Cboe Global Markets has welcomed three new Bitcoin exchange traded funds from Calamos Investments, extending the venue’s digital-asset line-up for ordinary investors. The funds began trading on the exchange’s US platform on Tuesday and track spot Bitcoin through listed options strategies.
Calamos has issued the Calamos Bitcoin Structured Alt Protection ETF (CBOY), the Bitcoin 90 Series Structured Alt Protection ETF (CBXY) and the Bitcoin 80 Series Structured Alt Protection ETF (CBTY), each designed to limit losses to 0%, 10% and 20% respectively over a year.
A listing notice from Cboe shows the three funds were cleared to begin trading on 8 July, each opening at a net asset value of $25 a share and settling in US dollars, in line with the exchange’s standard equity procedures. The exchange highlighted the milestone in a post on X and said the addition underlines its goal of broadening choice in the market for regulated crypto exposure.
Calamos says CBOY aims to mirror Bitcoin’s gains up to a set cap while guaranteeing full capital protection over the one-year outcome period. CBXY offers 90% protection and CBTY 80%, letting holders choose how much downside cover they prefer before handing back extra upside potential. The funds do not hold the coin directly; instead they buy flexible exchange options referencing the CME CF Bitcoin Reference Rate, thereby sidestepping custody risk while still tracking spot moves.
The Chicago based manager positions the strategy inside its broader Structured Protection ETF range, which also spans the S&P 500 and other benchmarks. It debuted the fully protected Bitcoin ETF CBOJ in January and has since issued April editions, giving the strategy quarterly start dates and letting investors reset exposure more often. The firm argues the buffer design can give nervous investors a simpler route into volatile assets, provided they accept the annual cap on returns.
With Bitcoin still hovering near $108,000 after a choppy fortnight, interest in hedged exposure remains high. The arrival of the July series gives advisers another set of tickers to mix into portfolios as they weigh upside hopes against the need for damage control.
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