On Tuesday, October 7, Calamos Investments added three new funds to its growing collection of Protected Bitcoin ETFs.
Much like other Protected Bitcoin ETFs in the series, these new funds each provide a different mix of bitcoin return exposure and downside protection. All three funds operate with a net expense ratio of 69 basis points.
The New Funds, Explained
First up on the docket is the Calamos Bitcoin Structured Alt Protection ETF – October (CBOO). Of the three funds, CBOO offers the most downside protection and security. After paying fees and expenses, CBOO’s investors get 100% protection of principal across the fund’s one-year outcome period.
Even with its focus on risk management, CBOO still provides room for investors to tap into bitcoin returns. The fund launched with an initial cap rate of 8.47%, prior to fees and expenses.
Investors looking to tap into higher returns might want to opt for the Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO) instead. Following fees and expenses, CBTO launched with an initial cap rate of 41.62%. This gives CBTO’s investors more legroom to ride potential returns from bitcoin rallies.
That being said, a wider upside cap does come at the expense of higher risk. CBTO does not offer 100% downside protection across its one-year outcome period. Instead, the fund limits loss to no higher than -20% across the outcome period, after fees and expenses.
Last but certainly not least is the Calamos Bitcoin 90 Series Structured Alt Protection ETF – October (CBXO). CBXO can operate as a sort of middle ground solution, offering a mix of downside protection and upside exposure.
After fees and expenses, CBXO’s investors have their losses limited to no more than -10% through the outcome period. Meanwhile, the fund’s initial cap rate of 23.43%, prior to fees. This gives CBXO a potent use case for investors who want to take on just a little bit of risk.
All in all, each of these new Calamos funds offers their own distinct advantages and portfolio applications. And with bitcoin continuing to draw investor attention, adopting more exposure with a focus on downside protection may pay off in the long run.
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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.