Zoek een lagere risico om bitcoin blootstelling te voeden

4 months ago

How much of your total portfolio are you willing to allocate toward gaining bitcoin exposure?

For traditional advisors and investors, that answer tends to sit at a relatively low percentage. Oftentimes, a traditional portfolio may only allocate 1%-2% of its assets toward gaining exposure to the cryptocurrency. Currently, many of these portfolios are doing so through the use of a spot bitcoin ETF.

There is plenty of justification as to why one would choose to limit their bitcoin exposure within their portfolio. The digital currency can certainly offer diversification benefits, along with both near-term and long-term return potential. However, overextending exposure to spot bitcoin strategies can leave advisors and investors vulnerable to both tail risk and volatility. And as longtime investors know, tail risk and volatility are very real risk factors when it comes to investing in cryptocurrency.

This could put advisors and investors at a difficult junction should they want to build more concentrated exposure toward the currency. Luckily, the adaptability of the ETF wrapper may provide a number of solutions to help with this problem.

CBXY Can Expand Bitcoin Access in a Risk-Averse Wrapper

The Calamos Bitcoin 90 Series Structured Alt Protection ETF – July (CBXY) may help portfolios amplify crypto exposure in a risk-conscious manner. CBXY uses a disciplined options strategy to gain upside exposure to bitcoin’s price performance, up to a predetermined cap.

Where CBXY can truly stand out from the competition is through its downside protection. The fund will limit maximum loss to no more than 10% across its one-year outcome period. This focus on downside protection and loss management can help CBXY navigate bitcoin tail risk and price volatility.

With a distinct blend of bitcoin upside and risk mitigation, CBXY can prove itself to be an effective vehicle for investors to expand their 1%-2% bitcoin allocation into something even in the 3%-10% range. The fund enables portfolios to gain more access to bitcoin price rallies, while limiting exposure to instances of severe downturn.

A provider of alternative investment strategies, Calamos Investments continues to launch new funds on a regular basis. To learn about new and upcoming Calamos funds, visit calamos.com.

For more news, information, and strategy, visit the Crypto Content Hub.

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.    

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.     

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.     

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    