Calamos Investments has launched three Bitcoin-structured protection ETFs, named CBOO, CBXO, and CBTO, with initial capitalization rates of 8.47%, 23.43%, and 41.62%, respectively. These ETFs provide varying levels of downside protection—100%, 90%, and 80%—over a one-year return period. Managed by co-CIO Eli Pars, the ETFs began trading on October 8, 2025, and aim to integrate traditional finance with digital assets by offering defined risk parameters for Bitcoin exposure.