METRO CHICAGO, Ill. – October 7, 2025 – Calamos Investments LLC, a prominent firm specializing in alternative investment strategies, has unveiled the potential upside cap rates for its newly launched Calamos Bitcoin Structured Alt Protection ETF® – October (CBOO), along with the Calamos Bitcoin 90 Series. These innovative Exchange Traded Funds (ETFs) aim to provide investors with exposure to the dynamic world of Bitcoin while offering a degree of downside protection.

The announcement signals a growing interest in incorporating digital assets like Bitcoin into traditional investment portfolios, but with an emphasis on managing risk. Calamos is positioning these ETFs as a way for investors to participate in Bitcoin's potential gains, while mitigating the volatile swings often associated with cryptocurrency markets.

The Calamos Bitcoin Structured Alt Protection ETF® – October (CBOO) and the Calamos Bitcoin 90 Series offer a unique structure designed to achieve this balance. By utilizing structured notes linked to the performance of Bitcoin, these ETFs aim to deliver a capped upside return, meaning there is a limit to the potential profit investors can earn. However, this capped upside is coupled with a defined level of downside protection.

This protection, a key element of the product, is intended to shield investors from significant losses in the event of a substantial decline in Bitcoin's price. The specific level of protection will vary depending on the ETF series, with the Calamos Bitcoin 90 Series possibly indicating a 90% protection level on the initial investment, although further details are required to confirm this.

Calamos’s move reflects a broader trend in the financial industry to create more accessible and risk-managed investment products around cryptocurrencies. These structured ETFs are designed to appeal to a wider range of investors, including those who may be hesitant to directly invest in Bitcoin due to its inherent volatility. The defined downside protection offers a safety net, potentially making Bitcoin exposure more palatable for risk-averse individuals.

The company emphasizes that these ETFs are alternative investments and may not be suitable for all investors. Potential investors are strongly encouraged to carefully review the prospectus and consider their own investment objectives and risk tolerance before investing. Further details regarding the specific cap rates, protection levels, and other key features of these ETFs are expected to be released by Calamos in the coming days. The launch of these products signifies a step towards mainstreaming Bitcoin investment while acknowledging and addressing the inherent risks involved.