Core Insights - Bitcoin has shown strong performance recently, prompting advisors and investors to consider adding it to their portfolios as a store of value amid rising global debt concerns [1][2] Portfolio Allocation - The challenge lies in determining how to allocate bitcoin within a portfolio due to its unique asset behavior [2] - Calamos Protected Bitcoin ETFs provide a solution by using options overlays to balance bitcoin's upside potential with risk management [3] Equity Use Case - The Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTO) can serve as an equity replacement, limiting maximum loss to -20% over its outcome period after fees and expenses [4] - CBTO offers an upside cap slightly above 40%, which is higher than traditional defined outcome funds, making it an attractive option for equity exposure [5] Fixed Income Alternative - The Calamos Bitcoin Structured Alt Protection ETF (CBOO) is positioned as a fixed income alternative, providing 100% downside protection during its outcome period after fees and expenses [6] - Although CBOO has a lower upside cap compared to CBTO, it still allows for long-term gains from bitcoin's upward momentum while ensuring capital protection [7] Overall Flexibility - The suite of Calamos Protected Bitcoin ETFs offers advisors and investors greater flexibility in incorporating bitcoin into their investment strategies [8]

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]

Core Insights - Calamos Investments has launched three new Protected Bitcoin ETFs, each designed to offer varying levels of bitcoin return exposure and downside protection [1][6] Fund Summaries - The Calamos Bitcoin Structured Alt Protection ETF – October (CBOO) provides the highest level of downside protection, ensuring 100% principal protection over a one-year outcome period, with an initial cap rate of 8.47% before fees [2][6] - The Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO) targets higher returns with an initial cap rate of 41.62% after fees, but it limits losses to a maximum of -20% over the outcome period [3][4] - The Calamos Bitcoin 90 Series Structured Alt Protection ETF – October (CBXO) offers a balanced approach, limiting losses to -10% while providing an initial cap rate of 23.43% before fees [5][6] Investment Strategy - Each of the new funds presents unique advantages for investors, particularly in the context of increasing interest in bitcoin and the importance of downside protection [6]