Calamos' CBTO Bitcoin ETF offered potential gains above 40% over a one-year outcome period by Oct. 16, according to Calamos Global Head of ETFs Matt Kaufman. The fund began the period on Oct. 7 with a gross starting upside cap of 36.22%. CBTO targets 80% downside protection, leaving investors exposed to approximately the first 20% of losses before fees and expenses. The cap is neither a forecast nor a guaranteed return. Investors buying after the period begins must assess protection relative to the period's starting level, rather than their purchase price.