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]