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 - The recent decline in Bitcoin prices, dropping below $90,000, has created a potential buying opportunity for investors looking to capitalize on the dip [1][2]. Investment Opportunities - The Calamos Laddered Protected Bitcoin ETF (CBXL) offers a structured approach for investors to buy into Bitcoin while managing risk [3][6]. - CBXL's strategy includes a laddered selection of underlying ETFs that provide varying levels of downside protection, limiting total loss to no more than 10% [3][5]. Risk Management Features - Each underlying ETF in CBXL has an initial cap on returns exceeding 20%, with some reaching close to 30%, allowing for significant upside potential while maintaining downside protection [4]. - The laddered structure of CBXL provides access to different Bitcoin time horizons, which helps in diversifying risk exposure and enhancing return opportunities [5]. Market Context - The current market situation presents an inflection point for both long-term crypto enthusiasts and regular investors, raising questions about whether to buy the dip or brace for further declines [2].

Core Insights - The recent sell-off in the cryptocurrency market has raised questions about the future price trajectory of bitcoin, with speculation on whether the dip is temporary or indicative of a larger crash [1] - Despite price volatility, bitcoin continues to offer significant portfolio benefits, including diversification and potential inflation hedging [2][3] Portfolio Diversification - Exposure to bitcoin can enhance portfolio diversification due to its traditionally low correlation with equity and fixed income markets, allowing it to perform differently compared to other investment strategies [2] - The low correlation of bitcoin with traditional asset classes provides true diversification benefits, even when employing risk-managed strategies [8] Inflation Hedge - Bitcoin is viewed as a potential hedge against inflation, with its capped supply of 21 million coins contributing to its perceived scarcity and resistance to devaluation [3] Investment Strategies - The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) combines bitcoin exposure with risk management, offering liquidity, tax efficiency, and lower expense ratios [5] - CBXL's strategy includes a laddered portfolio of four different Calamos Protected Bitcoin ETFs, providing 90% downside protection over a one-year period while still allowing for significant upside exposure [6][7] Risk Management - The underlying ETFs in CBXL are designed to maintain a low correlation with equities, fixed income, and gold, thus providing a managed downside risk while still offering diversification benefits [8]

Core Insights - The recent performance of bitcoin suggests that some investors may not have prioritized risk-mitigated exposure to the asset, but maintaining a derisked portfolio could be beneficial in the long term due to the cryptocurrency's volatile price movements [1][2] Investment Strategy - Calamos Investments has introduced a new collection of Laddered Protected Bitcoin ETFs, which aim to provide a blend of bitcoin returns with a level of downside protection, offering a way to gain low-risk exposure to bitcoin [2][3] - The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) is designed to offer risk-adjusted capital appreciation through laddered exposure to bitcoin price returns [3][4] Risk Management Features - CBXL's strategy involves laddering exposure to four different Calamos Protected Bitcoin ETFs, which provide strong potential for price performance up to a predetermined cap [4] - Each of the laddered ETFs within CBXL limits maximum loss to -10% over its respective outcome period, which helps mitigate potential downside risks during market drawdowns [5] - The laddered framework of CBXL allows investors to access four distinct time horizons, reducing risk exposure if one of the underlying ETFs underperforms [6] Overall Assessment - CBXL presents a unique approach to maintaining bitcoin exposure while managing risk, ensuring readiness to deliver on its investment strategy regardless of bitcoin's price fluctuations [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]