Calamos Drops Game-Changer: Bitcoin ETFs with 41% Upside Cap & 100% Downside Shield

Wall Street just got a new toy—and this one has training wheels. Calamos crashes the crypto ETF party with a dual-threat product: exposure to Bitcoin's moonshot potential (capped at 41%) while slapping a 100% floor on losses. Who said institutional money can't have its cake and hedge it too?

The Fine Print Feels Like Free Money

For once, the 'protected' label isn't marketing fluff. That 100% downside protection turns Bitcoin's notorious volatility into a one-way bet—up to the 41% ceiling, anyway. Traders get asymmetric upside without the sleepless nights. (Your CFO will still find reasons to panic.)

Why This Changes the Custodian Game

Pension funds and endowments—the slow-moving whales of finance—now have a compliant on-ramp. No cold storage headaches, no regulatory side-eye. Just ticker symbols and quarterly reports. The suits might finally stop calling crypto a 'fraud' now that it wears their favorite wrapper.

The Catch? Probably Fees.

Let's be real—that downside protection isn't charity. Expect expense ratios that'd make a hedge fund blush. But for institutions dipping toes in crypto? A small price to pay for deniability when the SEC comes knocking.

Bottom line: Calamos didn't just build a better mousetrap. They built one that lets Wall Street eat the cheese and keep the trap—classic finance alchemy.

TLDR

• Calamos Launches 3 Bitcoin ETFs With Caps & Downside Protection
• New Calamos Bitcoin ETFs Offer Safety-First Structured Growth Paths
• Calamos Debuts Capped Bitcoin ETFs With Tiered Downside Shields
• Pick Your Protection: Calamos Unveils 3 Risk-Buffered Bitcoin ETFs
• Bitcoin, But Safer: Calamos ETFs Offer Upside Caps & Loss Buffers

Calamos Investments has launched three new Bitcoin Structured Alt Protection ETFs offering capped upside and defined downside levels. The funds began trading on July 8, 2025, with outcome periods running through July 7, 2026. Each ETF provides exposure to the CBOE Bitcoin US ETF Index with distinct levels of downside protection.

CBOY Launches with 100% Downside Protection and 10% Cap

The Calamos bitcoin Structured Alt Protection ETF (CBOY) offers full downside protection over a one-year term ending July 7, 2026. This fund caps upside potential at 10.00%, reflecting a conservative growth approach for those seeking maximum capital safety. It tracks the CBOE Bitcoin US ETF Index through derivative-based exposure.

Pleased to welcome three new ETFs by @Calamos Investments to our U.S. market:

🔹Calamos Bitcoin Structured Alt Protection ETF – July $CBOY
🔹Calamos Bitcoin 90 Series Structured Alt Protection ETF – July $CBXY
🔹Calamos Bitcoin 80 Series Structured Alt Protection ETF – July… pic.twitter.com/mam4rvPvsO

— Cboe (@CBOE) July 8, 2025

CBOY does not invest directly in bitcoin but utilizes options tied to the performance of Bitcoin-related indexes and ETPs. The annual expense ratio stands at 0.69%, and the cap is applied before fees and costs. The fund aims to match bitcoin’s gains up to the cap while guarding against any loss over the defined term.

The protection only applies to shares held for the full outcome period starting from July 8. If purchased mid-period, the protection level and cap rate may differ. Shares bought after the start date could be exposed to market risk without the full benefit of the structured outcome.

CBXY Introduces 90% Protection and 24.70% Upside Cap

The Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY) provides 90% downside protection for its one-year outcome period. It offers a 24.70% cap on upside performance before deducting fees and expenses. This structure allows for higher participation in bitcoin’s gains while maintaining a buffer against major losses.

CBXY also tracks the CBOE Bitcoin US ETF Index, relying on options linked to Bitcoin ETPs and indexes. The fund shares the same 0.69% annual expense ratio as the others in the suite. It seeks to bridge digital assets and traditional financial risk parameters through structured exposure.

Shareholders must hold CBXY for the full period to benefit from the defined terms. Mid-cycle entries or exits may result in different risk and reward outcomes. The structure resets annually, offering recurring defined opportunities with updated caps and protections.

CCBTY Offers 80% Protection and Aggressive 41.05% Cap

The Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTY) delivers the highest upside potential among the trio, with a 41.05% cap. The fund offers 80% downside protection and targets the same one-year outcome period ending July 7, 2026. This ETF targets more growth-minded holders seeking higher returns with some downside coverage.

CBTY’s structure also uses options tied to bitcoin-tracking ETPs and indexes instead of direct bitcoin holdings. Like its counterparts, the fund maintains an annual expense ratio of 0.69%. This approach supports capital appreciation while moderating risk through a predefined protective buffer.

The fund resets annually and is part of a broader series that allows for monthly entry points across multiple benchmarks. Gains on long-term holdings may receive favorable tax treatment due to the fund’s design. CBTTY’s structure aims to balance growth exposure with partial capital protection over a fixed term.