As 2025 has progressed, bitcoin has continued to prove to be an asset worth keeping a close eye on. After all, the asset class continues to keep passing new highs with relative ease. Earlier in October, bitcoin passed the $125,000 threshold for the first time, buoyed by shutdown fears and global debt concerns.
Moments like these might encourage advisors and investors to consider adding bitcoin to their portfolio, regardless of whether they are longtime investors or first-time buyers. However, the uncertainty of the current macroeconomic environment may cause some to balk at the idea of adding more potentially risky assets to their portfolio.
This is where the Calamos series of Protected Bitcoin ETFs can come into play. These funds operate in a manner that is drastically different from a traditional spot bitcoin ETF.
When advisors and investors usually invest in a spot bitcoin ETF, they expect to ride both the highs and lows of bitcoin’s price trajectory for as long as they hold the fund. While this can be beneficial when bitcoin is doing well, it can leave advisors and investors exposed during significant bitcoin drawdowns. Given how quickly bitcoin’s price can shift, this can make it difficult for advisors and investors to anticipate exactly how much risk and reward they’re adding to their portfolio when they choose to invest.
How Protected Bitcoin ETFs Stand Out From the Crowd
This is part of the value add that Calamos Protected Bitcoin ETFs will bring to the table. Instead of needing to speculate about the pros and cons, each Protected Bitcoin ETF offers a definitive amount of upside exposure and downside protection. Those who invest in these funds know exactly what they’re getting into from the get-go.
For example, take a closer look at the Calamos Bitcoin Structured Alt Protection ETF – October (CBOO). From the get-go, CBOO pledges to offer 100% downside protection across its one-year outcome period, following fees and expenses. However, this does come at the expense of an upside cap on potential bitcoin returns.
Those instead looking for higher return opportunities may be drawn to the Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO). CBTO offers a far higher upside cap compared to CBOO, at the expense of increased portfolio risk. The fund still offers significant protection, but, after fees and expenses, limits maximum loss to -20% during its outcome period.
Both of these funds can offer different use cases. CBOO offers more distinct downside protection, while CBTO provides more leg room for capital appreciation. Regardless, the perk of Protected Bitcoin ETFs is that advisors and investors can simply go to the Calamos website and find the Protected Bitcoin ETF that fits their risk/reward profile the closest.
For more news, information, and strategy, visit the Crypto Content Hub.
Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
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The information in each fund’s prospectus and statement of additional information) is not complete and may be changed. We may not sell the securities of any fund until such fund’s registration statement filed with the Securities and Exchange Commission is effective. Each fund’s prospectus and statement of additional information is not an offer to sell such fund’s securities and is not soliciting an offer to buy such fund’s securities in any state where the offer or sale is not permitted.
Calamos Investments LLC, referred to herein Calamos is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.
The Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate – New York Variant (“BRRNY”) (“Spot bitcoin”) up to a predetermined upside cap (the “Cap”) while seeking to protect against 100% of losses (before fees and expenses) of (i) Spot bitcoin or (ii) one or more of the Underlying ETPs and/or Bitcoin Indexes, in each case, over a period of approximately one (1) year (the “Outcome Period”). The Fund will not invest directly in bitcoin. Instead, the Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of either (i) one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin or (ii) one or more indexes that are designed to track the price of bitcoin (“Bitcoin Index”).
The Target Outcome may not be achieved, and investors may lose some or all of their money. The Fund is designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds the Fund until the end of the Outcome Period. While the Fund seeks to provide 100% protection against losses experienced by the price of Spot bitcoin for shareholders who hold Fund Shares for an entire Outcome Period, there is no guarantee it will successfully do so. If the Fund’s NAV has increased significantly, a shareholder that purchases Fund Shares after the first day of an Outcome Period could lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses. There is no guarantee the Capital Protection and Cap will be successful and a shareholder investing at the beginning of an Outcome Period could also lose their entire investment.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
Digital Assets Risk: The bitcoin network was first launched in 2009 and bitcoins were the first cryptographic digital assets created to gain global adoption and critical mass. Although the bitcoin network is the most established digital asset network, the bitcoin network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus. Digital assets represent a new and rapidly evolving industry, and the value of the Underlying ETPs’ shares depends on the acceptance of bitcoin. The realization of one or more of the following risks could materially adversely affect the value of the Underlying ETPs’ shares.
Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, clearing member default risk, correlation risk, derivatives risk, equity securities risk, investment timing risk, large-capitalization investing risk, liquidity risk, market maker risk, market risk, non-diversification risk, options risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, underlying ETF risk and valuation risk. For a detailed list of fund risks see the prospectus.
100% capital protection is over a one-year period before fees and expenses. All caps are pre-determined.
Cap Rate – Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.
Cap Range – Cap ranges are based on the last 15 trading days prior to range announcement, based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events.
Protection Level – Amount of protection the Fund is designed to achieve over the Days Remaining.
Outcome Period – Number of days in the Outcome Period.
