Good things can certainly come to those who wait. This adage proved especially true for those who have invested in bitcoin this year. While expectations for the cryptocurrency were high heading into the new year, bitcoin’s price stumbled in the first few months but began to recover in late April.
As of mid-May, the cryptocurrency has approached the $105k price point, representing a staggering leap from the sub-$80k lows of last month.
Amid bitcoin’s price rally, crypto firms continue to buy up the asset class. Bitcoin firm Strategy recently announced it added 13,390 BTC to its already impressive bitcoin vault. Strategy Executive Chairman and Co-founder Michael Saylor also noted the firm has spent nearly $40 billion buying bitcoin.
All this good news for bitcoin contrasts starkly with the sell-off earlier this year. The investors who held fast during the sell-off are now enjoying healthy returns on the asset class.
That said, hindsight is always 20/20. Amid a crypto downturn, it can be challenging to justify adhering to your bitcoin investment, and fully exposed investors often jump ship.
It’s exactly this scenario where Calamos Protected Bitcoin ETFs can demonstrate their value, providing crypto upside while limiting potential losses for investors. Of equal importance, the funds may help investors stay the course and avoid potentially disadvantageous market-timing decisions.*
CBXA Could Make It Easier to Hold On
For instance, the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April (CBXA) uses customizable FLEX® options to balance bitcoin returns with risk management.
Across its one-year outcome period, CBXA limits potential losses to no more than 10%, after fees and expenses. This floor can prove highly beneficial in instances where bitcoin’s price severely underperforms.
Meanwhile, the fund still offers positive price return potential through bitcoin. While potential returns are capped, investors still have plenty of latitude to lock in valuable capital appreciation.
It’s still too early to tell whether CBXA’s outcome period will end during a bitcoin rally or a crypto rout. Regardless of the situation, the fund will be ready to execute on its goal to smooth the experience for investors by providing upside participation while mitigating the downside.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. There are no assurances the Fund will be successful in providing the sought-after protection. The outcomes that the Fund seeks to provide may only be realized if you are holding shares on the first day of the outcome period and continue to hold them on the last day of the outcome period, approximately one year. There is no guarantee that the outcomes for an outcome period will be realized or that the Fund will achieve its investment objective. If the outcome period has begun and the reference asset has increased in value, any appreciation of the Fund by virtue of increases in the reference asset since the commencement of the outcome period will not be protected by the sought-after protection, and an investor could experience losses until the reference asset returns to the original price at the commencement of the outcome period. Fund shareholders are subject to an upside return cap (the “Cap”) that represents the maximum percentage return an investor can achieve from an investment in the Fund for the outcome period, before fees and expenses. If the outcome period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one outcome period to the next. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund. The Fund’ website, www.calamos.com, provides important Fund information.
For more news, information, and analysis, visit the Crypto Channel.
Disclosure Information
*Depending on personal circumstances, there may be valid reasons some investors might reduce exposure.
Before investing, carefully consider a 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.
The Funds seek 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%, 90% or 80%, respectively, of losses (before total fund operating fees and expenses) of Spot bitcoin over a period of approximately one (1) year (the “Outcome Period”). The Funds will not invest directly in bitcoin. Instead, the Funds seek to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin and/or 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 Funds are designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a Fund until the end of the Outcome Period. While the Funds seek to provide 100%, 90% or 80% 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 a Fund will successfully do so. If a 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 Funds 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 Funds is subject to risks, and you could lose money on your investment in a Fund. There can be no assurance that a Fund will achieve its investment objective. Your investment in a 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 a Fund can increase during times of significant market volatility. The Funds also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the Funds’ 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 Funds 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.
100%, 90% or 80% capital protection is over a one-year period before fees and expenses. All caps are predetermined.
Cap Rate – Maximum percentage return an investor can achieve from an investment in a Fund if held over the Outcome Period.
Protection Level – Amount of protection a Fund is designed to achieve over the Days Remaining.
Outcome Period – Number of days in the Outcome Period.
Calamos Financial Services LLC, Distributor
©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Structured Alt Protection ETF® are registered trademarks of Calamos Investments
