before their scheduled maturity if the Underlying Reference Index reaches or exceeds the Autocall Barrier on observation dates. This automatic early redemption could force reinvestment of that portion of the portfolio at lower rates if market yields have declined.–Barrier Risk: If the Underlying Reference Index falls below the Protection Level Barrier at the maturity of an Autocall in the Portfolio, that portion of the Portfolio will be fully exposed to the negative performance of the Underlying Reference I ...

Core Insights - The article emphasizes the importance of operational efficiency in practice management for financial advisors, highlighting how it can enhance workflow and client relationships while improving return opportunities without incurring higher costs [1] Group 1: Autocallable Yield Notes - Autocallable yield notes provide monthly income and principal as long as the underlying index performs above a predetermined barrier level, making them a viable option for portfolio yield enhancement [1] - Investing in multiple autocallable notes can be complex, as exposure to a single index can lead to a more market-sensitive income path, and reinvestment risks arise upon maturity [1] Group 2: CAIE Fund - The Calamos Autocallable Income ETF (CAIE) offers a laddered collection of 52 or more autocallables, allowing advisors to access a diverse range of autocallables through a single investment vehicle [1] - CAIE automatically reinvests principal upon maturity of autocallable notes, reducing the time advisors spend on reinvestment decisions [1] - Utilizing funds like CAIE can significantly improve practice management by providing time- and cost-efficient access to the benefits of autocallables [1]

Crypto Winter Calls for Protected Bitcoin ExposureETF Trends is now VettaFi. Read More --It seems safe to say that the crypto winter isn't showing many signs of warming up any time soon.The price of bitcoin dropped to a new 52-week low on February 5, nearly going below the $60,000 threshold. This represented more than a 52% drop from the cryptocurrency's sky-high prices in October 2025.As the chart above illustrates, winter has proven not to be a particularly fortuitous season for the cryptocurrency. Bitcoi ...

Many advisors and investors remain concerned about how market and geopolitical uncertainty will affect their equity and fixed income strategies, but those aren't the only assets at risk. With Bitcoin trading well below its previous high of roughly $126K and hovering near its 52week low around $74K, some investors may be questioning whether the longheld "buyandhold†strategy is starting to lose its appeal. Shaky conditions for the cryptocurrency are likely to continue in the coming weeks as well. Tumultuous f ...

Core Viewpoint - The Calamos Autocallable Income ETF (CAIE), launched on June 25, 2025, has achieved significant milestones in its early trading period, particularly in asset management and income generation [1][2]. Group 1: Fund Performance and Strategy - As of December 29, 2025, CAIE has approximately $511.5 million in assets under management, indicating strong market demand and appeal for the fund within just over six months of its launch [2]. - CAIE aims to provide robust monthly income and potential long-term capital appreciation through a laddered portfolio of autocallable yield notes [3]. - The fund's investment strategy utilizes autocallable yield notes linked to the MerQube US Large-Cap Vol. Advantage Index, which offers exposure to the S&P 500 with a volatility target of 35% [4]. Group 2: Autocallable Notes Features - Autocallables provide income based on the performance of a chosen index, with CAIE's notes featuring a barrier level of -40%. If the index does not fall below this threshold, monthly income is generated [5]. - The structure of autocallables allows for regular income even during periods of underperformance in the S&P 500, making CAIE attractive to certain investors [6]. - As of November 30, 2025, CAIE has achieved a distribution rate of 14.32%, showcasing compelling income results for investors [6].

Core Viewpoint - The cryptocurrency market remains highly volatile, with Bitcoin experiencing significant price fluctuations in 2025, peaking above $125,000 before dropping over $40,000 from its record high, currently trading near $88,000 [1][3]. Investment Strategies - Investors are advised to carefully size their crypto portfolio, with recommendations suggesting a modest allocation of no more than 5% for most, while some may opt for 1% to 3% [4]. - It is important to align the risk level of other holdings in a portfolio, potentially reducing exposure to high-growth stocks to maintain overall volatility [5][6]. - Diversification within the crypto asset class is encouraged, with suggestions to include assets like Ether and Solana alongside Bitcoin to capture various trends [7][8]. - Advisors caution that many non-Bitcoin digital assets may still behave like tech stocks, making it uncertain how their trading will evolve over time [9][10]. ETF and Index Fund Opportunities - The crypto ETF landscape has expanded significantly, with 11 spot Bitcoin ETFs approved in January 2024, attracting billions in institutional inflows [11][12]. - Investors can now consider index-based crypto funds, such as the Grayscale CoinDesk Crypto 5 ETF, which holds a basket of top crypto assets and automatically rebalances based on market capitalization [13][14]. - New ETFs are expected to launch, providing additional options for diversification and income components similar to traditional bonds [18]. Financial Advisory and Management - Engaging with a crypto-friendly financial advisor can help investors create a diversified portfolio that includes crypto, as the asset class gains traction [15][17]. - Some firms view Bitcoin as a hedge against inflation, emphasizing its potential to retain value as the purchasing power of the U.S. dollar declines [16]. - Dollar cost averaging and regular rebalancing are recommended strategies to manage volatility in crypto investments [19][20][21]. Downside Protection Products - Investors seeking downside protection may consider principal protected notes or downside protection ETFs, such as the Calamos Bitcoin Structured Alt Protection ETF, which offers varying levels of downside protection [24][25][26].

Core Insights - Calamos Investments launched three Laddered Protected Bitcoin ETFs, providing different levels of exposure and protection to bitcoin investments [1][2] Group 1: ETF Overview - The three ETFs are designed to allocate across four quarterly Calamos Bitcoin Structured Alt Protection ETFs, each starting in a different quarter for continuous exposure [2] - The underlying funds aim to match positive price returns of bitcoin indexes while providing defined caps for downside protection [2] Group 2: CBOL - Bitcoin with a Level of Safety for Retirees - The Calamos Laddered Bitcoin Structured Alt Protection ETF (CBOL) offers complete downside protection across its underlying funds, with a weighted average starting cap rate of 10.25% [3] - CBOL is positioned as a fixed-income alternative and a risk-averse option for retirees looking to engage with bitcoin [3] Group 3: CBTL - A Potent Equity Alternative - The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) does not provide complete downside protection, limiting maximum loss to -20% per outcome period [4] - CBTL has a weighted average starting cap rate of 46.34%, making it suitable as an equity alternative with potential for equity-like returns [5] Group 4: CBXL - Inflation Hedge and Diversifier - The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) offers a middle ground with a maximum loss limit of -10% and a weighted average starting cap rate of 26.61% [6] - CBXL aims to leverage bitcoin's potential as an inflation hedge and portfolio diversifier [6] Group 5: Investment Considerations - Despite surface similarities, the ETFs cater to different portfolio applications, prompting advisors and investors to evaluate their specific needs for bitcoin exposure [7]

Core Viewpoint - Calamos Investments announced monthly distributions for December 2025 for its seven closed-end funds, detailing the amounts and sources of these distributions to shareholders [1][5]. Distribution Details - The following distributions were declared for December 2025: - Calamos Convertible Opportunities and Income Fund (CHI): $0.0950 - Calamos Convertible and High Income Fund (CHY): $0.1000 - Calamos Strategic Total Return Fund (CSQ): $0.1025 - Calamos Global Total Return Fund (CGO): $0.0800 - Calamos Global Dynamic Income Fund (CHW): $0.0500 - Calamos Dynamic Convertible and Income Fund (CCD): $0.1950 - Calamos Long/Short Equity & Dynamic Income Trust (CPZ): $0.1400 [2][3] Distribution Components - The components of the distributions for December 2025 include: - Ordinary Income: Ranges from $0.0000 to $0.0027 across funds - Short-Term Capital Gains: Ranges from $0.0500 to $0.1950 - Long-Term Capital Gains: $0.0000 for all funds - Return of Capital: $0.0000 for all funds - Total Distribution (Level Rate): Ranges from $0.0500 to $0.1950 [4][6] Year-to-Date Data - For the fiscal year-to-date, the total distributions per share are as follows: - CHI: $0.1900 - CHY: $0.2000 - CSQ: $0.2050 - CGO: $0.1600 - CHW: $0.1000 - CCD: $0.3900 - CPZ: $0.2800 [4][6] Estimated Sources of Distribution - The estimated sources of distribution for the funds include: - Current and prior fiscal year net investment income - Net realized short-term capital gain - Net realized long-term capital gain - Return of capital or other capital sources [6][7] Investment Strategy - Calamos Investments offers a diversified range of investment strategies, including alternatives, multi-asset, convertible, fixed income, equity, and sustainable equity, catering to various clients such as corporations, pension funds, and individuals [16].

Our next guest firm offers ETFs with some downside protection for the cryptocurrency in the event of a sell-off but with less reward to the upside. Joining us this morning is John Kadunas, CEO of Calamos Investments. John, appreciate the time this this morning.Good to see you. >> Good to see you. Good morning.H >> have we are we moving into an environment where it's less about leveraged uh ETFs exposed to the coin and more about protection. >> Well, look, I I we were never fans of leveraged uh Bitcoin. Ther ...

Core Insights - The Calamos Nasdaq Autocallable Income ETF (CAIQ) was launched on November 20, 2025, to provide investors with stable, higher, and predictable income amidst traditional yield challenges and equity market volatility [1][6]. Group 1: Product Overview - CAIQ aims to deliver high monthly income and potential long-term principal appreciation through a portfolio of autocallable yield notes linked to the performance of a stable-volatility Nasdaq-100-based index [2][6]. - The fund utilizes the MerQube Nasdaq-100 Vol Advantage Autocallable Index, which is designed for autocallable strategies, targeting an implied volatility of 35% and managing downside risk with defined barriers [3][4]. Group 2: Income Generation and Risk Management - CAIQ's autocallable notes provide regular income as long as the MerQube index does not fall below a predetermined barrier level of -30%, allowing for consistent yield even during flat or modestly declining market conditions [4][5]. - The fund employs a diversified approach with over 52 autocallables, creating a laddered structure that aims to smooth income generation and reduce timing risk [5][10]. Group 3: Market Position and Strategy - The launch of CAIQ builds on the success of the Calamos Autocallable Income ETF (CAIE), which has attracted significant inflows and generated substantial monthly yield since its launch on June 25, 2025 [6][7]. - CAIQ is positioned as a tax-efficient investment option, designed to provide distributions with favorable tax treatment compared to ordinary income [10].