Calamos Investments Unveils New Bitcoin ETFs
Calamos Investments LLC, a prominent player in alternative investment management, has recently launched a trio of Bitcoin protection funds designed to cater to both cautious and ambitious investors. These funds, known as the
Calamos Bitcoin Structured Alt Protection ETF (trade symbol: CBOY),
Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXY), and
Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTY), aim to combine the opportunities presented by Bitcoin with defined downside protection.
Understanding the Offering
On July 8, 2025, these ETFs started trading, and they come with distinctly structured cap rates and varying levels of downside protection:
- - CBOY: Offers complete 100% downside protection with an initial cap rate of 10.00%.
- - CBXY: Provides 90% downside protection with a more ambitious cap rate of 24.70%.
- - CBTY: Has 80% downside protection and an impressive cap rate of 41.05%.
Bridging Traditional and Digital Finance
By introducing these products, Calamos is not just offering an investment vehicle but is actively bridging the gap between traditional investment practices and the burgeoning world of digital assets. This is crucial as the market dynamics for Bitcoin continue to evolve. Investors have shown increasing interest in diversifying their portfolios with cryptocurrencies, and Calamos’s ETFs reflect a need for structured and protected approaches to participating in such volatile markets.
Managed by Skilled Professionals
These ETFs will be overseen by
Eli Pars, Co-CIO, and the Alternatives Team at Calamos. They are set to take advantage of the structured protection model which resets annually, giving investors a fresh upside cap linked to the performance of Bitcoin over the following year. This model provides an enticing aspect of tax efficiency, where potential gains can grow tax-deferred under long-term capital gains rates.
Comprehensive Strategy
Calamos prides itself on its range of investment strategies, and their Structured Protection ETF suite stands out as the most extensive of its kind. Investors, including advisors and distributors, will now have monthly entry points into capital-protected growth strategies that offer exposure not just to Bitcoin, but also to leading U.S. equity benchmarks.
With over
$40 billion in assets under management, including more than
$18 billion in liquid alternatives as of May 31, 2025, Calamos is uniquely positioned to implement these innovative investment products. The firm helps individual investors as well as institutional clients such as wealth management platforms and pension funds, facilitating diverse strategies tailored to meet their financial goals.
Getting Started with Calamos ETFs
Investing in these newly minted ETFs comes with a 0.69% annual expense ratio, which is competitive within the growing ETFs landscape. Investors should be mindful of risks, including but not limited to market volatility, authorized participant concentration risk, and cap change risk. Due diligence, outlined in the fund’s prospectus, is essential prior to making an investment decision.
In a nutshell, Calamos’s launch of these Bitcoin ETFs represents a well-timed strategic innovation that meets changing market conditions while enabling investors to access cryptocurrency with a safety net against potential losses.
For more insights on the comprehensive suite of Calamos Structured Protection ETFs, visit the company’s official website or follow them on social media platforms, including LinkedIn and Twitter. For those interested in the potential of Bitcoin investments while prioritizing risk management, Calamos offers a promising pathway.