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Calamos Protected Bitcoin ETFs

Calamos to Launch World’s First 100% Downside Protected Bitcoin ETF - CBOJ

Metro Chicago, Illinois, January 6, 2025– John Koudounis, President and CEO of Calamos exclaims, “I am excited to announce the world’s first 100% downside protected Bitcoin ETF - CBOJ. This is consistent with our history of groundbreaking innovations in risk management.”

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Countdown to CBOJ

Anticipated Listing Date: 1/22/25
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Potential Benefits of Calamos Protected Bitcoin ETFs

Upside exposure to bitcoin

Built-in downside protection level over the outcome period

Defined outcome period

Why Calamos Protected Bitcoin ETFs?

Many investors have watched from the sidelines as digital assets evolved from an experiment to an institutional reality. They’ve recognized the potential but questioned the risk. They’ve appreciated the innovation but demanded protection. Through Calamos’ heritage of risk management, investors can now participate in the future while seeking to preserve wealth in the present.

Bitcoin Calamos Protected Bitcoin ETFs
  • High volatility and drawdown risk potential
  • Unknown investment horizon
  • Defined levels of protection
  • Defined (known) outcome period
  • Subject to loss or theft due to inadequate security or mishandling
  • Dependent on the exchange used for storing bitcoin
  • Lower risk custodial framework via ETF vehicle
  • No counterparty credit risk
  • Accesses bitcoin performance:
    Exchanged-listed FLEX options, centrally cleared at the Options Clearing Corporation (OCC)
  • Currently, not registered as a security nor subject to SEC regulatory oversight
  • Calamos ETFs are regulated investment companies:
    Traded on a regulated exchanges and subject to SEC oversight and disclosure requirements

The Bitcoin Revolution is Happening Now

Bitcoin has experienced strong growth and demand is on the rise for the asset.

Bitcoin price 2012 to 2024

Past performance is no guarantee of future results. Source: Morningstar. Data as of 12/31/24.

Bitcoin has become one of the largest assets in the world.

Bitcoin, previously considered a niche asset for high-risk investors, has become the seventh largest asset in the world.

asset chart

Past performance is no guarantee of future results.
Source: Y Charts. Data as of 12/31/24.

Portfolios May Benefit from Bitcoin Exposure

Bitcoin has outperformed over most periods, but not all.

Historically, bitcoin has shown significant performance dispersion, either substantially outperforming or underperforming relative to traditional asset classes.

bitcoin and traditional asset classes performance

Past performance is no guarantee of future results. Source Morningstar and Bloomberg. Data as of 12/31/24.

Bitcoin May Serve as a Strong Portfolio Diversifier

Bitcoin has exhibited low correlation to both traditional portfolio and diversifying assets.

traditional portfolio correlation to bitcoin

Past performance is no guarantee of future results. Source: Morningstar. Data as of 12/31/24.

Why Calamos?

Through Calamos, bitcoin is no longer the domain of the bold few, but a carefully considered option for the prudent many.

— John Koudounis, Calamos President & CEO

Calamos is one of the longest running alternatives and options-based manager in the country. For nearly 50 years, investors have benefitted from Calamos’ innovative risk management framework.

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

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The information in each fund's prospectus and statement of additional information) is not complete and may be changed. We may not sell the securities of any fund until such fund's registration statement filed with the Securities and Exchange Commission is effective. Each fund's prospectus and statement of additional information is not an offer to sell such fund's securities and is not soliciting an offer to buy such fund's securities in any state where the offer or sale is not permitted.

Calamos Investments LLC, referred to herein Calamos is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.

The Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate – New York Variant (“BRRNY”) (“Spot bitcoin”) up to a predetermined upside cap (the “Cap”) while seeking to protect against 100% of losses (before fees and expenses) of (i) Spot bitcoin or (ii) one or more of the Underlying ETPs and/or Bitcoin Indexes, in each case, over a period of approximately one (1) year (the “Outcome Period”). The Fund will not invest directly in bitcoin. Instead, the Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of either (i) one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin or (ii) one or more indexes that are designed to track the price of bitcoin (“Bitcoin Index”).

The Target Outcome may not be achieved, and investors may lose some or all of their money. The Fund is designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds the Fund until the end of the Outcome Period. While the Fund seeks to provide 100% protection against losses experienced by the price of Spot bitcoin for shareholders who hold Fund Shares for an entire Outcome Period, there is no guarantee it will successfully do so. If the Fund's NAV has increased significantly, a shareholder that purchases Fund Shares after the first day of an Outcome Period could lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses. There is no guarantee the Capital Protection and Cap will be successful and a shareholder investing at the beginning of an Outcome Period could also lose their entire investment.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

Digital Assets Risk: The bitcoin network was first launched in 2009 and bitcoins were the first cryptographic digital assets created to gain global adoption and critical mass. Although the bitcoin network is the most established digital asset network, the bitcoin network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus. Digital assets represent a new and rapidly evolving industry, and the value of the Underlying ETPs’ shares depends on the acceptance of bitcoin. The realization of one or more of the following risks could materially adversely affect the value of the Underlying ETPs’ shares.

Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, clearing member default risk, correlation risk, derivatives risk, equity securities risk, investment timing risk, large-capitalization investing risk, liquidity risk, market maker risk, market risk, non-diversification risk, options risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, underlying ETF risk and valuation risk. For a detailed list of fund risks see the prospectus.

100% capital protection is over a one-year period before fees and expenses. All caps are pre-determined.

Cap Rate – Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.

Cap Range – Cap ranges are based on the last 15 trading days prior to range announcement, based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events.

Protection Level – Amount of protection the Fund is designed to achieve over the Days Remaining.

Outcome Period – Number of days in the Outcome Period.