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**新闻稿。
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伊利诺伊州芝加哥，2025年7月24日 – Calamos Investments管理着超过400亿美元的资产，凭借创新的新研究挑战了关于比特币投资组合配置的传统观念，这可能会重塑机构和传统投资者对比特币投资的方式。该公司的开创性白皮书《受保护的比特币：利用稳定风险框架改善投资组合》揭示，传统的1% – 2%比特币配置已显得过时。新的研究表明，投资者现在可以将传统投资组合中多达10%的资金配置到比特币中，而不会增加投资组合的风险。

多年来，传统金融顾问一直不愿向客户推荐比特币配置，即使在推荐的情况下，也仅建议在该资产中配置微小的1% – 2%。这源于比特币的高波动性，与机构和传统投资者所追求的稳定和可预测的回报相悖。Calamos的最新研究证明，考虑到受保护比特币策略的存在，这种思维和方法已显得过时。“比特币已经成熟为全球公认的价值储存工具，目前市值超过2万亿美元，”Calamos的总裁兼首席执行官约翰·库杜尼斯（John Koudounis）表示。“我们的研究提供了一个实用框架，用于实施战略性比特币敞口，可以使任何投资组合受益，无论风险偏好如何。”

这一颠覆性的发现表明，传统的60/40投资组合可以安全地将3% – 10%的资金配置到受保护的比特币敞口中，通过替换现有的股票、固定收益或黄金资产，实际上可以降低整体投资组合风险，同时提高回报。

Calamos推出了三种不同的受保护比特币策略，通过看涨期权提供比特币的上行敞口，同时由零息美国国债提供下行保护：

• 100%保护：全面下行保护，一年内10% – 12%的上行
• 90%保护：有限下行敞口，一年内20% – 30%的上行
• 80%保护：适度保护，一年内40% – 50%的上行

每种策略都旨在满足不同的风险特征和投资目标，使投资者能够根据自身需求量身定制比特币敞口。通过严格的回测，这些策略证明可以在投资组合中用有意义的比特币配置替代股票、固定收益和黄金头寸，而不会带来传统上让机构投资者感到害怕的波动性。

受保护的比特币策略可以通过ETF结构提供，使机构级别的比特币敞口对更广泛的投资者群体可及。这紧随比特币ETF的巨大成功，这些ETF已经吸引了数十亿美元进入加密生态系统。

这项研究代表了传统金融对比特币看法的重大转变，也是对比特币作为合法资产类别角色的又一次重要验证。Calamos证明，比特币可以成为改善风险调整回报的核心投资组合组成部分，为金融顾问提供了将比特币纳入投资组合的明确方法，而不是将其视为投机性的边际投资。这一方法保持了比特币与传统资产的历史低相关性，维护了比特币对机构投资组合的多样化益处。

Calamos的研究提供了一个机构框架，为传统投资者提供了进入这一资产的通道，扩大了比特币生态系统，并可能为之前观望的保守投资者释放出数十亿美元的比特币需求。

完整的白皮书可在以下网址获取：calamos.com/capabilities/protected-bitcoin-etfs

Calamos是一家多元化的全球投资公司，总部位于芝加哥大都市区，提供创新的投资策略，包括比特币、另类投资、多资产、可转换证券、固定收益、私人信贷、股票和可持续股票。截至2025年6月30日，管理资产超过400亿美元，其中包括超过180亿美元的流动另类资产。该公司通过ETF、共同基金、封闭式基金、间隔基金、UCITS基金和单独管理的投资组合提供策略。客户包括全球的金融顾问、财富管理平台、养老基金、基金会和捐赠基金以及个人。欲了解更多信息，请访问我们的LinkedIn、Twitter（@Calamos）、Instagram（@calamos_investments）或www.calamos.com。

白皮书中显示的业绩是假设性的，并不代表任何特定客户的业绩和/或投资风险特征。虽然每个策略列出的业绩是基于实际业绩，但所列的整体投资组合业绩、配置和账户比较是假设性的，因为没有实际客户投资于这些策略。

假设业绩结果有许多固有的局限性，包括以下描述的内容： • 假设业绩结果通常是在事后分析的基础上准备的。 • 模型结果固有的局限性，这些结果并不代表实际交易，并且可能无法反映重大经济和市场因素对顾问决策的影响，如果顾问实际上在管理客户资金的话。 • 所示的假设业绩不涉及财务风险，任何假设业绩计算都无法完全考虑财务风险对实际投资策略的影响。 • 承受实际损失的能力或在损失情况下坚持特定投资策略的能力是可能对实际业绩结果产生不利影响的重要因素。假设业绩结果与特定投资组合随后实现的实际结果之间存在明显差异。没有任何声明表明账户将或可能实现与所示相似的利润或损失，任何投资可能导致本金损失。与任何假设性示例一样，可能存在额外的不可预见因素，这些因素无法在此处包含的示例中考虑。

目标结果可能无法实现，投资者可能会失去部分或全部策略。该策略旨在仅在投资者在结果期的第一天购买并持有策略直到结果期结束时实现目标结果。虽然该策略寻求为在整个结果期内持有策略的投资者提供100%、90%或80%的损失保护，但不能保证策略能够成功做到这一点。如果策略显著上涨，在结果期的第一天之后购买策略的投资者可能会失去全部投资。对该策略的投资仅适合愿意承担这些损失的投资者。没有保证资本保护和上限会成功，投资者在结果期开始时投资也可能会失去全部投资。数字资产风险：比特币网络于2009年首次推出，比特币是首个旨在获得全球采用和临界质量的加密数字资产。尽管比特币网络是最成熟的数字资产网络，但比特币网络及其他加密和算法协议管理数字资产的发行代表了一个新兴且快速发展的行业，受到多种难以评估的因素的影响。

此外，由于数字资产，包括比特币，存在的时间较短并且仍在不断发展，因此在本招募说明书日期时，未来可能会出现无法预测的额外风险。数字资产代表了一个新兴且快速发展的行业，基础ETP的股份价值取决于比特币的接受程度。以下一个或多个风险的实现可能会对基础ETP的股份价值产生重大不利影响。

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