Core Insights - Bitcoin has reached new highs, surpassing $125,000 in October 2025, driven by shutdown fears and global debt concerns [1] - The current macroeconomic environment may lead some investors to hesitate in adding bitcoin to their portfolios due to perceived risks [2] Investment Products - Calamos offers a series of Protected Bitcoin ETFs that differ significantly from traditional spot bitcoin ETFs, providing a structured approach to investing in bitcoin [3] - Traditional spot bitcoin ETFs expose investors to the full volatility of bitcoin prices, which can be challenging during significant price drawdowns [4] Protected Bitcoin ETFs Features - The Calamos Bitcoin Structured Alt Protection ETF – October (CBOO) guarantees 100% downside protection over a one-year period, but this comes with an upside cap on potential returns [6] - The Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO) offers a higher upside cap compared to CBOO, with a maximum loss limit of -20% during its outcome period, appealing to those seeking higher returns [7] - Both funds cater to different risk/reward profiles, allowing investors to select the ETF that best fits their investment strategy [8]