In a strategic move to expand access to structured crypto investment solutions, Calamos has unveiled its April series of Principal Protected Bitcoin ETFs—CBOA, CBXA, and CBTA—set to launch on April 7, 2025. These innovative exchange-traded funds offer investors exposure to Bitcoin’s upside potential while providing varying levels of downside protection: 100%, 90%, and 80% respectively, over a one-year outcome period.
This launch builds on the success of Calamos’ inaugural Protected Bitcoin ETF suite introduced earlier in 2025, which demonstrated resilience during a period of significant Bitcoin volatility. As market uncertainty persists, these new offerings aim to meet growing investor demand for risk-managed digital asset strategies that balance growth potential with capital preservation.
Structured Protection Meets Market Timing
John Koudounis, President and CEO of Calamos, emphasized the importance of risk-aware investing in today’s volatile environment:
“Bitcoin's recent volatility underscores the importance of risk management. I'm proud to say that our inaugural Protected Bitcoin ETFs performed as intended, shielding investors from significant losses. Now is a great time to launch the next series of our Protected Bitcoin ETF Suite.”
The April series introduces refreshed cap rates and full one-year outcome periods, allowing investors to enter at a $25 NAV with clearly defined protection levels from day one. By structuring the final cap rate at the close of trading on April 7, the funds eliminate exposure to overnight Bitcoin price swings that could otherwise impact initial protection terms.
👉 Discover how structured outcome ETFs can align with your investment goals in volatile markets.
Key Features of the April Series ETFs
Each fund in the April lineup is designed around a single outcome period—from April 7, 2025, to April 6, 2026—and tracks the CBOE Bitcoin US ETF Index, ensuring alignment with established U.S.-listed Bitcoin ETF performance.
All three funds share core characteristics:
- Annual expense ratio: 0.69%
- Portfolio management: Led by Co-CIO Eli Pars and the Alternatives Team
- Reference asset: CBOE Bitcoin US ETF Index
- Outcome period: One year (April 7, 2025 – April 6, 2026)
Calamos Bitcoin Structured Alt Protection ETF – April (CBOA)
- Downside protection: 100%
- Estimated cap range: 10%–11%
- Ideal for conservative investors seeking full principal protection with modest upside participation.
Calamos Bitcoin 90 Series Structured Alt Protection ETF – April (CBXA)
- Downside protection: 90%
- Estimated cap range: 27%–30%
- Balances moderate risk tolerance with higher growth potential.
Calamos Bitcoin 80 Series Structured Alt Protection ETF – April (CBTA)
- Downside protection: 80%
- Estimated cap range: 47%–52%
- Designed for aggressive investors willing to accept more drawdown risk for substantially higher return caps.
These tiered options allow financial advisors and individual investors to tailor exposure based on risk appetite and market outlook—without needing complex derivatives or self-managed hedging strategies.
Proven Performance: January Series Withstands Volatility
The effectiveness of Calamos’ structured protection model was validated during early 2025 when Bitcoin faced sharp declines. Despite a peak-to-trough drop of over 25%, the January series ETFs significantly limited losses:
- CBOJ (100% protection): Only -0.98% decline vs. Bitcoin’s -25.80%
- CBXJ (90% protection): -3.70% vs. Bitcoin’s -22.36%
- CBTJ (80% protection): -6.64% vs. Bitcoin’s -22.36%
This real-world performance demonstrates how structured protection can help preserve capital during turbulent markets—exactly as designed.
How Structured Protection ETFs Work
Calamos’ Structured Protection ETFs use FLEX Options issued through the Options Clearing Corporation (OCC) to deliver defined outcomes over annual cycles. These instruments enable:
- Capital protection tiers (up to 100%) if held for the full outcome period
- Capped upside returns based on market conditions at launch
- Monthly series availability, giving investors regular entry points
Importantly, these ETFs are not designed to track Bitcoin’s price intraday. Instead, they provide point-to-point exposure—meaning performance is optimized for investors who hold shares from the first to the last day of the outcome period.
⚠️ Investor Note: Early exits or purchases after the outcome period begins may result in different risk-return profiles than advertised. The upside cap and remaining protection level should be reviewed before investing.
👉 Learn how outcome-based investing can enhance portfolio resilience amid crypto volatility.
FAQ: Understanding Protected Bitcoin ETFs
Q: What does "100% downside protection" mean?
A: If held for the entire outcome period (April 7, 2025 – April 6, 2026), the fund aims to protect all principal from losses due to declines in the reference index. Fees and expenses are deducted separately.
Q: Can I earn more than the cap?
A: No. The cap represents the maximum return possible for the outcome period. For example, CBOA’s 11% cap means no further gains accrue beyond that threshold, regardless of Bitcoin’s performance.
Q: Are these funds tax-efficient?
A: Yes. As exchange-traded funds, they benefit from the in-kind creation/redemption mechanism, which minimizes taxable distributions compared to traditional mutual funds.
Q: What happens after the one-year period ends?
A: A new outcome period begins on the first trading day of April 2026, resetting protection levels and introducing a new cap based on prevailing market conditions.
Q: Is my investment guaranteed?
A: While the structure is designed to deliver stated outcomes, there is no absolute guarantee. Risks include counterparty default (e.g., OCC insolvency), liquidity issues, and changes in market volatility affecting option pricing.
Q: How do I monitor my fund’s progress?
A: Daily updates on each fund’s position relative to its cap and protection level are available at calamos.com, helping investors track performance transparency.
A Growing Ecosystem of Outcome-Based Investing
Beyond Bitcoin, Calamos offers a comprehensive suite of Structured Protection ETFs linked to major equity benchmarks like the S&P 500 and Nasdaq-100. This broader framework enables advisors to build diversified portfolios using consistent outcome-driven strategies across asset classes.
With $41 billion in assets under management—including over $18 billion in liquid alternatives as of February 28, 2025—Calamos continues to lead in innovation for structured, tax-efficient, and advisor-friendly investment vehicles.
👉 Explore advanced investment frameworks that combine upside potential with downside discipline.
Final Thoughts
As cryptocurrency adoption grows alongside market volatility, investor demand for structured, rules-based solutions will only increase. Calamos’ April series of Protected Bitcoin ETFs delivers a timely response—offering clear risk parameters, transparent mechanics, and professionally managed exposure.
For those seeking to participate in Bitcoin’s long-term trajectory without bearing full short-term risk, these tiered protection ETFs represent a compelling evolution in digital asset investing.
Keywords: Protected Bitcoin ETFs, downside protection ETF, structured outcome ETF, Bitcoin investment strategy, Calamos ETFs, capped return ETF, risk-managed crypto investing