Calamos Laddered Bitcoin Structured Alt Protection ETF

C000264349 Fund Overview

Calamos Laddered Bitcoin Structured Alt Protection ETF is a US ETF managed by Calamos ETF Trust, categorised as United States Multi-Cap / All-Cap Thematic Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Calamos ETF Trust
• Category: United States Multi-Cap / All-Cap Thematic Equity
• Assets under management: $2.34M
• SEC CIK: 0001579881
• SEC series ID: S000095621
• Share class ID: C000264349

C000264349 Investment Objective and Strategy

Calamos Laddered Bitcoin Structured Alt Protection ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Calamos ETF Trust.

Investment objective

"Calamos Laddered Bitcoin Structured Alt Protection ETF ? (the ""Fund"") seeks to provide exposure to the price of bitcoin."

Principal investment strategy

"The Fund seeks to achieve its investment objective by providing investors with exposure to the price return of the CME CF Bitcoin Reference Rate New York Variant (""BRRNY"") (""Spot bitcoin"") while attempting to limit downside risk through a laddered portfolio of four Calamos Bitcoin Structured Alt Protection ETFs (each an ""Underlying ETF"" and collectively the ""Underlying ETFs""). The BRRNY is a once a day benchmark index price for bitcoin that aggregates trade data from multiple bitcoin-USD markets operated by major cryptocurrency exchanges that conform to the CME CF Constituent Exchange Criteria. 1 ? The term ""laddered portfolio"" refers to the Fund's investment in multiple Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis.

See below for a discussion of ""target outcome periods"" and their meaning within the strategies of the Underlying ETFs. The rolling or ""laddered"" nature of the investments in the Underlying ETFs creates diversification of investment time period compared to the risk of acquiring or disposing of any one Underlying ETF at any one time. This diversification of investment time period is intended to mitigate the risk of failing to benefit from the downside protection of a single Underlying ETF due to the timing of investment in such Underlying ETF and the relative price of the reference asset or having limited or no upside potential remaining because of the cap of a single Underlying ETF. The Fund's laddered approach is intended to allow the Fund to continue to benefit from increases in the value of Spot bitcoin, while attempting to limit downside losses.

Depending on when the Fund acquires shares of an Underlying ETF, even with a laddered approach, the cap and/or downside protection of an Underlying ETF may be exhausted unless the Fund acquires shares at the beginning of a Target Outcome Period (as defined below). The Fund does not typically buy shares at the beginning of the Target Outcome Period. Unlike the Underlying ETFs, the Fund itself does not pursue a target outcome strategy. The protection is only provided by the Underlying ETFs and the Fund itself does not provide any stated downside protection against losses. The Fund will likely not receive the full benefit of the Underlying ETF downside protection and could have limited upside potential. The Fund's returns are limited by the caps of the Underlying ETFs. In order to understand the Fund's strategy and risks, it is important to understand the strategies and risks of the Underlying ETFs.

See ""Additional Information About Investment Strategies and Related Risks"" for a discussion of the principal investment strategies of the Underlying ETFs. Under normal market conditions, the Fund will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns (before fees and expenses) that match the price return of Spot bitcoin, up to a predetermined upside cap, while attempting to provide downside protection (before fees and expenses) against 100% of the negative price return of Spot bitcoin (before total fund operating fees and expenses), over a defined one-year outcome period. Each Underlying ETF seeks to provide protection against decreases in the price of Spot bitcoin over the same Outcome Period (before taking total fund operating fees and expenses into account).

The Fund intends only to acquire shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs. The Fund and each Underlying ETF are advised by Calamos Advisors LLC (""Calamos"" or the ""Adviser""). The Underlying ETFs invest substantially all of their assets in over-the-counter Options (""OTC Options"") and/or FLexible EXchange Options (""FLEX Options"") and/or listed exchange traded options (""Listed Options"") each of which reference the price performance of either (A) one or more of the iShares Bitcoin Trust ETF (""IBIT""), Grayscale Bitcoin Mini Trust (""BTC""), Bitwise Bitcoin ETF (""BITB""), Fidelity ? Wise Origin ? Bitcoin Fund (""FBTC"") and ARK 21 Shares Bitcoin ETF (""ARKB"") (each, an ""Underlying ETP"" and collectively, the ""Underlying ETPs"") which, in turn, own bitcoin that is held by a bitcoin custodian in each instance on behalf of the respective Underlying ETPs and/or (B) one or more indexes that are designed to track the price of bitcoin (""Bitcoin Index"").

One example of a Bitcoin Index is the Cboe Bitcoin U.S. ETF Index (ticker: CBTX), which is designed to reflect the price return performance of U.S. exchange-listed spot Bitcoin ETPs. The ETPs whose price return performance a Bitcoin Index seeks to reflect can include the BITB, FBTC, and ARKB, among others. Each Underlying ETF uses OTC Options and/or FLEX Options to employ a ""target outcome strategy."" Target outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index (in this case, Spot bitcoin). The pre-determined outcomes sought by the Underlying ETFs, which include downside protection against (before fees and expenses) Spot bitcoin losses prior to taking into account any fees or expenses charged to the Underlying ETFs and a cap on upside potential, are based on the price return of Spot bitcoin over an approximate one-year period beginning, generally, on the first business day in the month for which each Underlying ETF is named and ending on the last business day of the preceding month in the following year (the ""Target Outcome Period"").

Each Underlying ETF establishes a new cap annually at the beginning of each Target Outcome Period. See ""Capital Protection and Cap"" below under ""Additional Information About Investment Strategies and Related Risks."" 1 The Constituent Exchange Criteria requires each Constituent Exchange to implement policies and procedures designed to ensure fair and transparent market conditions and to identify and impede illegal, unfair or manipulative trading practices. Additionally, each Constituent Exchange must comply with, among other things, capital market regulations, money transmission regulations, client money custody regulations, know-your-client regulations and anti-money laundering regulations. Based on market conditions and other factors at the commencement of each Underlying ETF's Outcome Period, the Adviser seeks to provide investment exposure to the price performance of Spot bitcoin through various means of portfolio construction and management, including the two methods/approaches as may be implemented by the Adviser in its discretion as described below.

In the first method/approach, each Underlying ETF's portfolio will be comprised of options, cash and cash equivalents, and/or U.S. Treasuries. Under this approach, and under normal market conditions, the Underlying ETFs will invest substantially all of their assets in U.S. Treasury securities with remaining maturities of one (1) year or less (the ""Treasury Portfolio""), cash, cash equivalents, box spreads, and OTC Options, FLEX Options and/or listed exchange traded options (""Listed Options""). The OTC, FLEX, and/or Listed Options each reference the price performance of either: (A) one or more of the Underlying ETPs or (B) one or more Bitcoin Indexes. Options used by an Underlying ETF in utilizing box spreads will reference the underlying asset of the box spread trade, which is expected to be the SPX or SPY.

Options utilized in seeking to track the positive price return of Spot bitcoin will each reference the price performance of either: (A) one or more of the iShares Bitcoin Trust ETF (IBIT), Grayscale Bitcoin Mini Trust (""BTC""), Bitwise Bitcoin ETF (""BITB""), Fidelity ? Wise Origin ? Bitcoin Fund (""FBTC"") and ARK 21 Shares Bitcoin ETF (""ARKB"") (each an ""Underlying ETP"" and collectively, the ""Underlying ETPs"") and/ or (B) one or more indexes that are designed to track the price of bitcoin (""Bitcoin Index"") Indexes. One example of a Bitcoin Index is the Cboe Bitcoin U.S. ETF Index (ticker: CBTX), which is designed to reflect the price return performance of U.S. exchange-listed spot Bitcoin ETPs. The ETPs whose price return performance a Bitcoin Index seeks to reflect can include the BITB, FBTC, and ARKB, among others.

In the second method/approach, each Underlying ETF's portfolio will be comprised of options and cash and cash equivalents. Under this approach, and under normal market conditions, the Underlying ETF will invest substantially all of its assets in cash and cash equivalents and FLEX Options and/or Listed Options. The FLEX Options and/or Listed Options will each reference the price performance of one or more of the Underlying ETPs and/or a Bitcoin Index. With respect to each method/approach described above, each of the Underlying ETPs has as a primary investment objective to seek investment results that generally correspond to the price performance of bitcoin (as measured to a stated index or defined bitcoin reference rate) and therefore the performance of the Underlying ETPs and/or Bitcoin Index is expected to be positively correlated to the price performance of Spot bitcoin.

Each Bitcoin Index will be designed to track the price performance of bitcoin and therefore each Bitcoin Index is expected to be positively correlated to the price performance of Spot bitcoin. Each Underlying ETF intends to utilize either FLEX Options and/or Listed Options in place of all OTC Options. The Underlying ETF will not invest directly in bitcoin. Instead, the Underlying ETF seeks to track the positive price return of Spot bitcoin by investing in options that reference the price performance of one or more of the Underlying ETPs which, in turn, own bitcoin and/or options that reference one or more Bitcoin Indexes. The portfolio of options utilized by the Adviser may consist of options on one or more of the Underlying ETPs and/or Bitcoin Index at the determination of the Adviser based on then-current market factors.

As of the date hereof, the Underlying Funds invest in options that reference the Cboe Bitcoin U.S. ETF Index (""CBTX""), which is a modified market capitalization-weighted index designed to track the performance of a basket of Bitcoin ETPs listed on U.S. exchanges. Leveraged and inverse exposure Bitcoin ETFs are not eligible for inclusion in CBTX. To be included in CBTX, each constituent must: (i) have a monthly consolidated trading volume of at least 500,000 shares for each month within the immediately preceding six-month period; (ii) have an average consolidated trading volume of at least 1,000,000 shares over the immediately preceding six-month period; (iii) have at least six months of trading history as of the Rebalance Selection Date (defined below); and (iv) have a market capitalization of at least $75 million as of the Rebalance Selection Date.

CBTX is rebalanced and reconstituted quarterly in March, June, September and December. The Rebalance Selection Date is as of the last business day of the previous calendar month (i.e., February, May, August and November, respectively). Each Underlying ETF's strategy has been specifically designed to produce the outcomes (before fees and expenses) based upon Spot bitcoin's returns over the duration of a Target Outcome Period. At the end of each Target Outcome Period, an Underlying ETF's options are generally allowed to expire or be sold at or near their expiration, and the proceeds are used to purchase (or roll into) a new set of options expiring in approximately one year. This means that approximately every quarter (in January, April, July and October), one of the Underlying ETFs will undergo a ""reset"" of its cap and a refresh of its downside protection.

C000264349 Holdings

Top 4 holdings of Calamos Laddered Bitcoin Structured Alt Protection ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000264349 holdings

C000264349 Portfolio Allocation

Asset-class allocation of Calamos Laddered Bitcoin Structured Alt Protection ETF by percentage of net assets, from the latest SEC N-PORT filing.

C000264349 Performance

Total returns for C000264349 (as of 2026-10-01), from SEC filings.

C000264349 Costs and Fees

C000264349 costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%

C000264349 Cashflows

Over the 12 months to 2026-04, Calamos Laddered Bitcoin Structured Alt Protection ETF had net inflows of $2.46M, from monthly SEC N-PORT filings.

C000264349 Debt Constituents

No individual debt constituents are reported in Calamos Laddered Bitcoin Structured Alt Protection ETF's latest SEC N-PORT filing.

C000264349 Prospectus and SEC Filings

Official Calamos Laddered Bitcoin Structured Alt Protection ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-11-21
• Prospectus (485BPOS) — filed 2025-09-26
• Portfolio holdings (N-PORT) — filed 2026-09-29
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-31

Related Funds

Related funds tracked on ABC INVEST:

• Calamos Autocallable Income ETF (CAIE)
• Calamos Convertible Equity Alternative ETF (CVRT)
• Calamos S&P 500 Structured Alt Protection ETF - May (CPSM)
• Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ)
• Calamos S&P 500 Structured Alt Protection ETF - August (CPSA)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.