Metro Chicago, Illinois, March 31, 2025 – John Koudounis, President and CEO of Calamos, revealed plans for the April launch of three new ETFs within the World’s First Downside Protected Bitcoin ETF Suite. These ETFs provide Bitcoin upside growth paired with 100%, 90%, and 80% downside protection levels over a one-year outcome period.
👉 Discover how these ETFs shield investors from market volatility
Koudounis emphasized, "Bitcoin’s volatility highlights the need for risk management. Our inaugural Protected Bitcoin ETFs successfully mitigated investor losses, making this an ideal time to introduce the next series."
Key Details of the April Series
Launching on April 7, 2025, the ETFs feature 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
Calamos’ inaugural ETFs demonstrated resilience during recent Bitcoin downturns:
| Fund Name | Bitcoin Performance | ETF Performance |
|---|---|---|
| CBOJ (100%) | -25.80% | -0.98% |
| CBXJ (90%) | -22.36% | -3.70% |
| CBTJ (80%) | -22.36% | -6.64% |
How the ETFs Work
- Trading: Begins April 7, 2025, at $25 NAV.
- Protection Activation: Final cap rates are set at market close on launch day, shielding investors from overnight Bitcoin volatility.
- Management: Co-CIO Eli Pars and the Alternatives Team oversee the ETFs’ FLEX Options strategy.
👉 Explore Bitcoin ETF investment strategies
FAQ Section
Q: What happens if I sell before the outcome period ends?
A: Protection levels apply only if shares are held for the full one-year period. Early exits may result in losses.
Q: How are cap rates determined?
A: Caps are based on recent market conditions and may adjust. The final rate is set on the launch day.
Q: Are these ETFs suitable for short-term traders?
A: No. They’re designed for investors seeking structured outcomes over a one-year horizon.
About Calamos
With $41 billion AUM, Calamos Investments specializes in alternatives, multi-asset strategies, and ETFs. The firm serves advisors, institutions, and global investors.
Disclaimer: Investing involves risks, including loss of principal. Caps and protections are pre-fees and subject to market conditions. Read the prospectus before investing.
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