With uncertainty and risk reigning supreme in U.S. markets, many investors are on the lookout for any potential safe-havens. For some advisors and investors, the go-to safe haven during uncertain times tends to be buffer ETFs because they protect against a portion of potential losses while offering capped market upside as well.
Oftentimes, each buffer ETF provides different degrees of return potential and downside security across their outcome periods. That said, many traditional buffer ETFs offer upside caps around 5%-15%, while protecting against the first 10%-20% of losses.
Bitcoin ETFs Can Provide More Bang for Your Buck
While these benefits may sound appealing, Calamos Protected Bitcoin ETFs may be able to offer less risk and more reward. These Calamos funds use a mix of options and bonds to provide capital-protected exposure to the Cboe Mini Bitcoin U.S. ETF Index.
For example, consider what the Calamos Bitcoin 80 Series Structured Alt Protection ETF – January (CBTJ) can offer an investor. Compared to traditional buffer ETFs, the fund offers a significantly higher upside through its bitcoin strategy. As of March 18, 2025, the fund has a net upside cap of a little over 63%. This upside cap easily eclipses the potential returns of many other buffer ETFs on the market.
CBTJ’s potential returns do not come at the expense of downside exposure, either. After fees and expenses, the ETF protects against the first 80% of losses accrued over its one-year outcome period. Compared to the usual 10%-20% of loss mitigation one would expect from most defined income ETFs, CBTJ continues to stand out.
Beyond downside buffers and upside caps, CBTJ’s strategy can also help investors build a diversified portfolio. Not many funds offer bitcoin exposure and risk mitigation in a single ticker. This gives CTBJ an extra use case for building returns that are more agnostic relative to the broader equity market.
For more news, information, and strategy, visit the Crypto Channel or Calamos Protected Bitcoin ETFs
Current values above reflect fund and product expenses incurred to date during the outcome period, based on the number of days elapsed within the outcome period. Net values reflect fund and product expenses over the entire outcome period. Fund return and current outcome period values are based on the price return of the reference asset. Past performance is no guarantee of future results.
Since CBXJ remains engaged with changes in bitcoin’s price, crypto traders are not sacrificing bitcoin exposure by investing in the fund. Instead, the ETF can help portfolios tough it out during crypto turbulence while offering significant upside during favorable market trends.
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 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(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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, 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.
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.
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.
The Cboe Mini Bitcoin US ETF Index (MBTX) is based on 1/10th the value of the Cboe Bitcoin US ETF Index, a modified market capitalization-weighted index that is designed to track the performance of a basket of spot Bitcoin ETFs listed on US exchanges.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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