Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF Trust (CBXL)

Overview

Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF Trust, abbreviated as CBXL, is an innovative exchange-traded fund that aims to offer risk-managed exposure to Bitcoin for both institutional and individual investors. The ETF is designed to track the positive returns of the Cboe Mini Bitcoin US ETF Index, which mirrors spot Bitcoin prices up to a predetermined cap. Importantly, it incorporates a robust downside protection mechanism, targeting a 90% protection over each one-year outcome period. This structured approach helps investors mitigate the downside risk while maintaining exposure to Bitcoin's potential growth.

CBXL employs a continuous coverage system by equally distributing investments across four underlying Calamos Bitcoin Structured Alt Protection ETFs, each launched in a different quarter of the year. This laddered structure is particularly advantageous as it helps investors avoid the pitfalls of market timing, ensuring sustained exposure to both protection and upside potential at all times. Furthermore, Bitcoin's historically low correlation with traditional asset classes—such as equities, fixed income, and gold—can facilitate portfolio diversification and potentially reduce overall portfolio risk. The ETF caters to investors looking to engage in Bitcoin's growth trajectory while rigidly controlling potential losses during sharp market downturns, all within a single-ticker, transparent, outcome-driven framework. Calamos Advisors LLC manages the fund, leveraging its renowned expertise in structured protection strategies and disciplined risk management within the ETF landscape.

Products and Services

• Calamos Laddered Bitcoin 90 Series ETF (CBXL)

  This primary product provides risk-managed exposure to Bitcoin, targeting a robust 90% downside protection level over a one-year period. The fund’s structure allows continuous engagement with Bitcoin's market movements while minimizing adverse impacts during downturns.

• Cboe Mini Bitcoin US ETF Index Tracking

  CBXL closely tracks the Cboe Mini Bitcoin US ETF Index, reflecting spot Bitcoin prices up to a pre-set cap, thus offering investors insights into the Bitcoin market. This feature is integral for maintaining relevance in rapidly changing market conditions.

• Diversified Exposure through Laddered Structure

  The investment is diversified across four underlying quarterly Calamos Bitcoin Structured Alt Protection ETFs. This strategic allocation helps to mitigate timing risks and allows for seamless exposure to the asset class, regardless of the market cycle.

• Single-Ticker Solution

  CBXL functions as a single-ticker solution, simplifying the investment process for clients. Investors can maintain their exposure to Bitcoin's unique growth characteristics through this straightforward approach without managing multiple securities.

• Transparent Outcome-Driven Methodology

  The ETF is founded on a transparent methodology focused on delivering specific outcomes. This clarity allows investors to understand their risk-return profile comprehensively, which is essential for informed decision-making.