After months of speculation, the Federal Reserve finally trimmed interest rates by 25 basis points. And not only has the central bank lowered interest rates, Chair Powell indicated that additional cuts may follow.
With rate cuts back on the menu, investors and advisors may feel compelled to move their cash around. This includes the cash they have in money market funds, which will offer diminishing returns, along with the cash sitting idle.
However, the question remains: where should advisors and investors look to put their cash to work? given macroeconomic uncertainty, neither equities nor fixed income seem like surefire solutions right now. Therefore, investors are increasingly looking beyond traditional asset classes for opportunities that offer both portfolio diversification and the potential to capture returns independent of traditional market cycles.
One solution that may not come immediately to mind is moving some of that cash into bitcoin. After all, bitcoin offers a historically lower correlation to both the equity and fixed-income markets.
Even with its diversification potential, bitcoin strategies tend to be far more risky than traditional money market funds. That’s where Calamos Investments comes in. Calamos has decades of experience introducing risk-managed alternative solutions, and recently launched a suite of bitcoin strategies that can offer a much tamer risk profile than one could get from pure-play bitcoin exposure.
One such fund is the Calamos Bitcoin Structured Alt Protection ETF – July (CBOY), which provides complete capital protection over its one-year outcome period (less fees and expenses). Considering how volatile bitcoin’s price trajectory tends to be, the promise of complete downside protection can be an especially attractive prospect.
Even with its complete downside protection, CBOY still offers notable upside opportunities. As of September 4, 2025, the fund has an upside cap of about 8%. This cap gives CBOY investors room to steadily build returns through bitcoin’s periods of upside momentum each year.
On balance, CBOY’s strategy makes the fund a surprisingly good alternative for investors looking to move out of a money market fund. The fund’s downside protection keeps its investors from risking their principal should bitcoin’s price trajectory swing downward. Meanwhile, CBOY’s options overlay gives the fund solid access to long-term returns during bitcoin’s positive price momentum. By moving sideline cash into a fund like this now, investors could set themselves up for success in the long term.
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
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