On April 7, Calamos Investments expanded its suite of Protected Bitcoin ETFs with the launch of three new funds. Each Protected Bitcoin ETF provides different levels of bitcoin returns and downside security.
First on the list is the Calamos Bitcoin Structured Alt Protection ETF – April (CBOA). This fund can generate upside returns from bitcoin’s price performance, up to a specified cap. The fund’s cap is 10.98%. Notably, CBOA protects against 100% of losses accrued over a one-year outcome period, following fees and expenses.
Meanwhile, the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April (CBXA) will protect against 90% of accrued losses during the outcome period. However, CBXA can offer a noticeably higher upside cap at 29.43%.
Last, but certainly not least, is the Calamos Bitcoin 80 Series Structured Alt Protection ETF – April (CBTA). CBTA’s upside cap can significantly out scale that of the other two funds, with Calamos the upside cap at 51.76%. However, higher reward comes with higher risk. As such, after fees and expenses, the fund provides security against 80% of the losses during its outcome period.
The Calamos Protected Bitcoin ETF Strategy
Caps and downside buffers aside, each of these funds employs a similar strategy. The Calamos Protected Bitcoin ETFs use options strategies to gain access to the CBOE Mini Bitcoin U.S. ETF Index. These bitcoin options are paired with one-year zero coupon bonds to create a mix of capital protection and upside engagement.
CBOA, CBXA, and CBTA alike come online at a crucial opportunity for building bitcoin exposure. The funds are offering great upside potential, but price volatility is creating demand for risk-averse investing. As such, these Calamos funds can help investors ride the bitcoin wave with less fear of crashing out.
With all three funds now on the market, Calamos offers six different Protected Bitcoin ETFs. To learn more about these funds and other upcoming launches, visit calamos.com/protection.
For more news, information, and analysis, visit the Crypto Channel.
Calamos Investments LLC, referred to herein as 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.
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.
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