Core Insights - There is increasing demand for investment products that can help investors navigate potential volatility due to uncertainties in near-term U.S. growth and persistent inflationary pressures [1] Investment Options - Gold is a traditional choice for investors seeking to hedge against inflation, functioning as a store of value with limited supply and low correlation to currency fluctuations [2] - Bitcoin is emerging as an alternative investment that also offers a store of value, limited supply, and low currency correlation, leading to ongoing debates about its viability compared to gold during inflationary periods [3] Comparative Analysis - Both gold and bitcoin serve as effective inflation hedges, but they differ in terms of long-term growth potential and volatility, suggesting that a combination of both could provide a diversified approach to inflation protection [4] Product Overview - The Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY) offers investors access to bitcoin through an ETF structure, utilizing an options strategy to track bitcoin's price performance with an initial upside cap of approximately 24% [5] - CBXY provides downside protection, limiting overall losses to 10% during the fund's outcome period, which is particularly valuable given bitcoin's historical volatility [6] Strategic Integration - CBXY can complement a gold investment strategy, allowing investors to hedge against inflation while managing risk through the unique characteristics of both assets [7]

Core Insights - Traditional investors typically allocate a small percentage, around 1%-2%, of their portfolios to bitcoin exposure, often through spot bitcoin ETFs [1][2] - The Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY) offers a risk-conscious way to increase bitcoin exposure while managing downside risk [4][5] Group 1: Bitcoin Exposure and Portfolio Allocation - Many traditional portfolios limit bitcoin exposure due to concerns over volatility and tail risk, which are significant factors in cryptocurrency investments [2][3] - The adaptability of ETFs, like CBXY, provides solutions for investors seeking to increase their bitcoin allocation beyond the typical 1%-2% range [3][6] Group 2: Features of CBXY - CBXY employs a disciplined options strategy to gain upside exposure to bitcoin's price performance, with a cap on potential gains [4] - The fund limits maximum loss to 10% over a one-year outcome period, focusing on downside protection and loss management [5][6] - CBXY allows investors to potentially expand their bitcoin allocation to a range of 3%-10%, while mitigating exposure to severe downturns [6]

Group 1: Bitcoin Investment Motivations - Investors may hold bitcoin for various reasons, including long-term application opportunities or short-term price momentum [1][2] - Bitcoin's long-term value is supported by its capped supply of 21 million coins, creating potential scarcity similar to precious metals [2][3] Group 2: Bitcoin Supply Dynamics - The supply of bitcoin is further restricted by "halving" events, which occur approximately every four years and reduce mining rewards, thus limiting new bitcoin entering the market [3] Group 3: Investment Vehicles - The Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY) offers a risk-averse approach to gain exposure to bitcoin's long-term value potential, especially amid market volatility [4][5] - CBXY employs a disciplined options strategy to capture bitcoin's price gains, with a current cap rate of 20.68% as of September 12, 2025, while limiting potential losses to no more than -10% [5] Group 4: Fund Performance and Strategy - CBXY provides a dual benefit by allowing strong upside access during bitcoin price rallies and significant principal preservation during downturns, encouraging long-term investor engagement [6] - The fund aims to track the positive price return of the CME CF Bitcoin Reference Rate while offering varying levels of capital protection against losses over a one-year outcome period [8]