Explore a Long-Term Value Opportunity With Bitcoin ETFs

Group 1: Bitcoin Investment Motivations - Investors may hold bitcoin for various reasons, including long-term application opportunities or short-term price momentum [1][2] - Bitcoin's long-term value is supported by its capped supply of 21 million coins, creating potential scarcity similar to precious metals [2][3] Group 2: Bitcoin Supply Dynamics - The supply of bitcoin is further restricted by "halving" events, which occur approximately every four years and reduce mining rewards, thus limiting new bitcoin entering the market [3] Group 3: Investment Vehicles - The Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY) offers a risk-averse approach to gain exposure to bitcoin's long-term value potential, especially amid market volatility [4][5] - CBXY employs a disciplined options strategy to capture bitcoin's price gains, with a current cap rate of 20.68% as of September 12, 2025, while limiting potential losses to no more than -10% [5] Group 4: Fund Performance and Strategy - CBXY provides a dual benefit by allowing strong upside access during bitcoin price rallies and significant principal preservation during downturns, encouraging long-term investor engagement [6] - The fund aims to track the positive price return of the CME CF Bitcoin Reference Rate while offering varying levels of capital protection against losses over a one-year outcome period [8]