CBOO
Calamos Bitcoin Structured Alt Protection ETF - October
stockBATSETF

I’ve been watching and reading more about what Calamos offers. I’m still a “newish” investor and not looking to get deep into options mechanics, but I believe I understand the basics of how buffered/outcome ETFs work. One fund I’m looking at is CBOO (Calamos Bitcoin Structured Alt Protection ETF – October): [https://www.calamos.com/funds/etf/calamos-bitcoin-structured-alt-protection-etf-october-cboo/]() It’s currently trading below the starting value with 279 days remaining in the outcome period. Am I reading this correctly: * Downside protection: 0.90% (net of expenses) * Cap: 9.53% (net of expenses) * Protection level at 100.90% If so, does that mean that if I buy it now, the “worst case” outcome at the end of the period would be earning about 0.90%, assuming I hold through the end of the outcome period? In other words, since it’s below the day-1 price, the minimum outcome could actually be better than if I had purchased on day 1 (the inverse of buying one that’s already above its starting value). A couple additional questions: 1. Tracking: Does the ETF generally move one-for-one with the reference exposure (up to the cap), or is the movement prorated in some way? 2. Outcome period mechanics: What’s the practical approach at the end of the outcome period—do most investors sell at/near the end date to “lock” the defined outcome, or can you simply hold and roll into the next outcome period (recognizing the cap/protection reset)? Thanks for any insight you can share.

Posted this in the r/ Bogleheads and it got flagged for removal so coming back to my main sub r/fidelityinvestments perhaps I can ask it here... Been watching and reading more and more about what Calamos offers. I'm a novice investor, not wanting to get into the weeds of options, etc. I have a good idea how this buffered ETF works and it does have a steep managing fee of 0.69%, but for my portfolio that is worth the cost since it offers capital protection with better upside than CDs and treasuries. Anyway, looking through what they have at the moment I found this CBOO: [https://www.calamos.com/funds/etf/calamos-bitcoin-structured-alt-protection-etf-october-cboo/](https://www.calamos.com/funds/etf/calamos-bitcoin-structured-alt-protection-etf-october-cboo/) It is trading below the starting value with 279 days remaining in the outcome period. Am I reading this correctly that the downside protection is 0.90% and cap is 9.53%, net of expense. So at the worst, I would be guaranteed to earn 0.90 since the the protection level is at 100.90%? That would be better than if I had purchased on day 1. It makes sense since it would be the inverse of purchasing one of these that is higher than the day 1 price. Side question, does the ETF movement match the index it is tracking up to the cap? Or is it prorated movement? Thanks for the insight!