Core Insights - Calamos Investments has launched three new Protected Bitcoin ETFs, each designed to offer varying levels of bitcoin return exposure and downside protection [1][6] Fund Summaries - The Calamos Bitcoin Structured Alt Protection ETF – October (CBOO) provides the highest level of downside protection, ensuring 100% principal protection over a one-year outcome period, with an initial cap rate of 8.47% before fees [2][6] - The Calamos Bitcoin 80 Series Structured Alt Protection ETF – October (CBTO) targets higher returns with an initial cap rate of 41.62% after fees, but it limits losses to a maximum of -20% over the outcome period [3][4] - The Calamos Bitcoin 90 Series Structured Alt Protection ETF – October (CBXO) offers a balanced approach, limiting losses to -10% while providing an initial cap rate of 23.43% before fees [5][6] Investment Strategy - Each of the new funds presents unique advantages for investors, particularly in the context of increasing interest in bitcoin and the importance of downside protection [6]