- What does CBTO invest in?
- CBTO actively manages options and collateral in a way designed to track the positive price return of spot bitcoin up to a cap, while providing protection against a loss exceeding 20%, over a one-year period. It uses the BRRNY, a benchmark index, to determine the cap. The fund employs two portfolio construction methods: one involving US Treasuries, options, and cash equivalents and the other using options and cash equivalents. The fund does not invest directly in bitcoin. The fund offers perpetual investment opportunities, with new options chosen at each annual reset date in October, reflecting market conditions at that time. Returns will differ if investors buy or sell shares mid-Outcome Period. The fund also invests up to 25% of its assets in a Cayman Islands subsidiary for bitcoin exposure within IRS guidelines. The fund's strategies and outcomes are hypothetical and not guaranteed.
- What is the expense ratio of CBTO?
- Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) charges an expense ratio of 0.69%. This is the annual fee deducted from fund assets to cover management and operations.
- How big is CBTO?
- Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) manages $24.8M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.
- Is CBTO actively managed or an index fund?
- CBTO's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.
- When was CBTO launched?
- Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO) launched in October 2025 and is managed by Calamos.
- How has CBTO performed?
- CBTO's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.
