The Calamos Bitcoin Structured Alt Protection ETF offers investors a unique approach to bitcoin exposure, promising 100% downside protection while capping annual returns at nearly 11%. The fund combines low-risk investments with bitcoin-linked options. It ensures no losses for its initial backers over a year, albeit with limited upside. Bitcoin has experienced 23 single-day gains exceeding the ETF’s cap since 2016, with an average annual volatility of 86%. The fund’s potential zero or negative returns—coupled with fees—may render it less appealing than holding cash.