Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY)

The Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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 July.

The fund uses options on bitcoin-related reference assets to offer upside participation up to a cap 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. It does not hold bitcoin directly, and the stated outcomes apply to shares held for the entire period, after which the option positions are reset with new terms.