Episode 3 |THE BUFFERED ETF GUYS | Bitcoin vs Buffered Bitcoin ETFs: 80%, 90%, and 100% Floor Protection Explained | Some Risks, Upside, & Tax Efficiency

In Episode #3, Mike and his guest continue their educationalconversation comparing Bitcoin with buffered Bitcoin ETFs. They focus on the differences between Calamos ETFs offering 100%, 90%, and 80% downside floors (CBOJ, CBXJ, and CBTJ). The discussion explores how these floors reduce risk and how the associated caps influence potential returns.

They explain that a 100% floor protects against any downside(less fees), but caps gains (e.g., ~11%). Meanwhile, the 90% and 80% floors accept some downside risk—10% and 20% respectively—but offer significantly higher upside potential, with current caps reaching ~23% and ~42%.

Mike and his co-host also talk about real investor behaviors: emotional reactions to volatility, chasing performance, and fears of market crashes. They emphasize the need to align any investment decision with one’s own risk tolerance.

The hosts break down how buffered ETFs are structured to be tax efficient, generally not triggering taxes until sold. They note the benefits of liquidity, rollover periods, and optionality in allocation strategies. One strategy mentioned is blending different floors (e.g., mixing 90% and 80% floor ETFs) to target a specific risk profile, such as an 88% floor — a fun nod to “Back to the Future.”

They highlight the importance of understanding the specificmechanics of any buffer. Not all “90% floors” or “buffers” are structured the same—some protect the first 10% of losses, others everything beyond 10%. Words like "floor" and "buffer" can mean different things across providers.

The episode closes by reinforcing the theme: this iseducational content only. Listeners are encouraged to study these products further, speak with an advisor, and explore websites like Calamos.com for detailed ETF disclosures. The conversation aims to demystify buffered Bitcoin ETFs and showhow they might help manage risk in a volatile asset class like crypto—without getting stuck in illiquid investments or overpaying taxes unnecessarily. investing, bitcoin, buffered etf, cbxj, cboj, cbtj, buffer risks, etf investing, downside, market crash, tax efficiency, floor protection, upside cap, retire, retirement, market volatility, drawdown, crypto investing, calamos, optionality, structured investments

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DISCLAIMER:Do your own homework. Talk to your advisor. Talk to us. Here is a (non-exhaustive) list of some fund companies’ websites who may offer funds in the buffered (floor, outcome, targeted) category: AllianzIM.com FTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.com True-shares.com Blackrock.com Invesco.comSimplify.us

If we mentioned any companies today, please seethat company’s website for details and disclosures related to their company and funds. Any mention of a specific company or fund should not be construed as a recommendation. These names are used for illustrative purposes only. Advisoryservices are offered through ATX Financial Planning LLC, an SEC Registered Investment Adviser. All content is for information purposes only and should not be relied upon for any investment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures