Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO)

The Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) is an exchange-traded fund from Calamos Investments that seeks to deliver bitcoin-linked returns within a defined range over a one-year outcome period that begins in October.

The fund uses a package of options on bitcoin-related reference assets to provide upside participation up to a cap that is set at the start of each period, while aiming to protect against a large share of downside losses, with the 80 Series designed around an 80 percent protection level. The fund does not hold bitcoin directly, and outcomes apply only to shares held for the full period, after which the options are rolled and new terms are established.