As of March 30, spot Bitcoin prices are off 25.39% year-to-date, confirming the largest cryptocurrency is mired in a bear market. Based on pricing seen late on March 30, Bitcoin would need to nearly double to return its all-time notched last October.

That was six months ago, but for the HOLDers out there, it feels like an eternity ago. Sure, we’re in the fourth year of the Bitcoin cycle, which has historically been a challenging one. However, the digital currency’s slide that started last year and is carrying over into 2026 is also a reminder that having some protection is advantageous when allocating to Bitcoin.

Thanks to Calamos, that protection can be had via the exchange traded funds (ETFs) wrapper. On April 7, the Protected Bitcoin April-series protection and upside caps reset for the next 12 months:

Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTA): 80% downside protection; 31.00%-38.00% estimated upside cap range
Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXA): 90% downside protection; 18.50%-23.50% estimated upside cap range
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA): 100% downside protection; 7.25%-9.25% estimated upside cap range

Bitcoin Protection ETFs Matter Now

Obviously, Bitcoin’s slump is one reason the Calamos ETFs are potentially appealing to advisors and clients today, but CBOA, CBTA and CBXA merit closer near-term consideration because with April here, the Calamos ETFs estimated cap ranges are being reset.

In net terms, the estimated upside cap range for the fully protected CBOA is 6.56% to 8.56% while CBTA, which limits investors’ exposure to Bitcoin losses to 20%, has an estimated April cap range of 30.31% to 37.31%. CBXA, which contains losses to 10% of Bitcoin’s, is slated to reset to a cap range of 17.81% to 22.81% in April.

Fortunately, the “plumbing” on the Calamos ETFs isn’t complex as the downside protection is derived from options. Many income-hungry retail investors are flocking to options-based ETFs in search of big yields, but options can be a force for good in the more bespoke, professional wrapper offered by Calamos. Tailoring and professionalism don’t imply complexity as indicated in the CBOA summary below.

“The Calamos Bitcoin Structured Protection ETF is designed to match the positive price return of Bitcoin up to a defined cap while protecting against 100% of losses over a one-year period (before fees and expenses,” according to Calamos.

Calamos ETFs Are Doing Their Jobs

As of the end of February, there are more than 4,800 exchange traded products trading in the U.S. and it’s not a stretch to say hundreds purport to offer some form of volatility mitigation or downside protection. That large population is nice in terms of choice, but advisors can be left disappointed when those funds live up to their billing. As the chart below confirms, Calamos structured protection Bitcoin ETFs are doing performing their jobs in admirable fashion.

Bottom line: Embracing protection, particularly with Bitcoin, is an objective worth pursuing, but it’s always better when the instrument in question does what it’s supposed to do. Fortunately, the Calamos ETFs check that box.

Related: ETF Share Class Trend Ramping Up, but There Will Be Bumps