Calamos Investments LLC, a leading alternatives manager, has unveiled the estimated upside cap ranges for its upcoming Bitcoin Protection ETFs, offering investors exposure to Bitcoin with structured downside protection. These ETFs are designed to reset annually, providing refreshed upside caps and protection levels over one-year outcome periods.
Key ETF Offerings
Calamos Bitcoin Structured Alt Protection ETF® – July (CBOY)
- Launch Date: July 8, 2025
- Downside Protection: 100%
- Estimated Cap Range: 9.0%–11.0%
Calamos Bitcoin 90 Series Structured Alt Protection ETF® – July (CBXY)
- Launch Date: July 8, 2025
- Downside Protection: 90%
- Estimated Cap Range: 24.0%–28.0%
Calamos Bitcoin 80 Series Structured Alt Protection ETF® – July (CBTY)
- Launch Date: July 8, 2025
- Downside Protection: 80%
- Estimated Cap Range: 43.0%–48.0%
ETF Comparison Table
| ETF Name (Ticker) | Protection Level | Cap Range | Outcome Period | Reference Asset | Annual Expense Ratio |
|---|---|---|---|---|---|
| CBOY | 100% | 9.0%–11.0% | 1 Year | CBOE Bitcoin US ETF Index | 0.69% |
| CBXY | 90% | 24.0%–28.0% | 1 Year | CBOE Bitcoin US ETF Index | 0.69% |
| CBTY | 80% | 43.0%–48.0% | 1 Year | CBOE Bitcoin US ETF Index | 0.69% |
Features and Benefits
- Defined Downside Protection: Shields against negative returns of the benchmark.
- Tax Efficiency: Potential gains grow tax-deferred at long-term capital gains rates.
- Structured Flexibility: Monthly entry points for diversified portfolio integration.
👉 Explore Bitcoin Protection Strategies
FAQs
What is the minimum investment period for these ETFs?
The ETFs are designed for a one-year outcome period. Holding shares beyond this period resets the cap and protection levels.
How are the cap ranges determined?
Cap ranges are based on market conditions over the 15 trading days prior to announcement and may change.
Can investors lose money with downside protection?
While protection levels mitigate losses, fees and expenses may impact returns.
👉 Learn More About ETF Tax Advantages
About Calamos Investments
With over $40 billion in assets under management (AUM), Calamos specializes in innovative strategies, including alternatives, multi-asset, and sustainable equity solutions. The firm serves global clients through ETFs, mutual funds, and private portfolios.
Disclaimer: Investments involve risks, including loss of principal. Caps and protections are pre-determined and subject to market conditions. Consult the prospectus for details.
Source: Calamos Investments LLC
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