Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA)

The Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) seeks to provide exposure to bitcoin's price return up to a cap, with protection against roughly 80% of losses over a one-year outcome period that begins in April. Accepting partial rather than full downside protection allows for a higher upside cap than Calamos's full-protection bitcoin series.

The fund builds this defined outcome with options referencing bitcoin, such as options on a bitcoin index or bitcoin exchange-traded products, combined with U.S. Treasury holdings. It does not own bitcoin directly, and its cap resets each outcome period.

CBTA is sponsored by Calamos Investments and trades on Cboe BZX.