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PRESS RELEASE.

Chicago, Illinois, July 24, 2025 – Calamos Investments, managing over $40 billion in assets, challenges conventional wisdom about Bitcoin portfolio allocation with innovative new research that could reshape how institutions and traditional investors approach investing in Bitcoin. The firm’s groundbreaking whitepaper, “Protected Bitcoin: Improving Portfolios Utilizing a Stable Risk Framework,” reveals that traditional 1% – 2% Bitcoin allocations are antiquated. The new research shows investors can now allocate as much as 10% of a traditional portfolio to Bitcoin while not adding risk to a portfolio.

For years, traditional financial advisors have been reluctant to recommend Bitcoin allocations to clients, and in cases wherethey have, have suggested tiny 1% – 2% positions in the asset. This has stemmed from Bitcoin’s high volatility which runs counter to the stable and predictable returns institutional and traditional investors seek out. Calamos’ latest research proves that this thinking and approach is outdated given the existence of Protected Bitcoin strategies. “Bitcoin has matured into a globally recognized store of value, now exceeding $2 trillion in market capitalization,” said John Koudounis, President and CEO of Calamos. “Our research provides a practical framework for implementing strategic Bitcoin exposure that can benefit any portfolio, regardless of risk appetite.”

The game-changing findings show that traditional 60/40 portfolios can safely allocate 3% – 10% to a Protected Bitcoinexposure by replacing existing assets of equities, fixed income, or gold, and actually reduce overall portfolio risk while boosting returns.

Calamos introduced three distinct Protected Bitcoin Strategies offering upside Bitcoin exposure via call options, with downside protection provided by zero coupon US Treasuries:

• 100% Protection: Full downside protection, 10% – 12% upside over one year
• 90% Protection: Limited downside exposure, 20% – 30% upside over one year
• 80% Protection: Moderate protection, 40% – 50% upside over one year

Each strategy has been designed to meet different risk profiles and investment objectives, allowing investors to tailor their Bitcoin exposure based on their needs. Through rigorous back-testing, these strategies have demonstrated that equity, fixedincome, and gold positions can be replaced in a portfolio with meaningful Bitcoin allocations without the volatility that has traditionally scared off institutional investors.

The Protected Bitcoin Strategies can be delivered through ETF structures, making institutional-grade Bitcoin exposureaccessible to a broader range of investors. This follows the massive success of Bitcoin ETFs that have already pulled billions into the crypto ecosystem.

This research represents a seismic shift in how traditional finance views Bitcoin and another major validation of Bitcoin’s roleas a legitimate asset class. Instead of treating it as a speculative side bet, Calamos proves Bitcoin can be a core portfolio component that improves risk-adjusted returns and provides financial advisors with a clear approach for implementing Bitcoin into portfolios. The methodology preserves Bitcoin’s historically low correlation with traditional assets, maintaining the diversification benefits that make Bitcoin valuable to institutional portfolios in the first place.

Calamos’ research provides the institutional framework that gives traditional investors an on-ramp to the asset, expanding the Bitcoin ecosystem and potentially unlocking billions more in Bitcoin demand from conservative investors who were previously sitting on the sidelines.

The full whitepaper is available at: calamos.com/capabilities/protected-bitcoin-etfs

Calamos is a diversified global investment firm, headquartered in the Chicago metropolitan area, offering innovative investment strategies, including Bitcoin, alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity. With more than $40 billion in AUM, including more than

$18 billion in liquid alternatives assets as of June 30, 2025, the firm offers strategies through ETFs, mutual funds, closed-end funds, interval funds, UCITS funds and separately managed portfolios. Clients include financial advisors, wealth managementplatforms, pension funds, foundations & endowments, and individuals, globally. For more information, visit us on LinkedIn, Twitter (@Calamos), Instagram (@calamos_investments), or at www.calamos.com.

The performance shown in the whitepaper is hypothetical in nature and does not represent the performance and/or investment risk characteristics of any specific client. While the performance listed for each respective strategy is based on actual performance, the aggregate portfolio performance, allocations listed and account comparisons shown are hypothetical in nature, as no actual clients are invested in these strategies.

Hypothetical performance results have many inherent limitations, including those described below: • Hypothetical performance results are generally prepared with the benefit of hindsight. • There are limitations inherent in model results, such results do not represent actual trading and that they may not reflect the impact that material economic and market factors might have had on the advisor’s decision making if the advisor were actually managing clients’ money. • The hypothetical performance shown does not involve financial risk, and no hypothetical performance calculation can completely account for the impact of financial risk on an actual investment strategy. • The ability to withstand actual losses or to adhere to a particular investment strategy in spite of losses are material points which can adversely affect actual performance results. There are distinct differences between hypothetical performance results and the actual results subsequently achieved by a particular investment portfolio. No representation is being made that an account will or is likely to achieve profits or losses similar to those shown, and any investment may result in loss of principal. As with any hypothetical illustration there can be additional unforeseen factors that cannot be accounted for within the illustrations included herein.

The Target Outcome may not be achieved, and investors may lose some or all of their strategy. The strategy is designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a strategy until the end of the Outcome Period. While the strategy seek to provide 100%, 90% or 80% protectionagainst losses experienced by the price of Spot bitcoin for investors who hold the strategy for an entire Outcome Period, there is no guarantee a strategy will successfully do so. If a strategy has increased significantly, an investor that purchases the strategy after the first day of an Outcome Period could lose their entire investment. An investment in the strategy is only appropriate for investors willing to bear those losses. There is no guarantee the Capital Protection and Cap will be successful, and an investorinvesting at the beginning of an Outcome Period could also lose their entire investment. 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.

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