Calamos Bitcoin 80 Series Structured Alt Protection - July 

CBTY actively manages options and collateral in a way designed to track the positive price return of spot bitcoin up to a cap, while providing protection against a loss exceeding 20%, over a one-year period. It uses the BRRNY, a benchmark index, to determine the cap. The fund employs two portfolio construction methods: one involving US Treasuries, options, and cash equivalents and the other using options and cash equivalents. The fund does not invest directly in bitcoin. The fund offers perpetual investment opportunities, with new options chosen at each annual reset date in July, reflecting market conditions at that time. Returns will differ if investors buy or sell shares mid-Outcome Period. The fund also invests up to 25% of its assets in a Cayman Islands subsidiary for bitcoin exposure within IRS guidelines. The fund's strategies and outcomes are hypothetical and not guaranteed.