Calamos Investments has launched three structured Bitcoin ETFs, offering varying levels of downside protection. The ETFs, named CBOL, CBXL, and CBTL, provide 100%, 90%, and 80% protection respectively. These funds employ a quarterly step-up strategy to mitigate market timing risks while offering controlled exposure to Bitcoin. Each ETF has an expense ratio of 0.79% and tracks the CBOE Bitcoin US ETF Index. This initiative by Calamos aims to integrate traditional finance with digital assets, appealing to investors interested in managing volatility in their cryptocurrency investments. The launch reflects a growing trend of financial products designed to offer safer entry points into the volatile crypto market.