Calamos cuts the starting cap on CBTO by 5.4 percentage points
Calamos cut the starting cap on CBTO by 5.4 percentage points, to 36.22% before fees, in a summary prospectus filed Tuesday, October 6, 2026 and printed as amended October 7, when the new period starts.
Key takeaways
Calamos cut the before-fee starting cap on the Calamos Bitcoin 80 Series Structured Alt Protection ETF, CBTO, by 5.4 percentage points, to 36.22%.
Calamos ETF Trust filed the amended summary prospectuses on Tuesday, October 6. They are printed as amended Wednesday, October 7, the day the new period starts. That period, when the cap and the loss limit apply, runs through October 31, 2027.
No fund filed to close.
Before fees, CBTO seeks bitcoin's gain only up to the 36.22% cap. Separately, Calamos says the maximum loss is limited to 20% no matter how far bitcoin falls.
Before fees, the Calamos Bitcoin Structured Alt Protection ETF, CBOO, seeks protection against 100% of bitcoin's losses. The cap on the gain is separate, at 8.32%.
Calamos says the maximum loss on the Calamos Bitcoin 90 Series Structured Alt Protection ETF, CBXO, is limited to 10% no matter how far bitcoin falls, before fees. The before-fee cap on the gain is 20.55%.
Calamos says the three funds do not invest directly in bitcoin, and instead use options to track the price. It says CBTO manages those options with collateral.
CBTO holds $18.9 million, the largest of the three. CBXO holds $6.7 million, and CBOO holds $6.2 million.
Each summary prospectus is dated November 28, 2025, as amended October 7, and each states an annual fee of 0.69%. The prospectuses state the cap and the downside after that fee.
Last October's starting caps, before fees, were 41.62% on CBTO, 8.47% on CBOO and 23.43% on CBXO. The new CBTO cap is 5.4 percentage points lower. The new CBOO cap is 0.15 percentage points lower, and the new CBXO cap is 2.88 percentage points lower.
A launch and restated fees
Direxion Shares ETF Trust filed a summary prospectus dated Wednesday for the Direxion U.S. 500 Plus ETF, SPXP. It puts the annual fee at 0.92% and says the fund had not started operating before that date.
Direxion said the same day that the fund had launched, and that it seeks to track the Auspice U.S. Equity Plus Trend Index. The firm said the fund seeks full S&P 500 exposure and a trend-following futures overlay together, so a buyer does not have to choose between them.
Starboard Investment Trust filed a summary prospectus on Tuesday, dated October 1, for the Adaptive Tactical Rotation ETF, RHRX, a fund of other ETFs. It says the fund was previously the RH Tactical Rotation ETF. The ticker is unchanged.
The fee on RHRX after an expense limit is 1.38%. The limit runs through September 30, 2027, and the filing says the board may end it at any time.
Starboard also filed a summary prospectus dated October 1 for the RH Tactical Outlook ETF, RHTX, a fund of other ETFs. A footnote says the fee table was restated to reflect current contractual fees. The fee after an expense limit is 1.54% through the same date.
On the bitcoin funds, the prospectus terms are for shares bought at the start and held through October 31, 2027. Calamos says returns differ if you buy or sell in between.
By 3:15 p.m. Central time on Wednesday, Calamos's outcome tool, which the firm marks as delayed, showed a remaining after-fee cap of 38.75% on CBTO, against the 35.53% starting cap after fees. The remaining loss limit was 18.77%, against a starting loss limit of 20.69%, both after fees.
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Frequently asked questions
What is the new starting cap on CBTO?
Calamos set the before-fee starting cap at 36.22%.
How long do the new terms last?
The period when the cap and the loss limit apply runs through October 31, 2027.
What is the most CBTO can lose?
Calamos says the maximum loss is limited to 20% before fees, no matter how far bitcoin falls.
Did the caps on CBOO and CBXO fall too?
The new CBOO cap is 0.15 percentage points lower, and the new CBXO cap is 2.88 percentage points lower.
