The CBTO ETF is a structured ETF designed to participate in the performance of a reference asset that reflects Bitcoin spot prices. Rather than holding Bitcoin directly, it uses an options-based outcome structure to balance upside participation and downside management within a defined outcome period.

It is well suited for investors who want Bitcoin exposure but prefer to manage the downside over a defined outcome period rather than fully absorbing potential price declines.

It is an actively managed ETF run by Calamos.

Rather than replicating the exact up-and-down moves of holding Bitcoin outright, this product combines changes in the reference asset price with options contracts to engineer both upside participation and a loss cap over the outcome period. Whether you hold from the start through the end of the outcome period and how close the current price sits to the upside cap can materially shape the realized experience.

• Downside Buffer Design: Built to limit the loss range over the outcome period even if the reference asset falls sharply.
• Difference From Direct Spot Holdings: Returns do not mirror spot price one-to-one; the caps and conditions of the options structure apply.

Assets under management (AUM) stand at $16.3M, with a total expense ratio of 0.69% per year.

Unlike a Bitcoin spot product, this ETF's real-world performance depends not only on price direction but also on the outcome period, the upside cap, and the timing of each purchase.

� Performance and Flow of the Calamos Bitcoin 80 Series Structured Alternative Protection ETF October

The performance path of CBTO ETF is shaped by Bitcoin's price moves as well as the starting price of the outcome period, the remaining room to the upside cap, and the cost of the options structure. Even if the reference asset rallies, participation in gains can be capped once a certain range is reached, while in declining markets the loss-limiting mechanism is what defines the experience.

Investors who want Bitcoin exposure but want to soften the blow of outright spot price drawdowns may consider this product for review. That said, the protection mechanism depends on entry point and outcome period, so liquidity, market price versus NAV, and the conditions in effect at purchase should all be checked.

Limiting the loss range over a fixed period is a clear strength, but the product may not deliver the full upside of a Bitcoin rally, and investors who buy mid-period cannot expect the same outcome.

The CBTJ, CBOJ, and CBXJ ETFs shown in the table are all part of Calamos' Bitcoin structured protection lineup, with different buffer designs and outcome periods based on the ticker. The QBF ETF is a quarterly floor-structure product from a different issuer, while the CBXO ETF is a protection-level variation sharing the same October outcome period. Because each product differs in upside cap, buffer conditions, and outcome period, current outcome terms matter more than headline returns.

When evaluating CBTO ETF, investors should look beyond simply forecasting Bitcoin's direction and review the start and end dates of the outcome period, the remaining upside room from the current price, and the conditions under which downside protection applies. The structure can deliver a very different experience depending on entry point and holding period.

This product's buffer design is built around a defined outcome period. Buying or selling in the middle of the period can produce results that differ from the targeted buffer and return profile. In addition, sharp Bitcoin price moves, the upside cap, differences between market price and NAV, and currency swings can all affect realized investment performance.

The structure is worth considering for investors who want Bitcoin exposure but prefer to manage the loss range rather than absorb full spot volatility. However, because upside is capped and outcome period terms are central, it should be approached with an understanding that it serves a different purpose than a spot product, and with holding period and entry timing aligned to the structure.

Limiting the loss range over a fixed period is a clear strength, but the product may not deliver the full upside of a Bitcoin rally, and investors who buy mid-period cannot expect the same outcome.

The CBTJ, CBOJ, and CBXJ ETFs shown in the table are all part of Calamos' Bitcoin structured protection lineup, with different buffer designs and outcome periods based on the ticker. The QBF ETF is a quarterly floor-structure product from a different issuer, while the CBXO ETF is a protection-level variation sharing the same October outcome period. Because each product differs in upside cap, buffer conditions, and outcome period, current outcome terms matter more than headline returns.

When evaluating CBTO ETF, investors should look beyond simply forecasting Bitcoin's direction and review the start and end dates of the outcome period, the remaining upside room from the current price, and the conditions under which downside protection applies. The structure can deliver a very different experience depending on entry point and holding period.

This product's buffer design is built around a defined outcome period. Buying or selling in the middle of the period can produce results that differ from the targeted buffer and return profile. In addition, sharp Bitcoin price moves, the upside cap, differences between market price and NAV, and currency swings can all affect realized investment performance.

The structure is worth considering for investors who want Bitcoin exposure but prefer to manage the loss range rather than absorb full spot volatility. However, because upside is capped and outcome period terms are central, it should be approached with an understanding that it serves a different purpose than a spot product, and with holding period and entry timing aligned to the structure.