Core Viewpoint - Calamos Investments has launched three Bitcoin Structured Alt Protection ETFs, providing investors with exposure to Bitcoin while offering defined downside protection levels of 100%, 90%, and 80% [1][2][8]. Fund Details - The initial cap rates for the ETFs are as follows: - Calamos Bitcoin Structured Alt Protection ETF® – October (CBOO) with 100% downside protection has an initial cap rate of 8.47% [3][8]. - Calamos Bitcoin 90 Series Structured Alt Protection ETF® – October (CBXO) with 90% downside protection has an initial cap rate of 23.43% [3][8]. - Calamos Bitcoin 80 Series Structured Alt Protection ETF® – October (CBTO) with 80% downside protection has an initial cap rate of 41.62% [3][8]. - All three ETFs will be managed by Co-CIO Eli Pars and the Alternatives Team, and they began trading on October 8, 2025 [3][5]. Investment Strategy - The Structured Protection ETFs reset annually, providing investors with a new upside cap and refreshed protection against negative returns over a 12-month period [4]. - The funds aim to track the positive price return of the CME CF Bitcoin Reference Rate while protecting against 100% of losses of Spot Bitcoin over the outcome period [12]. Company Overview - Calamos Investments is a diversified global investment firm with over $45 billion in assets under management, including more than $20 billion in liquid alternatives as of September 30, 2025 [6]. - The firm offers a range of investment strategies through various fund structures, catering to financial advisors, pension funds, and individual investors globally [6].