> In simple terms, if an investor bought $100 worth of shares in the ETF, Calamos would put a percentage of that in Treasury bonds that would grow back to $100

> In simple terms, if an investor bought $100 worth of shares in the ETF, Calamos would put a percentage of that in Treasury bonds that would grow back to $100 over a one-year period, ensuring that regardless of where the price of bitcoin stands at the time, the investor has the full $100. So, with some rounding, if you invest $100 there, $.5 goes to management fees, $95.5 goes to Treasury Bonds, and $4 goes to BTC(derivatives). After a year you get $100 (discounting inflation) and some "free" BTC, so they claim "no downside". I still don't understand how much you would gain if the BTC price increase, because the investment in BTC is tiny.