Calamos Investments LLC ("Calamos") revealed the estimated upside cap ranges for its upcoming Bitcoin Protection ETFs, set to launch on July 8, 2025. These ETFs combine exposure to Bitcoin with structured downside protection over a one-year outcome period.
Key ETF Offerings
| ETF Name (Ticker) | Downside Protection | Estimated Cap Range | Outcome Period | Reference Asset | Annual Expense Ratio |
|---|---|---|---|---|---|
| Bitcoin Structured Alt Protection ETF® – July (CBOY) | 100% | 9.0% – 11.0% | 7/8/25 – 7/7/26 | CBOE Bitcoin US ETF Index | 0.69% |
| Bitcoin 90 Series Structured Alt Protection ETF® – July (CBXY) | 90% | 24.0% – 28.0% | 7/8/25 – 7/7/26 | CBOE Bitcoin US ETF Index | 0.69% |
| Bitcoin 80 Series Structured Alt Protection ETF® – July (CBTY) | 80% | 43.0% – 48.0% | 7/8/25 – 7/7/26 | CBOE Bitcoin US ETF Index | 0.69% |
Features
- Downside Protection: Ranges from 80% to 100%, shielding investors from Bitcoin’s volatility.
- Upside Caps: Predefined maximum returns (e.g., 9%–11% for CBOY).
- Tax Efficiency: Gains are taxed as long-term capital gains if held beyond one year.
👉 Explore Bitcoin ETF strategies for portfolio diversification.
How Structured Protection ETFs Work
These ETFs reset annually, offering:
- Refreshed Caps: New upside potential each year.
- Renewed Protection: Downside safeguards reapply for each outcome period.
- Tax Alpha: Deferred taxes on unrealized gains.
Risks to Consider
- Cap Constraints: Returns cannot exceed the predetermined cap.
- Interim Volatility: Prices may not track Bitcoin linearly during the outcome period.
- Liquidity Risks: FLEX Options may face limited marketability.
"The Calamos Protected Bitcoin ETFs are designed for advisors and investors seeking regulated exposure to crypto with risk management." — Eli Pars, Co-CIO
FAQs
Q: What happens if I sell before the outcome period ends?
A: You may forfeit protection benefits and cap returns.
Q: How are the cap ranges determined?
A: Based on 15-day market conditions prior to launch, subject to change.
Q: Are these ETFs suitable for short-term traders?
A: No. They’re optimized for buy-and-hold strategies.
Q: What’s the minimum investment period to get full protection?
A: Hold shares for the entire 1-year outcome period.
👉 Learn more about downside-protected crypto investing.
About Calamos Investments
With $40B+ AUM, Calamos specializes in alternatives, equities, and structured products. The firm is headquartered near Chicago and operates globally.