Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA)

The Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) is an exchange-traded fund from Calamos Investments that seeks bitcoin-linked returns within a defined range over a one-year outcome period beginning in April.

Using options on bitcoin-related reference assets, the fund aims to capture upside up to a cap established at the start of each period while seeking to protect against most downside losses, with the 90 Series designed around a 90 percent protection level. The fund does not own bitcoin directly. Its outcomes apply to shares held for the full period, and the options are rolled into a new set of terms when each period ends.