Calamos Investments is rolling out a pair of Bitcoin exchange-traded funds that use Cboe-listed Bitcoin options to cap gains while shielding investors from steep losses. The strategy, known as a defined-outcome ETF, is a staple in equities but largely untested in crypto — and it could open the door for advisors who have stayed on the sidelines.
What a defined-outcome ETF actually does
These funds buy Bitcoin exposure and then layer on options — typically call spreads and put spreads — to create a pre-set performance band. Investors give up some upside above a certain price level in exchange for a floor that limits how much they can lose. Calamos is using Cboe Bitcoin options, which are cash-settled and tied to the CME CF Bitcoin Reference Rate.
The result is a product that behaves more like a structured note than a spot ETF. For an advisor managing a client's retirement account, that predictability is the whole point.
Why advisors care
Most financial advisors still treat Bitcoin as a speculative sideline. The 2022 drawdown and subsequent volatility didn't help. Defined-outcome ETFs let them allocate to Bitcoin within a risk budget — they know the maximum loss before they buy. That's a pitch that works in a compliance meeting.
Calamos is betting that this structure will feel familiar to advisors who already use defined-outcome funds from providers like Innovator or First Trust in the stock market. The only difference is the underlying asset.
The Cboe connection
Cboe Global Markets launched Bitcoin options in 2024, and volume has grown steadily through 2026. The exchange now offers weekly and monthly expiries, giving issuers like Calamos enough liquidity to build these buffers. Without a robust options market, this product wouldn't work.
The ETF wrapper also means investors don't have to manage options themselves — no rolling contracts, no margin calls. The fund handles it.
A new lane for Bitcoin investing
Spot Bitcoin ETFs have pulled in tens of billions since their debut in 2024, but they remain a buy-and-hold vehicle. Calamos' approach adds a risk-controlled variant. It's not for everyone — aggressive traders will find the cap frustrating — but it gives fiduciaries a tool they didn't have before.
The exact tickers, expense ratios, and launch date haven't been disclosed yet. Calamos is expected to file the necessary paperwork in the coming weeks. The market will then decide whether this blend of buffers and Bitcoin has legs.
