Metro Chicago, Illinois, January 21, 2025 — John Koudounis, President and CEO of Calamos, announced the expansion of the Calamos Protected Bitcoin ETF Suite with two new ETFs offering 90% (CBXJ) and 80% (CBTJ) downside protection levels over a one-year outcome period. This builds on the launch of CBOJ, the world’s first 100% Protected Bitcoin ETF, providing investors with innovative, risk-managed exposure to Bitcoin’s upside potential.
👉 Discover how these ETFs redefine Bitcoin investment security
Key Features of the ETF Suite
- CBOJ: 100% downside protection, estimated cap range of 10%-11.5% (launches January 22, 2025).
- CBXJ: 90% downside protection, estimated cap range of 28%-31% (launches February 4, 2025).
- CBTJ: 80% downside protection, estimated cap range of 50%-55% (launches February 4, 2025).
All ETFs reset annually, refreshing protection levels and upside caps. Shares can be held indefinitely and trade on Cboe.
How It Works
The ETFs combine Treasuries and options on the CBOE Bitcoin US ETF Index to deliver regulated Bitcoin exposure without counterparty risk. Investors buy in at a fixed NAV (e.g., $25 for CBOJ) to lock in protection levels, avoiding overnight Bitcoin volatility impacts.
Detailed ETF Breakdown
Calamos Bitcoin Structured Alt Protection ETF® (CBOJ)
| Parameter | Details |
|---|---|
| Protection Level | 100% downside protection |
| Launch Date | January 22, 2025 |
| Estimated Cap Range | 10%-11.5% |
| Outcome Period | 1/22/25–1/30/26 |
| Annual Expense Ratio | 0.69% |
Calamos Bitcoin 90 Series ETF® (CBXJ)
| Parameter | Details |
|---|---|
| Protection Level | 90% downside protection |
| Launch Date | February 4, 2025 |
| Estimated Cap Range | 28%-31% |
| Outcome Period | 2/4/25–1/30/26 |
Calamos Bitcoin 80 Series ETF® (CBTJ)
| Parameter | Details |
|---|---|
| Protection Level | 80% downside protection |
| Launch Date | February 4, 2025 |
| Estimated Cap Range | 50%-55% |
Why Invest?
- Risk Management: Tailored protection levels (100%, 90%, 80%) for varied risk tolerance.
- Upside Potential: Higher caps correlate with lower protection levels.
- Liquidity & Transparency: ETFs offer tax efficiency and no credit risk.
👉 Learn more about structured outcome ETFs
FAQs
Q: Can I lose money with these ETFs?
A: Yes, if sold before the outcome period ends or if Bitcoin’s drop exceeds the protection level (e.g., -110% for CBOJ).
Q: How are cap rates determined?
A: Rates are set post-market close on launch days, based on options pricing and Bitcoin volatility.
Q: Are there fees?
A: Yes, 0.69% annual expense ratio.
About Calamos
A global investment firm with $40B+ AUM, Calamos specializes in alternatives, multi-asset strategies, and ETFs. Headquartered near Chicago, it serves advisors, institutions, and individuals worldwide.
Disclaimer: Outcomes are not guaranteed. Investments involve risks, including total loss. Consult the prospectus before investing.
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