Calamos Expands Structured Protection Suite with Bitcoin-Focused ETFs: CBOO, CBXO, and CBTO

How the ETFs Work

Each Calamos Protected Bitcoin ETF is designed to provide exposure to Bitcoin’s price performance, up to a cap, while offering a predetermined level of downside protection over a set outcome period. The three series differ primarily by their protection levels and potential upside: the lower the protection level, the higher the opportunity for returns.

The funds achieve their exposure through exchange-listed FLEX options on Bitcoin ETFs, centrally cleared through the Options Clearing Corporation (OCC). This structure provides transparency, liquidity, and the safeguards of a regulated investment company traded on a U.S. exchange under SEC oversight.

By using this framework, the ETFs eliminate counterparty credit risk typically associated with derivatives and offer investors a more secure and accessible method of gaining Bitcoin exposure through the ETF vehicle.

Why Investors Should Consider These ETFs

Many investors recognize Bitcoin’s potential as a diversifying asset but remain cautious about its volatility, security concerns, and lack of regulatory oversight. The Calamos Protected Bitcoin ETFs address these concerns by combining Bitcoin’s growth potential with defined levels of risk management.

These ETFs appeal to investors who want to:

• Participate in Bitcoin’s upside within a structured, transparent ETF format
• Access a regulated investment vehicle with defined levels of downside protection
• Reduce exposure to the operational and custodial risks of holding Bitcoin directly
• Align their portfolios with a clear, outcome-based risk framework

Calamos’ heritage in risk-managed investing provides the foundation for these products. Through its innovative design, the firm bridges the gap between traditional wealth management and the emerging digital asset ecosystem.

About the Issuer

Headquartered in the Chicago metropolitan area, Calamos Investments is a diversified global investment firm offering innovative strategies across alternatives, convertibles, multi-asset, private credit, equity, fixed income, and sustainable investing. The firm manages over $45 billion in assets, including more than $20 billion in liquid alternatives.

Calamos serves institutional, advisor, and retail clients across the world, offering solutions through ETFs, mutual funds, closed-end funds, interval funds, UCITS, and separately managed portfolios. With its Protected Bitcoin ETF lineup, Calamos continues to expand access to digital assets through a disciplined, risk-aware approach designed to make complex strategies more accessible to everyday investors.

Learn more: https://www.calamos.com/capabilities/protected-bitcoin-etfs/

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.