CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF – July

About this ETF

Calamos Bitcoin 90 Series Structured Alt Protection ETF – July is an exchange-traded fund that offers structured exposure to the price movements of Bitcoin over a defined one-year outcome period. This ETF is designed to match the positive price return of Bitcoin, as represented by the CME CF Bitcoin Reference Rate, up to a predetermined upside cap. A distinguishing feature of this fund is its risk management framework: it limits the maximum potential loss to 10%, thereby providing 90% downside protection over the outcome period. If Bitcoin’s price falls by more than 10% during the outcome period, losses for investors are capped at 10% of their initial investment, before fees and expenses. The fund achieves this structure by investing in a combination of options referencing Bitcoin exchange-traded products and short-duration U.S. Treasury securities. The ETF does not invest directly in Bitcoin, but instead uses derivatives and collateral strategies to simulate targeted exposure. Calamos Bitcoin 90 Series Structured Alt Protection ETF – July is intended for investors seeking Bitcoin participation with a predefined risk ceiling, serving as a diversification tool within broader portfolios, especially given Bitcoin’s historically low correlation with traditional assets.