Calamos Bitcoin 90 Series Structured Alt Protection ETF- October
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- Calamos Bitcoin 90 Series Structured Alt Protection ETF – October (Cboe BZX: CBXO) is a U.S.-listed, actively managed defined-outcome exchange-traded fund of Calamos ETF Trust, sponsored by Calamos Investments LLC, that seeks to provide exposure to the positive price return of spot bitcoin, as represented by the CME CF Bitcoin Reference Rate–New York Variant (BRRNY), up to a predetermined upside cap while limiting losses to 10% over an approximately one-year October-to-October outcome period, before fees and expenses. The fund does not invest directly in bitcoin; instead, it employs a structured portfolio of U.S. Treasury bills, cash and cash equivalents, and listed or over-the-counter options, including long and short call options referencing bitcoin-related exchange-traded products or bitcoin indexes, to create capped bitcoin-linked participation and 90% downside protection for shareholders that purchase on the first day and hold through the end of the applicable outcome period. CBXO principally serves financial advisers, wealth-management platforms, institutions and individual investors seeking digital-asset-linked exposure within a defined-risk, capped-return ETF structure. The fund is non-diversified, trades on Cboe BZX Exchange, Inc., and has an annual expense ratio of 0.69%. CBXO commenced operations on October 7, 2025, as part of Calamos Investments’ launch of Bitcoin Structured Alt Protection ETFs, alongside the October 100%-protection and 80%-protection series. Its initial one-year outcome period carried a 23.43% gross upside cap and 90% protection level; the strategy resets annually, establishing a new cap and protection profile based on prevailing market conditions. As of September 3, 2026, the portfolio was primarily invested in U.S. Treasury bills, with small option positions tied to the Cboe Mini Bitcoin US ETF Index. Calamos Investments, founded in 1977 and headquartered in the Chicago metropolitan area, manages the fund through its alternatives investment team and offers investment strategies globally through ETFs, mutual funds, closed-end funds, interval funds, UCITS funds and separately managed portfolios.