Calamos Investments, a leading global investment firm, has unveiled plans to launch three new Principal Protected Bitcoin ETFs in April 2025. This expansion comes after the successful debut of their groundbreaking Protected Bitcoin ETF Suite earlier this year.
Key Features of the April 2025 ETF Series
The new ETFs will offer investors Bitcoin upside potential with varying levels of downside protection:
- CBOA: 100% downside protection with an estimated cap range of 10%-11%
- CBXA: 90% downside protection with an estimated cap range of 27%-30%
- CBTA: 80% downside protection with an estimated cap range of 47%-52%
These ETFs are designed to provide structured outcome periods of one year, shielding investors from Bitcoin's notorious volatility while still allowing participation in its growth.
👉 Discover how these ETFs outperform traditional Bitcoin investments
Performance Highlights
Recent data demonstrates the resilience of Calamos' Protected Bitcoin ETFs:
| Fund Name | Timeframe | Bitcoin Performance | ETF Performance |
|-----------|-----------|--------------------|-----------------|
| CBOJ | Jan 22 - Mar 11, 2025 | -25.80% | -0.98% |
| CBXJ | Feb 4 - Mar 11, 2025 | -22.36% | -3.70% |
| CBTJ | Feb 4 - Mar 11, 2025 | -22.36% | -6.64% |
Innovative Protection Mechanism
The April series will launch on April 7, 2025, with a $25 NAV. Investors can secure protection levels (100%, 90%, or 80%) relative to Bitcoin's performance over the outcome period. The final cap rates will be determined at the end of the trading day on April 7th, minimizing exposure to overnight Bitcoin volatility.
👉 Learn why structured protection ETFs are gaining popularity
Expert Commentary
John Koudounis, President and CEO of Calamos, emphasized the importance of risk management:
"Bitcoin's volatility makes downside protection essential. Our inaugural ETFs proved their worth, and we're excited to offer fresh opportunities with the April series."
Matt Kaufman, Head of ETFs, added:
"Investors now have three distinct risk-reward profiles to choose from, each with full one-year outcome periods."
ETF Details
Calamos Bitcoin Structured Alt Protection ETF® -- April (CBOA)
- Protection Level: 100%
- Launch Date: 4/7/2025
- Estimated Cap Range: 10%-11%
- Annual Expense Ratio: 0.69%
Calamos Bitcoin 90 Series Structured Alt Protection ETF® -- April (CBXA)
- Protection Level: 90%
- Estimated Cap Range: 27%-30%
Calamos Bitcoin 80 Series Structured Alt Protection ETF® -- April (CBTA)
- Protection Level: 80%
- Estimated Cap Range: 47%-52%
FAQs
1. How do Principal Protected Bitcoin ETFs work?
These ETFs use FLEX Options to provide downside protection while capping upside potential. Investors must hold shares for the full outcome period (one year) to benefit from the protection.
2. What happens if I sell before the outcome period ends?
Early sellers may not receive the full protection benefit and could experience losses if Bitcoin's price declines.
3. Are these ETFs suitable for long-term Bitcoin investors?
Yes, they offer a balanced approach—participation in Bitcoin's growth with reduced downside risk.
4. How are the cap rates determined?
Cap ranges are based on recent market conditions and may change. The final cap rate is set on the launch date.
5. What fees are associated with these ETFs?
All three ETFs carry an annual expense ratio of 0.69%.
Conclusion
Calamos continues to innovate in the crypto ETF space with its Principal Protected Bitcoin ETFs. The April 2025 series provides fresh opportunities for investors seeking Bitcoin exposure with managed risk.
For more details, visit Calamos Investments.
Disclaimer: Investing involves risks, including loss of principal. The ETFs' protection levels are only guaranteed if held for the full outcome period. Past performance does not guarantee future results.