Calamos ETF Trust - Calamos Bitcoin 80 Series Structured Alt Protection ETF - October
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- Calamos Bitcoin 80 Series Structured Alt Protection ETF – October is an actively managed, non-diversified exchange-traded fund that seeks to provide investors with defined-outcome exposure to the positive price return of spot bitcoin, as measured by the CME CF Bitcoin Reference Rate – New York Variant, up to a predetermined upside cap during an approximately one-year outcome period. The Fund is sponsored and managed by Calamos Investments LLC and trades on Cboe BZX Exchange under the ticker CBTO. Its investment strategy combines U.S. Treasury bills with a structured options overlay, including long and short Cboe Mini Bitcoin US ETF Index call options, to deliver bitcoin-linked upside participation while limiting the maximum loss for investors who hold shares for the full outcome period. The Fund is designed to protect against 80% of spot-bitcoin losses beyond the first 20% decline; accordingly, its maximum intended loss over the applicable outcome period is 20%, before fees and expenses. As of September 2026, its portfolio is principally invested in U.S. Treasury bills, with bitcoin-market exposure obtained through listed options rather than direct ownership of bitcoin. CBTO targets investors seeking cryptocurrency-linked return potential with a defined upside ceiling and structured downside protection, and charges a 0.69% annual expense ratio. The current October series commenced on October 7, 2025 and is scheduled to conclude on October 6, 2026; its initial gross cap rate was 41.62%, or 40.93% net of the annual expense ratio. The Fund represents an October-vintage offering within Calamos’ expanding Protected Bitcoin ETF platform, which launched in October 2025 and includes structured-outcome products with varying protection levels and reset dates. Calamos Investments LLC, founded in 1977, is headquartered in Naperville, Illinois, United States, and provides alternative investment, fixed-income, equity and ETF strategies to individual and institutional investors.