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[Skip to main content](https://www.calamos.com/#siteMain) - [Wealth Management](https://wm.calamos.com/) - Log In - [Institutional Investors](https://www.calamos.com/institutional-login/institutional-report/) - [Individual Investor Accounts](https://www.secureaccountview.com/BFWeb/clients/calamos/index) [Calamos Investments ](https://www.calamos.com/) #### Site navigation [Calamos Investments ](https://www.calamos.com/) Back to Menu [Calamos Investments ](https://www.calamos.com/) - [Capabilities](https://www.calamos.com/) Close menu **Capabilities** Our capabilities reflect a time-tested commitment to offering risk-adjusted returns through innovative strategies to all investors. - [Alternatives](https://www.calamos.com/capabilities/alternatives/) - [Autocallable Income ETFs](https://www.calamos.com/capabilities/autocallable/) - [Closed-End Funds](https://www.calamos.com/capabilities/closed-end-funds/) - [Convertibles](https://www.calamos.com/capabilities/convertibles/) - [Global Equities](https://www.calamos.com/capabilities/global-equities/) - [Growth Equities](https://www.calamos.com/capabilities/growth-equities/) - [Private Markets](https://www.acprivatemarkets.com/) - [Protected Bitcoin ETFs](https://www.calamos.com/capabilities/protected-bitcoin-etfs/) - [Structured Protection ETFs](https://www.calamos.com/capabilities/structured-protection-etfs/) - [Sustainable Equities](https://www.calamos.com/capabilities/sustainable-equities/) - [Volatility Opportunity](https://www.calamos.com/capabilities/volatility-opportunity/) **Alternatives Snapshot**  Alternative performance, flows and other data delivered to your inbox every month. [Subscribe](https://www.calamos.com/alternativesnapshot/) - [Products](https://www.calamos.com/) Close menu **Products** Calamos offers mutual funds, closed-end funds, UCITS funds and separate accounts across the asset class spectrum. - [Mutual Funds](https://www.calamos.com/funds/mutual/) - [Closed-End Funds](https://www.calamos.com/funds/closed-end/) - [Exchange-Traded Funds](https://www.calamos.com/funds/etf/) - [Interval Funds](https://www.acprivatemarkets.com/) - [Institutional Strategies](https://www.calamos.com/strategies/) - [UCITS Funds](https://www.calamos.com/funds/ucits/) - [Resources](https://www.calamos.com/resources/) **Calamos Market Neutral Income Fund**  An Absolute Return, Liquid Alternative Strategy [View Fund](https://www.calamos.com/funds/mutual/market-neutral-income-cmnix/) - [Research](https://www.calamos.com/) Close menu **Research** Access perspectives on the markets, investment opportunities and how our capabilities can help investors achieve their objectives. - [Investment Team Voices](https://www.calamos.com/blogs/voices/) - [Investment Ideas](https://www.calamos.com/blogs/investment-ideas/) - [Commentary](https://www.calamos.com/insights/) **The Opportunity of Alternatives**  Calamos Phineus Long/Short Fund continues to prove there is opportunity in all markets. [View More](https://www.calamos.com/blogs/voices/back-to-the-future/) - [About](https://www.calamos.com/) Close menu **About** Calamos is a global investment firm committed to excellence in investment management and client service. - [Our Firm](https://www.calamos.com/about/firm-overview/) - [Executive Officers](https://www.calamos.com/about/executive_officers/) - [Investment Organization](https://www.calamos.com/about/investment-organization/) - [News](https://www.calamos.com/about/news/) - [John Calamos Biography](https://www.calamos.com/about/biography/) **Calamos Careers**  View career opportunities at Calamos Investments. [View Careers](https://www.calamos.com/careers/) # Calamos Investments  ## Seeking High, Stable, Tax-Efficient Monthly Income? *Look no further—your income strategy just got an upgrade.* [For Investors Who Love Income](https://www.calamos.com/capabilities/autocallable/)  **Our Protected Bitcoin ETF April-series protection and upside caps reset for the next 12 months:** [**CBTA**](https://www.calamos.com/funds/etf/calamos-bitcoin-80-series-structured-alt-protection-etf-april-cbta/): 80% downside protection; **37\.97%** upside cap [**CBXA**](https://www.calamos.com/funds/etf/calamos-bitcoin-90-series-structured-alt-protection-etf-april-cbxa/): 90% downside protection; **23\.12%** upside cap [**CBOA**](https://www.calamos.com/funds/etf/calamos-bitcoin-structured-alt-protection-etf-april-cboa/): 100% downside protection; **9\.72%** upside cap [Risk Less. Stay Invested](https://www.calamos.com/capabilities/protected-bitcoin-etfs/)  ## Calamos ETFs: Calm Before and After the Storm Our ETFs offer up to 100% downside protection for one year on Bitcoin, S\&P 500®, the Nasdaq-100® & Russell 2000®. [Risk Less with Calamos ETFs](https://www.calamos.com/capabilities/structured-protection-etfs/) Toggle carousel auto play setting ## Calamos Protected Bitcoin ETFs [CBOA](https://www.calamos.com/funds/etf/calamos-bitcoin-structured-alt-protection-etf-april-cboa/) Reset on April 7 Calamos Bitcoin Structured Alt Protection ETF – April Initial Cap Rate\* 9\.72% [CBXA](https://www.calamos.com/funds/etf/calamos-bitcoin-90-series-structured-alt-protection-etf-april-cbxa/) Reset on April 7 Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Initial Cap Rate\* 23\.12% [CBTA](https://www.calamos.com/funds/etf/calamos-bitcoin-80-series-structured-alt-protection-etf-april-cbta/) Reset on April 7 Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Initial Cap Rate\* 37\.97% [Buy Now](https://www.calamos.com/) ## Choose a Brokerage × [E-Trade](https://us.etrade.com/home) [Fidelity](https://www.fidelity.com/) [Robinhood](https://robinhood.com/) [Calamos Wealth Management](https://wm.calamos.com/contact-us/?utm_source=calamoshomepage&utm_medium=modal&utm_campaign=calamoshomepagebuynow) [Schwab](https://www.calamos.com/disclaimer/brokerage/schwab) [SOFI](https://www.sofi.com/invest/) [Vanguard](https://investor.vanguard.com/investment-products/etfs) [Interactive Brokers](https://www.interactivebrokers.com/en/whyib/overview.php) Are you a financial professional? [Contact your Calamos representative](mailto:investmentprofessionals@calamos.com) to learn if Protected Bitcoin ETFs are available for purchase at your firm. *** Note: When you select one of these links, you are now leaving calamos.com. Calamos has not reviewed the website and does not guarantee any claims or assume any responsibility for the content. Hyperlinks are provided as a convenience, and Calamos does not claim any responsibility for information, services or products found on the linked websites. Calamos is not affiliated with these hyperlinked firms. *** ## Recent Insights  ### [Protected Bitcoin: Improving Portfolios Utilizing a Stable Risk Framework](https://www.calamos.com/globalassets/media/pdfs/protected-bitcoin-improving-portfolios-utilizing-a-stable-risk-framework.pdf) Our research shows traditional portfolios may undervalue Bitcoin’s potential. Using a Stable Risk Framework, advisors can confidently allocate 3–10%, enhancing returns and reducing drawdowns. We’ve challenged the typical 1–2% allocation – Read the whitepaper.  ### [Stay the Course: A Visual Guide to the Power of Long-Term Investing](https://www.calamos.com/stay-the-course/) Market dynamics are changing, prompting investors to question whether they should stay invested. Check out the investor-ready chartbook for a breadth of timeless and visual insights that can help your investors stay the course during turbulent markets. [More Insights](https://www.calamos.com/insights/) ***  ## Today for Tomorrow Our brand manifesto “Today for Tomorrow” captures Calamos’ true heart and soul – what we stand for, and represent, for almost 50 years now. [Learn More About Our Manifesto](https://www.calamos.com/today-for-tomorrow/) ## Featured Funds Across asset classes, Calamos funds have demonstrated strong risk-adjusted historical returns. ### CMNIX #### Calamos Market Neutral Income Fund As of April 30, 2021, Morningstar assigned CMNIX to a new category, Relative Value Arbitrage. This category is not assigned a star rating by Morningstar due to its small peer set. For more information about the changes, [click here to learn more](https://www.calamos.com/blogs/investment-ideas/morningstar-remaps-liquid-alts-industry-leading-cmnix-moves-to-new-unrated-category/). [View CMNIX](https://www.calamos.com/funds/mutual/market-neutral-income-cmnix/) ### CGIIX #### Calamos Growth and Income Fund 5 Stars Among 123 Moderately Aggressive Allocation funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 123, 117 and 100 Moderately Aggressive Allocation Funds, respectively, for the period ended 3/31/2026. [View CGIIX](https://www.calamos.com/funds/mutual/growth-and-income-cgiix/) ### CGCIX #### Calamos Global Opportunities Fund 5 Stars Among 408 Global Moderate Allocation funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 408, 394 and 325 Global Moderate Allocation Funds, respectively, for the period ended 3/31/2026. [View CGCIX](https://www.calamos.com/funds/mutual/global-opportunities-cgcix/) ### CTSIX #### Calamos Timpani Small Cap Growth Fund 4 Stars Among 522 Small Growth funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 3 stars for 5 years and 5 stars for 10 years out of 522, 500 and 399 Small Growth Funds, respectively, for the period ended 3/31/2026. [View CTSIX](https://www.calamos.com/funds/mutual/timpani-small-cap-ctsix/) ## Our Firm John P. Calamos, Sr., founded Calamos Investments in 1977 to help investors create and build long-term wealth through innovative, risk-managed strategies. He pioneered the use of convertible strategies and alternative investment solutions to enhance returns and manage risk. Whether through Calamos Wealth Management or Calamos Investments, the firm has remained steadfast in its commitment to put investors first, actively manage risk, and deliver innovation and excellence. [More About Our Firm](https://www.calamos.com/about/firm-overview/)  The latest insights delivered to you Sign up to receive the latest insights on alternatives, convertibles, fixed income, small caps, sustainable equities, and closed-end funds. [Subscribe](https://www.calamos.com/subscription-center/) \*Cap rates and ranges are shown gross of management fees. Initial cap rates shown are calculated at the end of the fund launch date. Cap ranges are based on the last 15 trading days prior to range announcement, based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events. The **Morningstar Relative Value Arbitrage Category** is comprised of funds that seek out pricing discrepancies between pairs or combinations of securities regardless of asset class. **Morningstar Moderately Aggressive Allocation** funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. **Morningstar Global Moderate Allocation Category** funds seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Funds in this global category are generally expected to have no more than 75% of their assets in US securities. **Morningstar Small Growth Category** funds focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. Stocks in the bottom 10% of the capitalization of the US equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Morningstar Ratings™ are based on risk-adjusted returns and are through 2/28/26 for the share class listed and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against US domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2026 Morningstar, Inc. SRP Americas Awards Methodology: SRP typically conducts a comprehensive market survey involving institutions active in the structured products space. Industry professionals—including issuers, distributors, and service providers—are invited to vote on various award categories. For the "Most Innovative Product" award, the evaluation likely focuses on: **product design originality, client-centric innovation, market impact and adoption, risk-return profile enhancements and integration of new technologies or strategies**. Finalists are often reviewed by a panel of SRP editors and industry experts who assess the submissions based on qualitative and quantitative factors. The **With Intelligence Mutual Fund & ETF Awards**, now operating under S\&P Global, are determined through a two-stage process, beginning with editorial review and shortlist selection, followed by evaluation from an [independent judging panel](https://awards.withintelligence.com/mutualfundandetfawards/en/page/judging) of senior asset management and ETF industry executives. - **Capabilities** - [Alternatives](https://www.calamos.com/capabilities/alternatives/) - [Structured Protection ETFs](https://www.calamos.com/capabilities/structured-protection-etfs/) - [Convertibles](https://www.calamos.com/capabilities/convertibles/) - [Sustainable Equities](https://www.calamos.com/capabilities/sustainable-equities/) - [Volatility Opportunity](https://www.calamos.com/capabilities/volatility-opportunity/) - [Private Markets](https://www.acprivatemarkets.com/) - [Growth Equities](https://www.calamos.com/capabilities/growth-equities/) - [Closed-End Funds](https://www.calamos.com/capabilities/closed-end-funds/) - **Products** - [Mutual Funds](https://www.calamos.com/funds/mutual/) - [Closed-End Funds](https://www.calamos.com/funds/closed-end/) - [Exchange-Traded Funds](https://www.calamos.com/funds/etf/) - [Interval Funds](https://www.calamos.com/funds/interval/calamos-aksia-alternative-credit-and-income-capix/) - [Institutional Strategies](https://www.calamos.com/strategies/) - [UCITS Funds](https://www.calamos.com/funds/ucits/) - **Research** - [Commentary](https://www.calamos.com/insights/) - [Investment Team Voices](https://www.calamos.com/blogs/voices/) - [Investment Ideas](https://www.calamos.com/blogs/investment-ideas/) - **Resources** - [Mutual Funds](https://www.calamos.com/resources/#mutualfunds) - [Closed-End Funds](https://www.calamos.com/resources/#closedendfunds) - [Exchange-Traded Funds](https://www.calamos.com/resources/#exchangetradedfunds) - [Interval Funds](https://www.calamos.com/resources/#intervalfunds) - [Institutional Strategies](https://www.calamos.com/resources/#institutionalstrategies) - [UCITS Funds](https://www.calamos.com/resources/#ucitsfunds) - [Applications & Forms](https://www.calamos.com/resources/#mutualfundsapplications) - [Tax Center](https://www.calamos.com/resources/tax-center/) - **About** - [Our Firm](https://www.calamos.com/about/firm-overview/) - [Executive Officers](https://www.calamos.com/about/executive_officers/) - [Investment Organization](https://www.calamos.com/about/investment-organization/) - [News](https://www.calamos.com/about/news/) - [ESG Policy](https://www.calamos.com/about/calamos-sustainability/) - [Locations](https://www.calamos.com/about/locations/) - [Careers](https://www.calamos.com/careers/) - [Contact Us](https://www.calamos.com/contact-us/) Calamos Financial Services LLC, Distributor Check the background of the firm and its investment professionals on [FINRA's BrokerCheck.](https://brokercheck.finra.org/) ***Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the [prospectus and summary prospectus](https://www.calamos.com/resources/) containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.*** ©2026 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC. Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC. [The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").](https://www.calamos.com/legal/gdpr/) [Important Legal Information](https://www.calamos.com/legal/legal-information/) \| [Privacy Policy](https://www.calamos.com/legal/privacy-policy/) \| [Business Continuity](https://www.calamos.com/legal/business-continuity/) \| [Code of Business Conduct and Ethics](https://www.calamos.com/globalassets/media/pdfs/legalpdfs/conductethics.pdf) \| [ERISA 408(b)(2)](https://www.calamos.com/globalassets/media/pdfs/legalpdfs/erisa-408b2-disclosure-cal.pdf) - [](https://www.linkedin.com/company/calamos-investments) - [](https://twitter.com/calamos) - [](https://www.instagram.com/calamos_investments/) ## Cookies This website uses cookies. By continuing to use this website, you consent to the use of cookies. 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## Calamos Investments ## Calamos Protected Bitcoin ETFs Reset on April 7 Calamos Bitcoin Structured Alt Protection ETF – April Initial Cap Rate\* 9\.72% Reset on April 7 Calamos Bitcoin 90 Series Structured Alt Protection ETF – April Initial Cap Rate\* 23\.12% Reset on April 7 Calamos Bitcoin 80 Series Structured Alt Protection ETF – April Initial Cap Rate\* 37\.97% [Buy Now](https://www.calamos.com/) *** ***  ## Today for Tomorrow Our brand manifesto “Today for Tomorrow” captures Calamos’ true heart and soul – what we stand for, and represent, for almost 50 years now. [Learn More About Our Manifesto](https://www.calamos.com/today-for-tomorrow/) ### CMNIX #### Calamos Market Neutral Income Fund As of April 30, 2021, Morningstar assigned CMNIX to a new category, Relative Value Arbitrage. This category is not assigned a star rating by Morningstar due to its small peer set. For more information about the changes, [click here to learn more](https://www.calamos.com/blogs/investment-ideas/morningstar-remaps-liquid-alts-industry-leading-cmnix-moves-to-new-unrated-category/). [View CMNIX](https://www.calamos.com/funds/mutual/market-neutral-income-cmnix/) ### CGIIX #### Calamos Growth and Income Fund 5 Stars Among 123 Moderately Aggressive Allocation funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 123, 117 and 100 Moderately Aggressive Allocation Funds, respectively, for the period ended 3/31/2026. [View CGIIX](https://www.calamos.com/funds/mutual/growth-and-income-cgiix/) ### CGCIX #### Calamos Global Opportunities Fund 5 Stars Among 408 Global Moderate Allocation funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 408, 394 and 325 Global Moderate Allocation Funds, respectively, for the period ended 3/31/2026. [View CGCIX](https://www.calamos.com/funds/mutual/global-opportunities-cgcix/) ### CTSIX #### Calamos Timpani Small Cap Growth Fund 4 Stars Among 522 Small Growth funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 3 stars for 5 years and 5 stars for 10 years out of 522, 500 and 399 Small Growth Funds, respectively, for the period ended 3/31/2026. [View CTSIX](https://www.calamos.com/funds/mutual/timpani-small-cap-ctsix/) ## Our Firm John P. Calamos, Sr., founded Calamos Investments in 1977 to help investors create and build long-term wealth through innovative, risk-managed strategies. He pioneered the use of convertible strategies and alternative investment solutions to enhance returns and manage risk. Whether through Calamos Wealth Management or Calamos Investments, the firm has remained steadfast in its commitment to put investors first, actively manage risk, and deliver innovation and excellence. [More About Our Firm](https://www.calamos.com/about/firm-overview/)  The latest insights delivered to you Sign up to receive the latest insights on alternatives, convertibles, fixed income, small caps, sustainable equities, and closed-end funds. [Subscribe](https://www.calamos.com/subscription-center/) \*Cap rates and ranges are shown gross of management fees. Initial cap rates shown are calculated at the end of the fund launch date. Cap ranges are based on the last 15 trading days prior to range announcement, based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events. The **Morningstar Relative Value Arbitrage Category** is comprised of funds that seek out pricing discrepancies between pairs or combinations of securities regardless of asset class. **Morningstar Moderately Aggressive Allocation** funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. **Morningstar Global Moderate Allocation Category** funds seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Funds in this global category are generally expected to have no more than 75% of their assets in US securities. **Morningstar Small Growth Category** funds focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. Stocks in the bottom 10% of the capitalization of the US equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Morningstar Ratings™ are based on risk-adjusted returns and are through 2/28/26 for the share class listed and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against US domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2026 Morningstar, Inc. SRP Americas Awards Methodology: SRP typically conducts a comprehensive market survey involving institutions active in the structured products space. Industry professionals—including issuers, distributors, and service providers—are invited to vote on various award categories. For the "Most Innovative Product" award, the evaluation likely focuses on: **product design originality, client-centric innovation, market impact and adoption, risk-return profile enhancements and integration of new technologies or strategies**. Finalists are often reviewed by a panel of SRP editors and industry experts who assess the submissions based on qualitative and quantitative factors. The **With Intelligence Mutual Fund & ETF Awards**, now operating under S\&P Global, are determined through a two-stage process, beginning with editorial review and shortlist selection, followed by evaluation from an [independent judging panel](https://awards.withintelligence.com/mutualfundandetfawards/en/page/judging) of senior asset management and ETF industry executives.