How Protected Bitcoin ETFs Fit Into a Portfolio

Core Insights - Bitcoin has shown strong performance recently, prompting advisors and investors to consider adding it to their portfolios as a store of value amid rising global debt concerns [1][2] Portfolio Allocation - The challenge lies in determining how to allocate bitcoin within a portfolio due to its unique asset behavior [2] - Calamos Protected Bitcoin ETFs provide a solution by using options overlays to balance bitcoin's upside potential with risk management [3] Equity Use Case - The Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTO) can serve as an equity replacement, limiting maximum loss to -20% over its outcome period after fees and expenses [4] - CBTO offers an upside cap slightly above 40%, which is higher than traditional defined outcome funds, making it an attractive option for equity exposure [5] Fixed Income Alternative - The Calamos Bitcoin Structured Alt Protection ETF (CBOO) is positioned as a fixed income alternative, providing 100% downside protection during its outcome period after fees and expenses [6] - Although CBOO has a lower upside cap compared to CBTO, it still allows for long-term gains from bitcoin's upward momentum while ensuring capital protection [7] Overall Flexibility - The suite of Calamos Protected Bitcoin ETFs offers advisors and investors greater flexibility in incorporating bitcoin into their investment strategies [8]