Calamos Resets Caps and Floors on Its Bitcoin Buffer ETFs for a New One-Year Period

MakeCryippreferred on

• Calamos ETF Trust filed updated summary prospectuses with the SEC dated October 7, 2026, resetting the outcome periods on its three bitcoin “Structured Alt Protection” buffer ETFs
• The new one-year outcome period runs from October 7, 2026 through October 31, 2027, resetting each fund’s upside cap and downside floor
• The funds, CBOO, CBTO and CBXO, use options on bitcoin ETPs and the CME CF Bitcoin Reference Rate rather than holding bitcoin directly

Calamos ETF Trust filed three updated 497K summary prospectuses with the SEC, each dated October 7, 2026, resetting the caps and floors on its family of bitcoin-linked structured outcome ETFs as they roll into a new annual outcome period running from October 7, 2026 through October 31, 2027.

The flagship fund, CBOO, is designed to offer 100% downside protection, net of fees at 99.31%, in exchange for an upside cap of 8.32%, or 7.63% after fees, over the new outcome period, and carries a 0.69% management fee. The fund’s structure is meant to let investors maintain exposure to bitcoin’s price moves while largely eliminating downside risk over the defined one-year window, at the cost of giving up most potential upside beyond the cap.

CBTO, marketed as the “Bitcoin 80 Series,” resets with a 20% floor, or 20.69% net of fees, and a 36.22% cap, or 35.53% net, offering a middle ground between full protection and full upside exposure. CBXO, the “Bitcoin 90 Series” trading on Cboe BZX, resets with a 10% floor, or 10.69% net, and a 20.55% cap, or 19.86% net, positioning it as the most upside-oriented of the three funds while still capping losses at roughly 10%.

None of the three funds hold bitcoin directly. Instead, they rely on options referencing bitcoin exchange-traded products such as BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB and ARK’s ARKB, alongside the CME CF Bitcoin Reference Rate – New York Variant and Treasury holdings, to construct the capped and floored outcomes investors receive over each period, an approach that lets the funds track bitcoin’s price without the trusts themselves taking custody of the underlying asset.

All three funds originally launched on October 7, 2025, meaning this reset marks their first annual rollover since inception. The structured outcome category has grown steadily as investors look for ways to participate in bitcoin’s price swings with more defined risk parameters than a plain spot ETF offers, and Calamos’s lineup gives investors a choice of protection levels depending on their appetite for giving up upside in exchange for downside insurance. The newly reset caps reflect current options pricing and implied volatility levels, which can shift the available upside from one annual period to the next even when a fund’s protection structure stays the same.