In a recent special edition of Behind the Ticker recorded live at the Exchange ETF Conference, Matt Kaufman, Head of ETFs at Calamos Investments, joined the show to talk about Calamos’ expanding lineup of structured outcome ETFs—including their latest innovation: a suite of protected Bitcoin ETFs. With a legacy in risk-managed strategies, especially convertible bonds, Calamos has built a reputation over the past 50 years as a leader in delivering upside equity potential with downside protection, a philosophy that now extends to one of the most volatile asset classes—Bitcoin.
Kaufman introduced the firm’s new structured protection Bitcoin ETFs: CBOJ (100% downside protection), CBTJ (10% at risk), and CBTX (20% at risk), offering varying degrees of risk-reward profiles depending on an investor’s tolerance. These funds use a combination of zero-coupon U.S. Treasuries and option strategies built on a custom Bitcoin index developed with the Chicago Board Options Exchange (CBOE). That index, tracking all 11 spot Bitcoin ETPs, enables Calamos to construct call spread strategies that allow for capped upside with predefined downside exposure—offering investors a much-needed safety net in the crypto space.
Kaufman explained how these ETFs are built: most of the portfolio is allocated to Treasuries to secure principal (e.g., 96% for the 100% protected product), while the remaining yield is used to buy a call spread on Bitcoin. The result is a defined one-year outcome period with options-based exposure to Bitcoin’s price movement. Kaufman emphasized the appeal of these products during periods of high volatility, noting that current upside caps are as high as 50–60% for the 20% floor product—making them attractive even amid Bitcoin’s recent drawdown.
Designed for both crypto-curious investors and advisors looking to include Bitcoin in client portfolios with risk control, the Calamos suite of protected Bitcoin ETFs fills a significant gap in the market. Whether used as a “risk-off” sleeve in a crypto model portfolio or as a bond-alternative with meaningful upside, these ETFs offer a more traditional framework for incorporating Bitcoin.
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