Toward the end of May, bitcoin’s price reached a new high approaching the $112k threshold. Since then, the price has fluctuated but has generally stayed well above the highly favored $100k level.
Bitcoin’s performance in May and June highlights the importance of patience in crypto investing. Back in April, many investors looked to exit the asset class when bitcoin’s price dropped below $80k. However, those who held firm to their bitcoin strategies through that turbulence reaped significant returns.
These significant returns may be prompting advisors and investors to consider adding more bitcoin exposure to their portfolios. However, others in the market may still be anxious about bitcoin’s impact on their risk profile.
Building an Attractive Bitcoin Risk Profile With CBTA
Investors who recognize bitcoin’s diversification and growth potential but remain wary of its volatility will appreciate what the Calamos Protected Bitcoin ETFs offer. These funds build exposure to bitcoin by carefully implementing options strategies designed to provide upside exposure to bitcoin’s price (to a cap), with specific levels of downside protection, over an outcome period. Generally, the lower the protection level, the higher the upside opportunity.
One fund worthy of consideration is the Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTA). CBTA’s portfolio strategy limits the fund’s maximum loss exposure to 20% over its one-year outcome period.
Due to CBTA’s downside protection, the fund does have an upside cap on potential returns. However, the fund’s cap remains high compared to other traditional defined outcome ETFs on the market. As of June 5, 2025, CBTA’s upside cap was about 28%, giving investors room to build returns from bitcoin price rallies.
Calamos Investments offers a variety of Protected Bitcoin ETFs with different upside caps and downside floors, giving bitcoin investors plenty of options to fine-tune their risk profile. To learn more about these products, visit calamos.com/protection.
For more news, information, and strategy, visit the Crypto Channel.
Disclosure Information
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
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Calamos Financial Services LLC
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866.363.9219 | www.calamos.com | [email protected]
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