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Associated Press
20-05-2025
- Business
- Associated Press
Calamos Protected Bitcoin ETFs: The Edge You May Be Seeking
By JE Insights, Benzinga DETROIT, MICHIGAN - May 20, 2025 ( NEWMEDIAWIRE ) - Bitcoin (CCC: BTC-USD) and the underlying blockchain technology represent a game-changing innovation in high finance. For the first time, the nexus of economic value has been decoupled from a centralized authority and has instead been distributed across a so-called trustless network. This powerful concept has empowered a radical paradigm shift in participatory economics. At the same time, no revolution materializes without growing pains. For Bitcoin and the cryptocurrency complex, that pain has been in the form of extreme, unrelenting volatility. Without a doubt, the magnitude of wildness in BTC and similar digital assets has been more than enough reason for traditional investors to be cautious. But to allay such fears, global asset manager Calamos Investments offers a novel solution: protected Bitcoin exchange-traded funds. Recently, actively managed ETF assets have reached $1 trillion, now comprising 10% of all ETF assets - doubling in just 18 months. The lesser-known trend is the increasing adoption of options-based ETFs by investors, which is projected to reach $650 billion by 2030. Calamos says it stands unique in offering the only solution for downside protection over a defined outcome period. Put another way, Calamos' Protected Bitcoin ETFs aim to deliver the best of both worlds: the advanced mitigatory strategies of sophisticated equities-based traders and the robust performance profile of the cryptocurrency ecosystem. With the launch of the April series, investors have the opportunity to explore a new mechanism of exposure to virtual currencies. A Response To The Tariff Tantrum And Inflation Over the trailing five years, Bitcoin has gained in the range of 1000%, demonstrating its explosive potential - at least when circumstances are favorable. But when the inevitable downcycle erupts? It's not uncommon for digital assets to incur worrying double-digit percentage losses within a matter of days. That's where the beauty of the Calamos Protected Bitcoin ETFs comes in. With these specialized products, investors can gain exposure to an alternative asset class unlike anything else in the market. At the same time, the financial services provider understands that investors are not monoliths. As such, the April series aims to deliver a range of risk-reward profiles to suit individual tastes and tolerances. To provide a mitigated approach to the exciting but wild crypto market, Calamos utilizes a financial transaction similar in structure to an options-based debit transaction called the bull call spread. Unlike a traditional bull spread, though, the underlying cash outlay to enter the long position is instead replaced by a combination of the bond-protected principal and the proceeds from the spread's short-leg transaction. With inflation and trade wars – among other major headwinds – disrupting risk appetite for most, downside-protected funds can potentially deliver much-needed peace of mind. They may also make crypto exposure feasible for market participants averse to extreme uncertainty. The products – listed under the Calamos Bitcoin Structured Alt Protection ETF label - launched on April 7 with the following upside cap rates and protection levels over one year. Fundamentally, the Calamos Protected Bitcoin ETFs attempt to draw a middle ground between the crypto ecosystem's explosive capital gains potential with the discipline found in traditional equity risk models. Delivering The Calamos Risk Management Advantage To be fair, investors can choose to directly purchase Bitcoin or other digital assets, sidestepping Calamos altogether. Nevertheless, many astute market participants avoid doing so due to the very real challenges associated with digital currencies. For one thing, the decentralized nature of the blockchain means that price discovery is occurring 24/7/365. Unlike the equities sector, exchange operators do not temporarily pull the plug to provide traders with a 'cooling off' period. Instead, the crypto market is constantly in flux. It's more than possible – sometimes likely – that drastic changes erupt while traders sleep. Riches can be made and lost in the blink of an eye – Calamos aims to smooth out these acute spikes in valuation velocities. Another element to consider is the largely unregulated nature of cryptocurrencies. In many cases, individuals are responsible for the safeguarding and protection of crypto access. Unfortunately, there have been too many stories of people forgetting their passwords or losing hardware, thus silently nuking millions – if not billions – of dollars. Finally, various political administrations may have radically differing views on digital assets. While the blockchain unlocks profound innovations, the technology also threatens established paradigms. Because of the contentious ground that Bitcoin often walks, an air of uncertainty follows the sector. Calamos helps relieve some of this tension while providing enough breadth for upside speculation. Redefining Access To The Blockchain Economy Calamos isn't offering a magic bullet – it's offering structured protection. For investors intrigued by Bitcoin's long-term potential but unwilling to stomach its short-term chaos, the April series may represent a feasible compromise. With multiple protection levels and corresponding cap ranges, these ETFs allow investors to approach crypto on their own terms. Rather than choosing between blind speculation or complete avoidance, market participants can now explore a middle path. For those seeking a measured, risk-aware entry into digital assets, the Calamos Protected Bitcoin ETFs may offer exactly that. Click here to learn more about a smarter way to invest in Bitcoin. Featured photo byArt RachenonUnsplash This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. This content was originallypublished on further disclosureshere. View the original release on
Forbes
22-04-2025
- Business
- Forbes
Brains Over Bots: A Billionaire's Guide To Future-proofing Your Career
Imagine you turn 18 when artificial general intelligence (AGI) arrives. Already you felt the same vexing anxieties so many of your peers share. For years now, you've wondered what you should study—or if you should study at all. More and more you worry that AI will take all the good jobs, making you question just what to do with your adult life. And now? AGI is here—and shaking up the whole world. To appreciate the seismic change this breakthrough portends, let's review McKinsey & Company's definition of the term: 'AGI is AI with capabilities that rival those of a human.' This is the moment when we may approach The Singularity described this way by IBM: '… A theoretical scenario where technological growth becomes uncontrollable and irreversible, culminating in profound and unpredictable changes to human civilization.' Talk about dramatic change! It's unknown if reaching AGI is possible. Yet even without accomplishing this feat, we can expect vast societal shifts due to advancing technology in the coming years. As one more example, we must discuss robotics. As I described in this recent Forbes article, hospitality robotics are coming to a bar, restaurant, or hotel near you. Some tech visionaries, like Elon Musk and Peter Diamandis, predict we will have billions of humanoid robots by the year 2040. With so much change on the horizon, it's fitting that we consult a self-made billionaire for his advice to that 18-year-old uncertain as to how to navigate so much uncertainty. To explore how to think clearly through so much disruption, I sat down with John P. Calamos, Sr., founder of Calamos Investments. As of today, it now manages over $40 billion in assets on behalf of institutions and individual investors worldwide. Ahead of his new biography, written by New York Times bestselling author Joe Garner, The Sky's the Limit: Lessons in Service, Entrepreneurship and Achieving the American Dream (Wiley) I thought I'd pick the mogul's brain. Here's what I wished to know: in a world increasingly dominated by automation, AI, and now algorithmic efficiency, how does one stay ahead—not just short-term, but perennially? Calamos has a surprising answer: study philosophy. His advice is vindicating. Philosophy happens to be the subject I earned my B.A. in at the University of Missouri, Columbia. Back then, friends and peers alike teased me for my academic focus. 'What are you gonna do with that?' they asked. Unlike those naysayers, Calamos views such a degree as practical, especially in a time when higher education is pricing out would-be students. 'I tell young people all the time: You don't go to college to learn what to think. You go to college to learn how to think,' Calamos says. Calamos is well situated to offer such advice. Publicly known for his financial acumen, his intellectual roots reside in the tenets underlying Western Civilization. As a student at Illinois Institute of Technology, he was captivated not just by numbers, but by the ideas that shaped human destiny. 'Studying philosophy taught me the value of critical thinking, of challenging conventional wisdom and cultivating opinions based on deep inquiry,' he says. In decades past, college campuses championed spirited debates. Students could disagree—and remain friends. Today, polarization has stifled that openness, replacing critical inquiry with cautious conformity. As an introspective business leader, Calamos sees the loss of such intellectual openness as a threat to progress. 'Without the ability to debate, to challenge, and to explore, creativity dries up. Innovation is stifled,' says Calamos. He should know. Innovation is the very thing that kept his business alive through endless technological disruption. An 18-year-old living in 2025 may be surprised to know that when Calamos first launched his investment career in the late 1970s, he relied on primitive technology: a pencil and graph paper. Over the decades, he embraced each new tool that came along—from calculators to spreadsheets to computers to the Internet and eventually AI. 'Throughout, I kept asking: What's out there that can improve productivity?' he says. 'Technology helps us move forward—but only if we're willing to adapt. That comes from possessing a curious mind, one that's constantly questioning assumptions and biases.' It's little wonder Calamos credits intellectual agility as critical for staying one step ahead. To him, running a business is like riding a bike uphill. The moment you stop pedaling, you end up going backward. Cultivating such a growth mindset—one that values constant improvement—is what allowed him to continually reinvent his approach. In a time when so many youngsters outsource their cognitive abilities to ChatGPT so it can write their papers and do their thinking, Calamos' advice is a breath of fresh air. Just because AI is available doesn't mean anyone should stop using their brains. The opposite is true. He recommends cultivating curiosity and endless learning habits. After all, technology is helpful, but it's not the source of greatness. That comes from the person wielding such tools. Passion is another quality Calamos recommends young people develop. 'Do the inner work to discover what moves you, what inspires you.' Reflecting on what it took to build his own financial empire, Calamos credits grit as the main driver. Growing up poor lit a fire in him to get ahead. Raised in relative comfort, many Gen Z and Gen Alpha professionals unfortunately lack the same urgency to find their why. When asked what other trait an 18-year-old needs to thrive in a volatile landscape, Calamos doesn't hesitate: 'Selflessness.' This is why he's dismayed to see so many young professionals myopically focused on themselves. They approach life asking, What will you give me? instead of What can I give? 'All these years later, JFK's famous words have stayed with me,' he says. ''Ask not what your country can do for you—ask what you can do for your country.'' That quote shaped Calamos' decision to join the Air Force after college, where he served for over 15 years. It also formed the foundation of his leadership philosophy: lead with service. Provide value. The rewards will follow. Returning to our 18-year-old, Calamos has some final advice on becoming a billionaire. And no, it's not about creating a unicorn company of one. It's also not about building a robot fleet to become ever more productive. It's not even about pursuing endless dollars. 'You don't chase money,' Calamos says. 'You chase excellence. Money is just a byproduct.' Being of service to others is paramount to Calamos' business philosophy. Yes, embracing tech gave him an edge. But really, it was his commitment to client relationships that brought him lasting market power. 'I knew if we took care of our people and did good work, the rest would follow,' he says. And it did. As AI reshapes our brave new world at a dizzying clip, the one constant we can expect is more change. Thankfully, Calamos' legacy offers a viable roadmap for future-proofing success. Though we live in a time of thinking machines, the importance of human thought cannot be overstated. As Calamos aptly suggests, life's perennial race to get ahead—and stay ahead—won't be won by ever more sophisticated algorithms or newfangled technology. No. The future belongs to those who value the sanctity of their minds, the most prized tool of all. Especially when it is directed to the noblest of ends—serving humankind.
Yahoo
27-03-2025
- Business
- Yahoo
A $41B Investment Firm Wants to Stick With Just Bitcoin ETFs as Safer Bet
Earlier this year, Calamos made its crypto debut with the launch of not one but three funds designed to protect investors from the volatility in bitcoin's (BTC) price. But the global investment management firm, which handles $41.3 billion in assets, is far from launching any other products beyond bitcoin, — even Ethereum (ETH), said its head of ETFs Matt Kaufman in an interview with CoinDesk. Since their inception, Calamos' protected BTC funds have attracted over $100 million from investors, which primarily include financial advisors. For most firms looking to make an entrance into the crypto market, launching a bitcoin product is just the first step in a long journey that quickly extends to ethereum-based products. BlackRock, for example, applied to launch its spot bitcoin ETF (IBIT) in June 2023 and five months later, did the same for Ethereum (ETH). 'Ethereum doesn't really meet our criteria for being able to effectively hedge that exposure,' he said. 'It's not a liquid asset, there's no options on Ethereum ETPs so if those check boxes start to get built, we'll explore it but right now it's not on our radar.' The Calamos Bitcoin Structured Alt Protection ETF (CBOJ), Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXJ) and Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTJ) offer investors 80-100% downside protection with an upside cap rate of 10-55%. This is achieved by using a combination of Treasuries and options on the CBOE Bitcoin US ETF Index. While Cboe Exchange has filed to list options tied to Ether ETFs, the Securities and Exchange Commission (SEC) in January delayed its deadline to approve or deny the product. The Commission will have to stick to the final deadline in May, however. Another asset class that Calamos won't likely ever touch is meme coins, Kaufman said. 'We're a risk manager, so we build things we know will work,' he said. 'From that perspective, I don't have any opinion on meme coins but it's not something I would ever do.' Kaufman believes that the recent surge in applications for meme coin ETFs highlights the fact that investors have to do their due diligence. 'We live in America, you have to know what you own. Freedom gives you choice and with choice comes responsibility,' he said. Sign in to access your portfolio
Yahoo
11-03-2025
- Business
- Yahoo
What Lies Ahead of Bitcoin ETFs: Pain or Gain?
Bitcoin has been registering price volatility following an executive order by President Donald Trump to establish a strategic Bitcoin reserve for the United States. The reserve will be funded using Bitcoin seized in criminal and civil forfeiture cases, with no plans for the U.S. government to purchase additional Bitcoin at this time. Bitcoin, which has skyrocketed since Trump's election win on hopes of a reserve, found the actual government move underwhelming. Following the announcement last Thursday, crypto prices declined, as investors were disappointed that the government did not introduce a more aggressive Bitcoin acquisition program. Other major cryptocurrencies experienced losses post the news. Bitcoin has lost about 9% in price over the past week (at the time of writing), but bounced back on Monday. At the time of writing Bitcoin gained more than 2% on Monday. Despite the market's negative reaction, some investors believe the move is bullish in the long term. Matt Hougan, CIO at Bitwise Asset Management, told CNBC's Squawk Box Asia that the market may be misinterpreting the announcement. The market is short-term disappointed that the government didn't say it was immediately going to acquire 100,000 or 200,000 Bitcoin, per Hougan. White House Crypto and AI Czar David Sacks hinted at possible future Bitcoin acquisitions, stating that the U.S. government would explore budget-neutral strategies that impose no extra costs on taxpayers. However, any additional purchases beyond seized assets would require further executive or legislative action. Hougan believes this move strengthens Bitcoin's position as a geopolitically important asset, increasing the likelihood that other governments will establish their own strategic Bitcoin reserves. And the move takes place in reality, Bitcoin's future price could be $1 million instead of $80,000, per Hougan, as quoted on CNBC. Hougan described the recent price drop as a temporary setback, predicting that the market will soon recognize the long-term bullish implications of the U.S. strategic reserve. But we believe that investors should remain cautious about investing in Bitcoin, as we have yet to gain more clarity on the Bitcoin acquisition plan. Moreover, trade tensions persist, and it remains to be seen which direction Trump's tariff war will ultimately take. At the time of writing, Bitcoin is down 11.8% so far this year. We suggest that investors remain on the sidelines. Issuers have introduced various tools to make a high-risk asset like Bitcoin more accessible and appealing to risk-averse investors. Calamos, has launched a suite of Bitcoin buffer ETFs: Bitcoin Structured Alt Protection ETF – January CBOJ, Bitcoin 90 Series Structured Alt Protection ETF – January CBXJ and Bitcoin 80 Series Structured Alt Protection ETF – January CBTJ. Innovator also launched the Uncapped Bitcoin 20 Floor ETF - Quarterly QBF, the first ETF offering uncapped exposure to Bitcoin's upside potential while simultaneously capping downside losses. These products some downside protection amid extreme volatility. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Associated Press
05-02-2025
- Business
- Associated Press
Calamos Announces Initial Upside Cap Rates for World's First 90% and 80% Downside Protected Bitcoin ETFs With Successful Launch of CBXJ and CBTJ
METRO CHICAGO, Ill., Feb. 5, 2025 /PRNewswire/ -- John Koudounis, President and CEO of Calamos, today announced the successful launch and attractive cap rates of two new ETFs offering upside growth potential of bitcoin with 90% (CBXJ) and 80% (CBTJ) protection levels over a one year outcome period. He said, 'By introducing these innovative first-to-market offerings, we continue to demonstrate our leadership role in risk-managed bitcoin investment strategies with our Calamos Protected Bitcoin ETF Suite.' The fund's initial cap rates were determined as follows: CBXJ with 90% downside protection and an initial cap rate of 29.15% CBTJ with 80% downside protection and an initial cap rate of 51.50% By offering 90% and 80% downside protection levels, Calamos is bridging the gap between traditional finance and digital assets, allowing investors to participate in bitcoin's potential while maintaining defined risk parameters. The new ETFs' attractive initial cap rates complement the already launched 100% (CBOJ) protection ETF, providing investors with a combination of protection levels and upside potential unavailable anywhere else. Calamos' full suite of Protected Bitcoin ETFs is set to launch systematically on Cboe throughout 2025, delivering risk-managed bitcoin exposure through the liquid, transparent and tax-efficient ETF structure with no counterparty credit risk. CBOJ, CBXJ, and CBTJ are built upon the success of the firm's Structured Protection ETF series, launched in 2024, the industry's most comprehensive suite of 100% downside protection strategies on the S&P 500®, Nasdaq-100®, and Russell 2000®. Within this proven approach, investors can now select from a range of indices, protection levels and outcome periods that align with their investment objectives and risk tolerance. Calamos Bitcoin 90 Series Structured Alt Protection ETF® - January (CBXJ) Protection Level 90% downside protection if held over the outcome period Launch Date 2/4/2025 Initial Cap Rate 29.15 % Outcome Period 02/04/25-1/30/26 Reference Asset CBOE Bitcoin US ETF Index Annual Expense Ratio 0.69 % Portfolio Management Co-CIO Eli Pars and the Alternatives Team Calamos Bitcoin 80 Series Structured Alt Protection ETF® - January (CBTJ) Protection Level 80% downside protection if held over the outcome period Launch Date 2/4/2025 Initial Cap Rate 51.50 % Outcome Period 02/04/25-1/30/26 Reference Asset CBOE Bitcoin US ETF Index Annual Expense Ratio 0.69 % About Calamos Calamos Investments is a diversified global investment firm offering innovative investment strategies, including alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity. With over $41 billion in AUM, including more than $18 billion in liquid alternatives assets as of January 31, 2025, the firm offers strategies through ETFs, mutual funds, closed-end funds, interval funds, and UCITS funds and separately managed portfolios. Clients include financial advisors, wealth management platforms, pension funds, foundations & endowments, and individuals, globally. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee, Portland (Oregon), and the Miami area. For more information, visit us on LinkedIn, on Twitter @Calamos, on Instagram (@calamos_investments), or at The information in each of the Calamos Bitcoin 90 Series Structured Alt Protection ETF® - January (CBXJ) and Calamos Bitcoin 80 Series Structured Alt Protection ETF® - January (CBTJ) prospectuses and statements of additional information is not complete and may be changed. We may not sell the securities of either 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 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. 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 of 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 experienced by the price of Spot bitcoin for 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 that 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 investing 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 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 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 pre-determined. Cap ranges—Ranges are based on multiple estimated cap rates obtained from 1/2/25 - 1/17/25, based on market conditions during the sample period, and are subject to change. The actual cap rates may be different based on market events. 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 ©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Structured Alt Protection ETF® are registered trademarks of Calamos Investments.
