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BTC Calamos ETF Trust updates bitcoin buffer ETF prospectus to reset a new round of annual earnings range
Calamos ETF Trust submitted an updated brief prospectus with the U.S. Securities and Exchange Commission (SEC) on October 7, 2026. This update resets the outcomes cycles of its three Bitcoin "Structured Alt Protection" buffered ETFs. The new one-year results cycle will begin on October 7, 2026 and end on October 31, 2027, during which the upward caps and downward guaranteed levels of each fund will be reset.
Product structure and operating mechanism
These three funds are CBOO, CBTO and CBXO respectively. They do not directly hold bitcoin in spot, but build an income structure by using options based on bitcoin exchange-traded products (ETP) and CME CF Bitcoin Reference Rate (New York variant). This design allows funds to track Bitcoin price fluctuations while avoiding the risk of directly guarding underlying assets.
Detailed explanation of the specific parameters of each fund
CBOO: Flagship full protection
CBOO aims to provide 100% downside protection (99.31% after deducting fees). In exchange, investors need to accept an upside cap of 8.32%(7.63% after deducting fees). The fund's management fee rate is 0.69%. The structure is designed to allow investors to largely eliminate downside risk while maintaining exposure to bitcoin price movements over a specified one-year window at the expense of giving up most of the potential upside gains above the cap.
CBTO: "Bitcoin 80 Series"
CBTO is called the "Bitcoin 80 Series", with a reset downside guarantee of 20%(20.69% after deducting fees) and an upside cap of 36.22%(35.53% after deducting fees). The product provides a compromise between full protection and full upside exposure.
CBXO: "Bitcoin 90 Series"
CBXO is known as the "Bitcoin 90 Series" and is traded on the Cboe BZX exchange. Its reset downward guarantee is 10%(10.69% after deducting fees), and its upward limit is 20.55%(19.86% after deducting fees). Among the three funds, CBXO is more focused on upside potential while limiting losses to about 10%.
Market background and first annual reset
The above three funds were originally launched on October 7, 2025, so this reset marks their first annual rolling update since their establishment. Products in the structured outcomes category continue to grow as investors seek to participate in bitcoin price fluctuations with clearer risk parameters than traditional spot ETFs. Calamos offers a range of products that allow investors to choose based on their risk appetite, making different trade-offs in sacrificing some upside in exchange for downside insurance.
The newly reset upper limit reflects current option pricing and implied volatility levels. Even if the fund's protective structure remains unchanged, these market factors can cause changes in the available upside space within each annual cycle.
