The upcoming resetting of the Calamos Protected Bitcoin ETFs April series CBOA, CBXA, and CBTA presents an opportunity to lock in up to 100% downside protection with outsized upside potential.

During Historic Negative Volatility, Calamos Proved There’s a Better Way to Invest in Bitcoin

Source: YCharts. Past performance does not guarantee future results. YCharts references CoinGecko as the underlying index/data provider for the spot price of Bitcoin. CoinGecko calculates cryptocurrency prices using a volume‑weighted average across all integrated exchanges.

  • Consider what happened from October 2025 through February 2026. If you had invested in Bitcoin at its spot price last October through a fully exposed ETF (red line), you would have experienced a drawdown of more than 40%.

  • Now consider Calamos Bitcoin Structured Alt Protection ETF – October (CBOO), designed to match Bitcoin’s positive price return up to a defined cap while providing 100% downside protection over a one-year outcome period. Had you invested in CBOO (purple line) at the start of the October 2025 outcome period, your initial investment would have been protected (before fees and expenses).

  • For investors willing to accept some downside risk in exchange for greater upside participation, CBXO (orange line) and CBTO (blue line) performed as designed, limiting losses to their 10% and 20% floors (before fees and expenses).

The Calamos April Series Resets on April 7

The Right Time and Sensible Way to Lock in Protected Bitcoin Exposure

Bitcoin has been hovering around $70,000 in recent weeks, its lowest level since late 2024. Whether this represents an inflection point or the start of a more extended consolidation, Calamos Protected Bitcoin ETFs can provide risk clarity through predefined maximum loss, efficient exposure via higher allocations, and flexibility to migrate between protection levels as conviction evolves.

The April Series resetting on April 7 affords an attractive entry point for the next one-year outcome period. CBOA, CBXA, and CBTA provide 100%, 90%, and 80% protection levels, respectively, with upside caps commensurate with their protection levels. For investors seeking compelling potential returns and low correlation to traditional assets, this may be the most sensible way to gain exposure with defined risk.

For more information about the Calamos Protected Bitcoin ETFs, please visit www.calamos.com/bitcoin or call 1-866-363-9219.

Related: What’s an Investor To Do When Logic Goes Out the Window?

Calamos Investments LLC, referred to herein as 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.

Before investing, carefully consider a 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.  

Each fund’s prospectus and statement of additional information are not offers to sell such fund’s securities and are not soliciting offers to buy such fund’s securities in any state where the offer or sale is not permitted.  

The Funds seek 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%, 90%, or 80%, respectively, of losses (before total fund operating fees and expenses) of Spot bitcoin over a period of approximately one (1) year (the “Outcome Period”). The Funds will not invest directly in bitcoin. Instead, the Funds seek to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin and/or 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 their money. The Funds are designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a Fund until the end of the Outcome Period. While the Funds seek to provide 100%, 90% or 80% protection against losses in the price of Spot bitcoin to shareholders who hold Fund Shares for an entire Outcome Period, there is no guarantee a Fund will successfully do so. If a Fund’s NAV has increased significantly, a shareholder who purchases Fund Shares after the first day of an Outcome Period could lose their entire investment. An investment in the Funds 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 who invests at the beginning of an Outcome Period could also lose their entire investment.  

An investment in the Funds is subject to risks, and you could lose money on your investment in a Fund. There can be no assurance that a Fund will achieve its investment objective. Your investment in a 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 a Fund can increase during times of significant market volatility. The Funds also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the Funds’ prospectus.  

Digital Assets Risk: The Bitcoin network was first launched in 2009, and Bitcoins was the first cryptographic digital asset 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 existed for a short time and continue 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 Bitcoin’s acceptance. 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 Funds face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, U.S. Government security risk, U.S. Treasury risk, and valuation risk. For a detailed list of Fund risks, see the prospectus.  

100%, 90%, or 80% capital protection is over a one-year period before fees and expenses. All caps are predetermined.

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

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

Outcome Period – Number of days in the Outcome Period

Calamos Financial Services LLC, Distributor

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Calamos Financial Services LLC 

2020 Calamos Court | Naperville, IL 60563

866.363.9219 | www.calamos.com | [email protected]

2026 Calamos Investments LLC. All Rights Reserved.

Calamos and Calamos Investments are registered trademarks of Calamos LLC.