sub> | 18% | $43301 |

---

# Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>

#### CPSL: Cboe BZX Exchange, Inc
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
CPSL offers a systematic approach to investing in 100% downside protection ETFs. It allocates equally across 12 monthly Calamos S&P 500<sup>®</sup> Structured Alt Protection ETFs<sup>®</sup>, each initiating its one-year outcome period in a different month for continuous laddered exposure to 100% downside protection and long-term equity upside potential.

---

| | |
|:---|:---|
| **TOP 10 HOLDINGS** | % OF NET ASSETS |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - August** | 8.4 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - December** | 8.4 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - July** | 8.4 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - September** | 8.4 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - October** | 8.3 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - February** | 8.3 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - January** | 8.3 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - November** | 8.3 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - March** | 8.3 |
| **Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - April** | 8.3 |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSLTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January

#### CPSY: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January for the period of January 2, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSY | $41<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 3.75% since its inception January 2, 2025. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg029.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **1/2/25** | $10000 | $9994 |
| **1/31/25** | $10077 | $10272 |
| **2/28/25** | $10085 | $10138 |
| **3/31/25** | $9970 | $9567 |
| **4/30/25** | $10068 | $9502 |
| **5/31/25** | $10158 | $10100 |
| **6/30/25** | $10294 | $10614 |
| **7/31/25** | $10367 | $10852 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 1/2/25** |
| **NAV** | 3.75 |
| **S&P 500 Total Return Index** | 8.52 |

---

***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/CPSY for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $22515478<sub>3</sub> | 0% | $77857 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January

#### CPSY: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 103.3 |
| **Long Put Option** | 1.8 |
| **Short Call Option** | (5.0) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSYTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – February

#### CPSF: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – February for the period of February 3, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSF | $34<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 2.91% since its inception February 3, 2025. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **2/3/25** | $10000 | $10007 |
| **2/28/25** | $10008 | $9876 |
| **3/31/25** | $9900 | $9320 |
| **4/30/25** | $9971 | $9256 |
| **5/31/25** | $10062 | $9839 |
| **6/30/25** | $10208 | $10339 |
| **7/31/25** | $10274 | $10571 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 2/3/25** |
| **NAV** | 2.91 |
| **S&P 500 Total Return Index** | 5.71 |

---

***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/CPSF for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $26025726<sub>3</sub> | 0% | $73983 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – February

#### CPSF: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 101.5 |
| **Long Put Option** | 2.5 |
| **Short Call Option** | (3.9) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSFTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March

#### CPSR: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March for the period of March 3, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSR | $29<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 2.94% since its inception March 3, 2025. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg024.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **3/3/25** | $10000 | $9994 |
| **3/31/25** | $9920 | $9431 |
| **4/30/25** | $10021 | $9367 |
| **5/31/25** | $10097 | $9956 |
| **6/30/25** | $10214 | $10463 |
| **7/31/25** | $10282 | $10698 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 3/3/25** |
| **NAV** | 2.94 |
| **S&P 500 Total Return Index** | 6.98 |

---

***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/CPSR for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $23253687<sub>3</sub> | 0% | $58280 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March

#### CPSR: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 102.8 |
| **Long Put Option** | 2.5 |
| **Short Call Option** | (5.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSRTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April

#### CPSP: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April for the period of April 1, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSP | $23<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 3.33% since its inception April 1, 2025. The Fund's protective attributes were particularly evident during the S&P 500's -12% early April drawdown precipitated by trade and tariff concerns. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **4/1/25** | $10000 | $9999 |
| **4/30/25** | $10065 | $9932 |
| **5/31/25** | $10166 | $10557 |
| **6/30/25** | $10280 | $11094 |
| **7/31/25** | $10312 | $11343 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 4/1/25** |
| **NAV** | 3.33 |
| **S&P 500 Total Return Index** | 13.43 |

---

***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/CPSP for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $15914576<sub>3</sub> | 0% | $32686 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April

#### CPSP: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 108.6 |
| **Long Put Option** | 2.0 |
| **Short Call Option** | (10.7) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSPTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – May

#### CPSM: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – May for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSM | $72 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 7.81% over the reporting period. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **5/1/24** | $10000 | $9999 |
| **5/31/24** | $10172 | $10495 |
| **6/30/24** | $10276 | $10871 |
| **7/31/24** | $10368 | $11004 |
| **8/31/24** | $10476 | $11270 |
| **9/30/24** | $10544 | $11511 |
| **10/31/24** | $10568 | $11407 |
| **11/30/24** | $10680 | $12076 |
| **12/31/24** | $10680 | $11788 |
| **1/31/25** | $10780 | $12117 |
| **2/28/25** | $10824 | $11959 |
| **3/31/25** | $10752 | $11285 |
| **4/30/25** | $10948 | $11208 |
| **5/31/25** | $11040 | $11914 |
| **6/30/25** | $11148 | $12520 |
| **7/31/25** | $11184 | $12801 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 5/1/24** |
| **NAV** | 7.81 | 9.5 |
| **S&P 500 Total Return Index** | 16.37 | 21.8 |

---

***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/CPSM for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $64420048<sub>3</sub> | 0% | $469919 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – May

#### CPSM: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 110.0 |
| **Long Put Option** | 2.2 |
| **Short Call Option** | (12.8) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSMTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June

#### CPSU: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June for the period of June 2, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSU | $11<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 1.89% since its inception June 2, 2025. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **6/2/25** | $10000 | $9996 |
| **6/30/25** | $10135 | $10504 |
| **7/31/25** | $10170 | $10740 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 6/2/25** |
| **NAV** | 1.89 |
| **S&P 500 Total Return Index** | 7.4 |

---

***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/CPSU for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $11892095<sub>3</sub> | 0% | $16430 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June

#### CPSU: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 104.1 |
| **Long Put Option** | 3.1 |
| **Short Call Option** | (7.8) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSUTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July

#### CPSJ: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSJ | $72 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 8.03% over the reporting period. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg025.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **7/1/24** | $10000 | $10002 |
| **7/31/24** | $10096 | $10124 |
| **8/31/24** | $10238 | $10369 |
| **9/30/24** | $10317 | $10591 |
| **10/31/24** | $10326 | $10495 |
| **11/30/24** | $10463 | $11111 |
| **12/31/24** | $10447 | $10846 |
| **1/31/25** | $10547 | $11148 |
| **2/28/25** | $10538 | $11003 |
| **3/31/25** | $10355 | $10383 |
| **4/30/25** | $10346 | $10312 |
| **5/31/25** | $10659 | $10961 |
| **6/30/25** | $10881 | $11519 |
| **7/31/25** | $10935 | $11777 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 7/1/24** |
| **NAV** | 8.03 | 8.7 |
| **S&P 500 Total Return Index** | 16.37 | 16.27 |

---

***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/CPSJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $43288831<sub>3</sub> | 0% | $244236 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July

#### CPSJ: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 100.2 |
| **Long Put Option** | 4.3 |
| **Short Call Option** | (5.4) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSJTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – August

#### CPSA: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – August for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSA | $72 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 8.12% over the reporting period. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **8/1/24** | $10000 | $10003 |
| **8/31/24** | $10136 | $10246 |
| **9/30/24** | $10239 | $10465 |
| **10/31/24** | $10223 | $10370 |
| **11/30/24** | $10346 | $10979 |
| **12/31/24** | $10342 | $10717 |
| **1/31/25** | $10441 | $11015 |
| **2/28/25** | $10425 | $10872 |
| **3/31/25** | $10272 | $10259 |
| **4/30/25** | $10285 | $10189 |
| **5/31/25** | $10528 | $10831 |
| **6/30/25** | $10713 | $11382 |
| **7/31/25** | $10804 | $11637 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 8/1/24** |
| **NAV** | 8.12 |
| **S&P 500 Total Return Index** | 16.37 |

---

***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/CPSA for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $37360383<sub>3</sub> | 0% | $272828 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – August

#### CPSA: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 98.5 |
| **Long Put Option** | 5.0 |
| **Short Call Option** | (4.2) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSATSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September

#### CPST: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September for the period of September 3, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPST | $65<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 6.17% since its inception September 3, 2024. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **9/3/24** | $10000 | $9999 |
| **9/30/24** | $10105 | $10213 |
| **10/31/24** | $10097 | $10120 |
| **11/30/24** | $10202 | $10714 |
| **12/31/24** | $10206 | $10459 |
| **1/31/25** | $10286 | $10750 |
| **2/28/25** | $10282 | $10610 |
| **3/31/25** | $10149 | $10012 |
| **4/30/25** | $10181 | $9944 |
| **5/31/25** | $10363 | $10570 |
| **6/30/25** | $10524 | $11107 |
| **7/31/25** | $10613 | $11357 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 9/3/24** |
| **NAV** | 6.17 |
| **S&P 500 Total Return Index** | 13.57 |

---

***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/CPST for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $26341817<sub>3</sub> | 0% | $165789 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September

#### CPST: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 105.2 |
| **Long Put Option** | 0.2 |
| **Short Call Option** | (5.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSTTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October

#### CPSO: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October for the period of October 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSO | $59<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 4.63% since its inception October 1, 2024. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **10/1/24** | $10000 | $9998 |
| **10/31/24** | $9992 | $9908 |
| **11/30/24** | $10091 | $10489 |
| **12/31/24** | $10087 | $10239 |
| **1/31/25** | $10166 | $10524 |
| **2/28/25** | $10166 | $10387 |
| **3/31/25** | $10044 | $9802 |
| **4/30/25** | $10091 | $9735 |
| **5/31/25** | $10238 | $10348 |
| **6/30/25** | $10384 | $10874 |
| **7/31/25** | $10459 | $11118 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 10/1/24** |
| **NAV** | 4.63 |
| **S&P 500 Total Return Index** | 11.18 |

---

***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/CPSO for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $17842963<sub>3</sub> | 0% | $120338 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October

#### CPSO: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 104.9 |
| **Long Put Option** | 0.5 |
| **Short Call Option** | (5.1) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSOTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – November

#### CPSN: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – November for the period of November 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSN | $53<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 4.83% since its inception November 1, 2024. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg026.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **11/1/24** | $10000 | $9995 |
| **11/30/24** | $10120 | $10582 |
| **12/31/24** | $10104 | $10329 |
| **1/31/25** | $10196 | $10617 |
| **2/28/25** | $10196 | $10479 |
| **3/31/25** | $10084 | $9888 |
| **4/30/25** | $10164 | $9821 |
| **5/31/25** | $10272 | $10439 |
| **6/30/25** | $10404 | $10970 |
| **7/31/25** | $10479 | $11216 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 11/1/24** |
| **NAV** | 4.83 |
| **S&P 500 Total Return Index** | 12.16 |

---

***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/CPSN for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $20339705<sub>3</sub> | 0% | $101025 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – November

#### CPSN: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 105.6 |
| **Long Put Option** | 0.9 |
| **Short Call Option** | (6.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSNTSRA 25

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December

#### CPSD: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December for the period of December 2, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPSD | $47<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 3.81% since its inception December 2, 2024. The Fund's protective attributes were particularly evident during the S&P 500's -18.75% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **12/2/24** | $10000 | $10000 |
| **12/31/24** | $10025 | $9761 |
| **1/31/25** | $10075 | $10033 |
| **2/28/25** | $10087 | $9902 |
| **3/31/25** | $9909 | $9344 |
| **4/30/25** | $10000 | $9281 |
| **5/31/25** | $10108 | $9865 |
| **6/30/25** | $10286 | $10367 |
| **7/31/25** | $10373 | $10599 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 12/2/24** |
| **NAV** | 3.81 |
| **S&P 500 Total Return Index** | 5.99 |

---

***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/CPSD for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $55085316<sub>3</sub> | 0% | $210682 |

---

# Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December

#### CPSD: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund annually invests in a combination of FLEX<sup>®</sup> Options on SPDR S&P 500 ETF Trust (SPY) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (SPY), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period. (European).

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 100.6 |
| **Long Put Option** | 1.8 |
| **Short Call Option** | (2.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPSDTSRA 25

# Calamos Nasdaq 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March

#### CPNM: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Nasdaq 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March for the period of March 3, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPNM | $29<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 3.52% since its inception March 3, 2025. The Fund's protective attributes were particularly evident during the Nasdaq-100 Index's -22.8% drawdown in early 2025 surrounding trade and tariff concerns, as the Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **3/3/25** | $10000 | $9994 |
| **3/31/25** | $9918 | $9431 |
| **4/30/25** | $9988 | $9367 |
| **5/31/25** | $10135 | $9956 |
| **6/30/25** | $10274 | $10463 |
| **7/31/25** | $10340 | $10698 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 3/3/25** |
| **NAV** | 3.52 |
| **S&P 500 Total Return Index** | 6.98 |

---

***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/CPNM for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $15793058<sub>3</sub> | 0% | $38530 |

---

# Calamos Nasdaq 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – March

#### CPNM: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the Invesco QQQ TrustSM, Series 1 to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (QQQ), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 107.2 |
| **Long Put Option** | 2.5 |
| **Short Call Option** | (9.7) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPNMTSRA 25

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June

#### CPNJ: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPNJ | $72 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 9.62% over the period. The Fund's protective attributes were particularly evident during the Nasdaq-100 Index's -22.8% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg034.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **6/3/24** | $10000 | $10000 |
| **6/30/24** | $10182 | $10359 |
| **7/31/24** | $10195 | $10485 |
| **8/31/24** | $10280 | $10740 |
| **9/30/24** | $10382 | $10969 |
| **10/31/24** | $10386 | $10870 |
| **11/30/24** | $10535 | $11508 |
| **12/31/24** | $10569 | $11233 |
| **1/31/25** | $10658 | $11546 |
| **2/28/25** | $10641 | $11395 |
| **3/31/25** | $10433 | $10753 |
| **4/30/25** | $10535 | $10680 |
| **5/31/25** | $10950 | $11353 |
| **6/30/25** | $11099 | $11930 |
| **7/31/25** | $11150 | $12198 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 6/3/24** |
| **NAV** | 9.62 | 10.0 |
| **S&P 500 Total Return Index** | 16.37 | 18.65 |

---

***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/CPNJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $45421219<sub>3</sub> | 0% | $278292 |

---

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – June

#### CPNJ: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the Invesco QQQ TrustSM, Series 1 to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (QQQ), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 106.2 |
| **Long Put Option** | 3.8 |
| **Short Call Option** | (10.6) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPNJTSRA 25

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September

#### CPNS: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September for the period of September 3, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPNS | $65<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 7.14% since its inception September 3, 2024. The Fund's protective attributes were particularly evident during the Nasdaq-100 Index's -22.8% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **9/3/24** | $10000 | $9999 |
| **9/30/24** | $10105 | $10213 |
| **10/31/24** | $10097 | $10120 |
| **11/30/24** | $10202 | $10714 |
| **12/31/24** | $10242 | $10459 |
| **1/31/25** | $10327 | $10750 |
| **2/28/25** | $10307 | $10610 |
| **3/31/25** | $10157 | $10012 |
| **4/30/25** | $10230 | $9944 |
| **5/31/25** | $10472 | $10570 |
| **6/30/25** | $10634 | $11107 |
| **7/31/25** | $10714 | $11357 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 9/3/24** |
| **NAV** | 7.14 |
| **S&P 500 Total Return Index** | 13.57 |

---

***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/CPNS for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $23896863<sub>3</sub> | 0% | $211820 |

---

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – September

#### CPNS: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the Invesco QQQ TrustSM, Series 1 to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (QQQ), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 110.3 |
| **Long Put Option** | 0.1 |
| **Short Call Option** | (10.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPNSTSRA 25

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December

#### CPNQ: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December for the period of December 2, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPNQ | $47<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
The Fund performed as designed, delivering a return of 5.02% since its inception December 2, 2024. The Fund's protective attributes were particularly evident during the Nasdaq-100 Index's -22.8% drawdown in early 2025 surrounding trade and tariff concerns. The Fund successfully preserved investor capital and reduced volatility. Overall, the Fund generated favorable returns while protecting investors' principal investment.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **S&P 500 Total Return Index** |
| **12/2/24** | $10000 | $10000 |
| **12/31/24** | $10057 | $9761 |
| **1/31/25** | $10135 | $10033 |
| **2/28/25** | $10118 | $9902 |
| **3/31/25** | $9963 | $9344 |
| **4/30/25** | $10025 | $9281 |
| **5/31/25** | $10241 | $9865 |
| **6/30/25** | $10400 | $10367 |
| **7/31/25** | $10490 | $10599 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 12/2/24** |
| **NAV** | 5.02 |
| **S&P 500 Total Return Index** | 5.99 |

---

***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/CPNQ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $14788388<sub>3</sub> | 0% | $124240 |

---

# Calamos Nasdaq – 100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – December

#### CPNQ: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the Invesco QQQ TrustSM, Series 1 to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (QQQ), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 105.4 |
| **Long Put Option** | 1.5 |
| **Short Call Option** | (6.8) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPNQTSRA 25

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January

#### CPRY: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January for the period of January 2, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPRY | $40<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception January 2, 2025, the Fund delivered a positive return of 1.53% despite the underlying Russell 2000 Index's decline. The portfolio's structure provided upside participation and delivered 100% gross protection during volatile markets. The Fund's protective attributes were particularly evident during rocky stretches for the small-cap market, especially the late February to early April tariff-related market selloff when the Russell 2000 plummeted -27%, while the Fund successfully safeguarded investor capital and reduced volatility.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg018.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Russell 3000 Total Return Index** |
| **1/2/25** | $10000 | $10006 |
| **1/31/25** | $10097 | $10322 |
| **2/28/25** | $10004 | $10124 |
| **3/31/25** | $9911 | $9534 |
| **4/30/25** | $9907 | $9470 |
| **5/31/25** | $9984 | $10070 |
| **6/30/25** | $10109 | $10581 |
| **7/31/25** | $10158 | $10815 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 1/2/25** |
| **NAV** | 1.53 |
| **Russell 3000 Total Return Index** | 8.15 |

---

***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/CPRY for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $59711197<sub>3</sub> | 0% | $185489 |

---

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – January

#### CPRY: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF (IWM) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (IWM), expiration date, and style (European). At the end of the initial period, the positions will be re-struck for another one-year time period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 97.0 |
| **Long Put Option** | 5.0 |
| **Short Call Option** | (1.9) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPRYTSRA 25

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April

#### CPRA: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April for the period of April 1, 2025 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPRA | $23<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception April 1, 2025, the Fund delivered a positive return of 3.39%. The Fund's 100% gross protection was critical from the start as the Russell 2000 declined -13% in early April.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Russell 3000 Total Return Index** |
| **4/1/25** | $10000 | $9996 |
| **4/30/25** | $10036 | $9928 |
| **5/31/25** | $10145 | $10558 |
| **6/30/25** | $10271 | $11094 |
| **7/31/25** | $10331 | $11338 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 4/1/25** |
| **NAV** | 3.39 |
| **Russell 3000 Total Return Index** | 13.38 |

---

***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/CPRA for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $7038954<sub>3</sub> | 0% | $13648 |

---

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – April

#### CPRA: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF (IWM) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (IWM), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 105.5 |
| **Long Put Option** | 3.3 |
| **Short Call Option** | (8.8) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPRATSRA 25

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July

#### CPRJ: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July for the period of August 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPRJ | $70 | 0.69% |

---

## **HOW THE FUND PERFORMED** 
The Fund delivered a positive return of 3.07% despite the underlying Russell 2000 Index's decline over the annual period. The portfolio's structure provided upside participation and delivered 100% gross protection during volatile markets. The Fund's protective attributes were particularly evident during rocky stretches for the small-cap market, especially the late February to early April tariff-related market selloff when the Russell 2000 plummeted -27%, while the Fund successfully safeguarded investor capital and reduced volatility.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Russell 3000 Total Return Index** |
| **7/1/24** | $10000 | $9996 |
| **7/31/24** | $10263 | $10182 |
| **8/31/24** | $10312 | $10403 |
| **9/30/24** | $10361 | $10619 |
| **10/31/24** | $10361 | $10541 |
| **11/30/24** | $10603 | $11242 |
| **12/31/24** | $10464 | $10898 |
| **1/31/25** | $10587 | $11242 |
| **2/28/25** | $10439 | $11027 |
| **3/31/25** | $10189 | $10384 |
| **4/30/25** | $10082 | $10314 |
| **5/31/25** | $10230 | $10968 |
| **6/30/25** | $10579 | $11525 |
| **7/31/25** | $10612 | $11779 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | | |
|:---|:---|:---|
| **AATR** | **1 YEAR** | **SINCE INCEPTION 7/1/24** |
| **NAV** | 3.07 | 5.59 |
| **Russell 3000 Total Return Index** | 15.69 | 16.29 |

---

***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/CPRJ for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $52973178<sub>3</sub> | 0% | $360649 |

---

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – July

#### CPRJ: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF (IWM) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (IWM), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 99.5 |
| **Long Put Option** | 6.1 |
| **Short Call Option** | (6.3) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPRJTSRA 25

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October

#### CPRO: NYSE Arca, Inc.
![Image](tm2524387d1_tsrimg022.jpg)

Annual Shareholder Report - July 31, 2025

This annual shareholder report contains important information about the Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October for the period of October 1, 2024 to July 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Fund Ticker** | **Costs of a $10,000 Investment** | **Costs Paid as a Percentage of a $10,000 Investment** |
| CPRO | $58<sup>Footnote Reference(1)</sup> | 0.69%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Annualized. |

---

## **HOW THE FUND PERFORMED** 
Since its inception October 1, 2024, the Fund delivered a positive return of 1.49% despite the underlying Russell 2000 Index's decline. The portfolio's structure provided upside participation and delivered 100% gross protection during volatile markets. The Fund's protective attributes were particularly evident during rocky stretches for the small-cap market, especially the late February to early April tariff-related market selloff when the Russell 2000 plummeted -27%, while the Fund successfully safeguarded investor capital and reduced volatility.

## **GROWTH OF $10,000**![Growth of 10K Chart](tm2524387d1_tsrimg006.jpg)

---

| | | |
|:---|:---|:---|
| | **NAV** | **Russell 3000 Total Return Index** |
| **10/1/24** | $10000 | $9995 |
| **10/31/24** | $9996 | $9922 |
| **11/30/24** | $10158 | $10582 |
| **12/31/24** | $10053 | $10258 |
| **1/31/25** | $10129 | $10582 |
| **2/28/25** | $10032 | $10379 |
| **3/31/25** | $9907 | $9774 |
| **4/30/25** | $9907 | $9708 |
| **5/31/25** | $9968 | $10324 |
| **6/30/25** | $10081 | $10848 |
| **7/31/25** | $10141 | $11087 |

---

## **AVERAGE ANNUAL TOTAL RETURNS (%)** 

---

| | |
|:---|:---|
| **AATR** | **SINCE INCEPTION 10/1/24** |
| **NAV** | 1.49 |
| **Russell 3000 Total Return Index** | 10.87 |

---

***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/CPRO for the most recent performance information.

## **KEY FUND STATISTICS** 

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Portfolio Turnover Rate** | **Total Advisory Fees Paid** |
| $27627401<sub>3</sub> | 0% | $159571 |

---

# Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> – October

#### CPRO: NYSE Arca, Inc.
Annual Shareholder Report - July 31, 2025

## **WHAT DID THE FUND INVEST IN?** 
The Fund invests in a combination of FLEX<sup>®</sup> Options on the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF (IWM) to create a predetermined risk-reward profile that seeks to deliver the upside of the reference asset to a cap, with 100% protection over the one-year outcome period. The FLEX Options package at the start of the period consists of three positions: a long call option (to establish the long position), a long at-the-money put option (to establish the protection), and a short out-of-the-money call option (to establish the upside cap and fund the protection level). All three options share the same underlying (IWM), expiration date, and style (European). At the end of the outcome period, the Fund will re-initiate the positions for another one-year period.

---

| | |
|:---|:---|
| **ASSET ALLOCATION** | % OF NET ASSETS |
| **Long Call Option** | 97.5 |
| **Long Put Option** | 3.5 |
| **Short Call Option** | (0.6) |

---

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.

##©2025 Calamos Investments LLC. All Rights Reserved. Calamos<sup>®</sup> and Calamos Investments<sup>®</sup> are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC \| 2020 Calamos Court \| Naperville, IL 60563 \| 866-363-9219 \| www.calamos.com \| CPROTSRA 25

**Item 2: Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrant's Code of Ethics is attached as an Exhibit hereto.

**Item 3**: **Audit Committee Financial Expert.**

(a) The registrant's Board of Trustees has determined that it has five audit committee financial experts serving on its audit committee,
each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Virginia G. Breen, Karen L. Stuckey
and Christopher M. Toub. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not
be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities
Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation
or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities
that are greater than the duties, obligations and liabilities imposed on such personas a member of audit committee and board of directors
in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert
pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of trustees.

**Item 4**: **Principal Accountant Fees and Services.**

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/2024** | **07/31/2025** |
| Audit Fees<sup>(a)</sup> | $175843 | $373843 |
| Audit-Related Fees<sup>(b)</sup> | $39267 | $91187 |
| Tax Fees<sup>(c)</sup> | $- | $- |
| All Other Fees<sup>(d)</sup> | $- | $- |
| Total | $215110 | $465030 |

---

(a) Audit fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-related fees are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax fees are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All other fees are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e)(1) Registrant's audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring preapproval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrant's principal accountants during the fiscal year in which the nonaudit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e)(2) No percentage of the principal accountant's fees or services described in each of paragraphs (b)—(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The following table presents the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant and the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control of the adviser.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **07/31/2024** | **07/31/2025** |
| Registrant | $– $|  |
| Investment Adviser | $– $|  |

---

(h) No disclosures are required by this Item 4(h).

(i) Not applicable.

(j) Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has an audit committee as specified in Section 3(a)(58)(A) of the Exchange Act of 1934. The audit committee members are William R. Rybak, John E. Neal, Virginia G. Breen, Lloyd A. Wennlund, Karen L. Stuckey, and Christopher M. Toub.

(b) Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.

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

![](j25243872_aa001.jpg)

**TIMELY INFORMATION INSIDE**

![](j25243872_aa002.jpg)

![](j25243872_aa003.jpg)

ETF Family of Funds

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION JULY 31, 2025**

![](j25243872_aa004.jpg)

Visit www.calamos.com/paperless to enroll. You can view shareholder communications, including fund prospectuses and other shareholder materials.

------

![](j25243872_aa005.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| The Funds | 1 |
| Disclaimers | 2 |
| Statements of Assets and Liabilities  | 3 |
| Statements of Operations  | 10 |
| Statements of Changes In Net Assets  | 17 |
| Financial Highlights  | 29 |
| Schedules of Investments  | 64 |
| Notes to Financial Statements  | 103 |
| Report of Independent Registered Public Accounting Firm  | 134 |
| Statement Regarding Basis for Approval of Investment Advisory Contract | 137 |
| Tax Information | 145 |

---

------

The Funds

---

| | |
|:---|:---|
| **Fund** | **Ticker** |
| Calamos Antetokounmpo Global Sustainable Equities ETF | SROI |
| Calamos Autocallable Income ETF | CAIE |
| Calamos CEF Income & Arbitrage ETF | CCEF |
| Calamos Convertible Equity Alternative ETF | CVRT |
| Calamos Nasdaq<sup>®</sup> Equity & Income ETF\* | CANQ |
| Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—January | CBOJ |
| Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April | CBOA |
| Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | CBOY |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | CBTJ |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | CBTA |
| Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | CBTY |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January | CBXJ |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April | CBXA |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July | CBXY |
| Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | CPSL |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | CPSY |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | CPSF |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | CPSR |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | CPSP |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | CPSM |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | CPSU |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | CPSJ |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | CPSA |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | CPST |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | CPSO |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | CPSN |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | CPSD |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | CPNM |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | CPNJ |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | CPNS |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | CPNQ |
| Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | CPRY |
| Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | CPRA |
| Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | CPRJ |
| Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | CPRO |

---

\* Formerly, the Calamos Alternative Nasdaq<sup>®</sup> & Bond ETF

www.calamos.com

------

Disclaimers

**<u>S&P</u>:**

The "S&P 500<sup>®</sup>" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by Calamos Advisors LLC ("Calamos Advisors"). Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Calamos S&P 500 Structured Alt Protection ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500<sup>®</sup> to track general market performance. S&P Dow Jones Indices' only relationship to Calamos Advisors with respect to the S&P 500<sup>®</sup> is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500<sup>®</sup> is determined, composed and calculated by S&P Dow Jones Indices without regard to Calamos Advisors or the Fund. S&P Dow Jones Indices has no obligation to take the needs of Calamos or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup>. S&P Dow Jones is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500<sup>®</sup> will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY CALAMOS ADVISORS, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND CALAMOS ADVISORS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**<u>Nasdaq</u>:**

Nasdaq<sup>®</sup>; Nasdaq-100<sup>®</sup> and QQQ<sup>®</sup> are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Calamos Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

**<u>Russell</u>:**

The Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETFs have been developed solely by Calamos Advisors. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000<sup>®</sup> Index (the "Index") vest in the relevant LSE Group company which owns the Index. The Russell 2000<sup>®</sup> Index is a trademark(s) of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited, FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Calamos Advisors.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ANTETOKOUNMPO<br>GLOBAL <br>SUSTAINABLE <br>EQUITIES ETF | AUTOCALLABLE<br>INCOME ETF | CEF INCOME &<br>ARBITRAGE ETF | CONVERTIBLE<br>EQUITY<br>ALTERNATIVE ETF | NASDAQ<sup>®</sup><br>EQUITY &<br>INCOME ETF |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $12612027 | $63695020 | $16871648 | $13376490 | $25205224 |
| Investment in securities, at value\* | $15799376 | $63694226 | $17608637 | $14987251 | $26085875 |
| Cash with custodian | 146885 | 538195 | 176979 | 26752 | 173591 |
| Unrealized appreciation on total return swaps |  | 1053082 |  |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  |  |  | 1866745 |  |
| Funds shares sold |  | 1987624 |  |  |  |
| Accrued dividends | 9849 |  | 38335 | 31763 |  |
| Total assets | 15956110 | 67273127 | 17823951 | 16912511 | 26259466 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Collateral for securities loaned |  |  |  | 1701611 |  |
| Foreign currency overdraft (cost $3) | 3 |  |  |  |  |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  | 997861 |  | 1822841 |  |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 12994 | 21044 | 10788 | 7259 | 15140 |
| Other accounts payable and accrued liabilities | 4075 |  |  |  |  |
| Total liabilities | 17072 | 1018905 | 10788 | 3531711 | 15140 |
| NET ASSETS | $15939038 | $66254222 | $17813163 | $13380800 | $26244326 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $12866479 | $65099144 | $16898216 | $12223388 | $25375643 |
| Accumulated distributable earnings (loss) | 3072559<br> <sup>(a)</sup> | 1155078 | 914947 | 1157412 | 868683 |
| NET ASSETS | $15939038 | $66254222 | $17813163 | $13380800 | $26244326 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 504000 | 2500001 | 625001 | 400001 | 900001 |
| Net asset value per share | $31.63 | $26.50 | $28.50 | $33.45 | $29.16 |
| \* Includes securities on loan | $— | $— | $— | $1824947 | $— |

---

(a) Net of deferred foreign capital gains tax of $(4,075).

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | BITCOIN <br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN <br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $50610800 | $7954304 | $6106199 | $52581043 | $3898048 |
| Investment in securities, at value | $49338748 | $7674764 | $6058727 | $51064747 | $3774728 |
| Cash with custodian | 80506 |  | 3328 | 69149 | 2226 |
| Cash held at broker | 1630 | 348 |  | 10246 | 1093 |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  |  | 251446 |  |  |
| Funds shares sold |  |  | 1262546 |  |  |
| Total assets | 49420884 | 7675112 | 7576047 | 51144142 | 3778047 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank |  | 2410 |  |  |  |
| Options written, at value (premium $7,177,058, $1,895,620, <br>$925,827, $2,635,216 and $452,362) | 6566847 | 2401500 | 1011320 | 2834542 | 613659 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  |  | 1513161 |  |  |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 77272 | 3281 | 1525 | 80129 | 2018 |
| Total liabilities | 6644119 | 2407191 | 2526006 | 2914671 | 615677 |
| NET ASSETS | $42776765 | $5267921 | $5050041 | $48229471 | $3162370 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $42044015 | $5230904 | $5043194 | $47809362 | $3143093 |
| Accumulated distributable earnings (loss) | 732750 | 37017 | 6847 | 420109 | 19277 |
| NET ASSETS | $42776765 | $5267921 | $5050041 | $48229471 | $3162370 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 1650001 | 200001 | 200001 | 1700001 | 100001 |
| Net asset value per share | $25.93 | $26.34 | $25.25 | $28.37 | $31.62 |

---

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BITCOIN <br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | BITCOIN <br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN <br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | BITCOIN <br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | LADDERED <br>S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup> |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $11491774 | $29719393 | $7901470 | $5938272 | $— |
| Investments in affiliated funds, at cost |  |  |  |  | 77033465 |
| Investment in securities, at value | $11394967 | $28951634 | $7599171 | $5827506 | $— |
| Investments in affiliated funds, at value |  |  |  |  | 79388375 |
| Cash with custodian | 11802 | 44439 | 1952 | 8197 | 26528 |
| Cash held at broker |  | 3184 | 1135 |  |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold | 534999 |  |  |  | 1984679 |
| Funds shares sold | 5173928 |  |  |  |  |
| Total assets | 17115696 | 28999257 | 7602258 | 5835703 | 81399582 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Options written, at value (premium $1,022,241, $2,826,817, <br>$1,362,228 and $686,531) | 1073380 | 2956234 | 1797619 | 744040 |  |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased | 5693043 |  |  |  |  |
| Funds shares redeemed |  |  |  |  | 1985026 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 2043 | 47799 | 3603 | 1879 | 13379 |
| Total liabilities | 6768466 | 3004033 | 1801222 | 745919 | 1998405 |
| NET ASSETS | $10347230 | $25995224 | $5801036 | $5089784 | $79401177 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $10369520 | $25652817 | $5762140 | $5112397 | $77126606 |
| Accumulated distributable earnings (loss) | (22290) | 342407 | 38896 | (22613) | 2274571 |
| NET ASSETS | $10347230 | $25995224 | $5801036 | $5089784 | $79401177 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 400001 | 950001 | 200001 | 200001 | 3000001 |
| Net asset value per share | $25.87 | $27.36 | $29.01 | $25.45 | $26.47 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—FEBRUARY | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MARCH | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MAY |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $22596972 | $26413503 | $23019968 | $15997786 | $66177543 |
| Investment in securities, at value | $23674652 | $27058980 | $24490804 | $17605482 | $72260109 |
| Cash with custodian |  | 33478 | 26946 | 17459 | 484293 |
| Total assets | 23674652 | 27092458 | 24517750 | 17622941 | 72744402 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank | 12047 |  |  |  |  |
| Options written, at value (premium $848,913, $657,130, $574,826, <br>$582,149 and $3,733,840) | 1133978 | 1023007 | 1237720 | 1699085 | 8214713 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 13149 | 43725 | 26343 | 9280 | 109641 |
| Total liabilities | 1159174 | 1066732 | 1264063 | 1708365 | 8324354 |
| NET ASSETS | $22515478 | $26025726 | $23253687 | $15914576 | $64420048 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $21724419 | $25747295 | $22445745 | $15423816 | $62976004 |
| Accumulated distributable earnings (loss) | 791059 | 278431 | 807942 | 490760 | 1444044 |
| NET ASSETS | $22515478 | $26025726 | $23253687 | $15914576 | $64420048 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 925001 | 1050001 | 950001 | 625001 | 2300001 |
| Net asset value per share | $24.34 | $24.79 | $24.48 | $25.46 | $28.01 |

---

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JUNE | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—AUGUST | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—SEPTEMBER | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—OCTOBER |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $12354746 | $44618222 | $38667477 | $25670905 | $17966261 |
| Investment in securities, at value | $12752809 | $45251409 | $38665584 | $27760409 | $18807333 |
| Cash with custodian | 87333 | 388648 |  | 4636 |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  |  | 41094070 |  |  |
| Total assets | 12840142 | 45640057 | 79759654 | 27765045 | 18807333 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank |  |  | 20951 |  | 37685 |
| Options written, at value (premium $600,073, $1,961,711, <br>$1,574,069, $682,826 and $637,657) | 931617 | 2327178 | 1575015 | 1393250 | 916268 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  |  | 40737663 |  |  |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 16430 | 24048 | 65642 | 29978 | 10417 |
| Total liabilities | 948047 | 2351226 | 42399271 | 1423228 | 964370 |
| NET ASSETS | $11892095 | $43288831 | $37360383 | $26341817 | $17842963 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $11825576 | $44257491 | $40581253 | $24970028 | $17283015 |
| Accumulated distributable earnings (loss) | 66519 | (968660) | (3220870) | 1371789 | 559948 |
| NET ASSETS | $11892095 | $43288831 | $37360383 | $26341817 | $17842963 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 450001 | 1650001 | 1425001 | 1000001 | 675001 |
| Net asset value per share | $26.43 | $26.24 | $26.22 | $26.34 | $26.43 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—NOVEMBER | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—DECEMBER | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MARCH | NASDAQ-100<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JUNE | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—SEPTEMBER |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $20448034 | $54468441 | $15748454 | $47741636 | $24314257 |
| Investment in securities, at value | $21658168 | $56419135 | $17332100 | $49966971 | $26385261 |
| Cash with custodian |  |  | 18054 | 296295 | 2782 |
| Total assets | 21658168 | 56419135 | 17350154 | 50263266 | 26388043 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank | 11766 | 10453 |  |  |  |
| Options written, at value (premium $861,260, $1,356,900, $610,735, <br>$3,225,764 and $919,188) | 1272286 | 1260780 | 1539044 | 4792560 | 2462507 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 34411 | 62586 | 18052 | 49487 | 28673 |
| Total liabilities | 1318463 | 1333819 | 1557096 | 4842047 | 2491180 |
| NET ASSETS | $20339705 | $55085316 | $15793058 | $45421219 | $23896863 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $19542523 | $53042072 | $15137721 | $46162064 | $23376588 |
| Accumulated distributable earnings (loss) | 797182 | 2043244 | 655337 | (740845) | 520275 |
| NET ASSETS | $20339705 | $55085316 | $15793058 | $45421219 | $23896863 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 775001 | 2200001 | 625001 | 1725001 | 900001 |
| Net asset value per share | $26.24 | $25.04 | $25.27 | $26.33 | $26.55 |

---

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Assets and Liabilities July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | NASDAQ-100<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—DECEMBER | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—OCTOBER |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $15209511 | $61374573 | $7258659 | $55558802 | $28911949 |
| Investment in securities, at value | $15809358 | $60911340 | $7659762 | $55951380 | $27891359 |
| Cash with custodian | 540 |  | 4204 | 389631 |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Investments sold |  | 11883 |  | 40902 |  |
| Funds shares sold |  | 628540 |  | 645999 |  |
| Total assets | 15809898 | 61551763 | 7663966 | 57027912 | 27891359 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Due to custodian bank |  | 31103 |  |  | 69753 |
| Options written, at value (premium $634,617, $2,391,172, $354,148, <br>$3,163,664 and $1,403,007) | 998258 | 1133160 | 620546 | 3337425 | 177615 |
| Payables: | Payables: | Payables: | Payables: | Payables: | Payables: |
| Investments purchased |  | 641262 |  | 686616 |  |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 23252 | 35041 | 4466 | 30693 | 16590 |
| Total liabilities | 1021510 | 1840566 | 625012 | 4054734 | 263958 |
| NET ASSETS | $14788388 | $59711197 | $7038954 | $52973178 | $27627401 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid in capital | $14555565 | $58924947 | $6904249 | $55193178 | $27429359 |
| Accumulated distributable earnings (loss) | 232823 | 786250 | 134705 | (2220000) | 198042 |
| NET ASSETS | $14788388 | $59711197 | $7038954 | $52973178 | $27627401 |
| Shares outstanding (no par value; unlimited number of shares authorized) | 575001 | 2375001 | 275001 | 2050001 | 1100001 |
| Net asset value per share | $25.72 | $25.14 | $25.60 | $25.84 | $25.12 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ANTETOKOUNMPO <br>GLOBAL <br>SUSTAINABLE <br>EQUITIES ETF | AUTOCALLABLE<br>INCOME ETF<sup>(a)</sup> | CEF INCOME & <br>ARBITRAGE ETF | CONVERTIBLE<br>EQUITY<br>ALTERNATIVE ETF | NASDAQ<sup>®</sup> <br>EQUITY & <br>INCOME ETF |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $10452 | $1641 | $9404 | $137868 | $2577 |
| (Amortization)/accretion of investment securities |  | 122705 |  | (1211772) |  |
| Net interest | 10452 | 124346 | 9404 | (1073904) | 2577 |
| Dividends | 229586 |  | 1481952 | 179408 | 309983 |
| Dividend taxes withheld | (24020) |  |  |  |  |
| Securities lending income, net of rebates received or paid to borrowers |  |  |  | 4552 |  |
| Total investment income (loss) | 216018 | 124346 | 1491356 | (889944) | 312560 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 126700 | 21556 | 122600 | 83106 | 48641 |
| Total expenses | 126700 | 21556 | 122600 | 83106 | 48641 |
| NET INVESTMENT INCOME (LOSS) | 89318 | 102790 | 1368756 | (973050) | 263919 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments | (104459)<sup>(b)</sup> |  | 138700 | 1449330 | (48450) |
| In-kind redemptions |  |  | 185767 | 559347 | 263774 |
| Purchased options |  |  |  |  | 86878 |
| Foreign currency transactions | (789) |  |  |  |  |
| Total return swaps |  |  |  |  |  |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments | 1239261<br> <sup>(c)</sup> | (794) | 26546 | 827539 | 89398 |
| Purchased options |  |  |  |  | 732947 |
| Foreign currency translations | 99 |  |  |  |  |
| Total return swaps |  | 1053082 |  |  |  |
| NET GAIN (LOSS) | 1134112 | 1052288 | 351013 | 2836216 | 1124547 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1223430 | $1155078 | $1719769 | $1863166 | $1388466 |

---

(a) Calamos Autocallable Income ETF commenced operations on June 25, 2025.

(b) Net of foreign capital gains tax of $(32).

(c) Net of change in deferred capital gains tax of $2,367.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BITCOIN <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY<sup>(d)</sup> | BITCOIN <br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>—APRIL<sup>(e)</sup> | BITCOIN <br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>—JULY<sup>(f)</sup> | BITCOIN <br>80 SERIES <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY<sup>(g)</sup> | BITCOIN <br>80 SERIES <br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>—APRIL<sup>(h)</sup> |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $9201 | $1079 | $1095 | $12914 | $— |
| (Amortization)/accretion of investment securities | 908491 | 55251 | 8022 | 569662 | 32517 |
| Net interest | 917692 | 56330 | 9117 | 582576 | 32517 |
| Total investment income (loss) | 917692 | 56330 | 9117 | 582576 | 32517 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 157621 | 10579 | 1524 | 129536 | 8898 |
| Total expenses | 157621 | 10579 | 1524 | 129536 | 8898 |
| NET INVESTMENT INCOME (LOSS) | 760071 | 45751 | 7593 | 453040 | 23619 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | (164) |  |  | (200) |  |
| In-kind redemptions | 5955654 | 1559253 | 139785 | 6279704 | 1330577 |
| Purchased options | (3485471) | 243545 |  | 964488 | 120294 |
| Written options | (1022089) | (866996) |  | (561062) | (251071) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (27320) | (8734) | (597) | (32730) | (4342) |
| Purchased options | (1244732) | (270806) | (46875) | (1483566) | (118978) |
| Written options | 610211 | (505880) | (85493) | (199326) | (161297) |
| NET GAIN (LOSS) | 786089 | 150382 | 6820 | 4967308 | 915183 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1546160 | $196133 | $14413 | $5420348 | $938802 |

---

(d) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 22, 2025.

(e) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

(f) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(g) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January commenced operations on February 4, 2025.

(h) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BITCOIN <br>80 SERIES <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY<sup>(i)</sup> | BITCOIN <br>90 SERIES <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY<sup>(j)</sup> | BITCOIN <br>90 SERIES <br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL<sup>(k)</sup> | BITCOIN <br>90 SERIES <br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>—JULY<sup>(l)</sup> | LADDERED <br>S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>(m) |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $1375 | $5447 | $— | $1307 | $12807 |
| (Amortization)/accretion of investment securities | 8473 | 443078 | 62891 | 8820 |  |
| Net interest | 9848 | 448525 | 62891 | 10127 | 12807 |
| Total investment income (loss) | 9848 | 448525 | 62891 | 10127 | 12807 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 2043 | 87249 | 14305 | 1879 | 43301 |
| Total expenses | 2043 | 87249 | 14305 | 1879 | 43301 |
| NET INVESTMENT INCOME (LOSS) | 7805 | 361276 | 48586 | 8248 | (30494) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments |  | (89) |  |  |  |
| In-kind redemptions | 117851 | 3307393 | 2184754 | 137414 | 785282 |
| Affiliated funds |  |  |  |  | (80515) |
| Purchased options |  | 69252 | 34972 |  |  |
| Written options |  | (597164) | (751447) |  |  |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (879) | (18869) | (9690) | (473) |  |
| Affiliated funds |  |  |  |  | 2354910 |
| Purchased options | (95928) | (748890) | (292609) | (110293) |  |
| Written options | (51139) | (129417) | (435391) | (57509) |  |
| NET GAIN (LOSS) | (30095) | 1882216 | 730589 | (30861) | 3059677 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(22290) | $2243492 | $779175 | $(22613) | $3029183 |

---

(i) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(j) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January commenced operations on February 4, 2025.

(k) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

(l) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(m) Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> commenced operations on September 9, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY<sup>(n)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—FEBRUARY<sup>(o)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—MARCH<sup>(p)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—APRIL<sup>(q)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—MAY |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $1100 | $999 | $744 | $679 | $10884 |
| Total investment income (loss) | 1100 | 999 | 744 | 679 | 10884 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 77857 | 73983 | 58280 | 32686 | 469919 |
| Total expenses | 77857 | 73983 | 58280 | 32686 | 469919 |
| NET INVESTMENT INCOME (LOSS) | (76757) | (72984) | (57536) | (32007) | (459035) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| In-kind redemptions | 17151 | 573653 |  | 77635 | 7293219 |
| Purchased options | (1021) | (769) |  |  | (68718) |
| Written options | (533) | (400) |  |  | (160532) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Purchased options | 1077680 | 645477 | 1470836 | 1607696 | 11297 |
| Written options | (285065) | (365877) | (662894) | (1116936) | (870877) |
| NET GAIN (LOSS) | 808212 | 852084 | 807942 | 568395 | 6204389 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $731455 | $779100 | $750406 | $536388 | $5745354 |

---

(n) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 2, 2025.

(o) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February commenced operations on February 3, 2025.

(p) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March commenced operations on March 3, 2025.

(q) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 1, 2025.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—JUNE<sup>(r)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—JULY | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—AUGUST<sup>(s)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—SEPTEMBER<sup>(t)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—OCTOBER<sup>(u)</sup> |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $745 | $2659 | $2422 | $1418 | $1046 |
| Total investment income (loss) | 745 | 2659 | 2422 | 1418 | 1046 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 16430 | 244236 | 272828 | 165789 | 120338 |
| Total expenses | 16430 | 244236 | 272828 | 165789 | 120338 |
| NET INVESTMENT INCOME (LOSS) | (15685) | (241577) | (270406) | (164371) | (119292) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| In-kind redemptions | 242027 | 4212160 | 6685389 | 399320 | 424496 |
| Purchased options |  | (656471) | (1976304) | (6001) | (1652) |
| Written options |  | (582518) | (1241726) | (1290) | (861) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Purchased options | 398063 | 382477 | (1893) | 2089504 | 841072 |
| Written options | (331544) | (382814) | (946) | (710424) | (278611) |
| NET GAIN (LOSS) | 308546 | 2972834 | 3464520 | 1771109 | 984444 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $292861 | $2731257 | $3194114 | $1606738 | $865152 |

---

(r) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June commenced operations on June 2, 2025.

(s) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August commenced operations on August 1, 2024.

(t) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September commenced operations on September 3, 2024.

(u) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October commenced operations on October 1, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—NOVEMBER<sup>(v)</sup> | S&P 500<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—DECEMBER<sup>(w)</sup> | NASDAQ-100<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—MARCH<sup>(x)</sup> | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—JUNE | NASDAQ-100<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—SEPTEMBER<sup>(y)</sup> |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $840 | $2392 | $470 | $11180 | $1690 |
| Total investment income (loss) | 840 | 2392 | 470 | 11180 | 1690 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 101025 | 210682 | 38530 | 278292 | 211820 |
| Total expenses | 101025 | 210682 | 38530 | 278292 | 211820 |
| NET INVESTMENT INCOME (LOSS) | (100185) | (208290) | (38060) | (267112) | (210130) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| In-kind redemptions | 180391 | 181398 |  | 5084235 | 2033137 |
| Purchased options | (1264) | (2355) |  | (1446113) | (7042) |
| Written options | (662) | (1216) |  | 43696 | (2400) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Purchased options | 1210134 | 1950694 | 1583646 | 1486948 | 2071004 |
| Written options | (411026) | 96120 | (928309) | (1453397) | (1543319) |
| NET GAIN (LOSS) | 977573 | 2224641 | 655337 | 3715369 | 2551380 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $877388 | $2016351 | $617277 | $3448257 | $2341250 |

---

(v) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November commenced operations on November 1, 2024.

(w) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December commenced operations on December 2, 2024.

(x) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March commenced operations on March 3, 2025.

(y) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September commenced operations on September 3, 2024.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Operations Year or Period Ended July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | NASDAQ-100<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—DECEMBER<sup>(z)</sup> | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY<sup>(aa)</sup> | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—APRIL<sup>(bb)</sup> | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT<br>PROTECTION <br>ETF<sup>®</sup>—JULY | RUSSELL 2000<sup>®</sup> <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—OCTOBER<sup>(cc)</sup> |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $1170 | $2008 | $— | $1674 | $935 |
| Total investment income (loss) | 1170 | 2008 |  | 1674 | 935 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 124240 | 185489 | 13648 | 360649 | 159571 |
| Total expenses | 124240 | 185489 | 13648 | 360649 | 159571 |
| NET INVESTMENT INCOME (LOSS) | (123070) | (183481) | (13648) | (358975) | (158636) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| In-kind redemptions | 1032271 | 274178 | 107439 | 5683337 | 402627 |
| Purchased options | (2218) | (5699) |  | (2431647) | (4474) |
| Written options | (1165) | (2830) |  | 5688 | (2286) |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Purchased options | 599847 | (463233) | 401103 | (4342074) | (1020590) |
| Written options | (363641) | 1258012 | (266398) | 3085680 | 1225392 |
| NET GAIN (LOSS) | 1265094 | 1060428 | 242144 | 2000984 | 600669 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1142024 | $876947 | $228496 | $1642009 | $442033 |

---

(z) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December commenced operations on December 2, 2024.

(aa) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 2, 2025.

(bb) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 1, 2025.

(cc) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October commenced operations on October 1, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **ANTETOKOUNMPO<br>GLOBAL SUSTAINABLE<br>EQUITIES ETF** | **ANTETOKOUNMPO<br>GLOBAL SUSTAINABLE<br>EQUITIES ETF** | **AUTOCALLABLE<br>INCOME ETF** | **CEF INCOME &<br>ARBITRAGE ETF** | **CEF INCOME &<br>ARBITRAGE ETF** |
| | YEAR ENDED<br>JULY 31, 2025 | YEAR ENDED<br>JULY 31, 2024 | YEAR ENDED<br>JULY 31, 2025<sup>(a)</sup> | YEAR ENDED<br>JULY 31, 2025 | YEAR ENDED<br>JULY 31, 2024<sup>(b)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $89318 | $109767 | $102790 | $1368756 | $330457 |
| Net realized gain (loss) | (105248) | (35864) |  | 324467 | 57579 |
| Change in unrealized appreciation/(depreciation) | 1239360 | 1069023 | 1052288 | 26546 | 710443 |
| Net increase (decrease) in net assets resulting from operations | 1223430 | 1142926 | 1155078 | 1719769 | 1098479 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions | (89738) | (100956) |  | (1327910) | (252902) |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 3020850 |  | 65099144 | 7725412 | 12924470 |
| Redeemed |  |  |  | (3431609) | (642546) |
| Net increase (decrease) in net assets from capital stock transactions | 3020850 |  | 65099144 | 4293803 | 12281924 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 4154542 | 1041970 | 66254222 | 4685662 | 13127501 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $11784496 | $10742526 | $— | $13127501 | $— |
| End of year | $15939038 | $11784496 | $66254222 | $17813163 | $13127501 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year | 404000 | 404000 |  | 475001 |  |
| Shares issued | 100000 |  | 2500001 | 275000 | 500001 |
| Shares redeemed |  |  |  | (125000) | (25000) |
| Net increase (decrease) in capital shares outstanding | 100000 |  | 2500001 | 150000 | 475001 |
| Shares outstanding, end of year | 504000 | 404000 | 2500001 | 625001 | 475001 |

---

(a) Calamos Autocallable Income ETF commenced operations on June 25, 2025.

(b) Calamos CEF Income & Arbitrage ETF commenced operations on January 16, 2024.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CONVERTIBLE<br>EQUITY<br>ALTERNATIVE ETF** | **CONVERTIBLE<br>EQUITY<br>ALTERNATIVE ETF** | **NASDAQ<sup>®</sup> <br>EQUITY & <br>INCOME ETF** | **NASDAQ<sup>®</sup> <br>EQUITY & <br>INCOME ETF** | **BITCOIN <br>STRUCTURED ALT <br>PROTECTION <br>ETF<sup>®</sup>—JANUARY** |
| | YEAR ENDED<br>JULY 31, 2025 | YEAR ENDED<br>JULY 31, 2024<sup>(c)</sup> | YEAR ENDED<br>JULY 31, 2025 | YEAR ENDED<br>JULY 31, 2024<sup>(d)</sup> | YEAR ENDED<br>JULY 31, 2025<sup>(e)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(973050) | $(1115034) | $263919 | $27963 | $760071 |
| Net realized gain (loss) | 2008677 | 1838056 | 302202 | (637) | 1447930 |
| Change in unrealized appreciation/(depreciation) | 827539 | 783222 | 822345 | 58306 | (661841) |
| Net increase (decrease) in net assets resulting from operations | 1863166 | 1506244 | 1388466 | 85632 | 1546160 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions | (146566) | (142447) | (281051) | (21565) |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 17242711 | 17917543 | 26579459 | 1242791 | 137701762 |
| Redeemed | (13792656) | (11067195) | (2749406) |  | (96471157) |
| Net increase (decrease) in net assets from capital stock transactions | 3450055 | 6850348 | 23830053 | 1242791 | 41230605 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 5166655 | 8214145 | 24937468 | 1306858 | 42776765 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $8214145 | $— | $1306858 | $— | $— |
| End of year | $13380800 | $8214145 | $26244326 | $1306858 | $42776765 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year | 300001 |  | 50001 |  |  |
| Shares issued | 600000 | 700001 | 950000 | 50001 | 5400001 |
| Shares redeemed | (500000) | (400000) | (100000) |  | (3750000) |
| Net increase (decrease) in capital shares outstanding | 100000 | 300001 | 850000 | 50001 | 1650001 |
| Shares outstanding, end of year | 400001 | 300001 | 900001 | 50001 | 1650001 |

---

(c) Calamos Convertible Equity Alternative ETF commenced operations on October 4, 2023.

(d) Calamos Nasdaq<sup>®</sup> Equity & Income ETF commenced operations on February 13, 2024.

(e) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 22, 2025.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **BITCOIN<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>APRIL** | **BITCOIN<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JULY** | **BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JANUARY** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(f)</sup> | YEAR ENDED<br>JULY 31, <br>2025<sup>(g)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(h)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $45751 | $7593 | $453040 |
| Net realized gain (loss) | 935802 | 139785 | 6682930 |
| Change in unrealized appreciation/(depreciation) | (785420) | (132965) | (1715622) |
| Net increase (decrease) in net assets resulting from operations | 196133 | 14413 | 5420348 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 15584880 | 8814037 | 261639790 |
| Redeemed | (10513092) | (3778409) | (218830667) |
| Net increase (decrease) in net assets from capital stock transactions | 5071788 | 5035628 | 42809123 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 5267921 | 5050041 | 48229471 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $5267921 | $5050041 | $48229471 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 600001 | 350001 | 9550001 |
| Shares redeemed | (400000) | (150000) | (7850000) |
| Net increase (decrease) in capital shares outstanding | 200001 | 200001 | 1700001 |
| Shares outstanding, end of year | 200001 | 200001 | 1700001 |

---

(f) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

(g) Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(h) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January commenced operations on February 4, 2025.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>APRIL** | **BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JULY** | **BITCOIN<br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JANUARY** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(i)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(j)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(k)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $23619 | $7805 | $361276 |
| Net realized gain (loss) | 1199800 | 117851 | 2779392 |
| Change in unrealized appreciation/(depreciation) | (284617) | (147946) | (897176) |
| Net increase (decrease) in net assets resulting from operations | 938802 | (22290) | 2243492 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 16065201 | 15494405 | 119977600 |
| Redeemed | (13841633) | (5124885) | (96225868) |
| Net increase (decrease) in net assets from capital stock transactions | 2223568 | 10369520 | 23751732 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 3162370 | 10347230 | 25995224 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $3162370 | $10347230 | $25995224 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 550001 | 600001 | 4550001 |
| Shares redeemed | (450000) | (200000) | (3600000) |
| Net increase (decrease) in capital shares outstanding | 100001 | 400001 | 950001 |
| Shares outstanding, end of year | 100001 | 400001 | 950001 |

---

(i) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

(j) Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(k) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January commenced operations on February 4, 2025.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **BITCOIN<br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>APRIL** | **BITCOIN<br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JULY** | **LADDERED<br>S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(l)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(m)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(n)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $48586 | $8248 | $(30494) |
| Net realized gain (loss) | 1468279 | 137414 | 704767 |
| Change in unrealized appreciation/(depreciation) | (737690) | (168275) | 2354910 |
| Net increase (decrease) in net assets resulting from operations | 779175 | (22613) | 3029183 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 23502246 | 10197220 | 114310288 |
| Redeemed | (18480385) | (5084823) | (37938294) |
| Net increase (decrease) in net assets from capital stock transactions | 5021861 | 5112397 | 76371994 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 5801036 | 5089784 | 79401177 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $5801036 | $5089784 | $79401177 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 850001 | 400001 | 4475001 |
| Shares redeemed | (650000) | (200000) | (1475000) |
| Net increase (decrease) in capital shares outstanding | 200001 | 200001 | 3000001 |
| Shares outstanding, end of year | 200001 | 200001 | 3000001 |

---

(l) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 7, 2025.

(m) Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 8, 2025.

(n) Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> commenced operations on September 9, 2024.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JANUARY** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>FEBRUARY** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>MARCH** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(o)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(p)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(q)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(76757) | $(72984) | $(57536) |
| Net realized gain (loss) | 15597 | 572484 |  |
| Change in unrealized appreciation/(depreciation) | 792615 | 279600 | 807942 |
| Net increase (decrease) in net assets resulting from operations | 731455 | 779100 | 750406 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 22373673 | 29467312 | 22503281 |
| Redeemed | (589650) | (4220686) |  |
| Net increase (decrease) in net assets from capital stock transactions | 21784023 | 25246626 | 22503281 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 22515478 | 26025726 | 23253687 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $22515478 | $26025726 | $23253687 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 950001 | 1225001 | 950001 |
| Shares redeemed | (25000) | (175000) |  |
| Net increase (decrease) in capital shares outstanding | 925001 | 1050001 | 950001 |
| Shares outstanding, end of year | 925001 | 1050001 | 950001 |

---

(o) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 2, 2025.

(p) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February commenced operations on February 3, 2025.

(q) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March commenced operations on March 3, 2025.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>APRIL** | **S&P 500<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JUNE** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(r)</sup> | YEAR ENDED<br>JULY 31,<br>2025 | YEAR ENDED<br>JULY 31,<br>2024<sup>(s)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(t)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(32007) | $(459035) | $(167575) | $(15685) |
| Net realized gain (loss) | 77635 | 7063969 | 1068992 | 242027 |
| Change in unrealized appreciation/(depreciation) | 490760 | (859580) | 2461273 | 66519 |
| Net increase (decrease) in net assets resulting from operations | 536388 | 5745354 | 3362690 | 292861 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 15999620 | 69714344 | 117361737 | 24751271 |
| Redeemed | (621432) | (118842963) | (12921114) | (13152037) |
| Net increase (decrease) in net assets from capital stock transactions | 15378188 | (49128619) | 104440623 | 11599234 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 15914576 | (43383265) | 107803313 | 11892095 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $107803313 | $— | $— |
| End of year | $15914576 | $64420048 | $107803313 | $11892095 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  | 4150001 |  |  |
| Shares issued | 650001 | 2650000 | 4650001 | 950001 |
| Shares redeemed | (25000) | (4500000) | (500000) | (500000) |
| Net increase (decrease) in capital shares outstanding | 625001 | (1850000) | 4150001 | 450001 |
| Shares outstanding, end of year | 625001 | 2300001 | 4150001 | 450001 |

---

(r) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 1, 2025.

(s) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May commenced operations on May 1, 2024.

(t) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June commenced operations on June 2, 2025.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>AUGUST** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>SEPTEMBER** |
| | YEAR ENDED<br>JULY 31,<br>2025 | YEAR ENDED<br>JULY 31,<br>2024<sup>(u)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(v)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(w)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(241577) | $(13756) | $(270406) | $(164371) |
| Net realized gain (loss) | 2973171 | (2664) | 3467359 | 392029 |
| Change in unrealized appreciation/(depreciation) | (337) | 268057 | (2839) | 1379080 |
| Net increase (decrease) in net assets resulting from operations | 2731257 | 251637 | 3194114 | 1606738 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 20838035 | 30096744 | 47995135 | 29826071 |
| Redeemed | (10628842) |  | (13828866) | (5090992) |
| Net increase (decrease) in net assets from capital stock transactions | 10209193 | 30096744 | 34166269 | 24735079 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 12940450 | 30348381 | 37360383 | 26341817 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $30348381 | $— | $— | $— |
| End of year | $43288831 | $30348381 | $37360383 | $26341817 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year | 1250001 |  |  |  |
| Shares issued | 825000 | 1250001 | 1975001 | 1200001 |
| Shares redeemed | (425000) |  | (550000) | (200000) |
| Net increase (decrease) in capital shares outstanding | 400000 | 1250001 | 1425001 | 1000001 |
| Shares outstanding, end of year | 1650001 | 1250001 | 1425001 | 1000001 |

---

(u) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 1, 2024.

(v) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August commenced operations on August 1, 2024.

(w) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September commenced operations on September 3, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>OCTOBER** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>NOVEMBER** | **S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>DECEMBER** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(x)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(y)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(z)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(119292) | $(100185) | $(208290) |
| Net realized gain (loss) | 421983 | 178465 | 177827 |
| Change in unrealized appreciation/(depreciation) | 562461 | 799108 | 2046814 |
| Net increase (decrease) in net assets resulting from operations | 865152 | 877388 | 2016351 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 30990136 | 23251073 | 55486434 |
| Redeemed | (14012325) | (3788756) | (2417469) |
| Net increase (decrease) in net assets from capital stock transactions | 16977811 | 19462317 | 53068965 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 17842963 | 20339705 | 55085316 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $17842963 | $20339705 | $55085316 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 1225001 | 925001 | 2300001 |
| Shares redeemed | (550000) | (150000) | (100000) |
| Net increase (decrease) in capital shares outstanding | 675001 | 775001 | 2200001 |
| Shares outstanding, end of year | 675001 | 775001 | 2200001 |

---

(x) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October commenced operations on October 1, 2024.

(y) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November commenced operations on November 1, 2024.

(z) Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December commenced operations on December 2, 2024.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>MARCH** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>SEPTEMBER** |
|  | YEAR ENDED<br>JULY 31, <br>2025<sup>(aa)</sup> | YEAR ENDED<br>JULY 31, <br>2025 | YEAR ENDED<br>JULY 31,<br>2024<sup>(bb)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(cc)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(38060) | $(267112) | $(58137) | $(210130) |
| Net realized gain (loss) |  | 3681818 | 94510 | 2023695 |
| Change in unrealized appreciation/(depreciation) | 655337 | 33551 | 624988 | 527685 |
| Net increase (decrease) in net assets resulting from operations | 617277 | 3448257 | 661361 | 2341250 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 15175781 | 50269111 | 65397058 | 50904567 |
| Redeemed |  | (73146270) | (1208298) | (29348954) |
| Net increase (decrease) in net assets from capital stock transactions | 15175781 | (22877159) | 64188760 | 21555613 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 15793058 | (19428902) | 64850121 | 23896863 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $64850121 | $— | $— |
| End of year | $15793058 | $45421219 | $64850121 | $23896863 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  | 2700001 |  |  |
| Shares issued | 625001 | 1950000 | 2750001 | 2050001 |
| Shares redeemed |  | (2925000) | (50000) | (1150000) |
| Net increase (decrease) in capital shares outstanding | 625001 | (975000) | 2700001 | 900001 |
| Shares outstanding, end of year | 625001 | 1725001 | 2700001 | 900001 |

---

(aa) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March commenced operations on March 3, 2025.

(bb) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June commenced operations on June 3, 2024.

(cc) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September commenced operations on September 3, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>DECEMBER** | **RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>JANUARY** | **RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>APRIL** |
|  | YEAR ENDED<br>JULY 31,<br>2025<sup>(dd)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(ee)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(ff)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(123070) | $(183481) | $(13648) |
| Net realized gain (loss) | 1028888 | 265649 | 107439 |
| Change in unrealized appreciation/(depreciation) | 236206 | 794779 | 134705 |
| Net increase (decrease) in net assets resulting from operations | 1142024 | 876947 | 228496 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 38772816 | 60714488 | 7452867 |
| Redeemed | (25126452) | (1880238) | (642409) |
| Net increase (decrease) in net assets from capital stock transactions | 13646364 | 58834250 | 6810458 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 14788388 | 59711197 | 7038954 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $— | $— | $— |
| End of year | $14788388 | $59711197 | $7038954 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year |  |  |  |
| Shares issued | 1575001 | 2450001 | 300001 |
| Shares redeemed | (1000000) | (75000) | (25000) |
| Net increase (decrease) in capital shares outstanding | 575001 | 2375001 | 275001 |
| Shares outstanding, end of year | 575001 | 2375001 | 275001 |

---

(dd) Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December commenced operations on December 2, 2024.

(ee) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January commenced operations on January 2, 2025.

(ff) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April commenced operations on April 1, 2025.

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION ETF<sup>®</sup>—<br>OCTOBER** |
| | YEAR ENDED<br>JULY 31,<br>2025 | YEAR ENDED<br>JULY 31,<br>2024<sup>(gg)</sup> | YEAR ENDED<br>JULY 31,<br>2025<sup>(hh)</sup> |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(358975) | $(23877) | $(158636) |
| Net realized gain (loss) | 3257378 | (12858) | 395867 |
| Change in unrealized appreciation/(depreciation) | (1256394) | 1475211 | 204802 |
| Net increase (decrease) in net assets resulting from operations | 1642009 | 1438476 | 442033 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Total distributions |  |  |  |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 8251637 | 54338643 | 31570700 |
| Redeemed | (12697587) |  | (4385332) |
| Net increase (decrease) in net assets from capital stock transactions | (4445950) | 54338643 | 27185368 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (2803941) | 55777119 | 27627401 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of year | $55777119 | $— | $— |
| End of year | $52973178 | $55777119 | $27627401 |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Shares outstanding, beginning of year | 2225001 |  |  |
| Shares issued | 325000 | 2225001 | 1275001 |
| Shares redeemed | (500000) |  | (175000) |
| Net increase (decrease) in capital shares outstanding | (175000) | 2225001 | 1100001 |
| Shares outstanding, end of year | 2050001 | 2225001 | 1100001 |

---

(gg) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July commenced operations on July 1, 2024.

(hh) Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October commenced operations on October 1, 2024.

See accompanying Notes to Financial Statements

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Antetokounmpo Global Sustainable Equities ETF Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | YEAR ENDED <br>JULY 31, 2024 | FEBRUARY 3, 2023• THROUGH <br>JULY 31, 2023 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $29.17 | $26.59 | $25.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.20 | 0.27 | 0.18 |
| Net realized and unrealized gain (loss) | 2.46 | 2.56 | 1.41 |
| Total from investment operations | 2.66 | 2.83 | 1.59 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.20) | (0.25) |  |
| Total distributions(b) | (0.20) | (0.25) |  |
| Net asset value, end of year | $31.63 | $29.17 | $26.59 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(c) | 9.13% | 10.74% | 6.36% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.95% | 0.95% | 0.95<br> %(d) |
| Net investment income (loss) | 0.67% | 1.02% | 1.47<br> %(d) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $15939 | $11784 | $10743 |
| Portfolio turnover rate(e)(f) | 15% | 25% | 7% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Distribution for annual periods determined in accordance with federal income tax regulations.

(c) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

www.calamos.com

------

Calamos Autocallable Income ETF Financial Highlights

Selected data for a share outstanding throughout the period was as follows:

---

| | |
|:---|:---|
| | JUNE 25, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.09 |
| Net realized and unrealized gain (loss) | 1.41 |
| Total from investment operations | 1.50 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of period | $26.50 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 6.00% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.74<br> %(c) |
| Net investment income (loss) | 3.53<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of period (000) | $66254 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos CEF Income & Arbitrage ETF Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
|  | YEAR ENDED <br>JULY 31, 2025 | JANUARY 16, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $27.64 | $25.03 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 2.31 | 1.11 |
| Net realized and unrealized gain (loss) | 0.82 | 2.19 |
| Total from investment operations | 3.13 | 3.30 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (1.74) | (0.69) |
| Net realized gains | (0.53) |  |
| Total distributions(b) | (2.27) | (0.69) |
| Net asset value, end of year | $28.50 | $27.64 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(c) | 11.81% | 13.36% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.74<br> %(d) | 0.74<br> %(d)(e) |
| Net investment income (loss) | 8.26<br> %(d) | 7.80<br> %(d)(e) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $17813 | $13128 |
| Portfolio turnover rate(f)(g) | 74% | 66% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Distribution for annual periods determined in accordance with federal income tax regulations.

(c) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) The Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

www.calamos.com

------

Calamos Convertible Equity Alternative ETF Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | OCTOBER 4, 2023• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $27.38 | $24.23 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (2.40) | (2.74) |
| Net realized and unrealized gain (loss) | 8.85 | 6.21 |
| Total from investment operations | 6.45 | 3.47 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.38) | (0.32) |
| Total distributions(b) | (0.38) | (0.32) |
| Net asset value, end of year | $33.45 | $27.38 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(c) | 23.85% | 14.37% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69% | 0.69<br> %(d) |
| Net investment income (loss) | (8.08%) | (12.44<br> %)(d) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $13381 | $8214 |
| Portfolio turnover rate(e)(f) | 150% | 123% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Distribution for annual periods determined in accordance with federal income tax regulations.

(c) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Nasdaq<sup>®</sup> Equity & Income ETF Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | FEBRUARY 13, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $26.14 | $24.86 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 1.14 | 0.56 |
| Net realized and unrealized gain (loss) | 3.40 | 1.15 |
| Total from investment operations | 4.54 | 1.71 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (1.52) | (0.43) |
| Total distributions(b) | (1.52) | (0.43) |
| Net asset value, end of year | $29.16 | $26.14 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(c) | 17.94% | 6.96% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.75% | 0.77<br> %(d) |
| Net investment income (loss) | 4.08% | 4.74<br> %(d) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $26244 | $1307 |
| Portfolio turnover rate(e)(f) | 27% | 9% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Distribution for annual periods determined in accordance with federal income tax regulations.

(c) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

www.calamos.com

------

Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—January Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JANUARY 22, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.44 |
| Net realized and unrealized gain (loss) | 0.49 |
| Total from investment operations | 0.93 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.93 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.72% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 3.33<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $42777 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | APRIL 7, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.24 |
| Net realized and unrealized gain (loss) | 1.10 |
| Total from investment operations | 1.34 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.34 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 5.36% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 2.99<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $5268 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JULY 8, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.05 |
| Net realized and unrealized gain (loss) | 0.20 |
| Total from investment operations | 0.25 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.25 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 1.00% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 3.44<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $5050 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | FEBRUARY 4, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.30 |
| Net realized and unrealized gain (loss) | 3.07 |
| Total from investment operations | 3.37 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $28.37 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 13.48% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 2.41<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $48229 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | APRIL 7, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.17 |
| Net realized and unrealized gain (loss) | 6.45 |
| Total from investment operations | 6.62 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $31.62 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 26.52% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 1.83<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $3162 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JULY 8, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.04 |
| Net realized and unrealized gain (loss) | 0.83 |
| Total from investment operations | 0.87 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.87 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.48% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 2.64<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $10347 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | FEBRUARY 4, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.35 |
| Net realized and unrealized gain (loss) | 2.01 |
| Total from investment operations | 2.36 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $27.36 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 9.48% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 2.86<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $25995 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | APRIL 7, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.21 |
| Net realized and unrealized gain (loss) | 3.80 |
| Total from investment operations | 4.01 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $29.01 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 16.04% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 2.36<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $5801 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JULY 8, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.00 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | 0.05 |
| Net realized and unrealized gain (loss) | 0.40 |
| Total from investment operations | 0.45 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.45 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 1.80% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | 3.03<br> %(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $5090 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | SEPTEMBER 9, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.92 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.02) |
| Net realized and unrealized gain (loss) | 1.57 |
| Total from investment operations | 1.55 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.47 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 6.22% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.10<br> %(c)(d) |
| Net investment income (loss) | (0.07<br> %)(c)(d) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $79401 |
| Portfolio turnover rate(e)(f) | 18% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(e) Not annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JANUARY 2, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $23.46 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.09) |
| Net realized and unrealized gain (loss) | 0.97 |
| Total from investment operations | 0.88 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $24.34 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.75% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $22515 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | FEBRUARY 3, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.09 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.08) |
| Net realized and unrealized gain (loss) | 0.78 |
| Total from investment operations | 0.70 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $24.79 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 2.91% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $26026 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | MARCH 3, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $23.78 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07) |
| Net realized and unrealized gain (loss) | 0.77 |
| Total from investment operations | 0.70 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $24.48 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 2.94% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $23254 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | APRIL 1, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.64 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.06) |
| Net realized and unrealized gain (loss) | 0.88 |
| Total from investment operations | 0.82 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.46 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.33% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $15915 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | MAY 1, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.98 | $25.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.18) | (0.04) |
| Net realized and unrealized gain (loss) | 2.21 | 1.02 |
| Total from investment operations | 2.03 | 0.98 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |  |
| Total distributions |  |  |
| Net asset value, end of year | $28.01 | $25.98 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 7.81% | 3.92% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69% | 0.69<br> %(c) |
| Net investment income (loss) | (0.67%) | (0.65<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $64420 | $107803 |
| Portfolio turnover rate(d)(e) | 0% | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JUNE 2, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.94 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.03) |
| Net realized and unrealized gain (loss) | 0.52 |
| Total from investment operations | 0.49 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.43 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 1.89% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.66<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $11892 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | JULY 1, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.28 | $23.96 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.01) |
| Net realized and unrealized gain (loss) | 2.13 | 0.33 |
| Total from investment operations | 1.96 | 0.32 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |  |
| Total distributions |  |  |
| Net asset value, end of year | $26.24 | $24.28 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 8.03% | 1.34% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69% | 0.69<br> %(c) |
| Net investment income (loss) | (0.68%) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $43289 | $30348 |
| Portfolio turnover rate(d)(e) | 0% | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | AUGUST 1, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.25 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) |
| Net realized and unrealized gain (loss) | 2.14 |
| Total from investment operations | 1.97 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.22 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 8.12% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $37360 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | SEPTEMBER 3, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.81 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.16) |
| Net realized and unrealized gain (loss) | 1.69 |
| Total from investment operations | 1.53 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.34 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 6.17% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $26342 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | OCTOBER 1, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.26 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.15) |
| Net realized and unrealized gain (loss) | 1.32 |
| Total from investment operations | 1.17 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.43 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 4.63% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $17843 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | NOVEMBER 1, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.03 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.13) |
| Net realized and unrealized gain (loss) | 1.34 |
| Total from investment operations | 1.21 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.24 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 4.83% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $20340 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | DECEMBER 2, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.12 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11) |
| Net realized and unrealized gain (loss) | 1.03 |
| Total from investment operations | 0.92 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.04 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.81% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $55085 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | MARCH 3, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.41 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.07) |
| Net realized and unrealized gain (loss) | 0.93 |
| Total from investment operations | 0.86 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.27 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.52% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $15793 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | JUNE 3, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.02 | $23.57 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.03) |
| Net realized and unrealized gain (loss) | 2.48 | 0.48 |
| Total from investment operations | 2.31 | 0.45 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |  |
| Total distributions |  |  |
| Net asset value, end of year | $26.33 | $24.02 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 9.62% | 1.91% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69% | 0.69<br> %(c) |
| Net investment income (loss) | (0.66%) | (0.65<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $45421 | $64850 |
| Portfolio turnover rate(d)(e) | 0% | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | SEPTEMBER 3, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.78 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.16) |
| Net realized and unrealized gain (loss) | 1.93 |
| Total from investment operations | 1.77 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $26.55 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 7.14% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $23897 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | DECEMBER 2, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.49 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.11) |
| Net realized and unrealized gain (loss) | 1.34 |
| Total from investment operations | 1.23 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.72 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 5.02% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $14788 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | JANUARY 2, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.76 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.10) |
| Net realized and unrealized gain (loss) | 0.48 |
| Total from investment operations | 0.38 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.14 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 1.53% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $59711 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | APRIL 1, 2025• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.76 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.06) |
| Net realized and unrealized gain (loss) | 0.90 |
| Total from investment operations | 0.84 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.60 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.39% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.69<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $7039 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July Financial Highlights

Selected data for a share outstanding throughout each year were as follows:

---

| | | |
|:---|:---|:---|
| | YEAR ENDED <br>JULY 31, 2025 | JULY 1, 2024• THROUGH <br>JULY 31, 2024 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $25.07 | $24.36 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.17) | (0.01) |
| Net realized and unrealized gain (loss) | 0.94 | 0.72 |
| Total from investment operations | 0.77 | 0.71 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |  |
| Total distributions |  |  |
| Net asset value, end of year | $25.84 | $25.07 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 3.07% | 2.91% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69% | 0.69<br> %(c) |
| Net investment income (loss) | (0.69%) | (0.68<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $52973 | $55777 |
| Portfolio turnover rate(d)(e) | 0% | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October Financial Highlights

Selected data for a share outstanding throughout the year was as follows:

---

| | |
|:---|:---|
| | OCTOBER 1, 2024• THROUGH <br>JULY 31, 2025 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of year | $24.75 |
| Income from investment operations: | Income from investment operations: |
| Net investment income (loss)(a) | (0.14) |
| Net realized and unrealized gain (loss) | 0.51 |
| Total from investment operations | 0.37 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  |
| Total distributions |  |
| Net asset value, end of year | $25.12 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on: | Total investment return based on: |
| Net asset value(b) | 1.49% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses | 0.69<br> %(c) |
| Net investment income (loss) | (0.69<br> %)(c) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of year (000) | $27627 |
| Portfolio turnover rate(d)(e) | 0% |

---

• Commencement of operations.

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c) Annualized.

(d) Not annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

www.calamos.com

------

Antetokounmpo Global Sustainable Equities ETF Schedule of Investments July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **COMMON STOCKS (99.1%)** | **COMMON STOCKS (99.1%)** |  |  |
|  |  | Communication Services (6.1%) | Communication Services (6.1%) |
| 3861 |  | Alphabet, Inc. - Class A | $740926 |
| 546135  | KES | Safaricom PLC | 111594 |
| 2732 |  | Verizon Communications, Inc. | 116820 |
|  |  |  | 969340 |
|  |  | Consumer Discretionary (10.2%) | Consumer Discretionary (10.2%) |
| 1906  | EUR | Amadeus IT Group SA | 153173 |
| 15576  | HKD | BYD Co. Ltd. - Class H | 228977 |
| 2570 |  | Chipotle Mexican Grill, Inc.# | 110202 |
| 2268  | EUR | Cie Generale des Etablissements Michelin SCA | 80908 |
| 1074  | KRW | Coway Co. Ltd. | 84337 |
| 5653  | GBP | Greggs PLC | 117957 |
| 387 |  | Home Depot, Inc. | 142226 |
| 2842  | EUR | Industria de Diseno Textil SA | 135926 |
| 41 |  | MercadoLibre, Inc.# | 97330 |
| 6563 |  | Sony Group Corp. ADR | 159612 |
| 1906 |  | TJX Cos., Inc. | 237354 |
| 1460 |  | Tractor Supply Co. | 83147 |
|  |  |  | 1631149 |
|  |  | Consumer Staples (6.0%) | Consumer Staples (6.0%) |
| 1199 |  | Colgate-Palmolive Co. | 100536 |
| 147 |  | Costco Wholesale Corp. | 138127 |
| 3197 |  | Darling Ingredients, Inc.# | 103519 |
| 25307  | GBP | Haleon PLC | 120151 |
| 5292  | EUR | Jeronimo Martins SGPS SA | 129240 |
| 1393  | EUR | Kerry Group PLC - Class A | 129003 |
| 202  | EUR | L'Oreal SA | 89754 |
| 1481 |  | Walmart, Inc. | 145108 |
|  |  |  | 955438 |
|  |  | Financials (15.5%) | Financials (15.5%) |
| 22668  | HKD | AIA Group Ltd. | 211953 |
| 16370  | GBP | Aviva PLC | 140221 |
| 1398 |  | Bank of New York Mellon Corp. | 141827 |
| 491766  | IDR | Bank Rakyat Indonesia Persero Tbk. PT | 110875 |
| 4252  | NOK | DNB Bank ASA | 107876 |
| 25177  | EUR | Eurobank Ergasias Services & Holdings SA | 93034 |
| 786 |  | Fiserv, Inc.# | 109207 |
| 11490  | MXN | Grupo Financiero Banorte SAB de CV - Class O | 102329 |
| 3222 |  | HDFC Bank Ltd. ADR | 247353 |
| 1959  | HKD | Hong Kong Exchanges & Clearing Ltd. | 106559 |
| 716 |  | Intercontinental Exchange, Inc. | 132338 |
| 12695 |  | Itau Unibanco Holding SA ADR | 79598 |
| 617 |  | Jack Henry & Associates, Inc. | 104776 |
| 1348  | EUR | KBC Group NV | 141158 |
| 248 |  | S&P Global, Inc. | 136673 |
| 1998  | JPY | Tokio Marine Holdings, Inc. | 81139 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 636 |  | Travelers Cos., Inc. | $| 165513 |
| 766 |  | Visa, Inc. - Class A |  | 264630 |
|  |  |  |  | 2477059 |
|  |  | Health Care (9.4%) | Health Care (9.4%) | Health Care (9.4%) |
| 794  | GBP | AstraZeneca PLC |  | 118743 |
| 684  | AUD | CSL Ltd. |  | 119080 |
| 3222  | JPY | Daiichi Sankyo Co. Ltd. |  | 79482 |
| 928 |  | Edwards Lifesciences Corp.# |  | 73600 |
| 357  | EUR | EssilorLuxottica SA |  | 106171 |
| 1292 |  | GE HealthCare Technologies, Inc. |  | 92145 |
| 1330 |  | Gilead Sciences, Inc. |  | 149346 |
| 175  | CHF | Lonza Group AG |  | 123238 |
| 1138 |  | Merck & Co., Inc. |  | 88900 |
| 522  | EUR | Merck KGaA |  | 65706 |
| 2084  | DKK | Novo Nordisk AS - Class B |  | 100205 |
| 383  | CHF | Roche Holding AG |  | 121230 |
| 2100  | CNY | Shenzhen Mindray Bio-Medical <br>Electronics Co. Ltd. - Class A |  | 67500 |
| 244 |  | Thermo Fisher Scientific, Inc. |  | 114114 |
| 492 |  | Zoetis, Inc. |  | 71729 |
|  |  |  |  | 1491189 |
|  |  | Industrials (15.7%) | Industrials (15.7%) | Industrials (15.7%) |
| 4242  | SEK | Atlas Copco AB - Class A |  | 64740 |
| 1794 |  | Canadian Pacific Kansas City Ltd. |  | 131949 |
| 1391  | EUR | Cie de Saint-Gobain SA |  | 159217 |
| 255 |  | Deere & Co. |  | 133714 |
| 3104  | SEK | Epiroc AB - Class A |  | 63274 |
| 1592  | GBP | Experian PLC |  | 84183 |
| 596 |  | Ferguson Enterprises, Inc. |  | 133105 |
| 5968  | JPY | Hitachi Ltd. |  | 185887 |
| 1723 |  | nVent Electric PLC |  | 135118 |
| 1129 |  | Otis Worldwide Corp. |  | 96744 |
| 548 |  | Quanta Services, Inc. |  | 222559 |
| 1700  | JPY | Recruit Holdings Co. Ltd. |  | 102045 |
| 2419  | GBP | RELX PLC |  | 125742 |
| 219 |  | Rockwell Automation, Inc. |  | 77024 |
| 434  | EUR | Schneider Electric SE |  | 113048 |
| 709  | EUR | Siemens AG |  | 181969 |
| 200  | JPY | SMC Corp. |  | 69894 |
| 4300  | CNY | Sungrow Power Supply Co. Ltd. - Class A |  | 43042 |
| 302 |  | Trane Technologies PLC |  | 132300 |
| 282 |  | Verisk Analytics, Inc. |  | 78596 |
| 718 |  | Waste Management, Inc. |  | 164537 |
|  |  |  |  | 2498687 |
|  |  | Information Technology (26.9%) | Information Technology (26.9%) | Information Technology (26.9%) |
| 302 |  | Accenture PLC - Class A |  | 80664 |
| 2480 |  | Apple, Inc. |  | 514774 |

---

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Antetokounmpo Global Sustainable Equities ETF Schedule of Investments July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| 685 |  | Applied Materials, Inc. | $123341 |
| 123  | EUR | ASML Holding NV | 86059 |
| 3222 |  | Bentley Systems, Inc. - Class B | 186812 |
| 977 |  | Broadcom, Inc. | 286945 |
| 3280  | EUR | Infineon Technologies AG | 129643 |
| 200  | JPY | Keyence Corp. | 73210 |
| 1654 |  | Microsoft Corp. | 882409 |
| 3610 |  | NVIDIA Corp. | 642111 |
| 427 |  | Oracle Corp. | 108360 |
| 371 |  | Palo Alto Networks, Inc.# | 64406 |
| 1091  | EUR | SAP SE | 312258 |
| 583  | KRW | SK Hynix, Inc. | 114977 |
| 1744 |  | Taiwan Semiconductor Manufacturing <br>Co. Ltd. ADR | 421385 |
| 978 |  | TE Connectivity PLC | 201223 |
| 312 |  | Texas Instruments, Inc. | 56491 |
|  |  |  | 4285068 |
|  |  | Materials (5.1%) | Materials (5.1%) |
| 450  | EUR | Air Liquide SA | 88740 |
| 2158 |  | Ball Corp. | 123567 |
| 1072  | GBP | Croda International PLC | 36979 |
| 708  | EUR | DSM-Firmenich AG | 68290 |
| 481 |  | Ecolab, Inc. | 125906 |
| 16715  | BRL | Klabin SA | 55522 |
| 282 |  | Linde PLC | 129793 |
| 1282  | DKK | Novonesis Novozymes B - Class B | 83458 |
| 459  | CHF | Sika AG | 108838 |
|  |  |  | 821093 |
|  |  | Real Estate (1.1%) | Real Estate (1.1%) |
| 454 |  | American Tower Corp. | 94609 |
| 686 |  | Prologis, Inc. | 73251 |
|  |  |  | 167860 |
|  |  | Utilities (3.1%) | Utilities (3.1%) |
| 6656  | EUR | Iberdrola SA | 116641 |
| 6802  | GBP | National Grid PLC | 95220 |
| 19209  | INR | Power Grid Corp. of India Ltd. | 63866 |
| 1304 |  | Sempra | 106511 |
| 3548  | EUR | Veolia Environnement SA | 120255 |
|  |  |  | 502493 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $12,612,027) | 15799376 |
|  |  | **TOTAL INVESTMENTS (99.1%)**<br> (Cost $12,612,027) | 15799376 |
| OTHER ASSETS, LESS LIABILITIES (0.9%) | OTHER ASSETS, LESS LIABILITIES (0.9%) | OTHER ASSETS, LESS LIABILITIES (0.9%) | 139662 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15939038 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

**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

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KES Kenyan Shilling

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

SEK Swedish Krona

**ABBREVIATION**

ADR American Depositary Receipt

Note: Value for securities denominated in foreign currencies is shown in U.S. Dollars.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Antetokounmpo Global Sustainable Equities ETF Schedule of Investments July 31, 2025

**CURRENCY EXPOSURE JULY 31, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $9674860 | 61.2% |
| European Monetary Unit | 2500193 | 15.8% |
| British Pound Sterling | 839196 | 5.3% |
| Japanese Yen | 591657 | 3.7% |
| Hong Kong Dollar | 547489 | 3.5% |
| Swiss Franc | 353306 | 2.2% |
| South Korean Won | 199314 | 1.3% |
| Danish Krone | 183663 | 1.2% |
| Swedish Krona | 128014 | 0.8% |
| Australian Dollar | 119080 | 0.8% |
| Kenyan Shilling | 111594 | 0.7% |
| Indonesian Rupiah | 110875 | 0.7% |
| Chinese Yuan Renminbi | 110542 | 0.7% |
| Norwegian Krone | 107876 | 0.7% |
| Mexican Peso | 102329 | 0.6% |
| Indian Rupee | 63866 | 0.4% |
| Brazilian Real | 55522 | 0.4% |
| Total Investments | $15799376 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Autocallable Income ETF Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (96.1%)** | **U.S. GOVERNMENT AND AGENCY SECURITY (96.1%)** | **U.S. GOVERNMENT AND AGENCY SECURITY (96.1%)** |
|  | Other (96.1%) | Other (96.1%) |
| 63830600 | U.S. Treasury Bills~ <br>4.169%, 08/19/25 <br>(Cost $63,695,020) | $63694226 |
|  | **TOTAL INVESTMENTS (96.1%)**<br> (Cost $63,695,020) | 63694226 |
| OTHER ASSETS, LESS LIABILITIES (3.9%) | OTHER ASSETS, LESS LIABILITIES (3.9%) | 2559996 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $66254222 |

---

**TOTAL RETURN SWAPS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | UNDERLYING<br>REFERENCE<br>INSTRUMENT | FIXED RATE<br>(FUND PAYS) | FLOATING RATE<br>(FUND RECEIVES) | TERMINATION<br>DATE | PERIODIC<br>PAYMENT<br>FREQUENCY | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(PAID)/<br>RECEIVED | MARKET<br>VALUE | UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) |
| JPMorgan Chase<br>Bank N.A. | MerQube U.S. Large-Cap<br>Vol Advantage<br>Autocallable Index | 1 mo. SOFR Plus 0.100% | Equity returns on 83,427 shares of<br>MerQube U.S. Large-Cap Vol Advantage<br>Autocallable Index | 08/31/26 | Annual | $64106867 | $— | $1053082 | $1053082 |
|  |  |  |  |  |  |  | $— | $1053082 | $1053082 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $16,689,067.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

CEF Income & Arbitrage ETF Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **CLOSED-END FUNDS (98.9%)** |  |  |
|  | Convertible (2.2%) | Convertible (2.2%) |
| 31502 | Advent Convertible & Income Fund | $387475 |
|  | Covered Call (15.3%) | Covered Call (15.3%) |
| 49700 | BlackRock Enhanced Equity Dividend Trust | 438851 |
| 22919 | BlackRock Enhanced Large Cap Core Fund, Inc. | 496655 |
| 56710 | Eaton Vance Tax Managed Global Buy Write <br>Opportunities Fund | 491676 |
| 60982 | Eaton Vance Tax-Managed Global Diversified <br>Equity Income Fund | 533592 |
| 17369 | Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund | 248377 |
| 82298 | XAI Madison Equity Premium Income Fund | 508601 |
|  |  | 2717752 |
|  | Equity-Sector (6.5%) | Equity-Sector (6.5%) |
| 6266 | BlackRock Health Sciences Trust | 222694 |
| 9332 | Blackrock Science & Technology Trust | 364508 |
| 38658 | GAMCO Global Gold Natural Resources & <br>Income Trust | 171641 |
| 10660 | Reaves Utility Income Fund | 408065 |
|  |  | 1166908 |
|  | Global Allocation (1.3%) | Global Allocation (1.3%) |
| 12258 | Thornburg Income Builder Opportunities Trust | 239399 |
|  | High Yield Bond (6.9%) | High Yield Bond (6.9%) |
| 16772 | AllianceBernstein Global High Income Fund, Inc. | 186505 |
| 119875 | Credit Suisse Asset Management Income <br>Fund, Inc. | 357228 |
| 22011 | DoubleLine Yield Opportunities Fund | 338749 |
| 80280 | Western Asset High Income Fund II, Inc. | 340387 |
|  |  | 1222869 |
|  | Master Limited Partnership (10.6%) | Master Limited Partnership (10.6%) |
| 12800 | ClearBridge Energy Midstream Opportunity <br>Fund, Inc. | 612736 |
| 34245 | Kayne Anderson Energy Infrastructure Fund | 426008 |
| 48805 | Neuberger Berman Energy Infrastructure & <br>Income Fund, Inc. | 427531 |
| 9847 | Tortoise Energy Infrastructure Corp. | 426769 |
|  |  | 1893044 |
|  | Municipal Bond (5.0%) | Municipal Bond (5.0%) |
| 25968 | BlackRock Taxable Municipal Bond Trust | 420422 |
| 31996 | NYLI MacKay DefinedTerm Muni <br>Opportunities Fund | 466501 |
|  |  | 886923 |
|  | Preferred (5.2%) | Preferred (5.2%) |
| 22773 | Flaherty & Crumrine Preferred & Income <br>Securities Fund | 372111 |
| 41148 | John Hancock Premium Dividend Fund | 548914 |
|  |  | 921025 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Real Estate Investment Trust (5.5%) | Real Estate Investment Trust (5.5%) |
| 28639 | Cohen & Steers Quality Income Realty <br>Fund, Inc. | $351401 |
| 28904 | Highland Opportunities & Income Fund | 152613 |
| 147110 | Neuberger Berman Real Estate Securities <br>Income Fund, Inc. | 473694 |
|  |  | 977708 |
|  | Senior Loan (11.4%) | Senior Loan (11.4%) |
| 20799 | Blackstone Strategic Credit 2027 Term Fund | 258116 |
| 28295 | Eaton Vance Senior Floating-Rate Trust | 337276 |
| 61808 | Eaton Vance Senior Income Trust | 347361 |
| 131492 | Nuveen Credit Strategies Income Fund | 727151 |
| 41500 | Nuveen Floating Rate Income Fund | 353580 |
|  |  | 2023484 |
|  | U.S. Allocation (9.4%) | U.S. Allocation (9.4%) |
| 54533 | Bexil Investment Trust | 745466 |
| 14025 | Eaton Vance Tax-Advantaged Dividend <br>Income Fund | 335899 |
| 24400 | John Hancock Tax-Advantaged Dividend <br>Income Fund | 592188 |
|  |  | 1673553 |
|  | U.S. Stock (5.8%) | U.S. Stock (5.8%) |
| 104103 | Liberty All Star Growth Fund, Inc. | 573607 |
| 11661 | Nuveen Core Equity Alpha Fund | 179813 |
| 16348 | SRH Total Return Fund, Inc. | 289360 |
|  |  | 1042780 |
|  | World Bond (3.0%) | World Bond (3.0%) |
| 10606 | abrdn Asia-Pacific Income Fund, Inc. | 170863 |
| 30122 | abrdn Income Credit Strategies Fund | 179226 |
| 13648 | Nuveen Global High Income Fund | 180426 |
|  |  | 530515 |
|  | World Stock (10.8%) | World Stock (10.8%) |
| 58550 | abrdn Total Dynamic Dividend Fund | 522851 |
| 38211 | India Fund, Inc. | 590742 |
| 12680 | Mexico Fund, Inc. | 226465 |
| 9646 | Morgan Stanley India Investment Fund, Inc. | 263529 |
| 21484 | Templeton Emerging Markets Fund | 321615 |
|  |  | 1925202 |
|  | **TOTAL CLOSED-END FUNDS**<br> (Cost $16,871,648) | 17608637 |
|  | **TOTAL INVESTMENTS (98.9%)**<br> (Cost $16,871,648) | 17608637 |
| OTHER ASSETS, LESS LIABILITIES (1.1%) | OTHER ASSETS, LESS LIABILITIES (1.1%) | 204526 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $17813163 |

---

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Convertible Equity Alternative ETF Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CONVERTIBLE BONDS (72.0%)** |  |  |
|  | Communication Services (7.8%) | Communication Services (7.8%) |
| 149000 | Liberty Media Corp.\*<br>2.375%, 09/30/53 | $225032 |
| 59000 | Liberty Media Corp. - Liberty Formula One<br>2.250%, 08/15/27 | 76893 |
| 132000 | Live Nation Entertainment, Inc.<br>3.125%, 01/15/29 | 198628 |
| 41000 | Opendoor Technologies, Inc.\*<br>7.000%, 05/15/30 | 61663 |
|  | Uber Technologies, Inc. |  |
| 226000 | 0.875%, 12/01/28 | 308879 |
| 148000 | 0.000%, 12/15/25^ | 168431 |
|  |  | 1039526 |
|  | Consumer Discretionary (6.1%) | Consumer Discretionary (6.1%) |
| 36000 | Burlington Stores, Inc.<br>1.250%, 12/15/27 | 51697 |
| 148000 | Carnival Corp.<br>5.750%, 12/01/27 | 342491 |
| 34000 | Patrick Industries, Inc.<br>1.750%, 12/01/28 | 52937 |
| 44000 | Peloton Interactive, Inc.<br>5.500%, 12/01/29 | 83084 |
| 56000 | Stride, Inc.^<br>1.125%, 09/01/27 | 137977 |
| 91000 | Wayfair, Inc.<br>3.500%, 11/15/28 | 147159 |
|  |  | 815345 |
|  | Energy (1.1%) | Energy (1.1%) |
| 45000 | CNX Resources Corp.<br>2.250%, 05/01/26 | 106369 |
| 35000 | Eos Energy Enterprises, Inc.\*<br>6.750%, 06/15/30 | 45240 |
|  |  | 151609 |
|  | Financials (5.7%) | Financials (5.7%) |
| 164000 | Coinbase Global, Inc.<br>0.250%, 04/01/30 | 224800 |
| 114000 | SoFi Technologies, Inc.\*<br>1.250%, 03/15/29 | 281701 |
| 56000 | Upstart Holdings, Inc.\*<br>2.000%, 10/01/29 | 111957 |
| 114000 | Ventas Realty LP<br>3.750%, 06/01/26 | 142015 |
|  |  | 760473 |
|  | Health Care (1.0%) | Health Care (1.0%) |
| 47000 | Insulet Corp.<br>0.375%, 09/01/26 | 62667 |
| 41000 | Mirum Pharmaceuticals, Inc.<br>4.000%, 05/01/29 | 73475 |
|  |  | 136142 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Industrials (8.8%) | Industrials (8.8%) |
| 36000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | $118809 |
|  | Bloom Energy Corp. |  |
| 68000 | 3.000%, 06/01/29 | 134524 |
| 82000 | 3.000%, 06/01/28 | 172430 |
| 76000 | Fluor Corp.<br>1.125%, 08/15/29 | 107050 |
|  | Granite Construction, Inc. |  |
| 44000 | 3.250%, 06/15/30 | 60372 |
| 53000 | 3.750%, 05/15/28^ | 111449 |
| 39000 | OSI Systems, Inc.\*<br>2.250%, 08/01/29 | 52245 |
| 46000 | Rocket Lab USA, Inc.\*<br>4.250%, 02/01/29 | 413317 |
|  |  | 1170196 |
|  | Information Technology (28.8%) | Information Technology (28.8%) |
| 223000 | Akamai Technologies, Inc.\*<br>0.250%, 05/15/33 | 225020 |
| 59000 | Core Scientific, Inc.\*<br>3.000%, 09/01/29 | 86169 |
| 61000 | InterDigital, Inc.<br>3.500%, 06/01/27 | 204656 |
|  | Itron, Inc. |  |
| 58000 | 0.000%, 03/15/26 | 63120 |
| 109000 | 1.375%, 07/15/30 | 125294 |
| 80000 | Lumentum Holdings, Inc.<br>1.500%, 12/15/29 | 137534 |
|  | MicroStrategy, Inc. |  |
| 108000 | 2.250%, 06/15/32 | 231062 |
| 145000 | 0.625%, 09/15/28\* | 332665 |
| 82000 | 0.625%, 03/15/30 | 225129 |
| 90000 | 0.875%, 03/15/31 | 169273 |
| 65000 | Nutanix, Inc.<br>0.250%, 10/01/27 | 90365 |
| 198000 | Seagate HDD Cayman^<br>3.500%, 06/01/28 | 384128 |
| 42000 | Semtech Corp.<br>1.625%, 11/01/27 | 64552 |
| 91000 | Shift4 Payments, Inc.<br>0.000%, 12/15/25 | 118360 |
|  | Snowflake, Inc.\* |  |
| 153000 | 0.000%, 10/01/29 | 238054 |
| 150000 | 0.000%, 10/01/27^ | 227451 |
| 299000 | Super Micro Computer, Inc.\*<br>0.000%, 06/15/30 | 381249 |
| 79000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 | 95544 |
| 211000 | Western Digital Corp.<br>3.000%, 11/15/28 | 452717 |
|  |  | 3852342 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Convertible Equity Alternative ETF Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Materials (3.4%) | Materials (3.4%) |
| 53000 | Centrus Energy Corp.\*^<br>2.250%, 11/01/30 | $126412 |
| 112000 | MP Materials Corp.\*<br>3.000%, 03/01/30 | 328249 |
|  |  | 454661 |
|  | Other (0.4%) | Other (0.4%) |
| 35000 | Chefs' Warehouse, Inc.<br>2.375%, 12/15/28 | 57467 |
|  | Real Estate (3.1%) | Real Estate (3.1%) |
|  | Welltower OP LLC\* |  |
| 135000 | 2.750%, 05/15/28 | 234770 |
| 133000 | 3.125%, 07/15/29^ | 184276 |
|  |  | 419046 |
|  | Utilities (5.8%) | Utilities (5.8%) |
| 143000 | Evergy, Inc.<br>4.500%, 12/15/27 | 170402 |
| 123000 | Southern Co.^<br>3.875%, 12/15/25 | 139632 |
| 58000 | TXNM Energy, Inc.<br>5.750%, 06/01/54 | 76082 |
| 91000 | UGI Corp.<br>5.000%, 06/01/28 | 124968 |
|  | WEC Energy Group, Inc. |  |
| 118000 | 4.375%, 06/01/27 | 136463 |
| 112000 | 4.375%, 06/01/29 | 132866 |
|  |  | 780413 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $8,195,814) | 9637220 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (27.3%)** |  |  |
|  | Financials (6.7%) | Financials (6.7%) |
| 3739 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 284837 |
| 3931 | ARES Management Corp.<br>6.750%, 10/01/27 | 222495 |
| 6729 | KKR & Co., Inc.<br>6.250%, 03/01/28 | 386581 |
|  |  | 893913 |
|  | Health Care (0.6%) | Health Care (0.6%) |
| 1131 | BrightSpring Health Services, Inc.<br>6.750%, 02/01/27 | 81851 |
|  | Industrials (9.0%) | Industrials (9.0%) |
| 14985 | Boeing Co.^<br>6.000%, 10/15/27 | 1059439 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 767 | Chart Industries, Inc.<br>6.750%, 12/15/25 | $54910 |
| 1566 | QXO, Inc.#<br>5.500%, 05/15/28 | 90546 |
|  |  | 1204895 |
|  | Information Technology (2.9%) | Information Technology (2.9%) |
| 3912 | Hewlett Packard Enterprise Co.<br>7.625%, 09/01/27 | 234720 |
| 1274 | Shift4 Payments, Inc.^<br>6.000%, 05/01/28 | 150268 |
|  |  | 384988 |
|  | Materials (1.5%) | Materials (1.5%) |
| 5766 | Albemarle Corp.<br>7.250%, 03/01/27 | 195813 |
|  | Utilities (6.6%) | Utilities (6.6%) |
| 2325 | CenterPoint Energy, Inc. (Warner Media, LLC, <br>Charter Communications, Time, Inc.)#§<br>3.369%, 09/15/29 | 92179 |
|  | NextEra Energy, Inc. |  |
| 5533 | 7.299%, 06/01/27^ | 265806 |
| 3955 | 7.234%, 11/01/27 | 174969 |
| 4779 | 6.926%, 09/01/25^ | 194744 |
| 4190 | PG&E Corp.^<br>6.000%, 12/01/27 | 159262 |
|  |  | 886960 |
|  | **TOTAL CONVERTIBLE <br>PREFERRED STOCKS**<br> (Cost $3,479,065) | 3648420 |
| NUMBER OF<br>SHARES/<br>PRINCIPAL <br>AMOUNT |  | VALUE |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES <br>LOANED (12.7%)** |  |  |
| 1701611 | State Street Navigator Securities <br>Lending Government Money Market <br>Portfolio, 4.325%†\*\*\*<br>(Cost $1,701,611) | 1701611 |
|  | **TOTAL INVESTMENTS (112.0%)**<br> (Cost $13,376,490) | 14987251 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-12.7%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-12.7%) | (1701611) |
| OTHER ASSETS, LESS LIABILITIES (0.7%) | OTHER ASSETS, LESS LIABILITIES (0.7%) | 95160 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $13380800 |

---

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Convertible Equity Alternative ETF Schedule of Investments July 31, 2025

**NOTES TO SCHEDULE OF INVESTMENTS**

\* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

^ Security, or portion of security, is on loan.

# Non-income producing security.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

† Represents investment of cash collateral received from securities on loan as of July 31, 2025.

\*\*\* The rate disclosed is the 7 day net yield as of July 31, 2025.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Nasdaq<sup>®</sup> Equity & Income ETF Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **EXCHANGE-TRADED FUNDS (85.5%)** |  |  |
|  | Other (85.5%) | Other (85.5%) |
| 99002 | Franklin Senior Loan ETF | $2403769 |
| 13249 | iShares 5-10 Year Investment Grade <br>Corporate Bond ETF | 704184 |
| 2718 | iShares Broad USD Investment Grade <br>Corporate Bond ETF | 139406 |
| 60425 | Janus Henderson AAA CLO ETF | 3068986 |
| 57130 | Schwab 1-5 Year Corporate Bond ETF | 1414539 |
| 115456 | Simplify MBS ETF | 5747400 |
| 153019 | SPDR Portfolio High Yield Bond ETF | 3626550 |
| 77959 | Vanguard Emerging Markets Government <br>Bond ETF | 5107094 |
| 3096 | Vanguard Long-Term Corporate Bond ETF | 233438 |
|  |  | 22445366 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $22,343,685) | 22445366 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL <br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (13.9%)#Ω** |  |  |
|  | Communication Services (2.8%) | Communication Services (2.8%) |
| 90 | Alphabet, Inc. |  |
| 1727100 | Expires 12/19/25, Strike $165.00 | 302637 |
| 18 | Meta Platforms, Inc. |  |
| 1392192 | Expires 03/20/26, Strike $705.00 | 231221 |
| 18 | Netflix, Inc. |  |
| 2086920 | Expires 09/26/25, Strike $1,192.00 | 71353 |
| 36 | T-Mobile U.S., Inc. |  |
| 858276 | Expires 09/26/25, Strike $203.00 | 134194 |
|  |  | 739405 |
|  | Consumer Discretionary (1.0%) | Consumer Discretionary (1.0%) |
| 72 | Amazon.com, Inc. |  |
| 1685592 | Expires 03/20/26, Strike $219.00 | 254197 |
| 18 | Tesla, Inc. |  |
| 554886 | Expires 12/19/25, Strike $460.00 | 16579 |
|  |  | 270776 |
|  | Consumer Staples (0.3%) | Consumer Staples (0.3%) |
| 18 | Costco Wholesale Corp. |  |
| 1691352 | Expires 06/18/26, Strike $1,060.00 | 85007 |
|  |  | 85007 |
|  | Health Care (0.1%) | Health Care (0.1%) |
| 18 | Amgen, Inc. |  |
| 531180 | Expires 03/20/26, Strike $323.00 | 22847 |
|  |  | 22847 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL <br>AMOUNT |  | VALUE |
|  | Information Technology (6.4%) | Information Technology (6.4%) |
| 36 | Advanced Micro Devices, Inc. |  |
| 634716 | Expires 09/26/25, Strike $117.00 | $218302 |
| 18 | Apple, Inc. |  |
| 373626 | Expires 09/26/25, Strike $200.00 | 26929 |
| 57 | Broadcom, Inc. |  |
| 1674090 | Expires 06/18/26, Strike $315.00 | 237880 |
| 72 | Cisco Systems, Inc. |  |
| 490176 | Expires 12/19/25, Strike $58.50 | 80888 |
| 38 | Microsoft Corp. |  |
| 2027300 | Expires 06/18/26, Strike $495.00 | 300189 |
| 162 | NVIDIA Corp. |  |
| 2881494 | Expires 12/19/25, Strike $135.00 | 792008 |
| 18 | QUALCOMM, Inc. |  |
| 264168 | Expires 03/20/26, Strike $176.00 | 9900 |
|  |  | 1666096 |
|  | Materials (0.3%) | Materials (0.3%) |
| 18 | Linde PLC |  |
| 828468 | Expires 06/18/26, Strike $455.00 | 77183 |
|  |  | 77183 |
|  | Other (3.0%) | Other (3.0%) |
| 126 | Direxion Nasdaq-100<sup>®</sup> Equal Weighted <br>Index Shares |  |
| 1239336 | Expires 09/26/25, Strike $87.50 | 148882 |
| 90 | Direxion Nasdaq-100<sup>®</sup> Equal Weighted <br>Index Shares |  |
| 885240 | Expires 12/19/25, Strike $89.50 | 108193 |
| 306 | Direxion Nasdaq-100<sup>®</sup> Equal Weighted <br>Index Shares |  |
| 3009816 | Expires 03/20/26, Strike $88.50 | 442295 |
| 76 | Direxion Nasdaq-100<sup>®</sup> Equal Weighted <br>Index Shares |  |
| 747536 | Expires 06/18/26, Strike $96.00 | 79825 |
|  |  | 779195 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $2,861,539) | 3640509 |
|  | **TOTAL INVESTMENTS (99.4%)**<br> (Cost $25,205,224) | 26085875 |
| OTHER ASSETS, LESS LIABILITIES (0.6%) | OTHER ASSETS, LESS LIABILITIES (0.6%) | 158451 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $26244326 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Bitcoin Structured Alt Protection ETF<sup>®</sup>—January Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (94.0%)** |  |  |
|  | Other (94.0%) | Other (94.0%) |
| 41059000<br>| U.S. Treasury Bill~<br>4.146%, 01/22/26<br>(Cost $40,266,945) | $40239625 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (21.3%)#Ω** |  |  |
|  | Long Call Option (21.3%) | Long Call Option (21.3%) |
| 1683<br>46481094 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $247.31<br>(Cost $10,343,855) | 9099123 |
|  | **TOTAL INVESTMENTS (115.3%)**<br> (Cost $50,610,800) | 49338748 |
| LIABILITIES, LESS OTHER ASSETS (-15.3%) | LIABILITIES, LESS OTHER ASSETS (-15.3%) | (6561983) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $42776765 |
| **EXCHANGE-TRADED WRITTEN OPTION (-15.4%)#Ω** |  |  |
|  | Short Call Option (-15.4%) | Short Call Option (-15.4%) |
| (1683)<br>(46481094) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $275.85<br>(Premium $7,177,058) | $(6566847) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $40,239,625.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Bitcoin Structured Alt Protection ETF<sup>®</sup>—April Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (92.2%)** |  |  |
|  | Other (92.2%) | Other (92.2%) |
| 4988000<br>| U.S. Treasury Bill~<br>3.926%, 03/19/26<br>(Cost $4,867,898) | $4859164 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (53.5%)#Ω** |  |  |
|  | Long Call Option (53.5%) | Long Call Option (53.5%) |
| 272<br>7512096 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $184.65<br>(Cost $3,086,406) | 2815600 |
|  | **TOTAL INVESTMENTS (145.7%)**<br> (Cost $7,954,304) | 7674764 |
| LIABILITIES, LESS OTHER ASSETS (-45.7%) | LIABILITIES, LESS OTHER ASSETS (-45.7%) | (2406843) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5267921 |
| **EXCHANGE-TRADED WRITTEN OPTION (-45.6%)#Ω** |  |  |
|  | Short Call Option (-45.6%) | Short Call Option (-45.6%) |
| (272)<br>(7512096) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $204.76<br>(Premium $1,895,620) | $(2401500) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $4,859,164.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Bitcoin Structured Alt Protection ETF<sup>®</sup>—July Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (95.3%)** |  |  |
|  | Other (95.3%) | Other (95.3%) |
| 5000000<br>| U.S. Treasury Bill~<br>4.119%, 07/09/26<br>(Cost $4,813,895) | $4813298 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (24.7%)#Ω** |  |  |
|  | Long Call Option (24.7%) | Long Call Option (24.7%) |
| 193<br>5330274 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $257.50<br>(Cost $1,292,304) | 1245429 |
|  | **TOTAL INVESTMENTS (120.0%)**<br> (Cost $6,106,199) | 6058727 |
| LIABILITIES, LESS OTHER ASSETS (-20.0%) | LIABILITIES, LESS OTHER ASSETS (-20.0%) | (1008686) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5050041 |
| **EXCHANGE-TRADED WRITTEN OPTION (-20.0%)#Ω** |  |  |
|  | Short Call Option (-20.0%) | Short Call Option (-20.0%) |
| (193)<br>(5330274) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $283.25<br>(Premium $925,827) | $(1011320) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $3,609,974.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (68.8%)** |  |  |
|  | Other (68.8%) | Other (68.8%) |
| 33837000<br>| U.S. Treasury Bill~<br>4.080%, 01/22/26<br>(Cost $33,194,478) | $33161747 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (37.1%)#Ω** |  |  |
|  | Long Call Option (37.1%) | Long Call Option (37.1%) |
| 1836<br>50706648 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $187.14<br>(Cost $19,386,565) | 17903000 |
|  | **TOTAL INVESTMENTS (105.9%)**<br> (Cost $52,581,043) | 51064747 |
| LIABILITIES, LESS OTHER ASSETS (-5.9%) | LIABILITIES, LESS OTHER ASSETS (-5.9%) | (2835276) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $48229471 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.9%)#Ω** |  |  |
|  | Short Call Option (-5.9%) | Short Call Option (-5.9%) |
| (1836)<br>(50706648) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $352.60<br>(Premium $2,635,216) | $(2834542) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $33,161,747.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (61.4%)** |  |  |
|  | Other (61.4%) | Other (61.4%) |
| 1994000<br>| U.S. Treasury Bill~<br>3.855%, 03/19/26<br>(Cost $1,946,838) | $1942496 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (58.0%)#Ω** |  |  |
|  | Long Call Option (58.0%) | Long Call Option (58.0%) |
| 136<br>3756048 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $147.72<br>(Cost $1,951,210) | 1832232 |
|  | **TOTAL INVESTMENTS (119.4%)**<br> (Cost $3,898,048) | 3774728 |
| LIABILITIES, LESS OTHER ASSETS (-19.4%) | LIABILITIES, LESS OTHER ASSETS (-19.4%) | (612358) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $3162370 |
| **EXCHANGE-TRADED WRITTEN OPTION (-19.4%)#Ω** |  |  |
|  | Short Call Option (-19.4%) | Short Call Option (-19.4%) |
| (136)<br>(3756048) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $279.25<br>(Premium $452,362) | $(613659) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,942,496.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (74.4%)** |  |  |
|  | Other (74.4%) | Other (74.4%) |
| 8000000<br>| U.S. Treasury Bill~<br>4.120%, 07/09/26<br>(Cost $7,702,156) | $7701277 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (35.7%)#Ω** |  |  |
|  | Long Call Option (35.7%) | Long Call Option (35.7%) |
| 385<br>10632930 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $206.00<br>(Cost $3,789,618) | 3693690 |
|  | **TOTAL INVESTMENTS (110.1%)**<br> (Cost $11,491,774) | 11394967 |
| LIABILITIES, LESS OTHER ASSETS (-10.1%) | LIABILITIES, LESS OTHER ASSETS (-10.1%) | (1047737) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $10347230 |
| **EXCHANGE-TRADED WRITTEN OPTION (-10.4%)#Ω** |  |  |
|  | Short Call Option (-10.4%) | Short Call Option (-10.4%) |
| (385)<br>(10632930) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $363.20<br>(Premium $1,022,241) | $(1073380) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $3,850,638.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (80.2%)** |  |  |
|  | Other (80.2%) | Other (80.2%) |
| 21282000<br>| U.S. Treasury Bill~<br>4.097%, 01/22/26<br>(Cost $20,876,164) | $20857295 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (31.2%)#Ω** |  |  |
|  | Long Call Option (31.2%) | Long Call Option (31.2%) |
| 1026<br>28336068 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $210.54<br>(Cost $8,843,229) | 8094339 |
|  | **TOTAL INVESTMENTS (111.4%)**<br> (Cost $29,719,393) | 28951634 |
| LIABILITIES, LESS OTHER ASSETS (-11.4%) | LIABILITIES, LESS OTHER ASSETS (-11.4%) | (2956410) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $25995224 |
| **EXCHANGE-TRADED WRITTEN OPTION (-11.4%)#Ω** |  |  |
|  | Short Call Option (-11.4%) | Short Call Option (-11.4%) |
| (1026)<br>(28336068) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 01/30/26, Strike $301.14<br>(Premium $2,826,817) | $(2956234) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $20,857,295.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (75.4%)** |  |  |
|  | Other (75.4%) | Other (75.4%) |
| 4488000<br>| U.S. Treasury Bill~<br>3.858%, 03/19/26<br>(Cost $4,381,768) | $4372078 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (55.6%)#Ω** |  |  |
|  | Long Call Option (55.6%) | Long Call Option (55.6%) |
| 272<br>7512096 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $166.19<br>(Cost $3,519,702) | 3227093 |
|  | **TOTAL INVESTMENTS (131.0%)**<br> (Cost $7,901,470) | 7599171 |
| LIABILITIES, LESS OTHER ASSETS (-31.0%) | LIABILITIES, LESS OTHER ASSETS (-31.0%) | (1798135) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5801036 |
| **EXCHANGE-TRADED WRITTEN OPTION (-31.0%)#Ω** |  |  |
|  | Short Call Option (-31.0%) | Short Call Option (-31.0%) |
| (272)<br>(7512096) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 04/07/26, Strike $238.44<br>(Premium $1,362,228) | $(1797619) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $4,372,078.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| PRINCIPAL <br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITY (85.1%)** |  |  |
|  | Other (85.1%) | Other (85.1%) |
| 4500000<br>| U.S. Treasury Bill~<br>4.121%, 07/09/26<br>(Cost $4,332,441) | $4331968 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (29.4%)#Ω** |  |  |
|  | Long Call Option (29.4%) | Long Call Option (29.4%) |
| 193<br>5330274 | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $231.75<br>(Cost $1,605,831) | 1495538 |
|  | **TOTAL INVESTMENTS (114.5%)**<br> (Cost $5,938,272) | 5827506 |
| LIABILITIES, LESS OTHER ASSETS (-14.5%) | LIABILITIES, LESS OTHER ASSETS (-14.5%) | (737722) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5089784 |
| **EXCHANGE-TRADED WRITTEN OPTION (-14.6%)#Ω** |  |  |
|  | Short Call Option (-14.6%) | Short Call Option (-14.6%) |
| (193)<br>(5330274) | CBOE Mini Bitcoin U.S. ETF Index<br>Expires 07/07/26, Strike $321.10<br>(Premium $686,531) | $(744040) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $4,331,968.

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **EXCHANGE-TRADED FUNDS (100.0%)** |  |  |
|  | Other (100.0%) | Other (100.0%) |
| 258761 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - April | $6575117 |
| 254048 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - August | 6656439 |
| 265932 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - December | 6654257 |
| 267474 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - February | 6619206 |
| 271997 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - January | 6614749 |
| 253786 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - July | 6649295 |
| 249232 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - June | 6574790 |
| 270016 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - March | 6601081 |
| 234883 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - May | 6567188 |
| 252206 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - November | 6614254 |
| 250705 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - October | 6623601 |
| 252123 | Calamos S&P 500<sup>®</sup> Structured Alt <br>Protection ETF<sup>®</sup> - September | 6638398 |
|  |  | 79388375 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $77,033,465) | 79388375 |
|  | **TOTAL INVESTMENTS (100.0%)**<br> (Cost $77,033,465) | 79388375 |
| OTHER ASSETS, LESS LIABILITIES (0.0%) | OTHER ASSETS, LESS LIABILITIES (0.0%) | 12802 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $79401177 |

---

Amounts relating to investments in affiliated funds at July 31, 2025, and for the fiscal year-to-date period September 9, 2024 (commencement of operations) through July 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| AFFILIATE | VALUE, <br>BEGINNING <br>OF PERIOD | PURCHASES | SALES <br>PROCEEDS | DIVIDEND <br>INCOME | NET REALIZED <br>GAINS/(LOSS) | NET INCREASE/<br>DECREASE IN <br>UNREALIZED <br>APPRECIATION/<br>DEPRECIATION | VALUE, END <br>OF PERIOD |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - April | $— | $6897156 | $493077 | $— | $16974 | $154064 | $6575117 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - August |  | 12227203 | 5950442 |  | 126622 | 253056 | 6656439 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - December |  | 10673940 | 4242319 |  | 23735 | 198901 | 6654257 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - February |  | 8704394 | 2257125 |  | 14743 | 157194 | 6619206 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - January |  | 10004791 | 3613356 |  | 26451 | 196863 | 6614749 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - July |  | 12233788 | 5978930 |  | 130396 | 264041 | 6649295 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - June |  | 6969167 | 493178 |  | 7347 | 91454 | 6574790 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - March |  | 7972096 | 1534708 |  | 12017 | 151676 | 6601081 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - May |  | 12216081 | 6023978 |  | 130629 | 244456 | 6567188 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - November |  | 10620090 | 4264130 |  | 55290 | 203004 | 6614254 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - October |  | 12331633 | 5965739 |  | 49730 | 207977 | 6623601 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> - September |  | 12245118 | 5949777 |  | 110833 | 232224 | 6638398 |
|  | $— | $123095457 | $46766759 | $— | $704767 | $2354910 | $79388375 |

---

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (105.1%)#Ω** |  |  |
|  | Long Call Option (103.3%) | Long Call Option (103.3%) |
| 370<br>23386960 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 12/31/25, Strike $0.82 | $23270973 |
|  | Long Put Option (1.8%) | Long Put Option (1.8%) |
| 370<br>23386960 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 12/31/25, Strike $586.08 | 403679 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $22,596,972) | 23674652 |
|  | **TOTAL INVESTMENTS (105.1%)**<br> (Cost $22,596,972) | 23674652 |
| LIABILITIES, LESS OTHER ASSETS (-5.1%) | LIABILITIES, LESS OTHER ASSETS (-5.1%) | (1159174) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $22515478 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.0%)#Ω** |  |  |
|  | Short Call Option (-5.0%) | Short Call Option (-5.0%) |
| (370)<br>(23386960) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 12/31/25, Strike $630.45<br>(Premium $848,913) | $(1133978) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (104.0%)#Ω** |  |  |
|  | Long Call Option (101.5%) | Long Call Option (101.5%) |
| 420<br>26547360 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 01/30/26, Strike $0.84 | $26422753 |
|  | Long Put Option (2.5%) | Long Put Option (2.5%) |
| 420<br>26547360 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 01/30/26, Strike $601.82 | 636227 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $26,413,503) | 27058980 |
|  | **TOTAL INVESTMENTS (104.0%)**<br> (Cost $26,413,503) | 27058980 |
| LIABILITIES, LESS OTHER ASSETS (-4.0%) | LIABILITIES, LESS OTHER ASSETS (-4.0%) | (1033254) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $26025726 |
| **EXCHANGE-TRADED WRITTEN OPTION (-3.9%)#Ω** |  |  |
|  | Short Call Option (-3.9%) | Short Call Option (-3.9%) |
| (420)<br>(26547360) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 01/30/26, Strike $646.78<br>(Premium $657,130) | $(1023007) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (105.3%)#Ω** |  |  |
|  | Long Call Option (102.8%) | Long Call Option (102.8%) |
| 380<br>24019040 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 02/27/26, Strike $0.83 | $23906979 |
|  | Long Put Option (2.5%) | Long Put Option (2.5%) |
| 380<br>24019040 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 02/27/26, Strike $594.18 | 583825 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $23,019,968) | 24490804 |
|  | **TOTAL INVESTMENTS (105.3%)**<br> (Cost $23,019,968) | 24490804 |
| LIABILITIES, LESS OTHER ASSETS (-5.3%) | LIABILITIES, LESS OTHER ASSETS (-5.3%) | (1237117) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $23253687 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.3%)#Ω** |  |  |
|  | Short Call Option (-5.3%) | Short Call Option (-5.3%) |
| (380)<br>(24019040) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 02/27/26, Strike $639.52<br>(Premium $574,826) | $(1237720) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (110.6%)#Ω** |  |  |
|  | Long Call Option (108.6%) | Long Call Option (108.6%) |
| 275<br>17382200 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 03/31/26, Strike $0.78 | $17280754 |
|  | Long Put Option (2.0%) | Long Put Option (2.0%) |
| 275<br>17382200 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 03/31/26, Strike $559.39 | 324728 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $15,997,786) | 17605482 |
|  | **TOTAL INVESTMENTS (110.6%)**<br> (Cost $15,997,786) | 17605482 |
| LIABILITIES, LESS OTHER ASSETS (-10.6%) | LIABILITIES, LESS OTHER ASSETS (-10.6%) | (1690906) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15914576 |
| **EXCHANGE-TRADED WRITTEN OPTION (-10.7%)#Ω** |  |  |
|  | Short Call Option (-10.7%) | Short Call Option (-10.7%) |
| (275)<br>(17382200) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 03/31/26, Strike $602.91<br>(Premium $582,149) | $(1699085) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (112.2%)#Ω** |  |  |
|  | Long Call Option (110.0%) | Long Call Option (110.0%) |
| 1133<br>71614664 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 04/30/26, Strike $3.83 | $70862312 |
|  | Long Put Option (2.2%) | Long Put Option (2.2%) |
| 1133<br>71614664 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 04/30/26, Strike $554.54 | 1397797 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $66,177,543) | 72260109 |
|  | **TOTAL INVESTMENTS (112.2%)**<br> (Cost $66,177,543) | 72260109 |
| LIABILITIES, LESS OTHER ASSETS (-12.2%) | LIABILITIES, LESS OTHER ASSETS (-12.2%) | (7840061) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $64420048 |
| **EXCHANGE-TRADED WRITTEN OPTION (-12.8%)#Ω** |  |  |
|  | Short Call Option (-12.8%) | Short Call Option (-12.8%) |
| (1133)<br>(71614664) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 04/30/26, Strike $593.36<br>(Premium $3,733,840) | $(8214713) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (107.2%)#Ω** |  |  |
|  | Long Call Option (104.1%) | Long Call Option (104.1%) |
| 198<br>12515184 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 05/29/26, Strike $4.07 | $12376835 |
|  | Long Put Option (3.1%) | Long Put Option (3.1%) |
| 198<br>12515184 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 05/29/26, Strike $589.39 | 375974 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $12,354,746) | 12752809 |
|  | **TOTAL INVESTMENTS (107.2%)**<br> (Cost $12,354,746) | 12752809 |
| LIABILITIES, LESS OTHER ASSETS (-7.2%) | LIABILITIES, LESS OTHER ASSETS (-7.2%) | (860714) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $11892095 |
| **EXCHANGE-TRADED WRITTEN OPTION (-7.8%)#Ω** |  |  |
|  | Short Call Option (-7.8%) | Short Call Option (-7.8%) |
| (198)<br>(12515184) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 05/29/26, Strike $632.61<br>(Premium $600,073) | $(931617) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (104.5%)#Ω** |  |  |
|  | Long Call Option (100.2%) | Long Call Option (100.2%) |
| 695<br>43929560 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 06/30/26, Strike $4.26 | $43400583 |
|  | Long Put Option (4.3%) | Long Put Option (4.3%) |
| 695<br>43929560 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 06/30/26, Strike $617.85 | 1850826 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $44,618,222) | 45251409 |
|  | **TOTAL INVESTMENTS (104.5%)**<br> (Cost $44,618,222) | 45251409 |
| LIABILITIES, LESS OTHER ASSETS (-4.5%) | LIABILITIES, LESS OTHER ASSETS (-4.5%) | (1962578) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $43288831 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.4%)#Ω** |  |  |
|  | Short Call Option (-5.4%) | Short Call Option (-5.4%) |
| (695)<br>(43929560) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 06/30/26, Strike $660.01<br>(Premium $1,961,711) | $(2327178) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (103.5%)#Ω** |  |  |
|  | Long Call Option (98.5%) | Long Call Option (98.5%) |
| 591<br>37355928 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 07/31/26, Strike $4.36 | $36806298 |
|  | Long Put Option (5.0%) | Long Put Option (5.0%) |
| 591<br>37355928 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 07/31/26, Strike $632.08 | 1859286 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $38,667,477) | 38665584 |
|  | **TOTAL INVESTMENTS (103.5%)**<br> (Cost $38,667,477) | 38665584 |
| LIABILITIES, LESS OTHER ASSETS (-3.5%) | LIABILITIES, LESS OTHER ASSETS (-3.5%) | (1305201) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $37360383 |
| **EXCHANGE-TRADED WRITTEN OPTION (-4.2%)#Ω** |  |  |
|  | Short Call Option (-4.2%) | Short Call Option (-4.2%) |
| (591)<br>(37355928) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 07/31/26, Strike $677.21<br>(Premium $1,574,069) | $(1575015) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (105.4%)#Ω** |  |  |
|  | Long Call Option (105.2%) | Long Call Option (105.2%) |
| 439<br>27748312 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 08/29/25, Strike $0.79 | $27722627 |
|  | Long Put Option (0.2%) | Long Put Option (0.2%) |
| 439<br>27748312 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 08/29/25, Strike $563.68 | 37782 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $25,670,905) | 27760409 |
|  | **TOTAL INVESTMENTS (105.4%)**<br> (Cost $25,670,905) | 27760409 |
| LIABILITIES, LESS OTHER ASSETS (-5.4%) | LIABILITIES, LESS OTHER ASSETS (-5.4%) | (1418592) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $26341817 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.3%)#Ω** |  |  |
|  | Short Call Option (-5.3%) | Short Call Option (-5.3%) |
| (439)<br>(27748312) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 08/29/25, Strike $606.01<br>(Premium $682,826) | $(1393250) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (105.4%)#Ω** |  |  |
|  | Long Call Option (104.9%) | Long Call Option (104.9%) |
| 297<br>18772776 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 09/30/25, Strike $0.80 | $18710271 |
|  | Long Put Option (0.5%) | Long Put Option (0.5%) |
| 297<br>18772776 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 09/30/25, Strike $573.76 | 97062 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $17,966,261) | 18807333 |
|  | **TOTAL INVESTMENTS (105.4%)**<br> (Cost $17,966,261) | 18807333 |
| LIABILITIES, LESS OTHER ASSETS (-5.4%) | LIABILITIES, LESS OTHER ASSETS (-5.4%) | (964370) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $17842963 |
| **EXCHANGE-TRADED WRITTEN OPTION (-5.1%)#Ω** |  |  |
|  | Short Call Option (-5.1%) | Short Call Option (-5.1%) |
| (297)<br>(18772776) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 09/30/25, Strike $612.03<br>(Premium $637,657) | $(916268) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (106.5%)#Ω** |  |  |
|  | Long Call Option (105.6%) | Long Call Option (105.6%) |
| 341<br>21553928 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 10/31/25, Strike $0.80 | $21484487 |
|  | Long Put Option (0.9%) | Long Put Option (0.9%) |
| 341<br>21553928 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 10/31/25, Strike $568.64 | 173681 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $20,448,034) | 21658168 |
|  | **TOTAL INVESTMENTS (106.5%)**<br> (Cost $20,448,034) | 21658168 |
| LIABILITIES, LESS OTHER ASSETS (-6.5%) | LIABILITIES, LESS OTHER ASSETS (-6.5%) | (1318463) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $20339705 |
| **EXCHANGE-TRADED WRITTEN OPTION (-6.3%)#Ω** |  |  |
|  | Short Call Option (-6.3%) | Short Call Option (-6.3%) |
| (341)<br>(21553928) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 10/31/25, Strike $610.89<br>(Premium $861,260) | $(1272286) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (102.4%)#Ω** |  |  |
|  | Long Call Option (100.6%) | Long Call Option (100.6%) |
| 880<br>55623040 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 11/28/25, Strike $0.84 | $55441217 |
|  | Long Put Option (1.8%) | Long Put Option (1.8%) |
| 880<br>55623040 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 11/28/25, Strike $602.55 | 977918 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $54,468,441) | 56419135 |
|  | **TOTAL INVESTMENTS (102.4%)**<br> (Cost $54,468,441) | 56419135 |
| LIABILITIES, LESS OTHER ASSETS (-2.4%) | LIABILITIES, LESS OTHER ASSETS (-2.4%) | (1333819) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $55085316 |
| **EXCHANGE-TRADED WRITTEN OPTION (-2.3%)#Ω** |  |  |
|  | Short Call Option (-2.3%) | Short Call Option (-2.3%) |
| (880)<br>(55623040) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust<br>Expires 11/28/25, Strike $651.18<br>(Premium $1,356,900) | $(1260780) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (109.7%)#Ω** |  |  |
|  | Long Call Option (107.2%) | Long Call Option (107.2%) |
| 300<br>16950300 | Invesco QQQ Trust Series 1<br>Expires 02/27/26, Strike $0.71 | $16930497 |
|  | Long Put Option (2.5%) | Long Put Option (2.5%) |
| 300<br>16950300 | Invesco QQQ Trust Series 1<br>Expires 02/27/26, Strike $508.17 | 401603 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $15,748,454) | 17332100 |
|  | **TOTAL INVESTMENTS (109.7%)**<br> (Cost $15,748,454) | 17332100 |
| LIABILITIES, LESS OTHER ASSETS (-9.7%) | LIABILITIES, LESS OTHER ASSETS (-9.7%) | (1539042) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15793058 |
| **EXCHANGE-TRADED WRITTEN OPTION (-9.7%)#Ω** |  |  |
|  | Short Call Option (-9.7%) | Short Call Option (-9.7%) |
| (300)<br>(16950300) | Invesco QQQ Trust Series 1<br>Expires 02/27/26, Strike $549.69<br>(Premium $610,735) | $(1539044) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (110.0%)#Ω** |  |  |
|  | Long Call Option (106.2%) | Long Call Option (106.2%) |
| 859<br>48534359 | Invesco QQQ Trust Series 1<br>Expires 05/29/26, Strike $3.58 | $48249487 |
|  | Long Put Option (3.8%) | Long Put Option (3.8%) |
| 859<br>48534359 | Invesco QQQ Trust Series 1<br>Expires 05/29/26, Strike $519.11 | 1717484 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $47,741,636) | 49966971 |
|  | **TOTAL INVESTMENTS (110.0%)**<br> (Cost $47,741,636) | 49966971 |
| LIABILITIES, LESS OTHER ASSETS (-10.0%) | LIABILITIES, LESS OTHER ASSETS (-10.0%) | (4545752) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $45421219 |
| **EXCHANGE-TRADED WRITTEN OPTION (-10.6%)#Ω** |  |  |
|  | Short Call Option (-10.6%) | Short Call Option (-10.6%) |
| (859)<br>(48534359) | Invesco QQQ Trust Series 1<br>Expires 05/29/26, Strike $558.82<br>(Premium $3,225,764) | $(4792560) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (110.4%)#Ω** |  |  |
|  | Long Call Option (110.3%) | Long Call Option (110.3%) |
| 467<br>26385967 | Invesco QQQ Trust Series 1<br>Expires 08/29/25, Strike $0.67 | $26358393 |
|  | Long Put Option (0.1%) | Long Put Option (0.1%) |
| 467<br>26385967 | Invesco QQQ Trust Series 1<br>Expires 08/29/25, Strike $476.27 | 26868 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $24,314,257) | 26385261 |
|  | **TOTAL INVESTMENTS (110.4%)**<br> (Cost $24,314,257) | 26385261 |
| LIABILITIES, LESS OTHER ASSETS (-10.4%) | LIABILITIES, LESS OTHER ASSETS (-10.4%) | (2488398) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $23896863 |
| **EXCHANGE-TRADED WRITTEN OPTION (-10.3%)#Ω** |  |  |
|  | Short Call Option (-10.3%) | Short Call Option (-10.3%) |
| (467)<br>(26385967) | Invesco QQQ Trust Series 1<br>Expires 08/29/25, Strike $516.04<br>(Premium $919,188) | $(2462507) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (106.9%)#Ω** |  |  |
|  | Long Call Option (105.4%) | Long Call Option (105.4%) |
| 276<br>15594276 | Invesco QQQ Trust Series 1<br>Expires 11/28/25, Strike $0.71 | $15581446 |
|  | Long Put Option (1.5%) | Long Put Option (1.5%) |
| 276<br>15594276 | Invesco QQQ Trust Series 1<br>Expires 11/28/25, Strike $509.74 | 227912 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $15,209,511) | 15809358 |
|  | **TOTAL INVESTMENTS (106.9%)**<br> (Cost $15,209,511) | 15809358 |
| LIABILITIES, LESS OTHER ASSETS (-6.9%) | LIABILITIES, LESS OTHER ASSETS (-6.9%) | (1020970) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $14788388 |
| **EXCHANGE-TRADED WRITTEN OPTION (-6.8%)#Ω** |  |  |
|  | Short Call Option (-6.8%) | Short Call Option (-6.8%) |
| (276)<br>(15594276) | Invesco QQQ Trust Series 1<br>Expires 11/28/25, Strike $553.93<br>(Premium $634,617) | $(998258) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (102.0%)#Ω** |  |  |
|  | Long Call Option (97.0%) | Long Call Option (97.0%) |
| 2660<br>58357740 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 12/31/25, Strike $0.31 | $57902880 |
|  | Long Put Option (5.0%) | Long Put Option (5.0%) |
| 2660<br>58357740 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 12/31/25, Strike $220.96 | 3008460 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $61,374,573) | 60911340 |
|  | **TOTAL INVESTMENTS (102.0%)**<br> (Cost $61,374,573) | 60911340 |
| LIABILITIES, LESS OTHER ASSETS (-2.0%) | LIABILITIES, LESS OTHER ASSETS (-2.0%) | (1200143) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $59711197 |
| **EXCHANGE-TRADED WRITTEN OPTION (-1.9%)#Ω** |  |  |
|  | Short Call Option (-1.9%) | Short Call Option (-1.9%) |
| (2660)<br>(58357740) | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 12/31/25, Strike $242.15<br>(Premium $2,391,172) | $(1133160) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (108.8%)#Ω** |  |  |
|  | Long Call Option (105.5%) | Long Call Option (105.5%) |
| 341<br>7481199 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 03/31/26, Strike $0.28 | $7429952 |
|  | Long Put Option (3.3%) | Long Put Option (3.3%) |
| 341<br>7481199 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 03/31/26, Strike $199.49 | 229810 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $7,258,659) | 7659762 |
|  | **TOTAL INVESTMENTS (108.8%)**<br> (Cost $7,258,659) | 7659762 |
| LIABILITIES, LESS OTHER ASSETS (-8.8%) | LIABILITIES, LESS OTHER ASSETS (-8.8%) | (620808) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $7038954 |
| **EXCHANGE-TRADED WRITTEN OPTION (-8.8%)#Ω** |  |  |
|  | Short Call Option (-8.8%) | Short Call Option (-8.8%) |
| (341)<br>(7481199) | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 03/31/26, Strike $218.28<br>(Premium $354,148) | $(620546) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (105.6%)#Ω** |  |  |
|  | Long Call Option (99.5%) | Long Call Option (99.5%) |
| 2445<br>53640855 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 06/30/26, Strike $1.49 | $52736205 |
|  | Long Put Option (6.1%) | Long Put Option (6.1%) |
| 2445<br>53640855 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 06/30/26, Strike $215.79 | 3215175 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $55,558,802) | 55951380 |
|  | **TOTAL INVESTMENTS (105.6%)**<br> (Cost $55,558,802) | 55951380 |
| LIABILITIES, LESS OTHER ASSETS (-5.6%) | LIABILITIES, LESS OTHER ASSETS (-5.6%) | (2978202) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $52973178 |
| **EXCHANGE-TRADED WRITTEN OPTION (-6.3%)#Ω** |  |  |
|  | Short Call Option (-6.3%) | Short Call Option (-6.3%) |
| (2445)<br>(53640855) | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 06/30/26, Strike $233.27<br>(Premium $3,163,664) | $(3337425) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

www.calamos.com

------

Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October Schedule of Investments July 31, 2025

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (101.0%)#Ω** |  |  |
|  | Long Call Option (97.5%) | Long Call Option (97.5%) |
| 1232<br>27028848 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 09/30/25, Strike $0.31 | $26917485 |
|  | Long Put Option (3.5%) | Long Put Option (3.5%) |
| 1232<br>27028848 | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 09/30/25, Strike $220.89 | 973874 |
|  | **TOTAL EXCHANGE-TRADED <br>PURCHASED OPTIONS**<br> (Cost $28,911,949) | 27891359 |
|  | **TOTAL INVESTMENTS (101.0%)**<br> (Cost $28,911,949) | 27891359 |
| LIABILITIES, LESS OTHER ASSETS (-1.0%) | LIABILITIES, LESS OTHER ASSETS (-1.0%) | (263958) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $27627401 |
| **EXCHANGE-TRADED WRITTEN OPTION (-0.6%)#Ω** |  |  |
|  | Short Call Option (-0.6%) | Short Call Option (-0.6%) |
| (1232)<br>(27028848) | iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF<br>Expires 09/30/25, Strike $239.56<br>(Premium $1,403,007) | $(177615) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

# Non-income producing security.

Ω FLexible EXchange<sup>®</sup> Options (see Note 1).

See accompanying Notes to Schedule of Investments

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

**Note 1 – Organization and Significant Accounting Policies**

**Organization.** Calamos ETF Trust (the "Trust"), a Delaware statutory trust organized on June 17, 2013, consists of thirty-five series as of the date of this report. These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | | |
|:---|:---|:---|:---|
| FUND | TICKER | COMMENCEMENT OF<br>OPERATIONS | EXCHANGE |
| Antetokounmpo Global Sustainable Equities ETF | SROI | 2/3/2023 | NYSE |
| Autocallable Income ETF | CAIE | 6/25/2025 | NYSE |
| CEF Income & Arbitrage ETF | CCEF | 1/16/2024 | NYSE |
| Convertible Equity Alternative ETF | CVRT | 10/4/2023 | NYSE |
| Nasdaq<sup>®</sup> Equity & Income ETF\* | CANQ | 2/13/2024 | NASDAQ |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January | CBOJ | 1/22/2025 | CBOE |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April | CBOA | 4/7/2025 | CBOE |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | CBOY | 7/8/2025 | CBOE |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | CBTJ | 2/4/2025 | CBOE |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | CBTA | 4/7/2025 | CBOE |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | CBTY | 7/8/2025 | CBOE |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January | CBXJ | 2/4/2025 | CBOE |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April | CBXA | 4/7/2025 | CBOE |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July | CBXY | 7/8/2025 | CBOE |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | CPSL | 9/9/2024 | CBOE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | CPSY | 1/2/2025 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | CPSF | 2/3/2025 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | CPSR | 3/3/2025 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | CPSP | 4/1/2025 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | CPSM | 5/1/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | CPSU | 6/2/2025 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | CPSJ | 7/1/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | CPSA | 8/1/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | CPST | 9/3/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | CPSO | 10/1/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | CPSN | 11/1/2024 | NYSE |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | CPSD | 12/2/2024 | NYSE |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | CPNM | 3/3/2025 | NYSE |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | CPNJ | 6/3/2024 | NYSE |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | CPNS | 9/3/2024 | NYSE |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | CPNQ | 12/2/2024 | NYSE |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | CPRY | 1/2/2025 | NYSE |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | CPRA | 4/1/2025 | NYSE |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | CPRJ | 7/1/2024 | NYSE |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | CPRO | 10/1/2024 | NYSE |

---

\* formerly Alternative Nasdaq<sup>®</sup> & Bond ETF

The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to commencement of operations, each Fund had issued one share of beneficial interest at a purchase price of $25 to Calamos Investments, LLC, the parent of Calamos Advisors, LLC, except the Calamos Antetokounmpo Global Sustainable Equities ETF which issued 4,000 shares of beneficial interest at an aggregate purchase price of $100,000.

www.calamos.com

------

Notes to Financial Statements

Each Fund is actively managed. The diversification classification and investment objectives of the Funds are as follows:

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| | | |
|:---|:---|:---|
| TICKER | DIVERSIFICATION <br>CLASSIFICATION | OBJECTIVE<sup>(a)</sup> |
| SROI | Diversified | Long-term capital appreciation. |
| CAIE | Non-Diversified | Seeks to generate high monthly income while providing reduced downside risk through exposure to the MerQube US Large Cap Vol Advantage Autocallable Index. |
| 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 | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while protecting against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBOA | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while protecting against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBOY | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while protecting against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBTJ | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 20% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBTA | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 20% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBTY | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 20% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBXJ | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 10% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBXA | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 10% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CBXY | Non-Diversified | Seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate—New York Variant ("BRRNY") ("Spot bitcoin"), up to a predetermined Cap, while seeking to provide a Floor with protection against a loss exceeding 10% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined period (the "Outcome Period"). |
| CPSL | Non-Diversified | Seeks to provide investors with capital appreciation. |
| CPSY | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| TICKER | DIVERSIFICATION <br>CLASSIFICATION | OBJECTIVE<sup>(a)</sup> |
| CPSF | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSR | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSP | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSM | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSU | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSJ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSA | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPST | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSO | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSN | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPSD | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPNM | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the Invesco QQQ Trust<sup>SM</sup>, Series 1 up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPNJ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the Invesco QQQ Trust<sup>SM</sup>, Series 1 up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPNS | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the Invesco QQQ Trust<sup>SM</sup>, Series 1 up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPNQ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the Invesco QQQ Trust<sup>SM</sup>, Series 1 up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPRY | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| TICKER | DIVERSIFICATION <br>CLASSIFICATION | OBJECTIVE<sup>(a)</sup> |
| CPRA | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPRJ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares<sup>®</sup> Russell 2000<sup>®</sup> ETF up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |
| CPRO | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares<sup>®</sup> Russell2000<sup>®</sup> ETF up to a predetermined Cap, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), over a defined period (the "Outcome Period"). |

---

(a) Capitalized terms not defined herein have the same meaning as in the Fund's prospectus. Current Caps and Outcome Periods are reflected in each Fund's prospectus.

Calamos Antetokounmpo Asset Management LLC ("CGAM"), serves as the Fund's adviser for the Calamos Antetokounmpo Global Sustainable Equities ETF. CGAM is jointly owned by Calamos Advisors LLC ("Calamos Advisors") and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo. Calamos Advisors serves as the Fund's subadviser. Mr. Antetokounmpo serves on CGAM's Board of Directors and has indirect control of half of CGAM's Board of Directors. Mr. Antetokounmpo is not a portfolio manager of the Fund and will not be involved in the day-to-day management of the Fund's investments, and neither Original C nor Mr. Antetokounmpo shall provide any "investment advice" to the Fund. Mr. Antetokounmpo provided input in selecting the initial strategy for the Fund. Mr. Antetokounmpo will be involved with marketing efforts on behalf of CGAM. If Mr. Antetokounmpo is no longer involved with the Fund or CGAM then "Antetokounmpo" will be removed from the name of the Fund and CGAM. Further, shareholders would be notified of any change in the name of the Fund or its strategy. CGAM is jointly owned and controlled by Calamos Advisors LLC and, indirectly, by Mr. Antetokounmpo, a well-known professional athlete. Unanticipated events, including, without limitation, death, adverse reputational events or business disputes, could result in Mr. Antetokounmpo no longer being associated or involved with CGAM. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

For all other Funds in the ETF Trust, Calamos Advisors LLC ("Calamos Advisors" or the "Adviser"), serves as the Funds' adviser.

**Significant Accounting Policies.** The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. The following summarizes the significant accounting policies of the Funds.

**Fund Valuation.** The Trust's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Funds, have designated the Adviser to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" the Adviser has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which a Fund's NAV is determined. The valuation of the Funds' investments is in accordance with these procedures.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time the Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market<sup>®</sup> are valued at the NASDAQ<sup>®</sup> Official Closing Price, as determined by NASDAQ<sup>®</sup>, or lacking a NASDAQ<sup>®</sup> Official Closing Price, the last current reported sale price on NASDAQ<sup>®</sup> at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board. Futures, swaps and options contracts listed for trading on a futures or options exchange or board

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

of trade for which market quotations are generally available are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price. Total return swaps on exchange-listed securities are valued at the last quoted sale price, or, in the absence of a sale, at the mean of the last bid and ask price.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Securities that are principally traded in foreign markets are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

FLexible EXchange<sup>®</sup> Options ("FLEX Options") listed on an exchange will typically be valued at a model-based price at the official close of that exchange's trading day. However, when a Fund's option has a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange's model-based price. If the pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the valuation designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures.

If the valuation designee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the valuation designee.

Each Fund also may use fair value pricing, pursuant to guidelines adopted by the Adviser, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the Adviser, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate a Fund's NAV.

**Investment Transactions.** Investment transactions are recorded on a trade date basis as of July 31, 2025. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

**Foreign Currency Translation.** Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at year end.

**Allocation of Expenses Among Funds.** Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of *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 &* 

www.calamos.com

------

Notes to Financial Statements

*Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust* are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis.

**Income Taxes.** No provision has been made for U.S. income taxes because the Trust's policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the Funds' taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions and investments in passive foreign investment companies. The financial statements are not adjusted for temporary differences.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2023-2025 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

**Indemnifications.** Under the Trust's organizational documents, the Trust is obligated to indemnify its officers and Trustees against certain liabilities incurred by them by reason of having been an officer or Trustee of the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnifications to other parties. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

**Segment Reporting.** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Consistent with the definition of a chief operating decision maker ("CODM") provided by FASB Accounting Standards Update 2023-07, the Funds' CODM consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. The Funds operate as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Funds. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds' financial statements and financial highlights.

**Note 2 – Investment Adviser and Transactions with Affiliates or Certain Other Parties**

**Advisory Fee.** Pursuant to an investment advisory agreement, each Fund pays Calamos Advisors (or CGAM with respect to Antetokounmpo Global Sustainable Equities ETF) a monthly unitary advisory fee based on the average daily net assets of the Fund at the following annual rates:

---

| | | |
|:---|:---|:---|
| FUND | ADVISORY FEE | ADVISORY FEE |
| Antetokounmpo Global Sustainable Equities ETF | 0.95 | % |
| Autocallable Income ETF | 0.74 |  |
| CEF Income & Arbitrage ETF | 0.74 |  |
| Convertible Equity Alternative ETF | 0.69 |  |
| Nasdaq<sup>®</sup> Equity & Income ETF\* | 0.74 | \*\* |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January | 0.69 |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April | 0.69 |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | 0.69 |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | 0.69 |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | 0.69 |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | 0.69 |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January | 0.69 |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April | 0.69 |  |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | |
|:---|:---|
| FUND | ADVISORY FEE |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July | 0.69% |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | 0.10 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | 0.69 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 0.69 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | 0.69 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 0.69 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 0.69 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 0.69 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 0.69 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 0.69 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 0.69 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 0.69 |

---

\* formerly Alternative Nasdaq<sup>®</sup> & Bond ETF.

\*\* Monthly unitary advisory fee was changed from 0.77% on May 2, 2025.

**Distributor.** The distributor of each Fund is Calamos Financial Services LLC ("CFS" or the "Distributor"). CFS is a limited purpose broker-dealer affiliated with Calamos Advisors. The Distributor has entered into a distribution agreement with the Trust pursuant to which it distributes Fund shares.

**Affiliated Trustees and Officers.** For the Antetokounmpo Global Sustainable Equities ETF, a Trustee and certain officers of the Trust are also officers and/or directors of CGAM. A Trustee and certain officers of the Fund are also officers and/or directors of Calamos Advisors. For all other Funds, a Trustee and certain officers of the Trust are also officers and/or directors of CFS and Calamos Advisors. Such Trustee and officers serve without direct compensation from the Trust. The Trust's Statement of Additional Information contains additional information about the Trust's Trustees and officers and is available without charge, upon request, at www.calamos.com or by calling 866.363.9219.

**Note 3 – Investments**

The cost of purchases and proceeds from sales of long-term investments, excluding short-term investments and in-kind transactions, for the year ended July 31, 2025 are shown in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T<br>SECURITIES | OTHER | U.S. GOV'T<br>SECURITIES | OTHER |
| Antetokounmpo Global Sustainable Equities ETF | $— | $2437020 | $— | $1976979 |
| Autocallable Income ETF |  |  |  |  |
| CEF Income & Arbitrage ETF |  | 12145668 |  | 11990696 |
| Convertible Equity Alternative ETF |  | 17756912 |  | 16281835 |
| Nasdaq<sup>®</sup> Equity & Income ETF |  | 4551976 |  | 1649241 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T<br>SECURITIES | OTHER | U.S. GOV'T<br>SECURITIES | OTHER |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | $— | $— | $— | $— |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> |  | 48512663 |  | 8842063 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  |  |  |  |

---

The cost of purchases and proceeds from in-kind transactions associated with creations and redemptions for the year ended July 31, 2025 are shown in the table below.

---

| | | |
|:---|:---|:---|
| FUND | COST OF IN-KIND PURCHASES | PROCEEDS FROM IN-KIND SALES |
| Antetokounmpo Global Sustainable Equities ETF | $2750713 | $— |
| Autocallable Income ETF |  |  |
| CEF Income & Arbitrage ETF | 7578440 | 3357649 |
| Convertible Equity Alternative ETF | 16818172 | 13319954 |
| Nasdaq<sup>®</sup> Equity & Income ETF | 20869877 | 2746006 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January |  | 29572712 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April |  | 5416835 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July |  | 1678945 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January |  | 92166188 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April |  | 11216786 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July |  | 2345237 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January |  | 42915049 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April |  | 16168531 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July |  | 2245374 |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | 74582794 | 37924696 |

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ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

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| | | |
|:---|:---|:---|
| FUND | COST OF IN-KIND PURCHASES | PROCEEDS FROM IN-KIND SALES |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | $— | $619787 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February |  | 4380681 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  | 682210 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May |  | 124602965 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  | 14845381 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 2570600 | 83164992 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August |  | 92952079 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  | 5451146 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  | 14985040 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November |  | 4134734 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  | 2465882 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  | 80851592 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  | 33396789 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  | 27299012 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January |  | 1976342 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  | 774132 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  | 109727470 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  | 4724463 |

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**Note 4 – Income Taxes**

For the fiscal year ended July 31, 2025, the Funds recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

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| | | | |
|:---|:---|:---|:---|
| FUND | PAID-IN <br>CAPITAL | ACCUMULATED<br>UNDISTRIBUTED/<br>(OVERDISTRIBUTED)<br>NET INVESTMENT <br>INCOME | ACCUMULATED<br>NET REALIZED<br>GAIN/(LOSS) ON<br>INVESTMENTS |
| Antetokounmpo Global Sustainable Equities ETF | $— | $(975) | $975 |
| Autocallable Income ETF |  |  |  |
| CEF Income & Arbitrage ETF | 296150 | (179254) | (116896) |
| Convertible Equity Alternative ETF | 557034 | 1211736 | (1768770) |
| Nasdaq<sup>®</sup> Equity & Income ETF | 302799 | 10734 | (313533) |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January | 813410 |  | (813410) |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April | 159116 |  | (159116) |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | 7566 |  | (7566) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | 5000239 |  | (5000239) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | 919525 |  | (919525) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January | 1901085 |  | (1901085) |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April | 740279 |  | (740279) |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | 754612 | 30494 | (785106) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | (59604) | 76757 | (17153) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | 500669 | 72984 | (573653) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | (57536) | 57536 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 45628 | 32007 | (77635) |

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www.calamos.com

------

Notes to Financial Statements

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| | | | |
|:---|:---|:---|:---|
| FUND | PAID-IN <br>CAPITAL | ACCUMULATED<br>UNDISTRIBUTED/<br>(OVERDISTRIBUTED)<br>NET INVESTMENT <br>INCOME | ACCUMULATED<br>NET REALIZED<br>GAIN/(LOSS) ON<br>INVESTMENTS |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | $6762583 | $459035 | $(7221618) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 226342 | 15685 | (242027) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 3965310 | 241577 | (4206887) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | 6414984 | 270406 | (6685390) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 234949 | 164371 | (399320) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 305204 | 119292 | (424496) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | 80206 | 100185 | (180391) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | (26893) | 208290 | (181397) |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | (38060) | 38060 |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 4814090 | 267112 | (5081202) |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 1820975 | 210130 | (2031105) |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 909201 | 123070 | (1032271) |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 90697 | 183481 | (274178) |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 93791 | 13648 | (107439) |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 5324362 | 358975 | (5683337) |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 243991 | 158636 | (402627) |

---

The following information is presented on a federal income tax basis as of July 31, 2025. Differences between the cost basis under U.S. GAAP and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at July 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | COST BASIS OF<br>INVESTMENTS | GROSS UNREALIZED<br>APPRECIATION | GROSS UNREALIZED<br>DEPRECIATION | NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Antetokounmpo Global Sustainable Equities ETF | $12614261 | $3772681 | $(587566) | $3185115 |
| Autocallable Income ETF | 63695020 | 1053082 | (794) | 1052288 |
| CEF Income & Arbitrage ETF | 16862633 | 968326 | (222322) | 746004 |
| Convertible Equity Alternative ETF | 13732935 | 1389403 | (135087) | 1254316 |
| Nasdaq<sup>®</sup> Equity & Income ETF | 25217192 | 1226363 | (357680) | 868683 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January | 42799222 | 610211 | (637532) | (27321) |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April | 5281998 |  | (8734) | (8734) |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July | 5048153 |  | (746) | (746) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | 48263136 |  | (32931) | (32931) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | 3165411 |  | (4342) | (4342) |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | 10323060 |  | (1473) | (1473) |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January | 26014269 |  | (18869) | (18869) |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April | 5811242 |  | (9690) | (9690) |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July | 5083939 |  | (473) | (473) |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | 77053545 | 2334830 |  | 2334830 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 21748059 | 1697307 | (904692) | 792615 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | 25756373 | 1636575 | (1356975) | 279600 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | 22445142 | 2430180 | (1622238) | 807942 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 15415637 | 2484720 | (1993960) | 490760 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | 62443703 | 8821121 | (7219428) | 1601693 |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | COST BASIS OF<br>INVESTMENTS | GROSS UNREALIZED<br>APPRECIATION | GROSS UNREALIZED<br>DEPRECIATION | NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | $11754673 | $633446 | $(566927) | $66519 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 42656511 | 1017828 | (750108) | 267720 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | 37093408 |  | (2839) | (2839) |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 24988079 | 3417913 | (2038833) | 1379080 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 17328604 | 1616874 | (1054413) | 562461 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | 19586774 | 1976838 | (1177730) | 799108 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 53111541 | 4025965 | (1979151) | 2046814 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | 15137719 | 2657720 | (2002383) | 655337 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 44515872 | 3480139 | (2821600) | 658539 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 23397358 | 3851472 | (3326076) | 525396 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 14574894 | 1348065 | (1111859) | 236206 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 58983401 | 2349062 | (1554283) | 794779 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | 6904511 | 766575 | (631870) | 134705 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 52395138 | 874485 | (655668) | 218817 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 27508942 | 1274664 | (1069862) | 204802 |

---

Distributions were characterized for federal income tax purposes as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** |
| FUND | ORDINARY <br>INCOME | LONG-TERM <br>CAPITAL GAIN | RETURN OF<br>CAPITAL | ORDINARY<br>INCOME | LONG-TERM <br>CAPITAL GAIN | RETURN OF<br>CAPITAL |
| Antetokounmpo Global Sustainable Equities ETF | $89738 | $— | $— | $100956 | $— | $— |
| Autocallable Income ETF |  |  |  |  |  |  |
| CEF Income & Arbitrage ETF | 1270831 | 57079 |  | 252902 |  |  |
| Convertible Equity Alternative ETF | 146566 |  |  | 142447 |  |  |
| Nasdaq<sup>®</sup> Equity & Income ETF | 281051 |  |  | 21565 |  |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January |  |  |  |  |  |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |  |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |  |  |
| Bitcoin 80 Series Structured Alt Protection <br>ETF<sup>®</sup>—January |  |  |  |  |  |  |
| Bitcoin 80 Series Structured Alt Protection <br>ETF<sup>®</sup>—April |  |  |  |  |  |  |
| Bitcoin 80 Series Structured Alt Protection <br>ETF<sup>®</sup>—July |  |  |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection <br>ETF<sup>®</sup>—January |  |  |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection <br>ETF<sup>®</sup>—April |  |  |  |  |  |  |
| Bitcoin 90 Series Structured Alt Protection <br>ETF<sup>®</sup>—July |  |  |  |  |  |  |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—January |  |  |  |  |  |  |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED <br>JULY 31, 2025** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** | **YEAR OR PERIOD ENDED<br>JULY 31, 2024** |
| FUND | ORDINARY <br>INCOME | LONG-TERM <br>CAPITAL GAIN | RETURN OF<br>CAPITAL | ORDINARY<br>INCOME | LONG-TERM <br>CAPITAL GAIN | RETURN OF<br>CAPITAL |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—February | $— | $— | $— | $— | $— | $— |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—August |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—September |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—November |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—December |  |  |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—March |  |  |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  |  |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—September |  |  |  |  |  |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—December |  |  |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—January |  |  |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—April |  |  |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  |  |  |  |  |  |
| Russell 2000<sup>®</sup> Structured Alt Protection <br>ETF<sup>®</sup>—October |  |  |  |  |  |  |

---

As of July 31, 2025, the components of accumulated earnings/(loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ANTETOKOUNMPO<br>GLOBAL<br>SUSTAINABLE<br>EQUITIES ETF | AUTOCALLABLE<br>INCOME ETF | CEF INCOME &<br>ARBITRAGE ETF | CONVERTIBLE<br>EQUITY<br>ALTERNATIVE ETF | NASDAQ<sup>®</sup> <br>EQUITY &<br>INCOME ETF |
| Undistributed ordinary income | $67184 | $102790 | $62048 | $69429 | $— |
| Undistributed capital gains |  |  | 106895 |  |  |
| Total undistributed earnings | 67184 | 102790 | 168943 | 69429 |  |
| Accumulated capital and other losses | (175770) |  |  | (166333) |  |
| Net unrealized gains/(losses) | 3181145 | 1052288 | 746004 | 1254316 | 868683 |
| Total accumulated earnings/(losses) | 3072559 | 1155078 | 914947 | 1157412 | 868683 |
| Other |  |  |  |  |  |
| Paid-in-capital | 12866479 | 65099144 | 16898216 | 12223388 | 25375643 |
| Net assets applicable to common shareholders | $15939038 | $66254222 | $17813163 | $13380800 | $26244326 |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | BITCOIN<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL |
| Undistributed ordinary income | $760071 | $45751 | $7593 | $453040 | $23619 |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings | 760071 | 45751 | 7593 | 453040 | 23619 |
| Accumulated capital and other losses |  |  |  |  |  |
| Net unrealized gains/(losses) | (27321) | (8734) | (746) | (32931) | (4342) |
| Total accumulated earnings/(losses) | 732750 | 37017 | 6847 | 420109 | 19277 |
| Other |  |  |  |  |  |
| Paid-in-capital | 42044015 | 5230904 | 5043194 | 47809362 | 3143093 |
| Net assets applicable to common shareholders | $42776765 | $5267921 | $5050041 | $48229471 | $3162370 |
|  | BITCOIN<br>80 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | BITCOIN<br>90 SERIES<br>STRUCTURED ALT <br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | BITCOIN<br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | BITCOIN<br>90 SERIES<br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | LADDERED<br>S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup> |
| Undistributed ordinary income | $7805 | $361276 | $48586 | $8248 | $— |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings | 7805 | 361276 | 48586 | 8248 |  |
| Accumulated capital and other losses | (28622) |  |  | (30388) | (60259) |
| Net unrealized gains/(losses) | (1473) | (18869) | (9690) | (473) | 2334830 |
| Total accumulated earnings/(losses) | (22290) | 342407 | 38896 | (22613) | 2274571 |
| Other |  |  |  |  |  |
| Paid-in-capital | 10369520 | 25652817 | 5762140 | 5112397 | 77126606 |
| Net assets applicable to common shareholders | $10347230 | $25995224 | $5801036 | $5089784 | $79401177 |
|  | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—FEBRUARY | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MARCH | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MAY |
| Undistributed ordinary income | $— | $— | $— | $— | $— |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings |  |  |  |  |  |
| Accumulated capital and other losses | (1556) | (1169) |  |  | (157649) |
| Net unrealized gains/(losses) | 792615 | 279600 | 807942 | 490760 | 1601693 |
| Total accumulated earnings/(losses) | 791059 | 278431 | 807942 | 490760 | 1444044 |
| Other |  |  |  |  |  |
| Paid-in-capital | 21724419 | 25747295 | 22445745 | 15423816 | 62976004 |
| Net assets applicable to common shareholders | $22515478 | $26025726 | $23253687 | $15914576 | $64420048 |
|  | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JUNE | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—AUGUST | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—SEPTEMBER | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—OCTOBER |
| Undistributed ordinary income | $— | $— | $— | $— | $— |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings |  |  |  |  |  |
| Accumulated capital and other losses |  | (1236380) | (3218031) | (6834) | (2513) |
| Net unrealized gains/(losses) | 66519 | 267720 | (2839) | 1379080 | 562461 |
| Total accumulated earnings/(losses) | 66519 | (968660) | (3220870) | 1372246 | 559948 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JUNE | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—AUGUST | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—SEPTEMBER | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—OCTOBER |
| Other | $— | $— | $— | $(457) | $— |
| Paid-in-capital | 11825576 | 44257491 | 40581253 | 24970028 | 17283015 |
| Net assets applicable to common shareholders | $11892095 | $43288831 | $37360383 | $26341817 | $17842963 |
|  | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—NOVEMBER | S&P 500<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—DECEMBER | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—MARCH | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JUNE | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—SEPTEMBER |
| Undistributed ordinary income | $— | $— | $— | $— | $— |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings |  |  |  |  |  |
| Accumulated capital and other losses | (1926) | (3570) |  | (1399384) | (5121) |
| Net unrealized gains/(losses) | 799108 | 2046814 | 655337 | 658539 | 525396 |
| Total accumulated earnings/(losses) | 797182 | 2043244 | 655337 | (740845) | 520275 |
| Other |  |  |  |  |  |
| Paid-in-capital | 19542523 | 53042072 | 15137721 | 46162064 | 23376588 |
| Net assets applicable to common shareholders | $20339705 | $55085316 | $15793058 | $45421219 | $23896863 |
|  | NASDAQ-100<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—DECEMBER | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JANUARY | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—APRIL | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—JULY | RUSSELL 2000<sup>®</sup><br>STRUCTURED ALT<br>PROTECTION<br>ETF<sup>®</sup>—OCTOBER |
| Undistributed ordinary income | $— | $— | $— | $— | $— |
| Undistributed capital gains |  |  |  |  |  |
| Total undistributed earnings |  |  |  |  |  |
| Accumulated capital and other losses | (3383) | (8529) |  | (2438817) | (6760) |
| Net unrealized gains/(losses) | 236206 | 794779 | 134705 | 218817 | 204802 |
| Total accumulated earnings/(losses) | 232823 | 786250 | 134705 | (2220000) | 198042 |
| Other |  |  |  |  |  |
| Paid-in-capital | 14555565 | 58924947 | 6904249 | 55193178 | 27429359 |
| Net assets applicable to common shareholders | $14788388 | $59711197 | $7038954 | $52973178 | $27627401 |

---

The following Funds had capital loss carryforwards for the year ended July 31, 2025, with no expiration date, available to offset future realized capital gains:

---

| | | |
|:---|:---|:---|
| FUND | SHORT-TERM | LONG-TERM |
| Antetokounmpo Global Sustainable Equities ETF | $35848 | $139922 |
| Autocallable Income ETF |  |  |
| Convertible Equity Alternative ETF | 166333 |  |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | 11449 | 17173 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July | 12156 | 18232 |
| Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | 60259 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 1556 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | 1169 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | 157649 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 1236380 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | 3218031 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 6834 |  |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| FUND | SHORT-TERM | LONG-TERM |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | $2513 | $— |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | 1926 |  |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 3570 |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | 1399384 |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | 5121 |  |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | 3383 |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | 8529 |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | 2438817 |  |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | 6760 |  |

---

**Note 5 – Derivative Instruments**

**Counterparty Risk.** A Fund will be subject to credit risk with respect to the counterparties to the derivative contracts entered into by a Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations, the Fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all. Even temporary disruptions in a counterparty's ability to perform under derivative agreements could significantly impact Fund performance. A Fund may have substantial exposure to a single counterparty, which may result in the Fund being more susceptible to a single economic or regulatory occurrence affecting such counterparty. With respect to Calamos Autocallable Income ETF (CAIE), the Fund's holdings consist primarily of contractual claims against swap counterparties, making the Fund particularly vulnerable to counterparty failure.

**Derivatives Risk.** Derivatives are instruments, such as swaps, options, futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. The use of derivatives will increase expenses and volatility, and there is no guarantee that a derivatives strategy will work as anticipated. While hedging with derivatives can reduce or eliminate losses, it can also reduce or eliminate gains. In addition, derivative instruments are subject to counterparty risk, meaning that the party with whom a Fund enters into a derivative transaction may experience a significant credit event and/or may be unwilling or unable to make timely settlement.

**Digital Assets Risk.** The Bitcoin, Bitcoin 80 Series and Bitcoin 90 Series Structured Alt Protection ETFs<sup>®</sup> may engage in option transactions that reference the price performance of one or more underlying exchange-traded products ("Underlying ETPs") which, in turn, own bitcoin and/or one or more indexes that are designed to track the price of bitcoin ("Bitcoin Index"). The value of the Underlying ETPs and/or Bitcoin Index relate to the value of bitcoins, the value of which may be highly volatile and subject to fluctuations due to a number of factors that could adversely affect the value of the Underlying ETPs and/or Bitcoin Index.

**Equity Risk.** Each Fund may engage in option transactions and in doing so achieve similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Certain Funds may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of

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Notes to Financial Statements

securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default.

Certain Funds may invest in FLEX Options issued and guaranteed for settlement by The Options Clearing Corporation ("OCC"). FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The FLEX Options held by the Funds will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options and changing volatility levels of the reference asset. In connection with the creation and redemption of Fund shares, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Funds at prices that reflect the market price of the Fund shares, a Fund's NAV and, in turn the share price of a Fund, could be negatively impacted. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless.

As of July 31, 2025, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

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| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| | **AUTOCALLABLE INCOME ETF** | **AUTOCALLABLE INCOME ETF** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Total Return Swaps<sup>(1)</sup> | $1053082 | $— |
|  | $1053082 | $— |
|  | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $3640509 | $— |
|  | $3640509 | $— |
|  | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $9099123 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 6566847 |
|  | $9099123 | $6566847 |

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Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $2815600 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 2401500 |
|  | $2815600 | $2401500 |
|  | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $1245429 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1011320 |
|  | $1245429 | $1011320 |
|  | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $17903000 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 2834542 |
|  | $17903000 | $2834542 |
|  | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $1832232 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 613659 |
|  | $1832232 | $613659 |
|  | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 80 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $3693690 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1073380 |
|  | $3693690 | $1073380 |
|  | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $8094339 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 2956234 |
|  | $8094339 | $2956234 |
|  | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $3227093 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1797619 |
|  | $3227093 | $1797619 |

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| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 90 SERIES STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Option<sup>(2)</sup> | $1495538 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 744040 |
|  | $1495538 | $744040 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $23674652 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1133978 |
|  | $23674652 | $1133978 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $27058980 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1023007 |
|  | $27058980 | $1023007 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MARCH** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MARCH** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $24490804 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1237720 |
|  | $24490804 | $1237720 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $17605482 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1699085 |
|  | $17605482 | $1699085 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MAY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $72260109 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 8214713 |
|  | $72260109 | $8214713 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JUNE** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JUNE** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $12752809 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 931617 |
|  | $12752809 | $931617 |

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ETF FAMILY OF FUNDS ANNUAL REPORT

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Notes to Financial Statements

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| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $45251409 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 2327178 |
|  | $45251409 | $2327178 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—AUGUST** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—AUGUST** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $38665584 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1575015 |
|  | $38665584 | $1575015 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $27760409 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1393250 |
|  | $27760409 | $1393250 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—OCTOBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $18807333 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 916268 |
|  | $18807333 | $916268 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $21658168 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1272286 |
|  | $21658168 | $1272286 |
|  | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **S&P 500<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—DECEMBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $56419135 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1260780 |
|  | $56419135 | $1260780 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MARCH** | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—MARCH** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $17332100 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1539044 |
|  | $17332100 | $1539044 |

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| | | |
|:---|:---|:---|
| | ASSET <br>DERIVATIVES | LIABILITY <br>DERIVATIVES |
| | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JUNE** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $49966971 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 4792560 |
|  | $49966971 | $4792560 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $26385261 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 2462507 |
|  | $26385261 | $2462507 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—DECEMBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $15809358 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 998258 |
|  | $15809358 | $998258 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $60911340 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 1133160 |
|  | $60911340 | $1133160 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $7659762 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 620546 |
|  | $7659762 | $620546 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—JULY** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $55951380 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 3337425 |
|  | $55951380 | $3337425 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **RUSSELL 2000<sup>®</sup> STRUCTURED <br>ALT PROTECTION ETF<sup>®</sup>—OCTOBER** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(2)</sup> | $27891359 | $— |
| Exchange-Traded Written Option<sup>(3)</sup> |  | 177615 |
|  | $27891359 | $177615 |

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ETF FAMILY OF FUNDS ANNUAL REPORT

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Notes to Financial Statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET<br>IN THE STATEMENT OF ASSETS AND LIABILITIES** |
| **AUTOCALLABLE INCOME ETF** | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | GROSS AMOUNTS PRESENTED IN THE<br>STATEMENT OF ASSETS AND LIABILITIES | COLLATERAL | NET AMOUNT <br>RECEIVABLE IN <br>THE EVENT | NET AMOUNT <br>PAYABLE IN <br>THE EVENT |
| Counterparty |  | ASSETS | LIABILITIES | PLEDGED | OF DEFAULT | OF DEFAULT |
| JPMorgan Chase Bank N.A. | ISDA | $1053082 | $— | $— | $1053082 | $— |
|  |  | $1053082 | $— | $— | $1053082 | $— |

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For the year ended July 31, 2025, the volume of derivative activity for the Fund is reflected below:\*

---

| | | | |
|:---|:---|:---|:---|
| FUND | SWAPS<sup>(1)</sup> | PURCHASED <br>OPTIONS<sup>(2)</sup> | WRITTEN <br>OPTIONS<sup>(3)</sup> |
| Autocallable Income ETF | $83427 |  |  |
| Nasdaq<sup>®</sup> Equity & Income ETF |  | 1923 |  |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—January |  | 5508 | 5508 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—April |  | 816 | 816 |
| Bitcoin Structured Alt Protection ETF<sup>®</sup>—July |  | 337 | 337 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January |  | 10260 | 10260 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April |  | 748 | 748 |
| Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July |  | 577 | 577 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January |  | 4914 | 4914 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April |  | 1156 | 1156 |
| Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July |  | 385 | 385 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January |  | 760 | 380 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February |  | 980 | 490 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  | 760 | 380 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  | 572 | 286 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May |  | 4590 | 2295 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  | 836 | 418 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  | 2972 | 2057 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August |  | 3447 | 2031 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  | 1056 | 528 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  | 1078 | 539 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November |  | 814 | 407 |
| S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  | 1840 | 920 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March |  | 600 | 300 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June |  | 3010 | 1505 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September |  | 2132 | 1066 |
| Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December |  | 1512 | 756 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January |  | 5488 | 2744 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April |  | 744 | 372 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July |  | 9684 | 7059 |
| Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October |  | 2856 | 1428 |

---

\* Activity during the period is measured by opened total return swaps (measured in notional) and opened number of contracts for options purchased or written.

(1) Generally, the Statement of Assets and Liabilities location for Swap contracts is Unrealized appreciation on total return swaps for asset derivatives and Unrealized depreciation on total return swaps for liability derivatives.

(2) Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investment in securities, at value".

(3) Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

www.calamos.com

------

Notes to Financial Statements

**Note 6 – Securities Lending**

SROI, CVRT, CCEF, and CANQ may each loan one or more of its securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The additional return is disclosed on a net basis as Securities lending income in the Statement of Operations. Upon receipt of cash or cash equivalent collateral, the Fund's securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. The Fund records the investment of collateral as an asset (Investment in securities, at value or Restricted cash for collateral on securities loaned) and the value of the collateral as a liability (Collateral for securities loaned) on the Statement of Assets and Liabilities. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. If the value of the invested collateral declines below the value of the collateral deposited by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds will pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the year while a Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this year, and (c) the expenses of enforcing its rights. In an effort to reduce these risks, the Funds' security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which the Funds lend securities.

The following table indicates the total amount of securities loaned by asset class, reconciled to the gross liability payable upon return of the securities loaned by the Funds as July 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | AMOUNT OF<br>COLLATERAL <br>HELD IN <br>SHORT TERM <br>INVESTMENTS<br>AND <br>RESTRICTED | AMOUNT OF <br>NON-CASH | TOTAL  | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | VALUE OF SECURITIES ON<br>LOAN TO BROKER-DEALERS AND<br>BANKS BY ASSET CLASS ON LOAN | EXCESS <br>AMOUNT <br>DUE TO/(FROM) |
| FUND | CASH | COLLATERAL | COLLATERAL | EQUITY | FIXED INCOME | TOTAL | COUNTERPARTY |
| Convertible Equity Alternative ETF | $1701611 | $175310 | $1876921 | $807103 | $1017844 | $1824947 | $51974 |

---

**Note 7 – Fair Value Measurements**

Various inputs are used to determine the value of the Funds' investments. These inputs are categorized into three broad levels as follows:

• Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 – Prices reflect unobservable market inputs (including the Funds' own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Funds' investments.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** | **ANTETOKOUNMPO GLOBAL SUSTAINABLE EQUITIES ETF** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Common Stocks | $15799376 | $— | $— | $15799376 |
| Total | $15799376 | $— | $— | $15799376 |
|  | **AUTOCALLABLE INCOME ETF** | **AUTOCALLABLE INCOME ETF** | **AUTOCALLABLE INCOME ETF** | **AUTOCALLABLE INCOME ETF** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $63694226 | $— | $63694226 |
| Total Return Swaps |  | 1053082 |  | 1053082 |
| Total | $— | $64747308 | $— | $64747308 |
|  | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Closed-End Funds | $17608637 | $— | $— | $17608637 |
| Total | $17608637 | $— | $— | $17608637 |
|  | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Convertible Bonds | $— | $9637220 | $— | $9637220 |
| Convertible Preferred Stocks | 3556241 | 92179 |  | 3648420 |
| Investment of Cash Collateral For Securities Loaned |  | 1701611 |  | 1701611 |
| Total | $3556241 | $11431010 | $— | $14987251 |
|  | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** | **NASDAQ<sup>®</sup> EQUITY & INCOME ETF** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Funds | $22445366 | $— | $— | $22445366 |
| Exchange-Traded Purchased Options |  | 3640509 |  | 3640509 |
| Total | $22445366 | $3640509 | $— | $26085875 |
|  | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $40239625 | $— | $40239625 |
| Exchange-Traded Purchased Option |  | 9099123 |  | 9099123 |
| Total | $— | $49338748 | $— | $49338748 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $6566847 | $— | $6566847 |
| Total | $— | $6566847 | $— | $6566847 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $4859164 | $— | $4859164 |
| Exchange-Traded Purchased Option |  | 2815600 |  | 2815600 |
| Total | $— | $7674764 | $— | $7674764 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $2401500 | $— | $2401500 |
| Total | $— | $2401500 | $— | $2401500 |
|  | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $4813298 | $— | $4813298 |
| Exchange-Traded Purchased Option |  | 1245429 |  | 1245429 |
| Total | $— | $6058727 | $— | $6058727 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1011320 | $— | $1011320 |
| Total | $— | $1011320 | $— | $1011320 |
|  | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $33161747 | $— | $33161747 |
| Exchange-Traded Purchased Option |  | 17903000 |  | 17903000 |
| Total | $— | $51064747 | $— | $51064747 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $2834542 | $— | $2834542 |
| Total | $— | $2834542 | $— | $2834542 |
|  | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $1942496 | $— | $1942496 |
| Exchange-Traded Purchased Option |  | 1832232 |  | 1832232 |
| Total | $— | $3774728 | $— | $3774728 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $613659 | $— | $613659 |
| Total | $— | $613659 | $— | $613659 |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 80 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $7701277 | $— | $7701277 |
| Exchange-Traded Purchased Option |  | 3693690 |  | 3693690 |
| Total | $— | $11394967 | $— | $11394967 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1073380 | $— | $1073380 |
| Total | $— | $1073380 | $— | $1073380 |
|  | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $20857295 | $— | $20857295 |
| Exchange-Traded Purchased Option |  | 8094339 |  | 8094339 |
| Total | $— | $28951634 | $— | $28951634 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $2956234 | $— | $2956234 |
| Total | $— | $2956234 | $— | $2956234 |
|  | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $4372078 | $— | $4372078 |
| Exchange-Traded Purchased Option |  | 3227093 |  | 3227093 |
| Total | $— | $7599171 | $— | $7599171 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1797619 | $— | $1797619 |
| Total | $— | $1797619 | $— | $1797619 |
|  | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **BITCOIN 90 SERIES STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| U.S. Government and Agency Security | $— | $4331968 | $— | $4331968 |
| Exchange-Traded Purchased Option |  | 1495538 |  | 1495538 |
| Total | $— | $5827506 | $— | $5827506 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $744040 | $— | $744040 |
| Total | $— | $744040 | $— | $744040 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LADDERED S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>** | **LADDERED S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>** | **LADDERED S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>** | **LADDERED S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Funds | $79388375 | $— | $— | $79388375 |
| Total | $79388375 | $— | $— | $79388375 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $23674652 | $— | $23674652 |
| Total | $— | $23674652 | $— | $23674652 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1133978 | $— | $1133978 |
| Total | $— | $1133978 | $— | $1133978 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—FEBRUARY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $27058980 | $— | $27058980 |
| Total | $— | $27058980 | $— | $27058980 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1023007 | $— | $1023007 |
| Total | $— | $1023007 | $— | $1023007 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $24490804 | $— | $24490804 |
| Total | $— | $24490804 | $— | $24490804 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1237720 | $— | $1237720 |
| Total | $— | $1237720 | $— | $1237720 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $17605482 | $— | $17605482 |
| Total | $— | $17605482 | $— | $17605482 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1699085 | $— | $1699085 |
| Total | $— | $1699085 | $— | $1699085 |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MAY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MAY** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $72260109 | $— | $72260109 |
| Total | $— | $72260109 | $— | $72260109 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $8214713 | $— | $8214713 |
| Total | $— | $8214713 | $— | $8214713 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $12752809 | $— | $12752809 |
| Total | $— | $12752809 | $— | $12752809 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $931617 | $— | $931617 |
| Total | $— | $931617 | $— | $931617 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $45251409 | $— | $45251409 |
| Total | $— | $45251409 | $— | $45251409 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $2327178 | $— | $2327178 |
| Total | $— | $2327178 | $— | $2327178 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—AUGUST** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—AUGUST** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—AUGUST** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—AUGUST** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $38665584 | $— | $38665584 |
| Total | $— | $38665584 | $— | $38665584 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1575015 | $— | $1575015 |
| Total | $— | $1575015 | $— | $1575015 |

---

www.calamos.com

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Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $27760409 | $— | $27760409 |
| Total | $— | $27760409 | $— | $27760409 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1393250 | $— | $1393250 |
| Total | $— | $1393250 | $— | $1393250 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $18807333 | $— | $18807333 |
| Total | $— | $18807333 | $— | $18807333 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $916268 | $— | $916268 |
| Total | $— | $916268 | $— | $916268 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—NOVEMBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $21658168 | $— | $21658168 |
| Total | $— | $21658168 | $— | $21658168 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1272286 | $— | $1272286 |
| Total | $— | $1272286 | $— | $1272286 |
|  | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **S&P 500<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $56419135 | $— | $56419135 |
| Total | $— | $56419135 | $— | $56419135 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1260780 | $— | $1260780 |
| Total | $— | $1260780 | $— | $1260780 |

---

ETF FAMILY OF FUNDS ANNUAL REPORT

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Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—MARCH** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $17332100 | $— | $17332100 |
| Total | $— | $17332100 | $— | $17332100 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1539044 | $— | $1539044 |
| Total | $— | $1539044 | $— | $1539044 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JUNE** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $49966971 | $— | $49966971 |
| Total | $— | $49966971 | $— | $49966971 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $4792560 | $— | $4792560 |
| Total | $— | $4792560 | $— | $4792560 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—SEPTEMBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $26385261 | $— | $26385261 |
| Total | $— | $26385261 | $— | $26385261 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $2462507 | $— | $2462507 |
| Total | $— | $2462507 | $— | $2462507 |
|  | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** | **NASDAQ-100<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—DECEMBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $15809358 | $— | $15809358 |
| Total | $— | $15809358 | $— | $15809358 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $998258 | $— | $998258 |
| Total | $— | $998258 | $— | $998258 |

---

www.calamos.com

------

Notes to Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JANUARY** |
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $60911340 | $— | $60911340 |
| Total | $— | $60911340 | $— | $60911340 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $1133160 | $— | $1133160 |
| Total | $— | $1133160 | $— | $1133160 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—APRIL** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $7659762 | $— | $7659762 |
| Total | $— | $7659762 | $— | $7659762 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $620546 | $— | $620546 |
| Total | $— | $620546 | $— | $620546 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—JULY** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $55951380 | $— | $55951380 |
| Total | $— | $55951380 | $— | $55951380 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $3337425 | $— | $3337425 |
| Total | $— | $3337425 | $— | $3337425 |
|  | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** | **RUSSELL 2000<sup>®</sup> STRUCTURED ALT PROTECTION ETF<sup>®</sup>—OCTOBER** |
|  | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Exchange-Traded Purchased Options | $— | $27891359 | $— | $27891359 |
| Total | $— | $27891359 | $— | $27891359 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Option | $— | $177615 | $— | $177615 |
| Total | $— | $177615 | $— | $177615 |

---

**Note 8 – Creation and Redemption Transactions**

Each Fund offers and issues shares at NAV only in aggregations of a specified number of shares, generally in exchange for a basket of securities constituting the portfolio holdings of a Fund, together with the deposit of a specified cash payment, or, in certain circumstances, for an all cash payment. Shares of the Funds are listed and principally trade on the NYSE Arca, Inc., the Nasdaq Stock Market LLC, or the CBOE BZX Exchange, Inc. (each, an "Exchange"). Shares trade on the Exchange at market prices that may be below, at, or above NAV. Unlike mutual funds, Fund shares are not individually redeemable securities. Rather, each Fund issues and redeems shares on a continuous basis at NAV, typically in creation units (each, a "Creation Unit"). In the event of the liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit. Financial entities known as "authorized participants" have contractual arrangements with each Fund or the Distributor to

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Notes to Financial Statements

purchase and redeem Fund shares directly with such Fund in Creation Units in exchange for the securities comprising the Fund and/or cash, or some combination thereof. Fund shares are traded in the secondary market and elsewhere at market prices that may be at, above, or below a Fund's NAV. Fund shares are only redeemable in Creation Units by authorized participants. An authorized participant that purchases a Creation Unit of Fund shares deposits with such Fund a "basket" of securities and/or other assets identified by the Fund that day, and then receives the Creation Unit of Fund shares in return for those assets. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of Fund shares for a basket of securities and other assets. The basket is generally representative of a Fund's portfolio, and together with a cash balancing amount, it is equal to the NAV of the Fund shares comprising the Creation Unit. Pursuant to Rule 6c-11 of the 1940 Act ("Rule 6c-11"), a Fund may utilize baskets that are not representative of the Fund's portfolio. Such "custom baskets" are discussed in each Fund's Statement of Additional Information in the section entitled "Creation and Redemption of Creation Units". Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

**Note 9 – Subsequent Events**

Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements.

www.calamos.com

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Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Calamos ETF Trust

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Calamos ETF Trust comprising the Calamos Antetokounmpo Global Sustainable Equities ETF, Calamos Convertible Equity Alternative ETF, Calamos CEF Income & Arbitrage ETF, Calamos Nasdaq<sup>®</sup> Equity & Income ETF (Formerly "Calamos Alternative Nasdaq<sup>®</sup> & Bond ETF" for the period February 13, 2024 through May 1, 2025), Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July, Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June, Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September, Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September, Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October, Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November, Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January, Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January, Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—January, Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January, Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March, Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March, Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April, Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April, Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April, Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April, Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June, Calamos Autocallable Income ETF, Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July, Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July, and Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July (the "Funds"), including the schedules of investments, as of July 31, 2025, the related statements of operations, changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Calamos ETF Trust as of July 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Comprising the <br>Calamos ETF Trust** | **Statement of <br>Operations** | **Statement of <br>Changes in <br>Net Assets** | **Financial Highlights** |
| Calamos Antetokounmpo Global Sustainable Equities ETF | For the year ended July 31, 2025 | For the years ended July 31, 2025 and 2024 | For the years ended July 31, 2025 and 2024 and the period from February 3, 2023 (commencement of operations) through July 31, 2023 |
| Calamos Convertible Equity Alternative ETF | For the year ended July 31, 2025 | For the year ended July 31, 2025 and the period from October 4, 2023 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and the period from October 4, 2023 (commencement of operations) to July 31, 2024 |
| Calamos CEF Income & Arbitrage ETF | For the year ended July 31, 2025 | For the year ended July 31, 2025 and the period from January 16, 2024 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and the period from January 16, 2024 (commencement of operations) to July 31, 2024 |
| Calamos Nasdaq<sup>®</sup> Equity & Income ETF (Formerly "Calamos Alternative Nasdaq<sup>®</sup> & Bond ETF" for the period February 13, 2024 through May 1, 2025) | For the year ended July 31, 2025 | For the year ended July 31, 2025 and for the period from February 13, 2024 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and for the period from February 13, 2024 (commencement of operations) to July 31, 2024 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—May | For the year ended July 31, 2025 | For the year ended July 31, 2025 and for the period from May 1, 2024 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and for the period from May 1, 2024 (commencement of operations) to July 31, 2024 |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | For the year ended July 31, 2025 | For the year ended July 31, 2025 and for the period from June 3, 2024 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and for the period from June 3, 2024 (commencement of operations) to July 31, 2024 |

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ETF FAMILY OF FUNDS ANNUAL REPORT

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Report of Independent Registered Public Accounting Firm

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Comprising the <br>Calamos ETF Trust** | **Statement of <br>Operations** | **Statement of <br>Changes in <br>Net Assets** | **Financial Highlights** |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July<br>Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—July | For the year ended July 31, 2025 | For the year ended July 31, 2025 and for the period from July 1, 2024 (commencement of operations) to July 31, 2024 | For the year ended July 31, 2025 and for the period from July 1, 2024 (commencement of operations) to July 31, 2024 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—August | For the period from August 1, 2024 (commencement of operations) to July 31, 2025 | For the period from August 1, 2024 (commencement of operations) to July 31, 2025 | For the period from August 1, 2024 (commencement of operations) to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September<br>Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—September | For the period from September 3, 2024 (commencement of operations) to July 31, 2025 | For the period from September 3, 2024 (commencement of operations) to July 31, 2025 | For the period from September 3, 2024 (commencement of operations) to July 31, 2025 |
| Calamos Laddered S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup> | For the period from September 9, 2024 (commencement of operations) to July 31, 2025 | For the period from September 9, 2024 (commencement of operations) to July 31, 2025 | For the period from September 9, 2024 (commencement of operations) to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October<br>Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—October | For the period from October 1, 2024 (commencement of operations) to July 31, 2025 | For the period from October 1, 2024 (commencement of operations) to July 31, 2025 | For the period from October 1, 2024 (commencement of operations) to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—November | For the period from November 1, 2024 (commencement of operations) to July 31, 2025 | For the period from November 1, 2024 (commencement of operations) to July 31, 2025 | For the period from November 1, 2024 (commencement of operations) to July 31, 2025 |
| Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December<br>Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—December | For the period from December 2, 2024 (commencement of operations) to July 31, 2025 | For the period from December 2, 2024 (commencement of operations) to July 31, 2025 | For the period from December 2, 2024 (commencement of operations) to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January<br>Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—January | For the period from January 2, 2025 (commencement of operations) to July 31, 2025 | For the period from January 2, 2025 (commencement of operations) to July 31, 2025 | For the period from January 2, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Bitcoin Structured Alt Protection <br>ETF<sup>®</sup>—January | For the period from January 22, 2025 (commencement of operations) to July 31, 2025 | For the period from January 22, 2025 (commencement of operations) to July 31, 2025 | For the period from January 22, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—January<br>Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—January | For the period from February 4, 2025 (commencement of operations) to July 31, 2025 | For the period from February 4, 2025 (commencement of operations) to July 31, 2025 | For the period from February 4, 2025 (commencement of operations) to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—February | For the period from February 3, 2025 (commencement of operations to July 31, 2025 | For the period from February 3, 2025 (commencement of operations to July 31, 2025 | For the period from February 3, 2025 (commencement of operations to July 31, 2025 |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March<br>Calamos Nasdaq-100<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—March | For the period from March 3, 2025 (commencement of operations) to July 31, 2025 | For the period from March 3, 2025 (commencement of operations) to July 31, 2025 | For the period from March 3, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Russell 2000<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April<br>Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—April | For the period from April 1, 2025 (commencement of operations) to July 31, 2025 | For the period from April 1, 2025 (commencement of operations) to July 31, 2025 | For the period from April 1, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—April<br>Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—April<br>Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—April | For the period from April 7, 2025 (commencement of operations) to July 31, 2025 | For the period from April 7, 2025 (commencement of operations) to July 31, 2025 | For the period from April 7, 2025 (commencement of operations) to July 31, 2025 |

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www.calamos.com

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Report of Independent Registered Public Accounting Firm

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Comprising the <br>Calamos ETF Trust** | **Statement of <br>Operations** | **Statement of <br>Changes in <br>Net Assets** | **Financial Highlights** |
| Calamos S&P 500<sup>®</sup> Structured Alt Protection ETF<sup>®</sup>—June | For the period from June 2, 2025 (commencement of operations) to July 31, 2025 | For the period from June 2, 2025 (commencement of operations) to July 31, 2025 | For the period from June 2, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Autocallable Income ETF | For the period from June 25, 2025 (commencement of operations) to July 31, 2025 | For the period from June 25, 2025 (commencement of operations) to July 31, 2025 | For the period from June 25, 2025 (commencement of operations) to July 31, 2025 |
| Calamos Bitcoin Structured Alt Protection ETF<sup>®</sup>—July<br>Calamos Bitcoin 90 Series Structured Alt Protection ETF<sup>®</sup>—July<br>Calamos Bitcoin 80 Series Structured Alt Protection ETF<sup>®</sup>—July | For the period from July 8, 2025 (commencement of operations) to July 31, 2025 | For the period from July 8, 2025 (commencement of operations) to July 31, 2025 | For the period from July 8, 2025 (commencement of operations) to July 31, 2025 |
| **Basis for Opinion** | **Basis for Opinion** | **Basis for Opinion** | **Basis for Opinion** |

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These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](j25243872_ia006.jpg)

Chicago, Illinois

September 22, 2025

We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.

ETF FAMILY OF FUNDS ANNUAL REPORT

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Statement Regarding Basis for Approval of Investment Advisory Contract

The Board of Trustees (the "Board" or "Trustees") of Calamos ETF Trust (the "Trust") oversees the management of each series of the Trust, and, as required by law, determines annually whether to continue the Trust's respective management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and provides certain administrative services for certain series of the Trust (each, a "Fund" and, collectively, the "Funds"). The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 24, 2025, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangement between the Trust and the Adviser on behalf of the Funds was fair in light of the nature, quality and extent of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement through September 1, 2026, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement of the Trust, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services, (ii) the investment performance of each Fund as well as performance information for comparable funds and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by each Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (iv) the profitability of the Adviser and its affiliates from their relationship with each Fund, (v) whether economies of scale may be realized as each Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits to the Adviser from its relationship with the Funds. In the Board's deliberations, no single factor was responsible for the Board's decision to approve the continuation of the management agreement, and each Trustee may have afforded different weight to the various factors.

*Nature, Quality and Extent of Services*. The Board's consideration of the nature, quality and extent of the Adviser's services to the Funds took into account the knowledge gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing other funds in the Calamos funds complex; the consistency of investment approach; the background and experience of the Adviser's investment personnel responsible for managing the Funds; and the Adviser's performance as administrator of the Funds, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel involved in providing investment management services to the Funds. The Board noted the personal investments that the Adviser's key investment personnel have made in certain Funds, which further aligns the interests of the Adviser and its personnel with those of the Funds' shareholders. In addition, the Board considered compliance reports about the Adviser from the Funds' Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding the Funds' performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to 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.

*Investment Performance of the Funds*. The Board considered each Fund's investment performance over various time periods, including how the Fund performed compared to the average performance of a group of comparable funds (the Fund's "Category") selected by an independent third-party service provider. The performance periods considered by the Board ended on March 31, 2025, except where otherwise noted. Because the Funds commenced operations relatively recently, three-, five- and ten-year performance was not available and the Board only considered performance during the one-year period. To the extent the Board considered data for periods other than those ending on March 31, 2025 or considered comparative data in addition to that of the Category, such as comparative data for an alternate group of comparable funds (a "category"), the data was still produced by an independent third-party service provider.

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract

Further detail considered by the Board regarding the investment performance of each Fund is set forth below:

*<u>Calamos Convertible Equity Alternative ETF.</u>* The Board considered that the Fund underperformed its Category average for the one-year period, which was the only available period. The Board also considered that the Fund had commenced operations relatively recently, on October 4, 2023, and that it would be prudent to allow the portfolio management team time to further develop its performance record with the Fund.

*<u>Calamos CEF Income & Arbitrage ETF.</u>* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos Nasdaq Equity & Income ETF.</u>* The Board considered that the Fund outperformed its Category average for all periods.

*<u>Calamos S&P 500 Structured Alt Protection ETF—January.</u>* The Board considered that the Fund had commenced operations recently, on January 2, 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 of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—February.</u>* The Board considered that the Fund had commenced operations recently, on February 3, 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 of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—March.</u>* The Board considered that the Fund had commenced operations recently, on March 3, 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 of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—April.</u>* The Board considered that the Fund had commenced operations recently, on April 1, 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 of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—May.</u>* The Board considered that the Fund had commenced operations relatively recently, on May 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—June.</u>* The Board considered that the Fund had commenced operations recently, on June 2, 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 of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—July.</u>* The Board considered that the Fund had commenced operations relatively recently, on July 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—August.</u>* The Board considered that the Fund had commenced operations relatively recently, on August 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—September.</u>* The Board considered that the Fund had commenced operations relatively recently, on September 3, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—October.</u>* The Board considered that the Fund had commenced operations relatively recently, on October 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—November.</u>* The Board considered that the Fund had commenced operations relatively recently, on November 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos S&P 500 Structured Alt Protection ETF—December.</u>* The Board considered that the Fund had commenced operations relatively recently, on December 2, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

ETF FAMILY OF FUNDS ANNUAL REPORT

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Statement Regarding Basis for Approval of Investment Advisory Contract

*<u>Calamos Laddered S&P 500 Structured Alt Protection ETF.</u>* The Board considered that the Fund had commenced operations relatively recently, on September 9, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—March.</u>* The Board considered that the Fund had commenced operations recently, on March 3, 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 of operations.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—June.</u>* The Board considered that the Fund had commenced operations relatively recently, on June 3, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—September.</u>* The Board considered that the Fund had commenced operations relatively recently, on September 3, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—December.</u>* The Board considered that the Fund had commenced operations relatively recently, on December 2, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—January.</u>* The Board considered that the Fund had commenced operations recently, on January 2, 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 of operations.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—April.</u>* The Board considered that the Fund had commenced operations recently, on April 1, 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 of operations.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—July.</u>* The Board considered that the Fund had commenced operations relatively recently, on July 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—October.</u>* The Board considered that the Fund had commenced operations relatively recently, on October 1, 2024. The Board noted the Adviser's assertion that performance data for the Fund was not available because the Fund had not completed one year of operations.

*Costs of Services Provided and Profits Realized by the Adviser*. Using information provided by an independent third-party service provider, the Board evaluated each Fund's actual management fee rate compared to the median management fee rate for other exchange-traded funds similar in size, character and investment strategy (the Fund's "Expense Group"), and the Fund's total expense ratio compared to the median total expense ratio of 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 of fees paid by institutional clients or for sub-advisory services were generally lower than the rates of fees paid by the Funds, the differences reflected the Adviser's greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds. The Board considered factors that led to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a Fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to "make whole" errors.

The Board also considered the Adviser's costs in serving as the Funds' investment adviser and manager, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage the Funds. The Board reviewed the Adviser's methodology for allocating costs among the Adviser's lines of business. The Board also considered information regarding the structure of the Adviser's compensation program for portfolio managers, analysts and certain other employees, and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as each Fund's investment adviser and of the Adviser and its affiliates in all of their relationships with each Fund, as well as an explanation of the methodology utilized in allocating

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract

various expenses among the Funds and the Adviser's other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of the Adviser's parent company and discussed its corporate structure.

Further detail considered by the Board regarding the management fee rate and total expense ratio of each Fund is set forth below:

*<u>Calamos Convertible Equity Alternative ETF.</u>* The Board considered that the Fund's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board reviewed the Fund's expenses in light of its level of assets. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos CEF Income & Arbitrage ETF.</u>* The Board considered that the Fund's total expense ratio was higher than the Expense Group median and the Fund's management fee rate was equal to the Expense Group median. The Board reviewed the Fund's expenses in light of its level of assets and recent performance record. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Nasdaq Equity & Income ETF.</u>* The Board considered that the Fund's total expense ratio was higher than the Expense Group median and the Fund's management fee rate was equal to the Expense Group median. The Board reviewed the Fund's expenses in light of its level of assets and recent performance record. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—January.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—February.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—March.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—April.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—May.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—June.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—July.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

ETF FAMILY OF FUNDS ANNUAL REPORT

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Statement Regarding Basis for Approval of Investment Advisory Contract

*<u>Calamos S&P 500 Structured Alt Protection ETF—August.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—September.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—October.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—November.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos S&P 500 Structured Alt Protection ETF—December.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Laddered S&P 500 Structured Alt Protection ETF.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—March.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—June.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—September.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Nasdaq-100 Structured Alt Protection ETF—December.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—January.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—April.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract

*<u>Calamos Russell 2000 Structured Alt Protection ETF—July.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*<u>Calamos Russell 2000 Structured Alt Protection ETF—October.</u>* The Board considered that the Fund's total expense ratio and management fee rate are lower than the respective Expense Group medians. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund.

*Economies of Scale*. The Board considered whether each Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board also considered the benefits accruing to 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 to 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 in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by the Funds.

The Board also considered the Adviser's use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on reports from the Funds' Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each respective Fund and its shareholders.

The Board of Trustees (the "Board" or "Trustees") of Calamos ETF Trust (the "Trust") oversees the management of Calamos Antetokounmpo Global Sustainable Equities ETF (the "Fund"), and, as required by law, determines annually whether to continue the Trust's management agreement with Calamos Antetokounmpo Asset Management LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and provides certain administrative services for the Fund, and the investment sub-advisory agreement by and among the Trust, the Adviser and Calamos Advisors LLC ("Sub-Adviser"), pursuant to which the Sub-Adviser serves as investment sub-adviser for the Fund. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser or the Sub-Adviser.

In connection with their most recent consideration regarding the continuation of the management agreement and investment sub-advisory agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser and Sub-Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreements, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser and Sub-Adviser, they met separately in executive session with their counsel.

At a meeting held on June 24, 2025, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangement between the Trust and the Adviser and Sub-Adviser on behalf of the Fund was fair in light of the nature, quality and extent of the services provided by the Adviser, Sub-Adviser and their affiliates, as applicable, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement and investment sub-advisory agreement with respect to the Fund through January 10, 2027, subject to possible earlier termination as provided in each agreement.

In connection with its consideration of the management agreement and sub-advisory agreement of the Trust, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's and Sub-Adviser's services, (ii) the investment performance of the Fund as well as performance information for comparable funds and other, comparable clients of the Adviser and Sub-Adviser, (iii) the fees and other expenses paid by the Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser and Sub-Adviser, (iv) the profitability of the Adviser and Sub-Adviser and their affiliates from their relationship with the Fund, (v) whether economies of scale may be realized as the Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Statement Regarding Basis for Approval of Investment Advisory Contract

to the Adviser and Sub-Adviser from their relationship with the Fund. In the Board's deliberations, no single factor was responsible for the Board's decision to approve the continuation of the management agreement and investment sub-advisory agreement, and each Trustee may have afforded different weight to the various factors.

*Nature, Quality and Extent of Services*. The Board's consideration of the nature, quality and extent of the Adviser's and Sub-Adviser's services to the Fund took into account the knowledge gained from the Board's meetings with the Adviser and/or Sub-Adviser throughout the years. In addition, the Board considered: the Adviser's and Sub-Adviser's history of managing the Fund and the Sub-Adviser's long-term history of managing other funds in the Calamos fund complex; the consistency of investment approach; the Sub-Adviser's relatively recent acquisition of Pearl Impact Capital LLC; the background and experience of Messrs. Madden and Tursich and Ms. Williamson (who are now employees of the Sub-Adviser) and other investment personnel responsible for managing the Fund; the Sub-Adviser's provision of administrative services for other funds in the Calamos funds complex, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications; and the "dual hatting" arrangement in place between the Adviser and Sub-Adviser with respect to employees of the Sub-Adviser that provide services to the Adviser. The Board also reviewed the Adviser's and Sub- Adviser's resources and key personnel involved in providing investment management and investment sub-advisory services to the Fund. In 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 by the Adviser and Sub-Adviser regarding the Fund's performance and the steps the Adviser and Sub-Adviser are taking to improve performance. In particular, the Board noted the additional personnel added to 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 of the Fund*. The Board considered the Fund's investment performance over various time periods, including how the Fund performed compared to the average performance of a group of comparable funds (the Fund's "Category") selected by an independent third-party service provider. As noted below, the Category represents a custom group of comparable funds, also selected by the independent third-party service provider. The performance periods considered by the Board ended on March 31, 2025, except where otherwise noted. Because the Fund commenced operations on February 3, 2023, three-, five- and ten-year performance was not available and the Board only considered one-year performance. To the extent the Board considered data for periods other than those ending on March 31, 2025 or considered comparative data in addition to that of the Category, such as comparative data for an alternate group of comparable funds (a "category"), the data was still produced by an independent third-party service provider. The Board considered that the Fund outperformed its custom Category average for all periods.

*Costs of Services Provided and Profits Realized by the Adviser and Sub-Adviser*. Using information provided by an independent third-party service provider, the Board evaluated the Fund's actual management fee rate and sub-advisory fee rate compared to the median management fee rate and sub-advisory fee rate for other open-end funds similar in size, character and investment strategy (the Fund's "Expense Group"), and the Fund's total expense ratio compared to the median total expense ratio of 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 of fees paid by institutional clients or for sub-advisory services were generally lower than the rates of fees paid by the Fund, the differences reflected the Adviser's and Sub-Adviser's greater level of responsibilities and significantly broader scope of services regarding the Fund, the more extensive regulatory obligations and risks associated with managing the Fund, and other financial considerations with respect to creation and sponsorship of the Fund. The Board considered factors that led to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and Sub-Adviser and (vi) greater exposure to "make whole" errors.

The Board also considered the Adviser's and Sub-Adviser's costs in serving as the Fund's investment adviser and sub-adviser, respectively, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage or sub-advise the Fund. The Board reviewed the Adviser's and Sub-Adviser's methodology for allocating costs among their lines of business. The Board also considered information regarding the structure of the Adviser's and Sub-Adviser's compensation program for portfolio managers, analysts and certain other employees, and the relationship of such

www.calamos.com

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Statement Regarding Basis for Approval of Investment Advisory Contract

compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser and the Sub-Adviser in serving as the Fund's investment adviser and sub-adviser, respectively, and of the Adviser, Sub-Adviser and their affiliates in all of their relationships with the Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Fund and the Adviser's and Sub-Adviser's other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of 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 of the Fund's Expense Group. The Board also considered that the Fund's management fee was a unitary or "all-inclusive" fee structure which combines fees for investment advisory and administrative services rendered by the Adviser to the Fund. The Board reviewed the Fund's expenses in light of its level of assets and performance record.

*Economies of Scale*. The Board considered whether the Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser and Sub-Adviser. The Board also considered the benefits accruing to 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 to the Adviser, Sub-Adviser and their affiliates from their relationship with the Fund. The Board concluded that, while each of the Adviser and Sub-Adviser may potentially benefit from its relationship with the Fund in ways other than the fees payable by the Fund, the Fund also may benefit from its relationship with the Adviser and Sub-Adviser in ways other than the services to be provided by the Adviser and Sub-Adviser and their affiliates pursuant to their agreements with the Fund and the fees payable by the Fund.

The Board also considered the Sub-Adviser's use of a portion of the commissions paid by the Fund on its portfolio brokerage transactions to obtain research products and services benefiting the Fund and/or other clients of the Sub-Adviser and concluded, based on reports from the Trust's Chief Compliance Officer, that the Sub-Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for the Fund with the Adviser and the investment sub-advisory agreement with the Sub-Adviser with respect to the Fund were in the best interest of the Fund and its shareholders.

ETF FAMILY OF FUNDS ANNUAL REPORT

------

Tax Information (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In February 2026, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2025. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal period ended July 31, 2025:

---

| | |
|:---|:---|
| FUND | CAPITAL GAINS DIVIDENDS |
| CEF Income & Arbitrage ETF | $57079 |

---

\* To the extent necessary to fully distribute such capital gain, the Funds also designate under Section 852(b)(3)(C) earnings and profits distributed to shareholders on the redemption of shares.

Under Section 854(b)(2) of the Code, the Funds hereby designate the following amounts, or the maximum amount allowable under the Code, as qualified dividends for the fiscal period ended July 31, 2025:

---

| | |
|:---|:---|
| FUND | QUALIFIED DIVIDENDS |
| Antetokounmpo Global Sustainable Equities ETF | $89738 |
| CEF Income & Arbitrage ETF | 240852 |
| Convertible Equity Alternative ETF | 108480 |

---

Under Section 854(b)(2) of the Code, the Funds hereby designate the following percentage amounts of the ordinary income dividends as income qualifying for the dividends received deduction for the period ended July 31, 2025:

---

| | |
|:---|:---|
| FUND | DIVIDENDS RECEIVED REDUCTION |
| Antetokounmpo Global Sustainable Equities ETF | 63% |
| CEF Income & Arbitrage ETF | 12 |
| Convertible Equity Alternative ETF | 73 |

---

www.calamos.com

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**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate remuneration paid to all trustees for the period covered by the report was $154,194 for services provided to the Calamos ETF Trust. Such remuneration only is paid to independent ("non-interested") trustees. John P. Calamos, Sr., the trustee who is an "interested person" of the Calamos ETF Trust, does not receive remuneration for services provided to the Calamos ETF Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer of the Trust is the only officer who receives compensation from the Trust. Effective July 29, 2025 Walter Kelly became the Chief Compliance Officer of the Trust. During the period July 29, 2025 to July 31, 2025, Walter Kelly, was paid $234 for services provided to the Trust. During the period August 1, 2024 to July 28, 2024, Mark J. Mickey, was paid $21,973 for services provided to the Trust as Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

Statement Regarding Basis for Approval of Investment Advisory Contracts – Included as part of the financial statements filed under Item 7 of the N-CSR.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and timely reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

[(a)(1) Code of Ethics.](tm2524387d1_ex99-codeeth.htm)

(a)(2) Not applicable

[(a)(3)(i) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2524387d1_ex99-cert.htm)

[(a)(3)(ii) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2524387d1_ex99-906cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos ETF Trust

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | September 25, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | September 25, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;John P. Calamos, Sr. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | September 25, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp; Thomas E. Herman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | September 25, 2025 |

---

## Ex-99.Code

**Exhibit 99.CODEETH**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

Revised: December 16, 2022

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") for the investment companies within the Trusts and Funds<sup>1</sup>, or those performing similar functions, for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of
 actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in
 reports and documents that a Fund files with, or submits to, the Securities and Exchange
 Commission ("SEC"), and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prompt internal reporting of violations of the Code to an appropriate
 person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer (defined as the Chief Executive Officer and Chief Financial Officer of the Funds) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Administration of the Code** 

The Code shall be administered by the Chief Compliance Officer of the Funds (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

Each Fund has designated its chief legal officer (the "Chief Legal Officer") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. The Chief Legal Officer shall assist the Code Officer in administration of this Code. The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation. However, any waiver sought by a Covered Officer with respect to any Fund must be approved by the Audit Committee of the Fund (the "Audit Committee").

**III.** **Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a family member, receives improper personal benefits as a result of the Covered Officer's position with a Fund.

<sup>1</sup> See Appendix A for a complete list of entities cover by this policy.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "Company Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers generally may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of a Fund. Thus, if performed in conformity with the provisions of the Company Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees (each a "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use personal influence or personal relationships improperly
 to influence investment decisions or financial reporting by a Fund whereby the Covered Officer
 or a family member would benefit personally to the detriment of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the
 individual personal benefit of the Covered Officer or a family member rather than the benefit
 of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee
 of the Funds or their affiliated persons for reports of potential violations that are made
 in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions
 made or contemplated for a Fund to trade personally or cause others to trade personally in
 contemplation of the market effect of such transactions. <sup>2</sup>

There are some potential conflict of interest situations that must be approved by the Code Officer, after consultation with the Chief Legal Officer. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as director on the board of any public for-profit company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship
 with, any Fund service provider, other than its investment adviser, principal underwriter,
 administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction
 charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
 Officer's employment, such as compensation or equity ownership.

There are some potential conflict of interest situations that should be discussed with the Code Officer, if material. Those situations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt of any gift of substantial value (more than $100), a cash
 payment in any amount, a preferred personal investment opportunity, or other thing of more
 than *de minimis* value from any person or entity that does business, or is seeking
 to do business with a Fund or its investment adviser; and

<sup>2</sup> For purposes of this Code, personal trading activity of the Covered Officers shall be monitored in accordance with the Funds' code. Each Covered Officer shall be considered an "Access Person" under such Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receipt of any entertainment from any company with which a Fund
 has current or prospective business dealings, unless such entertainment is business- related,
 reasonable in cost, appropriate as to time and place, and not so frequent as to raise any
 question of impropriety.

It is not the intent of this Code to prohibit the ordinary courtesies of business life, such as token gifts or modest entertainment incidental to a business relationship.

**IV.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be familiar with the disclosure requirements generally applicable
 to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not knowingly misrepresent, or cause others to misrepresent, facts
 about any Fund to others, whether within or outside the Fund, including to the Fund's
 trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to the extent appropriate within his/her area of responsibility,
 consult with other officers and employees of the Funds and the adviser with the goal of promoting
 full, fair, accurate, timely and understandable disclosure in the reports and documents the
 Funds file with, or submit to, the SEC and in other public communications made by the Funds;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote compliance with the standards and restrictions imposed
 by applicable laws, rules and regulations.

**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or after becoming a Covered Officer),
 affirm to the Code Officer that he/she has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Code Officer promptly if he/she knows of any violation
 of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· respond to the trustee and officer questionnaires circulated periodically
 in connection with the preparation of disclosure documents for the Funds.

The Code Officer shall maintain records of all activities related to this Code.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Code Officer will take all appropriate action to investigate
 any potential violations reported to him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Code Officer believes that no
 violation has occurred, no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Code Officer believes is a violation will
 be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Audit Committee concurs that a violation has occurred,
 it will inform and make a recommendation to the Board, which will consider appropriate action,
 which may include review of, and appropriate modifications to, applicable policies and procedures;
 notification to the Chief Executive Officer of the Funds; or a recommendation to dismiss
 the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will be responsible for granting waivers in
 its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any changes to or waivers of this Code will, to the extent required,
 be disclosed as provided by SEC rules.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for the purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other polices or procedures of the Funds, the Funds' advisers, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics and Insider Trading Policy of Funds and their investment advisers and principal underwriter under Rule 17j-1 under the Company Act and the advisers' more detailed policies and procedures are separate requirements applying to the Covered Officers and others and are not part of this Code.

**VII.** **Amendments** 

Any amendment to this Code must be approved or ratified by the Board, including a majority of independent Board members.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Covered Officers, the Code, outside audit firms and legal counsel to the Funds and the adviser, and senior management of the adviser.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables.

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Open-End Fund Name** |
| &nbsp;&nbsp;Calamos Investment Trust |
| &nbsp;&nbsp;Calamos Antetokounmpo Sustainable Equities Trust |
| &nbsp;&nbsp;Calamos Advisors Trust |
| &nbsp;&nbsp;Calamos ETF Trust |
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Convertible Opportunities and Income Fund |
| &nbsp;&nbsp;Calamos Convertible and High Income Fund |
| &nbsp;&nbsp;Calamos Strategic Total Return Fund |
| &nbsp;&nbsp;Calamos Global Total Return Fund |
| &nbsp;&nbsp;Calamos Global Dynamic Income Fund |
| &nbsp;&nbsp;Calamos Dynamic Convertible and Income Fund |
| &nbsp;&nbsp;Calamos Long/Short Equity & Dynamic Income Trust |
| &nbsp;&nbsp;Calamos Global Convertible and Dynamic Income Trust |

---

*Table 1 - List of In-Scope U.S. Funds*

Revision Date

---

| |
|:---|
| &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;Adoption: March 2, 2004 |
| &nbsp;&nbsp;Revised: December 20, 2007 |
| &nbsp;&nbsp;Revised: September 25, 2014 |
| &nbsp;&nbsp;Revised: December 15, 2015 |
| &nbsp;&nbsp;Revised: October 18, 2017 |
| &nbsp;&nbsp;Revised: June 30, 2021 |
| &nbsp;&nbsp;Revised: October 31, 2022 |
| &nbsp;&nbsp;Revised: December 16, 2022 |

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*Table 2 – List of Revision Dates for Policy*

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 25, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Principal Executive Officer |

---

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, certify that:

1. I have reviewed this report on Form N-CSR of Calamos ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 25, 2025

---

| |
|:---|
| /s/ Thomas E. Herman |
| Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos ETF Trust (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the period ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: September 25, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |

---

---

| |
|:---|
| /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this certificate required by Section 906 has been provided to Calamos ETF Trust and will be retained by Calamos ETF Trust and furnished to the Securities and Exchange Commission or staff upon request.