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]

Core Insights - Calamos Investments has launched three new alternative bitcoin funds, the Calamos Laddered Bitcoin Structured Alt Protection ETFs, which are designed to provide laddered bitcoin exposure while offering varying levels of downside protection and upside potential [1][2][8] Fund Details - The Calamos Laddered Bitcoin Structured Alt Protection ETF (CBOL) invests in four Calamos 100% Protected Bitcoin ETFs, providing 100% downside protection with a net expense ratio of 0.79% [2][3] - The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) also has an expense ratio of 0.79% and invests in Calamos 80% Protected Bitcoin ETFs, limiting total loss to -20% while allowing for a higher upside cap compared to CBOL [4][5] - The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) offers a middle ground, with a 79 basis points expense ratio and limiting total loss to -10%, appealing to investors seeking moderate risk [6][7] Market Context - The introduction of these funds addresses the volatility of bitcoin, which has been a barrier for many investors, by providing structured risk management options [2][8] - Advisors are increasingly comfortable offering bitcoin exposure to clients, and these new funds aim to enhance portfolio returns while managing risk [8]