Group 1: Market Conditions and Investor Sentiment - Many advisors and investors are concerned about the impact of market and geopolitical uncertainty on equity and fixed income strategies, with the cryptocurrency market also facing risks [1] - Bitcoin is trading significantly below its previous high of approximately $126K, currently hovering near its 52-week low around $74K, leading some investors to question the effectiveness of the long-held "buy-and-hold" strategy [2] - Shaky conditions for the cryptocurrency market are expected to persist, influenced by U.S. government foreign policy maneuvers and the Federal Reserve's cautious approach to interest rate cuts [3] Group 2: Investment Strategies in Cryptocurrency - It may be time for investors to consider alternative routes for maintaining Bitcoin exposure over the long term, such as the Calamos Laddered Protected Bitcoin ETFs: CBOL, CBXL, and CBTL [4] - Each Calamos Laddered Protected Bitcoin ETF allocates equally across four quarterly Calamos Protected Bitcoin ETFs, providing a continuous outcome period without timing risk considerations, which could be advantageous in 2026 [5] - The risk management focus of these funds can help preserve principal for investors if Bitcoin continues to perform poorly, contrasting with the potential losses faced by pure-play or spot Bitcoin investors [5]

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]