# EDGAR Filing Document

**Accession Number:** 0001579881
**File Stem:** 0001752724-25-161558
**Filing Date:** 2025-6
**Character Count:** 121560
**Document Hash:** 5caa719f7d21a20f04ee31422b9e3f51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161558.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161558

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22887
- **FILM NUMBER:** 251083879

**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 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 |  |

## Nport-Ex

**Calamos Antetokounmpo Global Sustainable Equities ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| **Common Stocks (97.3%)** | **Common Stocks (97.3%)** | **Common Stocks (97.3%)** |  |
|  |  | **Communication Services (5.5%)** |  |
| 3478 |  | Alphabet, Inc. - Class A | $552306 |
| 491935 | KES | Safaricom, PLC | 68430 |
| 2461 |  | Verizon Communications, Inc. | 108432 |
|  |  |  | 729168 |
|  |  | **Consumer Discretionary (11.2%)** |  |
| 1717 | EUR | Amadeus IT Group, SA | 134562 |
| 4692 | HKD | BYD Company, Ltd. - Class H | 223964 |
| 2315 |  | Chipotle Mexican Grill, Inc.# | 116954 |
| 2043 | EUR | Cie Generale des Etablissements Michelin SCA | 74455 |
| 5092 | GBP | Greggs, PLC | 126018 |
| 349 |  | Home Depot, Inc. | 125811 |
| 2560 | EUR | Industria de Diseno Textil, SA | 137001 |
| 37 |  | MercadoLibre, Inc.# | 86241 |
| 6415 |  | Sony Group Corp. (ADR) | 166790 |
| 1717 |  | TJX Companies, Inc. | 220944 |
| 1315 |  | Tractor Supply Company | 66565 |
|  |  |  | 1479305 |
|  |  | **Consumer Staples (6.8%)** |  |
| 1080 |  | Colgate-Palmolive Company | 99565 |
| 132 |  | Costco Wholesale Corp. | 131274 |
| 2880 |  | Darling Ingredients, Inc.# | 92707 |
| 22796 | GBP | Haleon, PLC | 114351 |
| 4767 | EUR | Jeronimo Martins SGPS, SA | 115135 |
| 1255 | EUR | Kerry Group, PLC - Class A | 132576 |
| 182 | EUR | L'Oreal, SA# | 79791 |
| 1334 |  | Walmart, Inc. | 129732 |
|  |  |  | 895131 |
|  |  | **Financials (15.1%)** |  |
| 20468 | HKD | AIA Group, Ltd. | 153333 |
| 14746 | GBP | Aviva, PLC | 110051 |
| 1259 |  | Bank of New York Mellon Corp. | 101236 |
| 261400 | IDR | Bank Rakyat Indonesia Persero, Tbk PT | 60626 |
| 3830 | NOK | DNB Bank, ASA | 95277 |
| 708 |  | Fiserv, Inc.# | 130676 |
| 10350 | MXN | Grupo Financiero Banorte, SAB de CV - Class O | 88746 |
| 2902 |  | HDFC Bank, Ltd. (ADR) | 210946 |
| 1759 | HKD | Hong Kong Exchanges & Clearing, Ltd. | 77295 |
| 645 |  | Intercontinental Exchange, Inc. | 108341 |
| 11436 |  | Itau Unibanco Holding, SA (ADR) | 72161 |
| 556 |  | Jack Henry & Associates, Inc. | 96427 |
| 1214 | EUR | KBC Group, NV | 111480 |
| 223 |  | S&P Global, Inc. | 111511 |
| 1798 | JPY | Tokio Marine Holdings, Inc. | 71779 |
| 573 |  | Travelers Companies, Inc. | 151347 |
| 690 |  | Visa, Inc. - Class A | 238395 |
|  |  |  | 1989627 |
|  |  | **Health Care (10.5%)** |  |
| 715 | GBP | AstraZeneca, PLC | 102225 |
| 616 | AUD | CSL, Ltd. | 99091 |
| 2922 | JPY | Daiichi Sankyo Company, Ltd. | 74470 |
| 836 |  | Edwards Lifesciences Corp.# | 63110 |
| 322 | EUR | EssilorLuxottica, SA | 92179 |
| 1198 |  | Gilead Sciences, Inc. | 127635 |
| 158 | CHF | Lonza Group, AG | 112678 |
| 1025 |  | Merck & Company, Inc. | 87330 |
| 470 | EUR | Merck KGaA | 64904 |
| 1877 | DKK | Novo Nordisk, A/S - Class B | 123946 |
| 345 | CHF | Roche Holding, AG | 112569 |
| 1900 | CNY | Shenzhen Mindray Bio-Medical Electronics Company, Ltd. - Class A | 57465 |
| 220 |  | Thermo Fisher Scientific, Inc. | 94380 |
| 264 |  | UnitedHealth Group, Inc. | 108620 |
| 443 |  | Zoetis, Inc. | 69285 |
|  |  |  | 1389887 |
|  |  | **Industrials (15.0%)** |  |
| 3821 | SEK | Atlas Copco, AB - Class A | 59239 |
| 1616 |  | Canadian Pacific Kansas City, Ltd. | 117112 |
| 1253 | EUR | Cie de Saint-Gobain, SA | 135559 |
| 230 |  | Deere & Company | 106619 |
| 2796 | SEK | Epiroc, AB - Class A | 60401 |
| 1434 | GBP | Experian, PLC | 70997 |
| 537 |  | Ferguson Enterprises, Inc. | 91107 |
| 5368 | JPY | Hitachi, Ltd. | 132079 |
| 1552 |  | nVent Electric, PLC | 85220 |
| 1017 |  | Otis Worldwide Corp. | 97907 |
| 494 |  | Quanta Services, Inc. | 144589 |
| 1500 | JPY | Recruit Holdings Company, Ltd. | 83319 |
| 2179 | GBP | RELX, PLC | 118104 |
| 197 |  | Rockwell Automation, Inc. | 48793 |
| 391 | EUR | Schneider Electric, SE | 90449 |
| 639 | EUR | Siemens, AG | 146190 |
| 100 | JPY | SMC Corp. | 32501 |
| 3900 | CNY | Sungrow Power Supply Company, Ltd. - Class A | 32541 |
| 272 |  | Trane Technologies, PLC | 104260 |
| 254 |  | Verisk Analytics, Inc. | 75293 |
| 647 |  | Waste Management, Inc. | 150984 |
|  |  |  | 1983263 |
|  |  | **Information Technology (23.4%)** |  |
| 272 |  | Accenture, PLC - Class A | 81369 |
| 2234 |  | Apple, Inc. | 474725 |
| 617 |  | Applied Materials, Inc. | 92988 |
| 111 | EUR | ASML Holding, NV | 73247 |
| 2902 |  | Bentley Systems, Inc. - Class B | 124757 |
| 880 |  | Broadcom, Inc. | 169374 |
| 2955 | EUR | Infineon Technologies, AG | 96711 |
| 200 | JPY | Keyence Corp. | 83704 |
| 1490 |  | Microsoft Corp. | 588937 |
| 3252 |  | NVIDIA Corp. | 354208 |
| 385 |  | Oracle Corp. | 54177 |
| 334 |  | Palo Alto Networks, Inc.# | 62435 |
| 2267 | KRW | Samsung Electronics Company, Ltd. | 88511 |
| 210 | KRW | Samsung SDI Company, Ltd. | 26001 |
| 983 | EUR | SAP, SE | 284300 |
| 1571 |  | Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 261870 |
| 881 |  | TE Connectivity, PLC | 128961 |
| 281 |  | Texas Instruments, Inc. | 44974 |
|  |  |  | 3091249 |

---

See accompanying Notes to Schedule of Investments

**Calamos Antetokounmpo Global Sustainable Equities ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  |  | **VALUE** |
|  |  | **Materials (5.1%)** | **Materials (5.1%)** |  |
| 405 | EUR |  | Air Liquide, SA | $82842 |
| 1944 |  |  | Ball Corp. | 100971 |
| 966 | GBP |  | Croda International, PLC | 37991 |
| 638 | EUR |  | DSM-Firmenich, AG | 68893 |
| 433 |  |  | Ecolab, Inc. | 108869 |
| 15057 | BRL |  | Klabin, SA | 49163 |
| 254 |  |  | Linde, PLC | 115121 |
| 1155 | DKK |  | Novonesis (Novozymes) B | 74692 |
| 164 | CHF |  | Sika, AG | 40893 |
|  |  |  |  | 679435 |
|  |  | **Real Estate (1.2%)** | **Real Estate (1.2%)** |  |
| 409 |  |  | American Tower Corp. | 92193 |
| 618 |  |  | Prologis, Inc. | 63159 |
|  |  |  |  | 155352 |
|  |  | **Utilities (3.5%)** | **Utilities (3.5%)** |  |
| 5846 | EUR |  | Iberdrola, SA | 105267 |
| 6127 | GBP |  | National Grid, PLC | 88432 |
| 17303 | INR |  | Power Grid Corp. of India, Ltd. | 62508 |
| 1175 |  |  | Sempra | 87267 |
| 3196 | EUR |  | Veolia Environnement, SA | 116510 |
|  |  |  |  | 459984 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost $10,995,458) | **TOTAL COMMON STOCKS**<br> (Cost $10,995,458) | 12852401 |
| **Right (0.0%) #** | **Right (0.0%) #** | **Right (0.0%) #** |  |  |
|  |  | **Information Technology (0.0%)** | **Information Technology (0.0%)** |  |
| 29 | KRW | Samsung SDI Company, Ltd.,<br> (Expires 5/22/25)<br> (Cost $—) | Samsung SDI Company, Ltd.,<br> (Expires 5/22/25)<br> (Cost $—) | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (97.3%)**<br> (Cost $10,995,458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (97.3%)**<br> (Cost $10,995,458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (97.3%)**<br> (Cost $10,995,458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (97.3%)**<br> (Cost $10,995,458) | 12853104 |
| OTHER ASSETS, LESS LIABILITIES (2.7%) | OTHER ASSETS, LESS LIABILITIES (2.7%) | OTHER ASSETS, LESS LIABILITIES (2.7%) | OTHER ASSETS, LESS LIABILITIES (2.7%) | 351313 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $13204417 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **FOREIGN CURRENCY ABBREVIATIONS** | **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** | **ABBREVIATION** |
| **ADR** | American Depositary Receipt |

---

*Note: Value for securities denominated in foreign currencies is shown in U.S. Dollars.* 

**CURRENCY EXPOSURE APRIL 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $7696960 | 59.9% |
| European Monetary Unit | 2142051 | 16.7% |
| British Pound Sterling | 768169 | 6.0% |
| Japanese Yen | 477852 | 3.7% |
| Hong Kong Dollar | 454592 | 3.5% |
| Swiss Franc | 266140 | 2.1% |
| Danish Krone | 198638 | 1.5% |
| Swedish Krona | 119640 | 0.9% |
| South Korean Won | 115215 | 0.9% |
| Australian Dollar | 99091 | 0.8% |
| Norwegian Krone | 95277 | 0.7% |
| Chinese Yuan Renminbi | 90006 | 0.7% |
| Mexican Peso | 88746 | 0.7% |
| Kenyan Shilling | 68430 | 0.5% |
| Indian Rupee | 62508 | 0.5% |
| Indonesian Rupiah | 60626 | 0.5% |
| Brazilian Real | 49163 | 0.4% |
| Total Investments | $12853104 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

**Calamos Convertible Equity Alternative ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Convertible Bonds (67.3%)** | **Convertible Bonds (67.3%)** | **Convertible Bonds (67.3%)** |
|  | **Communication Services (4.9%)** | **Communication Services (4.9%)** |
| 160000 | Liberty Media Corp.\* |  |
|  | 2.375%, 09/30/53 | $223699 |
| 58000 | Liberty Media Corp.-Liberty Formula One |  |
|  | 2.250%, 08/15/27 | 70742 |
| 146000 | Live Nation Entertainment, Inc. |  |
|  | 3.125%, 01/15/29 | 205764 |
|  |  | 500205 |
|  | **Consumer Discretionary (9.0%)** | **Consumer Discretionary (9.0%)** |
| 105000 | Booking Holdings, Inc. |  |
|  | 0.750%, 05/01/25 | 257355 |
| 166000 | Carnival Corp. |  |
|  | 5.750%, 12/01/27 | 265007 |
| 58000 | Cinemark Holdings, Inc. |  |
|  | 4.500%, 08/15/25 | 121748 |
| 30000 | Patrick Industries, Inc. |  |
|  | 1.750%, 12/01/28 | 39752 |
| 47000 | Peloton Interactive, Inc.\* |  |
|  | 5.500%, 12/01/29 | 84443 |
| 57000 | Stride, Inc.^ |  |
|  | 1.125%, 09/01/27 | 156703 |
|  |  | 925008 |
|  | **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** |
| 70000 | Post Holdings, Inc.^ |  |
|  | 2.500%, 08/15/27 | 82381 |
|  |  | 82381 |
|  | **Energy (1.9%)** | **Energy (1.9%)** |
| 46000 | CNX Resources Corp. |  |
|  | 2.250%, 05/01/26 | 105791 |
| 73000 | TXNM Energy, Inc.\* |  |
|  | 5.750%, 06/01/54 | 91055 |
|  |  | 196846 |
|  | **Financials (3.8%)** | **Financials (3.8%)** |
| 113000 | SoFi Technologies, Inc.\* |  |
|  | 1.250%, 03/15/29 | 171762 |
| 60000 | Upstart Holdings, Inc.\* |  |
|  | 2.000%, 10/01/29 | 78743 |
| 106000 | Ventas Realty, LP |  |
|  | 3.750%, 06/01/26 | 139622 |
|  |  | 390127 |
|  | **Health Care (5.3%)** | **Health Care (5.3%)** |
| 78000 | Insmed, Inc. |  |
|  | 0.750%, 06/01/28 | 175671 |
| 50000 | Insulet Corp. |  |
|  | 0.375%, 09/01/26 | 61771 |
| 83000 | Lantheus Holdings, Inc. |  |
|  | 2.625%, 12/15/27 | 123400 |
| 92000 | Merit Medical Systems, Inc.\* |  |
|  | 3.000%, 02/01/29 | 117342 |
| 43000 | Mirum Pharmaceuticals, Inc. |  |
|  | 4.000%, 05/01/29 | 68484 |
|  |  | 546668 |
|  | **Industrials (3.8%)** | **Industrials (3.8%)** |
| 35000 | Axon Enterprise, Inc. |  |
|  | 0.500%, 12/15/27 | 95034 |
| 45000 | Granite Construction, Inc. |  |
|  | 3.750%, 05/15/28 | 82810 |
| 48000 | Rocket Lab USA, Inc.\* |  |
|  | 4.250%, 02/01/29 | 208274 |
|  |  | 386118 |
|  | **Information Technology (20.6%)** | **Information Technology (20.6%)** |
| 75000 | Datadog, Inc. |  |
|  | 0.125%, 06/15/25 | 84511 |
| 65000 | InterDigital, Inc. |  |
|  | 3.500%, 06/01/27 | 170766 |
|  | MicroStrategy, Inc. |  |
| 66000 | 0.625%, 03/15/30 | 172869 |
| 172000 | 0.875%, 03/15/31 | 303950 |
| 106000 | 2.250%, 06/15/32\* | 212908 |
| 135000 | 0.625%, 09/15/28\* | 296351 |
| 164000 | Snowflake, Inc.\* |  |
|  | 0.000%, 10/01/29 | 203852 |
| 79000 | Tyler Technologies, Inc. |  |
|  | 0.250%, 03/15/26 | 93207 |
| 27000 | Varonis Systems, Inc. |  |
|  | 1.250%, 08/15/25 | 37965 |
| 227000 | Western Digital Corp. |  |
|  | 3.000%, 11/15/28 | 308339 |
| 146000 | Zscaler, Inc. |  |
|  | 0.125%, 07/01/25 | 219198 |
|  |  | 2103916 |
|  | **Materials (3.1%)** | **Materials (3.1%)** |
| 112000 | MP Materials Corp.\* |  |
|  | 3.000%, 03/01/30 | 156480 |
| 50000 | United States Steel Corp. |  |
|  | 5.000%, 11/01/26 | 163674 |
|  |  | 320154 |
|  | **Other (0.5%)** | **Other (0.5%)** |
| 38000 | Chefs' Warehouse, Inc. |  |
|  | 2.375%, 12/15/28 | 54647 |
|  |  | 54647 |
|  | **Real Estate (4.3%)** | **Real Estate (4.3%)** |
|  | Welltower OP, LLC\* |  |
| 155000 | 2.750%, 05/15/28 | 252952 |
| 137000 | 3.125%, 07/15/29^ | 183264 |
|  |  | 436216 |
|  | **Utilities (9.3%)** | **Utilities (9.3%)** |
| 158000 | Evergy, Inc. |  |
|  | 4.500%, 12/15/27 | 186993 |
| 61000 | Pinnacle West Capital Corp.\* |  |
|  | 4.750%, 06/15/27 | 69061 |
| 247000 | Southern Company |  |
|  | 3.875%, 12/15/25 | 277549 |
| 93000 | UGI Corp.\* |  |
|  | 5.000%, 06/01/28 | 118883 |
|  | WEC Energy Group, Inc.\* |  |
| 135000 | 4.375%, 06/01/27 | 158995 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Equity Alternative ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 113000 | 4.375%, 06/01/29 | $135748 |
|  |  | 947229 |
|  | **TOTAL CONVERTIBLE BONDS**<br> (Cost $6,530,791) | 6889515 |
| **NUMBER OF** |  |  |
| **SHARES** |  | **VALUE** |
| **Convertible Preferred Stocks (32.1%)** | **Convertible Preferred Stocks (32.1%)** | **Convertible Preferred Stocks (32.1%)** |
|  | **Financials (8.0%)** | **Financials (8.0%)** |
| 4036 | Apollo Global Management, Inc. |  |
|  | 6.750%, 07/31/26 | 291076 |
| 3738 | Ares Management Corp. |  |
|  | 6.750%, 10/01/27 | 184545 |
| 7221 | KKR & Company, Inc.# |  |
|  | 6.250%, 03/01/28 | 346103 |
|  |  | 821724 |
|  | **Health Care (0.6%)** | **Health Care (0.6%)** |
| 991 | Brightspring Health Services, Inc. |  |
|  | 6.750%, 02/01/27 | 62136 |
|  | **Industrials (10.3%)** | **Industrials (10.3%)** |
| 16212 | Boeing Company^ |  |
|  | 6.000%, 10/15/27 | 995093 |
| 1033 | Chart Industries, Inc. |  |
|  | 6.750%, 12/15/25 | 54666 |
|  |  | 1049759 |
|  | **Information Technology (2.1%)** | **Information Technology (2.1%)** |
| 4222 | Hewlett Packard Enterprise Company^ |  |
|  | 7.625%, 09/01/27 | 211944 |
|  | **Materials (1.9%)** | **Materials (1.9%)** |
| 6476 | Albemarle Corp.^ |  |
|  | 7.250%, 03/01/27 | 198360 |
|  | **Utilities (9.2%)** | **Utilities (9.2%)** |
| 1812 | CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications, Time, Inc.)#§\*\* |  |
|  | 3.369%, 09/15/29 | 83975 |
|  | NextEra Energy, Inc.^ |  |
| 5629 | 7.299%, 06/01/27 | 261129 |
| 5739 | 6.926%, 09/01/25 | 220952 |
| 4194 | 7.234%, 11/01/27 | 177909 |
| 4583 | PG&E Corp. |  |
|  | 6.000%, 12/01/27 | 199315 |
|  |  | 943280 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,512,598) | 3287203 |
| **NUMBER OF** |  |  |
| **SHARES/** |  |  |
| **PRINCIPAL AMOUNT** |  | **VALUE** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (11.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (11.9%)** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (11.9%)** |
| 1210381 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.339%†\*\*\* <br> (Cost $1,210,381) | $1210381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (111.3%)**<br> (Cost $11,253,770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (111.3%)**<br> (Cost $11,253,770) | 11387099 |
| PAYABLE UPON RETURN OF SECURITIES ON LOAN (-11.8%) | PAYABLE UPON RETURN OF SECURITIES ON LOAN (-11.8%) | (1210381) |
| OTHER ASSETS, LESS LIABILITIES (0.6%) | OTHER ASSETS, LESS LIABILITIES (0.6%) | 57569 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $10234287 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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. |
| **\*\*** | Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2025. |
| **†** | Represents investment of cash collateral received from securities on loan as of April 30, 2025. |
| **\*\*\*** | The rate disclosed is the 7 day net yield as of April 30, 2025. |

---

See accompanying Notes to Schedule of Investments

**Calamos CEF Income & Arbitrage ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Closed-End Funds (98.9%)** | **Closed-End Funds (98.9%)** | **Closed-End Funds (98.9%)** |
|  | **Allocation (15.6%)** | **Allocation (15.6%)** |
| 28982 | Advent Convertible and Income Fund | $322280 |
| 50171 | Bexil Investment Trust | 607821 |
| 12903 | Eaton Vance Tax-Advantaged Dividend Income Fund | 287350 |
| 37856 | John Hancock Premium Dividend Fund | 478500 |
| 22448 | John Hancock Tax-Advantaged Dividend Income Fund | 514284 |
| 11278 | Thornburg Income Builder Opportunities Trust | 203004 |
|  |  | 2413239 |
|  | **International Equity (10.8%)** | **International Equity (10.8%)** |
| 53866 | abrdn Total Dynamic Dividend Fund | 443856 |
| 35155 | India Fund, Inc. | 560019 |
| 11666 | Mexico Fund, Inc. | 181173 |
| 8874 | Morgan Stanley India Investment Fund, Inc. | 231878 |
| 19766 | Templeton Emerging Markets Fund | 250633 |
|  |  | 1667559 |
|  | **Municipal Bond (1.7%)** | **Municipal Bond (1.7%)** |
| 18216 | NYLI MacKay DefinedTerm Muni Opportunities Fund | 266864 |
|  | **Nontraditional Equity (13.0%)** | **Nontraditional Equity (13.0%)** |
| 27227 | BlackRock Enhanced Equity Dividend Trust | 224623 |
| 21085 | BlackRock Enhanced Large Cap Core Fund, Inc. | 391549 |
| 52174 | Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 424175 |
| 56104 | Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 453320 |
| 15979 | Nuveen Dow 30sm Dynamic Overwrite Fund | 221948 |
| 53140 | XAI Madison Equity Premium Income Fund | 297584 |
|  |  | 2013199 |
|  | **Sector Equity (23.8%)** | **Sector Equity (23.8%)** |
| 5764 | BlackRock Health Sciences Trust | 216957 |
| 34263 | BlackRock Resources & Commodities Strategy Trust | 307339 |
| 5589 | Blackrock Science & Technology Trust | 186784 |
| 11776 | ClearBridge Energy Midstream Opportunity Fund, Inc. | 536868 |
| 26347 | Cohen & Steers Quality Income Realty Fund, Inc. | 321697 |
| 31505 | Kayne Anderson Energy Infrastructure Fund | 370184 |
| 44901 | Neuberger Berman Energy Infrastructure & Income Fund, Inc. | 367290 |
| 135342 | Neuberger Berman Real Estate Securities Income Fund, Inc. | 431741 |
| 9808 | Reaves Utility Income Fund | 321506 |
| 15040 | SRH Total Return Fund, Inc. | 257786 |
| 9059 | Tortoise Energy Infrastructure Corp. | 360276 |
|  |  | 3678428 |
|  | **Taxable Bond (31.5%)** | **Taxable Bond (31.5%)** |
| 9758 | Aberdeen Asia-Pacific Income Fund, Inc. | 151151 |
| 27712 | abrdn Income Credit Strategies Fund | 155464 |
| 15430 | AllianceBernstein Global High Income Fund, Inc. | 163712 |
| 23890 | BlackRock Taxable Municipal Bond Trust | 389646 |
| 16631 | BlackRock, Ltd. Duration Income Trust | 230173 |
| 19135 | Blackstone Strategic Credit 2027 Term Fund | 225410 |
| 110285 | Credit Suisse Asset Management Income Fund, Inc. | 308798 |
| 25730 | DoubleLine Income Solutions Fund | 310304 |
| 20251 | DoubleLine Yield Opportunities Fund | 308018 |
| 26031 | Eaton Vance Senior Floating-Rate Trust | 310550 |
| 20951 | Flaherty & Crumrine Preferred and Income Securities Fund | 319084 |
| 26592 | Highland Opportunities and Income Fund | 136683 |
| 120972 | Nuveen Credit Strategies Income Fund | 637523 |
| 38180 | Nuveen Floating Rate Income Fund/Closed-end Fund | 312312 |
| 12556 | Nuveen Global High Income Fund | 155694 |
| 29381 | Nuveen Taxable Municipal Income Fund | 461869 |
| 73858 | Western Asset High Income Fund II, Inc. | 301341 |
|  |  | 4877732 |
|  | **U.S. Equity (2.5%)** | **U.S. Equity (2.5%)** |
| 80431 | Liberty All-Star Growth Fund, Inc. | 388482 |
|  | **TOTAL CLOSED-END FUNDS**<br> (Cost $15,483,817) | 15305503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (98.9%)**<br> (Cost $15,483,817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (98.9%)**<br> (Cost $15,483,817) | 15305503 |
| OTHER ASSETS, LESS LIABILITIES (1.1%) | OTHER ASSETS, LESS LIABILITIES (1.1%) | 171553 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15477056 |

---

See accompanying Notes to Schedule of Investments

**Calamos Alternative Nasdaq® & Bond ETF**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Exchange-Traded Funds (90.6%)** | **Exchange-Traded Funds (90.6%)** | **Exchange-Traded Funds (90.6%)** |
|  | **Taxable Bond (90.6%)** | **Taxable Bond (90.6%)** |
| 34652 | Franklin Senior Loan ETF | $830262 |
| 5154 | iShares 5-10 Year Investment Grade Corporate Bond ETF | 270533 |
| 1912 | iShares Broad USD Investment Grade Corporate Bond ETF | 97149 |
| 23498 | Janus Henderson AAA CLO ETF | 1187589 |
| 22216 | Schwab 1-5 Year Corporate Bond ETF | 548735 |
| 43281 | Simplify MBS ETF | 2166214 |
| 59509 | SPDR Portfolio High Yield Bond ETF | 1383584 |
| 30319 | Vanguard Emerging Markets Government Bond ETF | 1932533 |
| 1204 | Vanguard Long-Term Corporate Bond ETF | 89710 |
|  |  | 8506309 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $8,535,585) | 8506309 |
| **NUMBER OF<br> CONTRACTS/ <br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (9.0%) #,Ω** | **Exchange-Traded Purchased Options (9.0%) #,Ω** | **Exchange-Traded Purchased Options (9.0%) #,Ω** |
|  | **Communication Services (3.6%)** | **Communication Services (3.6%)** |
| 28 | Alphabet, Inc. |  |
| 444640 | Expires 12/19/25, Strike $208.00 | 9112 |
| 7 | Meta Platforms, Inc. |  |
| 384300 | Expires 03/20/26, Strike $705.00 | 22891 |
| 7 | Netflix, Inc. |  |
| 792204 | Expires 09/26/25, Strike $820.00 | 239309 |
| 14 | T-Mobile U.S., Inc. |  |
| 345730 | Expires 09/26/25, Strike $203.00 | 70893 |
|  |  | 342205 |
|  | **Consumer Discretionary (0.5%)** | **Consumer Discretionary (0.5%)** |
| 28 | Amazon.com, Inc. |  |
| 516376 | Expires 03/20/26, Strike $219.00 | 37385 |
| 7 | Tesla, Inc. |  |
| 197512 | Expires 12/19/25, Strike $460.00 | 13075 |
|  |  | 50460 |
|  | **Consumer Staples (1.8%)** | **Consumer Staples (1.8%)** |
| 7 | Costco Wholesale Corp. |  |
| 696150 | Expires 06/20/25, Strike $766.00 | 164309 |
| 7 | PepsiCo, Inc. |  |
| 94906 | Expires 06/20/25, Strike $174.00 | 5 |
|  |  | 164314 |
|  | **Health Care (0.1%)** | **Health Care (0.1%)** |
| 7 | Amgen, Inc. |  |
| 203644 | Expires 03/20/26, Strike $323.00 | 13417 |
|  |  | 13417 |
|  | **Information Technology (1.1%)** | **Information Technology (1.1%)** |
| 14 | Advanced Micro Devices, Inc. |  |
| 136290 | Expires 09/26/25, Strike $214.00 | 299 |
| 42 | Apple, Inc. |  |
| 892500 | Expires 09/26/25, Strike $232.00 | 40070 |
| 35 | Broadcom, Inc. |  |
| 673645 | Expires 06/20/25, Strike $217.00 | 19980 |
| 28 | Cisco Systems, Inc. |  |
| 161644 | Expires 12/19/25, Strike $58.50 | 13525 |
| 21 | Microsoft Corp. |  |
| 830046 | Expires 06/20/25, Strike $460.00 | 2045 |
| 63 | NVIDIA Corp. |  |
| 686196 | Expires 12/19/25, Strike $177.00 | 15940 |
| 7 | QUALCOMM, Inc. |  |
| 103922 | Expires 03/20/26, Strike $176.00 | 6989 |
|  |  | 98848 |
|  | **Other (1.9%)** | **Other (1.9%)** |
| 119 | Direxion Nasdaq-100® Equal Weighted Index Shares |  |
| 1044582 | Expires 03/20/26, Strike $88.50 | 103981 |
| 63 | Direxion Nasdaq-100® Equal Weighted Index Shares |  |
| 553014 | Expires 06/20/25, Strike $88.00 | 21021 |
| 35 | Direxion Nasdaq-100® Equal Weighted Index Shares |  |
| 307230 | Expires 12/19/25, Strike $89.50 | 23919 |
| 49 | Direxion Nasdaq-100® Equal Weighted Index Shares |  |
| 430122 | Expires 09/26/25, Strike $87.50 | 30661 |
|  |  | 179582 |
|  | **TOTAL EXCHANGE-TRADED PURCHASED OPTIONS**<br> (Cost $1,005,797) | 848826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.6%)**<br> (Cost $9,541,382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (99.6%)**<br> (Cost $9,541,382) | 9355135 |
| OTHER ASSETS, LESS LIABILITIES (0.4%) | OTHER ASSETS, LESS LIABILITIES (0.4%) | 35803 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $9390938 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

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

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| **Exchange-Traded Funds (100.0%)** | **Exchange-Traded Funds (100.0%)** | **Exchange-Traded Funds (100.0%)** |
|  | **Other (100.0%)** | **Other (100.0%)** |
| 209745 | Calamos S&P 500® Structured Alt Protection ETF® - April | $5201676 |
| 211288 | Calamos S&P 500® Structured Alt Protection ETF® - August | 5269523 |
| 220004 | Calamos S&P 500® Structured Alt Protection ETF® - December | 5306496 |
| 220710 | Calamos S&P 500® Structured Alt Protection ETF® - February | 5301454 |
| 225129 | Calamos S&P 500® Structured Alt Protection ETF® - January | 5317547 |
| 212122 | Calamos S&P 500® Structured Alt Protection ETF® - July | 5258504 |
| 223108 | Calamos S&P 500® Structured Alt Protection ETF® - March | 5316664 |
| 195767 | Calamos S&P 500® Structured Alt Protection ETF® - May | 5358143 |
| 208414 | Calamos S&P 500® Structured Alt Protection ETF® - November | 5268706 |
| 207365 | Calamos S&P 500® Structured Alt Protection ETF® - October | 5285734 |
| 209019 | Calamos S&P 500® Structured Alt Protection ETF® - September | 5279820 |
|  |  | 58164267 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $57,992,465) | 58164267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $57,992,465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.0%)**<br> (Cost $57,992,465) | 58164267 |
| OTHER ASSETS, LESS LIABILITIES (0.0%) | OTHER ASSETS, LESS LIABILITIES (0.0%) | 12081 |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $58176348 |

---

Amounts relating to investments in affiliated funds at April 30, 2025, and for the fiscal year-to-date period September 9, 2024 (commencement of operations) through April 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate | Value,<br> beginning<br> of period | Purchases | Sales<br> Proceeds | Dividend<br> Income | Net<br> Realized<br> Gains/(Loss) | Net Increase/Decrease in<br> Unrealized<br> Appreciation/Depreciation | Value, end<br> of period |
| Calamos S&P 500® Structured Alt Protection ETF® - April | $- | $5177769 | $- | $- | $- | $23907 | $5201676 |
| Calamos S&P 500® Structured Alt Protection ETF® - August | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 10629110 | 5441211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 95360 | (13736) | 5269523 |
| Calamos S&P 500® Structured Alt Protection ETF® - December |  | 9059349 | 3743360 |  | (297) | (9196) | 5306496 |
| Calamos S&P 500® Structured Alt Protection ETF® - February |  | 7077444 | 1760689 |  | (5967) | (9334) | 5301454 |
| Calamos S&P 500® Structured Alt Protection ETF® - January |  | 8395858 | 3117583 |  | 4758 | 34514 | 5317547 |
| Calamos S&P 500® Structured Alt Protection ETF® - July |  | 10634151 | 5441855 |  | 95816 | (29608) | 5258504 |
| Calamos S&P 500® Structured Alt Protection ETF® - March |  | 6353955 | 1039810 |  | (7736) | 10255 | 5316664 |
| Calamos S&P 500® Structured Alt Protection ETF® - May |  | 10623109 | 5509541 |  | 98853 | 145722 | 5358143 |
| Calamos S&P 500® Structured Alt Protection ETF® - November |  | 9001481 | 3768184 |  | 32491 | 2918 | 5268706 |
| Calamos S&P 500® Structured Alt Protection ETF® - October |  | 10717456 | 5469201 |  | 26154 | 11325 | 5285734 |
| Calamos S&P 500® Structured Alt Protection ETF® - September | - | 10643109 | 5452196 | - | 83873 | 5034 | 5279820 |
|  | $- | $98312791 | $40743630 | $- | $423305 | $171801 | $58164267 |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – January**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.4%) #,Ω** | **Exchange-Traded Purchased Options (101.4%) #,Ω** | **Exchange-Traded Purchased Options (101.4%) #,Ω** |
|  | **Long Call Option (93.7%)** | **Long Call Option (93.7%)** |
| 330 | SPDR® S&P 500® ETF Trust |  |
| 18299820 | Expires 12/31/25, Strike $0.82 | $18156856 |
|  | **Long Put Option (7.7%)** | **Long Put Option (7.7%)** |
| 330 | SPDR® S&P 500® ETF Trust |  |
| 18299820 | Expires 12/31/25, Strike $586.08 | 1490156 |
|  | **TOTAL EXCHANGE-TRADED PURCHASED OPTIONS**<br> (Cost $20,156,234) | 19647012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (101.4%)**<br> (Cost $20,156,234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (101.4%)**<br> (Cost $20,156,234) | 19647012 |
| LIABILITIES, LESS OTHER ASSETS (-1.4%) | LIABILITIES, LESS OTHER ASSETS (-1.4%) | (262808) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $19384204 |
| **Exchange-Traded Written Option (-1.4%) #,Ω** | **Exchange-Traded Written Option (-1.4%) #,Ω** | **Exchange-Traded Written Option (-1.4%) #,Ω** |
|  | **Short Call Option (-1.4%)** | **Short Call Option (-1.4%)** |
| (330) | SPDR® S&P 500® ETF Trust |  |
| (18299820) | Expires 12/31/25, Strike $630.45 |  |
|  | (Premium $786,788) | (273650) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – February**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.9%) #,Ω** | **Exchange-Traded Purchased Options (100.9%) #,Ω** |  |
|  | **Long Call Option (91.9%)** |  |
| 370 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 20517980 | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $0.84 | $20365412 |
|  | **Long Put Option (9.0%)** |  |
| 370 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 20517980 | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $601.82 | 1993013 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $23,149,357) | 22358425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(100.9%)**<br> (Cost $23,149,357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(100.9%)**<br> (Cost $23,149,357) | 22358425 |
| LIABILITIES, LESS OTHER ASSETS (-0.9%) | LIABILITIES, LESS OTHER ASSETS (-0.9%) | (203069) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $22155356 |
| **Exchange-Traded Written Option (-1.0%) #,Ω** | **Exchange-Traded Written Option (-1.0%) #,Ω** |  |
|  | **Short Call Option (-1.0%)** |  |
| (370) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (20517980) | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $646.78 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $609,516) | (231371) |

---

**NOTES TO SCHEDULE OF INVESTMENTS** 

---

| | |
|:---|:---|
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – March**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.4%) #,Ω** | **Exchange-Traded Purchased Options (101.4%) #,Ω** |  |
|  | **Long Call Option (92.9%)** |  |
| 360 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 19963440 | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $0.83 | $19815590 |
|  | **Long Put Option (8.5%)** |  |
| 360 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 19963440 | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $594.18 | 1815653 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $21,779,754) | 21631243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (101.4%)**<br> (Cost $21,779,754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (101.4%)**<br> (Cost $21,779,754) | 21631243 |
| LIABILITIES, LESS OTHER ASSETS (-1.4%) | LIABILITIES, LESS OTHER ASSETS (-1.4%) | (307719) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $21323524 |
| **Exchange-Traded Written Option (-1.6%) #,Ω** | **Exchange-Traded Written Option (-1.6%) #,Ω** |  |
|  | **Short Call Option (-1.6%)** |  |
| (360) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (19963440) | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $639.52 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $536,548) | (345180) |

---

**NOTES TO SCHEDULE OF INVESTMENTS** 

---

| | |
|:---|:---|
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – April**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (104.1%) #,Ω** | **Exchange-Traded Purchased Options (104.1%) #,Ω** |  |
|  | **Long Call Option (97.3%)** |  |
| 275 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 15249850 | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $0.78 | $15112081 |
|  | **Long Put Option (6.8%)** |  |
| 275 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 15249850 | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $559.39 | 1051757 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $15,876,302) | 16163838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(104.1%)**<br> (Cost $15,876,302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(104.1%)**<br> (Cost $15,876,302) | 16163838 |
| LIABILITIES, LESS OTHER ASSETS (-4.1%) | LIABILITIES, LESS OTHER ASSETS (-4.1%) | (635535) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15528303 |
| **Exchange-Traded Written Option (-4.3%) #,Ω** | **Exchange-Traded Written Option (-4.3%) #,Ω** |  |
|  | **Short Call Option (-4.3%)** |  |
| (275) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (15249850) | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $602.91 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $550,699) | (670451) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – May**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (105.0%) #,Ω** | **Exchange-Traded Purchased Options (105.0%) #,Ω** |  |
|  | **Long Call Option (98.3%)** |  |
| 998 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 55343092 | &nbsp;&nbsp;&nbsp;Expires 04/30/26, Strike $3.83 | $54419942 |
|  | **Long Put Option (6.7%)** |  |
| 998 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 55343092 | &nbsp;&nbsp;&nbsp;Expires 04/30/26, Strike $554.54 | 3730524 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $58,153,667) | 58150466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (105.0%)**<br> (Cost $58,153,667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (105.0%)**<br> (Cost $58,153,667) | 58150466 |
| LIABILITIES, LESS OTHER ASSETS (-5.0%) | LIABILITIES, LESS OTHER ASSETS (-5.0%) | (2794278) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $55356188 |
| **Exchange-Traded Written Option (-5.8%) #,Ω** | **Exchange-Traded Written Option (-5.8%) #,Ω** |  |
|  | **Short Call Option (-5.8%)** |  |
| (998) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (55343092) | &nbsp;&nbsp;&nbsp;Expires 04/30/26, Strike $593.36 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $3,186,921) | (3188610) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – July**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.6%) #,Ω** | **Exchange-Traded Purchased Options (100.6%) #,Ω** |  |
|  | **Long Call Option (98.1%)** |  |
| 582 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 32274228 | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $0.76 | $32146740 |
|  | **Long Put Option (2.5%)** |  |
| 582 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 32274228 | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $544.27 | 826730 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $33,192,133) | 32973470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.6%)**<br> (Cost $33,192,133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (100.6%)**<br> (Cost $33,192,133) | 32973470 |
| LIABILITIES, LESS OTHER ASSETS (-0.6%) | LIABILITIES, LESS OTHER ASSETS (-0.6%) | (209884) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $32763586 |
| **Exchange-Traded Written Option (-0.5%) #,Ω** | **Exchange-Traded Written Option (-0.5%) #,Ω** |  |
|  | **Short Call Option (-0.5%)** |  |
| (582) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (32274228) | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $595.70 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $986,865) | (176138) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – August**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.1%) #,Ω** | **Exchange-Traded Purchased Options (101.1%) #,Ω** |  |
|  | **Long Call Option (97.5%)** |  |
| 659 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 36544186 | &nbsp;&nbsp;&nbsp;Expires 07/31/25, Strike $0.77 | $36413177 |
|  | **Long Put Option (3.6%)** |  |
| 659 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 36544186 | &nbsp;&nbsp;&nbsp;Expires 07/31/25, Strike $550.87 | 1335491 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $37,867,827) | 37748668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(101.1%)**<br> (Cost $37,867,827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(101.1%)**<br> (Cost $37,867,827) | 37748668 |
| LIABILITIES, LESS OTHER ASSETS (-1.1%) | LIABILITIES, LESS OTHER ASSETS (-1.1%) | (393584) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $37355084 |
| **Exchange-Traded Written Option** **(-1.0%) #,Ω** | **Exchange-Traded Written Option** **(-1.0%) #,Ω** |  |
|  | **Short Call Option (-1.0%)** |  |
| (659) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (36544186) | &nbsp;&nbsp;&nbsp;Expires 07/31/25, Strike $599.01 <br> (Premium $889,760) | (368478) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – September**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.1%) #,Ω** | **Exchange-Traded Purchased Options (101.1%) #,Ω** |  |
|  | **Long Call Option (96.3%)** |  |
| 428 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 23734312 | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $0.79 | $23643571 |
|  | **Long Put Option (4.8%)** |  |
| 428 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 23734312 | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $563.68 | 1183687 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $24,968,165) | 24827258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(101.1%)** <br> (Cost $24,968,165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(101.1%)** <br> (Cost $24,968,165) | 24827258 |
| LIABILITIES, LESS OTHER ASSETS (-1.1%) | LIABILITIES, LESS OTHER ASSETS (-1.1%) | (260350) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $24566908 |
| **Exchange-Traded Written Option (-1.1%) #,Ω** | **Exchange-Traded Written Option (-1.1%) #,Ω** |  |
|  | **Short Call Option (-1.1%)** |  |
| (428) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (23734312) | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $606.01 <br> (Premium $671,861) | (280222) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – October**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.3%) #,Ω** | **Exchange-Traded Purchased Options (101.3%) #,Ω** |  |
|  | **Long Put Option (5.9%)** |  |
| 275 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 15249850 | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $573.76 | $942289 |
|  | **Long Call Option (95.4%)** |  |
| 275 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 15249850 | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $0.80 | 15157759 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $16,635,762) | 16100048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.3%)** <br> (Cost $16,635,762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.3%)** <br> (Cost $16,635,762) | 16100048 |
| LIABILITIES, LESS OTHER ASSETS (-1.3%) | LIABILITIES, LESS OTHER ASSETS (-1.3%) | (200172) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $15899876 |
| **Exchange-Traded Written Option (-1.2%) #,Ω** | **Exchange-Traded Written Option (-1.2%) #,Ω** |  |
|  | **Short Call Option (-1.2%)** |  |
| (275) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (15249850) | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $612.03 <br> (Premium $604,714) | (183395) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – November**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.8%) #,Ω** | **Exchange-Traded Purchased Options (101.8%) #,Ω** |  |
|  | **Long Call Option (95.8%)** |  |
| 330 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 18299820 | &nbsp;&nbsp;&nbsp;Expires 10/31/25, Strike $0.80 | $18185852 |
|  | **Long Put Option (6.0%)** |  |
| 330 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 18299820 | &nbsp;&nbsp;&nbsp;Expires 10/31/25, Strike $568.64 | 1134736 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $19,779,870) | 19320588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.8%)** <br> (Cost $19,779,870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.8%)** <br> (Cost $19,779,870) | 19320588 |
| LIABILITIES, LESS OTHER ASSETS (-1.8%) | LIABILITIES, LESS OTHER ASSETS (-1.8%) | (345803) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $18974785 |
| **Exchange-Traded Written Option (-1.8%) #,Ω** | **Exchange-Traded Written Option (-1.8%) #,Ω** |  |
|  | **Short Call Option (-1.8%)** |  |
| (330) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (18299820) | &nbsp;&nbsp;&nbsp;Expires 10/31/25, Strike $610.89<br> (Premium $838,123) | (334566) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos S&P 500® Structured Alt Protection ETF® – December**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.5%) #,Ω** | **Exchange-Traded Purchased Options (100.5%) #,Ω** |  |
|  | **Long Call Option (91.8%)** |  |
| 860 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 47690440 | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $0.84 | $47338700 |
|  | **Long Put Option (8.7%)** |  |
| 860 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 47690440 | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $602.55 | 4471140 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $53,146,211) | 51809840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.5%)** <br> (Cost $53,146,211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.5%)** <br> (Cost $53,146,211) | 51809840 |
| LIABILITIES, LESS OTHER ASSETS (-0.5%) | LIABILITIES, LESS OTHER ASSETS (-0.5%) | (249200) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $51560640 |
| **Exchange-Traded Written Option (-0.5%) #,Ω** | **Exchange-Traded Written Option (-0.5%) #,Ω** |  |
|  | **Short Call Option (-0.5%)** |  |
| (860) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (47690440) | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $651.18 <br> (Premium $1,363,128) | (268320) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Nasdaq-100® Structured Alt Protection ETF® – March**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (103.1%) #,Ω** | **Exchange-Traded Purchased Options (103.1%) #,Ω** |  |
|  | **Long Call Option (93.1%)** |  |
| 288 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 13693536 | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $0.71 | $13623552 |
|  | **Long Put Option (10.0%)** |  |
| 288 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 13693536 | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $508.17 | 1456416 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $15,092,483) | 15079968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (103.1%)**<br> (Cost $15,092,483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (103.1%)**<br> (Cost $15,092,483) | 15079968 |
| LIABILITIES, LESS OTHER ASSETS (-3.1%) | LIABILITIES, LESS OTHER ASSETS (-3.1%) | (453764) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $14626204 |
| **Exchange-Traded Written Option** **(-3.3%) #,Ω** | **Exchange-Traded Written Option** **(-3.3%) #,Ω** |  |
|  | **Short Call Option (-3.3%)** |  |
| (288) | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| (13693536) | &nbsp;&nbsp;&nbsp;Expires 02/27/26, Strike $549.69 <br> (Premium $572,870) | (478944) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Nasdaq-100® Structured Alt Protection ETF® – June**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.8%) #,Ω** | **Exchange-Traded Purchased Options (100.8%) #,Ω** |  |
|  | **Long Call Option (99.5%)** |  |
| 572 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 27196884 | &nbsp;&nbsp;&nbsp;Expires 05/30/25, Strike $0.68 | $27159105 |
|  | **Long Put Option (1.3%)** |  |
| 572 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 27196884 | &nbsp;&nbsp;&nbsp;Expires 05/30/25, Strike $450.76 | 364903 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $28,664,259) | 27524008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.8%)** <br> (Cost $28,664,259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.8%)** <br> (Cost $28,664,259) | 27524008 |
| LIABILITIES, LESS OTHER ASSETS (-0.8%) | LIABILITIES, LESS OTHER ASSETS (-0.8%) | (223564) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $27300444 |
| **Exchange-Traded Written Option (-1.0%) #,Ω** | **Exchange-Traded Written Option (-1.0%) #,Ω** |  |
|  | **Short Call Option (-1.0%)** |  |
| (572) | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| (27196884) | &nbsp;&nbsp;&nbsp;Expires 05/30/25, Strike $497.00<br> (Premium $1,314,014) | (270978) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Nasdaq-100® Structured Alt Protection ETF® – September**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (102.4%) #,Ω** | **Exchange-Traded Purchased Options (102.4%) #,Ω** |  |
|  | **Long Call Option (97.2%)** |  |
| 558 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 26531226 | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $0.67 | $26479826 |
|  | **Long Put Option (5.2%)** |  |
| 558 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 26531226 | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $476.27 | 1422649 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $28,844,705) | 27902475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(102.4%)** <br> (Cost $28,844,705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(102.4%)** <br> (Cost $28,844,705) | 27902475 |
| LIABILITIES, LESS OTHER ASSETS (-2.4%) | LIABILITIES, LESS OTHER ASSETS (-2.4%) | (654454) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $27248021 |
| **Exchange-Traded Written Option (-2.4%) #,Ω** | **Exchange-Traded Written Option (-2.4%) #,Ω** |  |
|  | **Short Call Option (-2.4%)** |  |
| (558) | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| (26531226) | &nbsp;&nbsp;&nbsp;Expires 08/29/25, Strike $516.04<br> (Premium $1,113,499) | (662350) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Nasdaq-100® Structured Alt Protection ETF® – December**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.8%) #,Ω** | **Exchange-Traded Purchased Options (101.8%) #,Ω** |  |
|  | **Long Call Option (92.6%)** |  |
| 636 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 30239892 | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $0.71 | $30175704 |
|  | **Long Put Option (9.2%)** |  |
| 636 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 30239892 | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $509.74 | 2994841 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $34,521,024) | 33170545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.8%)** <br> (Cost $34,521,024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.8%)** <br> (Cost $34,521,024) | 33170545 |
| LIABILITIES, LESS OTHER ASSETS (-1.8%) | LIABILITIES, LESS OTHER ASSETS (-1.8%) | (580591) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $32589954 |
| **Exchange-Traded Written Option (-1.8%) #,Ω** | **Exchange-Traded Written Option (-1.8%) #,Ω** |  |
|  | **Short Call Option (-1.8%)** |  |
| (636) | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| (30239892) | &nbsp;&nbsp;&nbsp;Expires 11/28/25, Strike $553.93<br> (Premium $1,737,625) | (585714) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Russell 2000® Structured Alt Protection ETF® – January**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (101.0%) #,Ω** | **Exchange-Traded Purchased Options (101.0%) #,Ω** |  |
|  | **Long Call Option (88.3%)** |  |
| 2184 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 42557424 | &nbsp;&nbsp;&nbsp;Expires 12/31/25, Strike $0.31 | $42275365 |
|  | **Long Put Option (12.7%)** |  |
| 2184 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 42557424 | &nbsp;&nbsp;&nbsp;Expires 12/31/25, Strike $220.96 | 6106120 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $50,540,613) | 48381485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.0%)** <br> (Cost $50,540,613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(101.0%)** <br> (Cost $50,540,613) | 48381485 |
| LIABILITIES, LESS OTHER ASSETS (-1.0%) | LIABILITIES, LESS OTHER ASSETS (-1.0%) | (495007) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $47886478 |
| **Exchange-Traded Written Option (-1.1%) #,Ω** | **Exchange-Traded Written Option (-1.1%) #,Ω** |  |
|  | **Short Call Option (-1.1%)** |  |
| (2184) | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| (42557424) | &nbsp;&nbsp;&nbsp;Expires 12/31/25, Strike $242.15 <br> (Premium $2,283,498) | (521532) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Russell 2000® Structured Alt Protection ETF® – April**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (104.8%) #,Ω** | **Exchange-Traded Purchased Options (104.8%) #,Ω** |  |
|  | **Long Call Option (96.3%)** |  |
| 248 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 4832528 | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $0.28 | $4796749 |
|  | **Long Put Option (8.5%)** |  |
| 248 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 4832528 | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $199.49 | 425422 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $5,155,227) | 5222171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(104.8%)** <br> (Cost $5,155,227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(104.8%)** <br> (Cost $5,155,227) | 5222171 |
| LIABILITIES, LESS OTHER ASSETS (-4.8%) | LIABILITIES, LESS OTHER ASSETS (-4.8%) | (239634) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $4982537 |
| **Exchange-Traded Written Option (-5.0%) #,Ω** | **Exchange-Traded Written Option (-5.0%) #,Ω** |  |
|  | **Short Call Option (-5.0%)** |  |
| (248) | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| (4832528) | &nbsp;&nbsp;&nbsp;Expires 03/31/26, Strike $218.28 <br> (Premium $230,670) | (247782) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Russell 2000® Structured Alt Protection ETF® – July**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.4%) #,Ω** | **Exchange-Traded Purchased Options (100.4%) #,Ω** |  |
|  | **Long Call Option (94.6%)** |  |
| 2307 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 44954202 | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $0.28 | $44747419 |
|  | **Long Put Option (5.8%)** |  |
| 2307 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 44954202 | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $202.91 | 2757745 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $49,149,717) | 47505164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.4%)** <br> (Cost $49,149,717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.4%)** <br> (Cost $49,149,717) | 47505164 |
| LIABILITIES, LESS OTHER ASSETS (-0.4%) | LIABILITIES, LESS OTHER ASSETS (-0.4%) | (180676) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $47324488 |
| **Exchange-Traded Written Option (-0.2%) #,Ω** | **Exchange-Traded Written Option (-0.2%) #,Ω** |  |
|  | **Short Call Option (-0.2%)** |  |
| (2307) | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| (44954202) | &nbsp;&nbsp;&nbsp;Expires 06/30/25, Strike $225.65<br> (Premium $1,981,860) | (90225) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Russell 2000® Structured Alt Protection ETF® – October**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (100.6%) #,Ω** | **Exchange-Traded Purchased Options (100.6%) #,Ω** |  |
|  | **Long Call Option (88.3%)** |  |
| 1260 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 24552360 | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $0.31 | $24383735 |
|  | **Long Put Option (12.3%)** |  |
| 1260 | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| 24552360 | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $220.89 | 3392970 |
|  | **Total Exchange-Traded Purchased Options** <br> (Cost $29,487,702) | 27776705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.6%)** <br> (Cost $29,487,702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(100.6%)** <br> (Cost $29,487,702) | 27776705 |
| LIABILITIES, LESS OTHER ASSETS (-0.6%) | LIABILITIES, LESS OTHER ASSETS (-0.6%) | (163425) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $27613280 |
| **Exchange-Traded Written Option (-0.4%) #,Ω** | **Exchange-Traded Written Option (-0.4%) #,Ω** |  |
|  | **Short Call Option (-0.4%)** |  |
| (1260) | &nbsp;&nbsp;&nbsp;iShares® Russell 2000® ETF |  |
| (24552360) | &nbsp;&nbsp;&nbsp;Expires 09/30/25, Strike $239.56 <br> (Premium $1,441,731) | (123860) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® Structured Alt Protection ETF® – January**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (96.9%)** | **U.S. Government and Agency Security (96.9%)** |  |
|  | **Other (96.9%)** |  |
| 42432000 | U.S. Treasury Bill~ 4.183%, 01/22/26 <br> (Cost $41,178,798) | $41241971 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (14.5%) #,Ω** | **Exchange-Traded Purchased Option (14.5%) #,Ω** |  |
|  | **Long Call Option (14.5%)** |  |
| 1734 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 38643924 | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $247.31 <br> (Cost $11,368,767) | 6191966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(111.4%)** <br> (Cost $52,547,565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(111.4%)** <br> (Cost $52,547,565) | 47433937 |
| LIABILITIES, LESS OTHER ASSETS (-11.4%) | LIABILITIES, LESS OTHER ASSETS (-11.4%) | (4858554) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $42575383 |
| **Exchange-Traded Written Option (-11.3%) #,Ω** | **Exchange-Traded Written Option (-11.3%) #,Ω** |  |
|  | **Short Call Option (-11.3%)** |  |
| (1734) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (38643924) | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $275.85 <br> (Premium $9,237,140) | (4815778) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $41,241,971. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® Structured Alt Protection ETF® – April**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (94.4%)** | **U.S. Government and Agency Security (94.4%)** |  |
|  | **Other (94.4%)** |  |
| 3741000 | U.S. Treasury Bill~3.917%, 03/19/26<br> (Cost $3,615,936) | $3615743 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (36.5%) #,Ω** | **Exchange-Traded Purchased Option (36.5%) #,Ω** |  |
|  | **Long Call Option (36.5%)** |  |
| 204 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 4546344 | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $184.65<br> (Cost $990,363) | 1399942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(130.9%)**<br> (Cost $4,606,299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(130.9%)**<br> (Cost $4,606,299) | 5015685 |
| LIABILITIES, LESS OTHER ASSETS (-30.9%) | LIABILITIES, LESS OTHER ASSETS (-30.9%) | (1183677) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $3832008 |
| **Exchange-Traded Written Option (-31.0%) #,Ω** | **Exchange-Traded Written Option (-31.0%) #,Ω** |  |
|  | **Short Call Option (-31.0%)** |  |
| (204) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (4546344) | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $204.76 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $832,921) | (1186939) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $3,615,743. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® 90 Series Structured Alt Protection ETF® – January**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (87.9%)** | **U.S. Government and Agency Security (87.9%)** |  |
|  | **Other (87.9%)** |  |
| 21337000 | U.S. Treasury Bill~4.131%, 01/22/26<br> (Cost $20,714,381) | $20738592 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (21.9%) #,Ω** | **Exchange-Traded Purchased Option (21.9%) #,Ω** |  |
|  | **Long Call Option (21.9%)** |  |
| 1026 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 22865436 | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $210.54<br> (Cost $6,921,612) | 5156790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (109.8%)**<br> (Cost $27,635,993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (109.8%)**<br> (Cost $27,635,993) | 25895382 |
| LIABILITIES, LESS OTHER ASSETS (-9.8%) | LIABILITIES, LESS OTHER ASSETS (-9.8%) | (2313735) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $23581647 |
| **Exchange-Traded Written Option (-9.8%) #,Ω** | **Exchange-Traded Written Option (-9.8%) #,Ω** |  |
|  | ***Short Call Option (-9.8%)*** |  |
| (1026) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (22865436) | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $301.14 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $3,012,764) | (2310724) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $20,738,592. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® 90 Series Structured Alt Protection ETF® – April**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (81.5%)** | **U.S. Government and Agency Security (81.5%)** |  |
|  | **Other (81.5%)** |  |
| 5610000 | U.S. Treasury Bill~3.906%, 03/19/26<br> (Cost $5,422,966) | $5422165 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (41.9%) #,Ω** | **Exchange-Traded Purchased Option (41.9%) #,Ω** |  |
|  | ***Long Call Option (41.9%)*** |  |
| 340 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 7577240 | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $166.19<br> (Cost $2,080,665) | 2785280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(123.4%)**<br> (Cost $7,503,631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(123.4%)**<br> (Cost $7,503,631) | 8207445 |
| LIABILITIES, LESS OTHER ASSETS (-23.4%) | LIABILITIES, LESS OTHER ASSETS (-23.4%) | (1554620) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $6652825 |
| **Exchange-Traded Written Option (-23.5%) #,Ω** | **Exchange-Traded Written Option (-23.5%) #,Ω** |  |
|  | **Short Call Option (-23.5%)** |  |
| (340) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (7577240) | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $238.44 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $1,132,471) | (1566380) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $5,422,165. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® 80 Series Structured Alt Protection ETF® – January**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (79.1%)** | **U.S. Government and Agency Security (79.1%)** |  |
|  | ***Other (79.1%)*** |  |
| 27944000 | U.S. Treasury Bill~4.103%, 01/22/26<br> (Cost $27,134,101) | $27160295 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (27.6%) #,Ω** | **Exchange-Traded Purchased Option (27.6%) #,Ω** |  |
|  | ***Long Call Option (27.6%)*** |  |
| 1512 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 33696432 | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $187.14<br> (Cost $11,664,910) | 9452700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (106.7%)**<br> (Cost $38,799,011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (106.7%)**<br> (Cost $38,799,011) | 36612995 |
| LIABILITIES, LESS OTHER ASSETS (-6.7%) | LIABILITIES, LESS OTHER ASSETS (-6.7%) | (2294833) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $34318162 |
| **Exchange-Traded Written Option (-6.7%) #,Ω** | **Exchange-Traded Written Option (-6.7%) #,Ω** |  |
|  | ***Short Call Option (-6.7%)*** |  |
| (1512) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (33696432) | &nbsp;&nbsp;&nbsp;Expires 01/30/26, Strike $352.60 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $3,035,295) | (2293007) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $27,160,295. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

**Calamos Bitcoin® 80 Series Structured Alt Protection ETF® – April**

**SCHEDULE OF INVESTMENTS APRIL 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **U.S. Government and Agency Security (70.2%)** | **U.S. Government and Agency Security (70.2%)** |  |
|  | **Other (70.2%)** |  |
| 3988000 | U.S. Treasury Bill~3.941%, 03/19/26<br> (Cost $3,853,891) | $3854473 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Option (45.5%) #,Ω** | **Exchange-Traded Purchased Option (45.5%) #,Ω** |  |
|  | ***Long Call Options (45.5%)*** |  |
| 272 | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| 6061792 | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $147.72<br> (Cost $1,893,644) | 2498683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(115.7%)**<br> (Cost $5,747,535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** **(115.7%)**<br> (Cost $5,747,535) | 6353156 |
| LIABILITIES, LESS OTHER ASSETS (-15.7%) | LIABILITIES, LESS OTHER ASSETS (-15.7%) | (861964) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $5491192 |
| **Exchange-Traded Written Option (-16.0%) #,Ω** | **Exchange-Traded Written Option (-16.0%) #,Ω** |  |
|  | **Short Call Option (-16.0%)** |  |
| (272) | &nbsp;&nbsp;&nbsp;CBOE Mini Bitcoin U.S. ETF Index |  |
| (6061792) | &nbsp;&nbsp;&nbsp;Expires 04/07/26, Strike $279.25 |  |
|  | &nbsp;&nbsp;&nbsp;(Premium $628,747) | (876743) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **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 $3,854,473. |
| **#** | Non-income producing security. |
| **Ω** | FLexible EXchange® Options (see Note 1). |

---

See accompanying Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

**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 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 |
| Convertible Equity Alternative ETF | CVRT | 10/4/2023 | NYSE |
| CEF Income & Arbitrage ETF | CCEF | 1/16/2024 | NYSE |
| Alternative Nasdaq® & Bond ETF | CANQ | 2/13/2024 | NASDAQ |
| Laddered S&P 500® Structured Alt Protection ETF® | CPSL | 9/9/2024 | CBOE |
| S&P 500® Structured Alt Protection ETF® – January | CPSY | 1/2/2025 | NYSE |
| S&P 500® Structured Alt Protection ETF® – February | CPSF | 2/3/2025 | NYSE |
| S&P 500® Structured Alt Protection ETF® – March | CPSR | 3/3/2025 | NYSE |
| S&P 500® Structured Alt Protection ETF® – April | CPSP | 4/1/2025 | NYSE |
| S&P 500® Structured Alt Protection ETF® – May | CPSM | 5/1/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – July | CPSJ | 7/1/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – August | CPSA | 8/1/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – September | CPST | 9/3/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – October | CPSO | 10/1/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – November | CPSN | 11/1/2024 | NYSE |
| S&P 500® Structured Alt Protection ETF® – December | CPSD | 12/2/2024 | NYSE |
| Nasdaq-100® Structured Alt Protection ETF® – March | CPNM | 3/3/2025 | NYSE |
| Nasdaq-100® Structured Alt Protection ETF® – June | CPNJ | 6/3/2024 | NYSE |
| Nasdaq-100® Structured Alt Protection ETF® – September | CPNS | 9/3/2024 | NYSE |
| Nasdaq-100® Structured Alt Protection ETF® – December | CPNQ | 12/2/2024 | NYSE |
| Russell 2000® Structured Alt Protection ETF® – January | CPRY | 1/2/2025 | NYSE |
| Russell 2000® Structured Alt Protection ETF® – April | CPRA | 4/1/2025 | NYSE |
| Russell 2000® Structured Alt Protection ETF® – July | CPRJ | 7/1/2024 | NYSE |
| Russell 2000® Structured Alt Protection ETF® – October | CPRO | 10/1/2024 | NYSE |
| Bitcoin Structured Alt Protection ETF® – January | CBOJ | 1/22/2025 | CBOE |
| Bitcoin Structured Alt Protection ETF® – April | CBOA | 4/7/2025 | CBOE |
| Bitcoin 90 Series Structured Alt Protection ETF® – January | CBXJ | 2/4/2025 | CBOE |
| Bitcoin 90 Series Structured Alt Protection ETF® – April | CBXA | 4/7/2025 | CBOE |
| Bitcoin 80 Series Structured Alt Protection ETF® – January | CBTJ | 2/4/2025 | CBOE |
| Bitcoin 80 Series Structured Alt Protection ETF® – April | CBTA | 4/7/2025 | CBOE |

---

The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Prior to commencement of operations, each Fund had issued one share of beneficial interest at a purchase price of $25 to Calamos Investments, LLC, the parent of Calamos Advisors, LLC, except the Calamos Antetokounmpo Global Sustainable Equities ETF which issued 4,000 shares of beneficial interest at an aggregate purchase price of $100,000.

Each Fund is actively managed. The diversification classification and investment objectives of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Diversification Classification** | **Objective** |
| SROI | Diversified | Long-term capital appreciation. |
| CVRT | Non-Diversified | Total return through capital appreciation and current income. |
| CCEF | Non-Diversified | High current income and long-term capital appreciation. |
| CANQ | Non-Diversified | Attractive risk-adjusted return through capital appreciation and current income. |
| 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® S&P 500® ETF Trust up to a cap of 7.57%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from January 1, 2025 through December 31, 2025. |
| CPSF | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 7.47%, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from February 1, 2025 through January 31, 2026. |
| CPSR | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 7.63%, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from March 1, 2025 through February 28, 2026. |
| CPSP | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 7.78%, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from April 1, 2025 through March 31, 2026. |

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| | | |
|:---|:---|:---|
| CPSM | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 9.81%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from May 1, 2024 through April 30, 2025. |
| CPSJ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 9.45%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from July 1, 2024 through June 30, 2025. |
| CPSA | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 8.74%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from August 1, 2024 through July 31, 2025. |
| CPST | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 7.50%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from September 1, 2024 through August 31, 2025. |
| CPSO | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 6.67%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from October 1, 2024 through September 30, 2025. |
| CPSN | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 7.43%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from November 1, 2024 through October 31, 2025. |
| CPSD | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR® S&P 500® ETF Trust up to a cap of 8.07%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from December 1, 2024 through November 30, 2025. |
| 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 cap of 8.17%, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from March 1, 2025 through February 28, 2026. |
| 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 cap of 10.20%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from June 1, 2024 through May 31, 2025. |
| 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 cap of 8.35%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from September 1, 2024 through August 31, 2025. |
| 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 cap of 8.67%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from December 1, 2024 through November 30, 2025. |
| CPRY | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares® Russell2000® ETF up to a cap of 9.59%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from January 2, 2025 through December 31, 2025. |
| CPRA | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares® Russell 2000® ETF up to a cap of 9.42%, while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from April 1, 2025 through March 31, 2026. |
| CPRJ | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares® Russell 2000® ETF up to a cap of 11.20%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from July 1, 2024 through June 30, 2025. |
| CPRO | Non-Diversified | Seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares® Russell2000® ETF up to a cap of 8.45%, while protecting against 100% of negative price return of the underlying ETF (before fees and expenses), for the period from October 1, 2024 through September 30, 2025. |
| 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 cap of 11.65%, while protecting against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), for the period from January 22, 2025 through January 31, 2026. |
| 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 cap of 10.98%, while protecting against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), for the period from April 7, 2025 through April 6, 2026. |
| 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 cap of 29.15%, 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), for the period from February 4, 2025 through January 31, 2026. |
| 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 cap of 29.43%, 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), for the period from April 7, 2025 through April 6, 2026. |
| 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 cap of 51.50%, 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), for the period from February 4, 2025 through January 31, 2026. |
| 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 cap of 51.76%, 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), for the period from April 7, 2025 through April 6, 2026. |

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Calamos Antetokounmpo Asset Management LLC ("CGAM", or the "Adviser"), 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 ("Subadviser"). Mr. Antetokounmpo serves on the Adviser's Board of Directors and has indirect control of half of the Adviser'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 the Adviser. If Mr. Antetokounmpo is no longer involved with the Fund or the Adviser then "Antetokounmpo" will be removed from the name of the Fund and the Adviser. Further, shareholders would be notified of any change in the name of the Fund or its strategy. The Adviser 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 the Adviser. Any such event could adversely impact the Fund and result in shareholders experiencing substantial losses.

For all other Funds in the ETF Trust, Calamos Advisors LLC ("Calamos Advisors" or the "Adviser"), serves as the Funds' adviser.

**Significant Accounting Policies.** The Schedule of Investments has 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. The following summarizes the significant accounting policies of the Funds:

**Funds Valuation.** The Fund's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Fund, 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 the Fund's NAVs are determined. The valuation of the Funds' investments is in accordance with these procedures.

Funds 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 Funds determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Funds determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Securities that are principally traded in foreign markets are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.

FLexible EXchange® Options ("FLEX Options") listed on an exchange will typically be valued at a model-based price at the official close of that exchange's trading day. However, when a Fund's option has a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange's model-based price. If the pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures. The FLEX Options held by the Funds will be exercisable at the strike price only on their expiration date.

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 the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

**Foreign Currency Translation.** Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

**Note 2 – Fair Value Measurements**

Various inputs are used to determine the value of the 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 Fund's investments.

The following is a summary of the inputs used in valuing the Funds' holdings at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $12852401 | $— | $— | $12852401 |
| &nbsp;&nbsp;&nbsp;Rights | 703 |  |  | 703 |
| **Total** | $12853104 | $— | $— | $12853104 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** | **CONVERTIBLE EQUITY ALTERNATIVE ETF** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | $— | $6889515 | $— | $6889515 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 3203228 | 83975 |  | 3287203 |
| &nbsp;&nbsp;&nbsp;Investment of Cash Collateral For Securities Loaned |  | 1210381 |  | 1210381 |
| **Total** | $3203228 | $8183871 | $— | $11387099 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** | **CEF INCOME & ARBITRAGE ETF** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | $15305503 | $— | $— | $15305503 |
| **Total** | $15305503 | $— | $— | $15305503 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **ALTERNATIVE NASDAQ® & BOND ETF** | **ALTERNATIVE NASDAQ® & BOND ETF** | **ALTERNATIVE NASDAQ® & BOND ETF** | **ALTERNATIVE NASDAQ® & BOND ETF** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $8506309 | $— | $— | $8506309 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 848826 |  | 848826 |
| **Total** | $8506309 | $848826 | $— | $9355135 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **LADDERED S&P 500® STRUCTURED ALT PROTECTION ETF®** | **LADDERED S&P 500® STRUCTURED ALT PROTECTION ETF®** | **LADDERED S&P 500® STRUCTURED ALT PROTECTION ETF®** | **LADDERED S&P 500® STRUCTURED ALT PROTECTION ETF®** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $58164267 | $— | $— | $58164267 |
| **Total** | $58164267 | $— | $— | $58164267 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JANUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $19647012 | $— | $19647012 |
| **Total** | $— | $19647012 | $— | $19647012 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $273650 | $— | $273650 |
| **Total** | $— | $273650 | $— | $273650 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – FEBRUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – FEBRUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – FEBRUARY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – FEBRUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $22358425 | $— | $22358425 |
| **Total** | $— | $22358425 | $— | $22358425 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $231371 | $— | $231371 |
| **Total** | $— | $231371 | $— | $231371 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – MARCH** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – MARCH** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – MARCH** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – MARCH** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $21631243 | $— | $21631243 |
| **Total** | $— | $21631243 | $— | $21631243 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $345180 | $— | $345180 |
| **Total** | $— | $345180 | $— | $345180 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – APRIL** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – APRIL** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – APRIL** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – APRIL** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $16163838 | $— | $16163838 |
| **Total** | $— | $16163838 | $— | $16163838 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $670451 | $— | $670451 |
| **Total** | $— | $670451 | $— | $670451 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® - MAY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® - MAY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® - MAY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® - MAY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $58150466 | $— | $58150466 |
| **Total** | $— | $58150466 | $— | $58150466 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $3188610 | $— | $3188610 |
| **Total** | $— | $3188610 | $— | $3188610 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JULY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JULY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JULY** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – JULY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $32973470 | $— | $32973470 |
| **Total** | $— | $32973470 | $— | $32973470 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $176138 | $— | $176138 |
| **Total** | $— | $176138 | $— | $176138 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – AUGUST** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – AUGUST** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – AUGUST** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – AUGUST** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $37748668 | $— | $37748668 |
| **Total** | $— | $37748668 | $— | $37748668 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $368478 | $— | $368478 |
| **Total** | $— | $368478 | $— | $368478 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $24827258 | $— | $24827258 |
| **Total** | $— | $24827258 | $— | $24827258 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $280222 | $— | $280222 |
| **Total** | $— | $280222 | $— | $280222 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – OCTOBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $16100048 | $— | $16100048 |
| **Total** | $— | $16100048 | $— | $16100048 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $183395 | $— | $183395 |
| **Total** | $— | $183395 | $— | $183395 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – NOVEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – NOVEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – NOVEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – NOVEMBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $19320588 | $— | $19320588 |
| **Total** | $— | $19320588 | $— | $19320588 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $334566 | $— | $334566 |
| **Total** | $— | $334566 | $— | $334566 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **S&P 500® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **S&P 500® STRUCTURED ALT PROTECTION ETF® – DECEMBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $51809840 | $— | $51809840 |
| **Total** | $— | $51809840 | $— | $51809840 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $268320 | $— | $268320 |
| **Total** | $— | $268320 | $— | $268320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – MARCH** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – MARCH** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – MARCH** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – MARCH** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $15079968 | $— | $15079968 |
| **Total** | $— | $15079968 | $— | $15079968 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $478944 | $— | $478944 |
| **Total** | $— | $478944 | $— | $478944 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – JUNE** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – JUNE** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – JUNE** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – JUNE** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $27524008 | $— | $27524008 |
| **Total** | $— | $27524008 | $— | $27524008 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $270978 | $— | $270978 |
| **Total** | $— | $270978 | $— | $270978 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – SEPTEMBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $27902475 | $— | $27902475 |
| **Total** | $— | $27902475 | $— | $27902475 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $662350 | $— | $662350 |
| **Total** | $— | $662350 | $— | $662350 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – DECEMBER** | **NASDAQ-100® STRUCTURED ALT PROTECTION ETF® – DECEMBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $33170545 | $— | $33170545 |
| **Total** | $— | $33170545 | $— | $33170545 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $585714 | $— | $585714 |
| **Total** | $— | $585714 | $— | $585714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JANUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $48381485 | $— | $48381485 |
| **Total** | $— | $48381485 | $— | $48381485 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $521532 | $— | $521532 |
| **Total** | $— | $521532 | $— | $521532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – APRIL** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – APRIL** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – APRIL** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – APRIL** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $5222171 | $— | $5222171 |
| **Total** | $— | $5222171 | $— | $5222171 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $247782 | $— | $247782 |
| **Total** | $— | $247782 | $— | $247782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JULY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JULY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JULY** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – JULY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $47505164 | $— | $47505164 |
| **Total** | $— | $47505164 | $— | $47505164 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $90225 | $— | $90225 |
| **Total** | $— | $90225 | $— | $90225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – OCTOBER** | **RUSSELL 2000® STRUCTURED ALT PROTECTION ETF® – OCTOBER** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | $— | $27776705 | $— | $27776705 |
| **Total** | $— | $27776705 | $— | $27776705 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $123860 | $— | $123860 |
| **Total** | $— | $123860 | $— | $123860 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – JANUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $41241971 | $— | $41241971 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 6191966 |  | 6191966 |
| **Total** | $— | $47433937 | $— | $47433937 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $4815778 | $— | $4815778 |
| **Total** | $— | $4815778 | $— | $4815778 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® STRUCTURED ALT PROTECTION ETF® – APRIL** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $3615743 | $— | $3615743 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 1399942 |  | 1399942 |
| **Total** | $— | $5015685 | $— | $5015685 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | $— | $1186939 | $— | $1186939 |
| **Total** | $— | $1186939 | $— | $1186939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $20738592 | $— | $20738592 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 5156790 |  | 5156790 |
| **Total** | $— | $25895382 | $— | $25895382 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $2310724 | $— | $2310724 |
| **Total** | $— | $2310724 | $— | $2310724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 90 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $5422165 | $— | $5422165 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 2785280 |  | 2785280 |
| **Total** | $— | $8207445 | $— | $8207445 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $1566380 | $— | $1566380 |
| **Total** | $— | $1566380 | $— | $1566380 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – JANUARY** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $27160295 | $— | $27160295 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 9452700 |  | 9452700 |
| **Total** | $— | $36612995 | $— | $36612995 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $2293007 | $— | $2293007 |
| **Total** | $— | $2293007 | $— | $2293007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** | **BITCOIN® 80 SERIES STRUCTURED ALT PROTECTION ETF® – APRIL** |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities | $— | $3854473 | $— | $3854473 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options |  | 2498683 |  | 2498683 |
| **Total** | $— | $6353156 | $— | $6353156 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Option | $— | $876743 | $— | $876743 |
| **Total** | $— | $876743 | $— | $876743 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Calamos ETF Trust

- **b. Investment Company Act file number:** 811-22887

- **c. CIK number of Registrant:** 0001579881

- **d. LEI of Registrant:** 549300B2KP9WEFDULJ54

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2020 CALAMOS COURT

  - **City:** NAPERVILLE

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60563

  - **Telephone number:** 630-245-7200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Calamos S&P 500 Structured Alt Protection ETF - December

- **b. EDGAR series identifier (if any):** S000086980

- **c. LEI of Series:** 529900KI0MEC4KFU2U85

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $52639603.01

**Total Liabilities:** $1678777.84

**Net Assets:** $50960825.17

**Cash Not Reported:** $72178.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252650 | -0.16%               | -1.48%               | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SP500

### Schedule of Portfolio Investments

| Name                    | Title                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs & Co. LLC | 4SPY 251128 P 602.55 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       850 | NC      | $4419150.00   | 8.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC | 4SPY 251128 C 651.18 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      -850 | NC      | $-265200.00   | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC | 4SPY 251128 C 0.84   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       850 | NC      | $46788250.00  | 91.81%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-10

**Name of Applicant:** Calamos ETF Trust

**Signature:** Stephen Atkins

**Name of Signer:** Stephen Atkins

**Title:** Treasurer