How Protected Bitcoin ETFs Won

Considering just how poorly the price of bitcoin has performed as of late, it’s not unrealistic to argue that lower-risk bitcoin strategies are currently offering a stronger use case. It should go without saying that one of the most important questions one should ask about a low-risk bitcoin strategy is this: Does it work? Luckily, even amid a crypto winter, protected funds that provide more risk-averse exposure to bitcoin are posting good results.

Just take a look at the chart below from Calamos Investments. While other traditional spot bitcoin ETFs were forced to bear the brunt of downside exposure to bitcoin’s price plunge, the Calamos Bitcoin Structured Alt Protection ETF – April (CBOA), Calamos Bitcoin 90 Structured Alt Protection ETF – April (CBXA), and Calamos Bitcoin 80 Series Structured Alt Protection ETF – April (CBTA) each had much less downside exposure.

Source: YCharts. Past performance does not guarantee future results.

Now’s a Great Time to Consider the Calamos April Bitcoin ETFs

With a promising one-year progress report, advisors can look to the Calamos Protected Bitcoin suite with more confidence that these approaches work. Better yet, it could be a good time to invest in the aforementioned April funds, given that they are resetting their protection levels on April 7, 2026.

For the uninitiated, each of these three funds provides a differing level of downside security over a one-year outcome period. Corresponding to their fund titles, CBOA provides 100% protection, CBXA provides 90%, and CBTA provides 80% (before fees and expenses).

Each April Protected Bitcoin ETF offers differing levels of bitcoin upside via options. In simple terms, the more risk a Protected Bitcoin fund is taking on, the more upside exposure an investor has access to. The estimated gross cap ranges for the April Protected Bitcoin ETFs are as follows:

• CBOA: 7.25%–9.25%
• CBXA: 18.50%–23.50%
• CBTA: 31.00%–38.00%

The use cases for each of these funds remain fairly clear. CBOA’s 100% downside security offers limited upside but a de-risked means of staying engaged with the bitcoin theme. Meanwhile, CBTA takes on some risk but offers a far higher potential ceiling for potential returns. Lastly, CBXA sits as a middle ground solution between the other two funds.

Of course, there are plenty of reasons advisors and investors may want to consider building bitcoin exposure, whether for diversification, buying the dip, or something else. However, for those who do so, minding the risks and choosing an approach that puts risk management at the forefront may offer an attractive path forward.

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Calamos Investments LLC, referred to herein as Calamos, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.

Before investing, carefully consider a Fund’s investment objectives, risks, charges, and expenses. Please see the prospectus and summary prospectus containing this and other information, which can be obtained by calling 1-866-363-9219. Read it carefully before investing.  

Each fund’s prospectus and statement of additional information are not offers to sell such fund’s securities and are not soliciting offers to buy such fund’s securities in any state where the offer or sale is not permitted.  

The Funds seek to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate – New York Variant (“BRRNY”) (“Spot bitcoin”) up to a predetermined upside cap (the “Cap”) while seeking to protect against 100%, 90%, or 80%, respectively, of losses (before total fund operating fees and expenses) of Spot bitcoin over a period of approximately one (1) year (the “Outcome Period”). The Funds will not invest directly in bitcoin. Instead, the Funds seek to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin and/or one or more indexes that are designed to track the price of bitcoin (“Bitcoin Index”).  

The Target Outcome may not be achieved, and investors may lose some or all their money. The Funds are designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a Fund until the end of the Outcome Period. While the Funds seek to provide 100%, 90% or 80% protection against losses in the price of Spot bitcoin to shareholders who hold Fund Shares for an entire Outcome Period, there is no guarantee a Fund will successfully do so. If a Fund’s NAV has increased significantly, a shareholder who purchases Fund Shares after the first day of an Outcome Period could lose their entire investment. An investment in the Funds is only appropriate for shareholders willing to bear those losses. There is no guarantee the Capital Protection and Cap will be successful, and a shareholder who invests at the beginning of an Outcome Period could also lose their entire investment.  

An investment in the Funds is subject to risks, and you could lose money on your investment in a Fund. There can be no assurance that a Fund will achieve its investment objective. Your investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in a Fund can increase during times of significant market volatility. The Funds also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the Funds’ prospectus.  

Digital Assets Risk: The Bitcoin network was first launched in 2009, and Bitcoins was the first cryptographic digital asset to gain global adoption and critical mass. Although the Bitcoin network is the most established digital asset network, the Bitcoin network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. Moreover, because digital assets, including bitcoin, have existed for a short time and continue to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus. Digital assets represent a new and rapidly evolving industry, and the value of the Underlying ETPs’ shares depends on Bitcoin’s acceptance. The realization of one or more of the following risks could materially adversely affect the value of the Underlying ETPs’ shares.  

Investing involves risks. Loss of principal is possible. The Funds face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, U.S. Government security risk, U.S. Treasury risk, and valuation risk. For a detailed list of Fund risks, see the prospectus.  

100%, 90%, or 80% capital protection is over a one-year period before fees and expenses. All caps are predetermined. Cap rates and ranges are shown gross of management fees. Cap rates shown are calculated using the last closing price of the ETF on 4/2/26. Cap ranges for Protected Bitcoin ETFs are estimates based on the last 15 trading days prior to the range being announced based on market conditions during the sample period, and are subject to change. The actual cap rate may be different based on market events.

Cap Rate – Maximum percentage return an investor can achieve from an investment in a Fund if held over the Outcome Period.

Protection Level – Amount of protection a Fund is designed to achieve over the Days Remaining.  

Outcome Period – Number of days in the Outcome Period

Calamos Financial Services LLC, Distributor

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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