New federal legislation may pave the way for further crypto momentum. Recently, President Trump signed an executive order that would enable 401(k) accounts to invest in alternative assets. Among other options, this includes digital assets like bitcoin.
The Investment Company Institute notes that 401(k) plans hold about $8.9 trillion in assets, as of September 30, 2024. Opening up that much capital to the world of bitcoin could easily help propel the cryptocurrency to new highs.
As such, it could pay off to fortify one’s bitcoin exposure before the digital currency sees further rallies tied to 401(k) legislation and momentum. Luckily, with the flexibility of the ETF wrapper, it’s easier than ever to gain exposure to the digital currency.
How CBTY Is Built to Meet the Moment
For example, take a closer look at the Calamos Bitcoin 80 Series Structured Alt Protection ETF – July (CBTY). As a Calamos Protected Bitcoin ETF, it offers a risk/reward blend for those looking to add bitcoin to their portfolio.
Part of CBTY’s value-add comes from its ability to mitigate risk. The fund limits maximum loss to 20% across its outcome period. As experienced bitcoin investors know, it’s not exactly unheard of for the cryptocurrency to plummet far below the 20% marker at the wrong time.
Risk management isn’t the only advantage CBTY brings to the table. Certainly, the fund has an upside cap on its potential returns, but that cap is far higher than a traditional defined outcome ETF. As of August 7, 2025, CBTY has an upside cap of around 35%. This cap provides wiggle room for investors to gather capital appreciation from bitcoin’s price momentum.
As a pilot of alternative investments, Calamos is continuing to innovate with new ETFs launched regularly. As a whole, the firm has nearly $1 billion in assets under management within its ETF lineup alone.
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.
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.
Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, U.S. Government security risk, U.S. Treasury risk, and valuation risk. For a detailed list of fund risks see the prospectus.
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.
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”).
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.
The fund’s expense ratio as of the prospectus dated 4/7/2025 is 0.69%.
Cap Rate – Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.
Protection Level – Amount of protection the Fund is designed to achieve over the Days Remaining.
Outcome Period – The defined length of time over which the outcomes are sought.
Calamos Financial Services LLC, Distributor
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