Buffered and defined-outcome ETFs in crypto conviction
ETFs that use options to cap gains and cushion losses on crypto over a set period. Driven by the price of what they track and the cost of the options, reset each period.
24ETFs in this category
$173mmoney in them
0.1%of crypto conviction’s money
CBTJlargest unleveraged ETF, 14.5%
How they did, to Nov 2, 2026
| 1 month | YTD | 12 months | |
|---|---|---|---|
| Category median | −3.3% | −6.9% | −13.3% |
| Its story | −10.6% | −14.6% | −32.6% |
| Broad US ETFs | −2.5% | +11.5% | +11.8% |
Every ETF here, largest first
| # | ETF | Name | Assets | Share | 12 months | Fee |
|---|---|---|---|---|---|---|
| 1 | CBTJ | Calamos Bitcoin 80 Series Structured Alt Protection ETF January | $25m | 14.5% | −29.2% | 0.69% |
| 2 | CBTO | Calamos Bitcoin 80 Series Structured Alt Protection ETF October | $16m | 9.4% | −21.4% | 0.69% |
| 3 | CBXJ | Calamos Bitcoin 90 Series Structured Alt Protection ETF January | $16m | 9.4% | −21.4% | 0.69% |
| 4 | CBOJ | Calamos Bitcoin Structured Alt Protection ETF January | $16m | 9.1% | −4.3% | 0.69% |
| 5 | BHDG | Nicholas Bitcoin Tail ETF | $15m | 8.5% | – | 0.97% |
| 6 | QBF | Innovator Uncapped Bitcoin 20 Floor ETF Quarterly | $13m | 7.3% | −32.9% | 0.79% |
| 7 | ISBG | IncomeSTKd 1x Bitcoin 1x Gold Premium ETF | $8m | 4.5% | – | 1.14% |
| 8 | CBXO | Calamos Bitcoin 90 Series Structured Alt Protection ETF October | $7m | 3.8% | −11.9% | 0.69% |
| 9 | CBOO | Calamos Bitcoin Structured Alt Protection ETF October | $6m | 3.5% | −2.0% | 0.69% |
| 10 | CBTA | Calamos Bitcoin 80 Series Structured Alt Protection ETF April | $6m | 3.5% | −25.9% | 0.69% |
| 11 | CBXY | Calamos Bitcoin 90 Series Structured Alt Protection ETF July | $6m | 3.5% | −5.1% | 0.69% |
| 12 | CBTY | Calamos Bitcoin 80 Series Structured Alt Protection ETF July | $6m | 3.2% | −12.2% | 0.69% |
| 13 | CBOY | Calamos Bitcoin Structured Alt Protection ETF July | $5m | 2.9% | +1.0% | 0.69% |
| 14 | CBOA | Calamos Bitcoin Structured Alt Protection ETF April | $5m | 2.9% | −4.1% | 0.69% |
| 15 | CBXA | Calamos Bitcoin 90 Series Structured Alt Protection ETF April | $5m | 2.7% | −19.3% | 0.69% |
| 16 | BFJL | FT Vest Bitcoin Strategy Floor15 ETF July | $4m | 2.2% | −4.7% | 0.90% |
| 17 | HBIT | Hedgeye Hedged Bitcoin ETF | $4m | 2.1% | – | 0.70% |
| 18 | CBTL | Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | $2m | 1.4% | −19.9% | 0.79% |
| 19 | CBOL | Calamos Laddered Bitcoin Structured Alt Protection ETF | $2m | 1.4% | −2.1% | 0.79% |
| 20 | ISSB | IncomeSTKd 1x US Stocks 1x Bitcoin Premium ETF | $2m | 1.3% | – | 1.14% |
| 21 | BFOC | FT Vest Bitcoin Strategy Floor15 ETF October | $2m | 1.0% | −16.1% | 0.90% |
| 22 | CBXL | Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | $2m | 0.9% | −13.3% | 0.79% |
| 23 | BFJA | FT Vest Bitcoin Strategy Floor15 ETF January | under $1m | 0.5% | – | 0.90% |
| 24 | BFAP | FT Vest Bitcoin Strategy Floor15 ETF April | under $1m | 0.5% | −21.3% | 0.90% |
Other categories in crypto conviction
Common questions
Which ETFs are buffered and defined-outcome ETFs?24 US ETFs sit in this category of crypto conviction. ETFs that use options to cap gains and cushion losses on crypto over a set period. Driven by the price of what they track and the cost of the options, reset each period.
What is the largest buffered and defined-outcome ETF?CBTJ, Calamos Bitcoin 80 Series Structured Alt Protection ETF January, with $25m, 14.5% of the category's money.
How have buffered and defined-outcome ETFs performed?The median unleveraged ETF here returned -13.3% over the last 12 months to Nov 2, 2026, against +11.8% for broad US ETFs. Past performance, not a forecast.