Metro Chicago, Illinois – John Koudounis, President and CEO of Calamos, announced the planned April 2025 launch of three new ETFs in the world’s first downside-protected Bitcoin ETF suite. These ETFs offer Bitcoin upside growth with 100% (CBOA), 90% (CBXA), and 80% (CBTA) downside protection levels over a one-year outcome period. Koudounis stated, “Bitcoin’s recent volatility highlights the need for risk management. Our inaugural Protected Bitcoin ETFs successfully shielded investors from losses, and we’re excited to introduce the next series.”
👉 Discover how downside-protected Bitcoin ETFs can safeguard your investments
Key Features of the April 2025 ETF Series
The new ETFs will debut on April 7, 2025, with the following protection levels and estimated cap ranges:
| ETF Ticker | Downside Protection | Estimated Cap Range |
|---|---|---|
| CBOA | 100% | 10%–11% |
| CBXA | 90% | 27%–30% |
| CBTA | 80% | 47%–52% |
Performance Highlights of Inaugural ETFs
Calamos’ January 2025 ETFs demonstrated resilience during Bitcoin’s downturn:
| Fund Name (Ticker) | Bitcoin Performance | ETF Performance |
|---|---|---|
| CBOJ (100% Protection) | -25.80% | -0.98% |
| CBXJ (90% Protection) | -22.36% | -3.70% |
| CBTJ (80% Protection) | -22.36% | -6.64% |
How the ETFs Work
- NAV & Trading: Launches at $25 NAV, with cap rates finalized on April 7, 2025.
- Outcome Periods: 1-year duration (e.g., April 7, 2025 – April 6, 2026).
- Management: Co-CIO Eli Pars and the Alternatives Team oversee the ETFs’ FLEX Options strategy.
👉 Explore tax-efficient growth strategies with structured ETFs
Detailed ETF Profiles
1. Calamos Bitcoin Structured Alt Protection ETF® – April (CBOA)
| Parameter | Details |
|---|---|
| Protection Level | 100% downside protection |
| Expense Ratio | 0.69% |
| Reference Asset | CBOE Bitcoin US ETF Index |
2. Calamos Bitcoin 90 Series ETF® – April (CBXA)
| Parameter | Details |
|---|---|
| Protection Level | 90% downside protection |
| Expense Ratio | 0.69% |
3. Calamos Bitcoin 80 Series ETF® – April (CBTA)
| Parameter | Details |
|---|---|
| Protection Level | 80% downside protection |
| Expense Ratio | 0.69% |
FAQs
Q: How do these ETFs protect against Bitcoin’s volatility?
A: They use FLEX Options to cap losses at 100%, 90%, or 80% of the initial investment over a 1-year period.
Q: What’s the minimum investment?
A: ETFs trade at market price (starting NAV: $25), with no minimum share requirement.
Q: Are these ETFs suitable for short-term trading?
A: No—protection levels apply only if held for the full outcome period.
Q: How often are cap rates reset?
A: Annually, coinciding with new outcome periods.
Q: What risks remain?
A: Liquidity risk, capped upside, and OCC default risk (see prospectus).
About Calamos Investments
A global firm managing $41B AUM (as of February 2025), Calamos specializes in alternatives, multi-asset strategies, and ETFs. Headquartered near Chicago, it serves advisors, institutions, and individuals worldwide.
Disclaimer: Investing involves risks, including loss of principal. ETFs’ protection levels require holding shares for the full outcome period. Caps and protections are pre-fee. Read the prospectus at Calamos.com.
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