Calamos Investments has officially launched two groundbreaking exchange-traded funds (ETFs) designed to offer investors innovative exposure to bitcoin with significant downside protection: the Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January (CBXJ) and the Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January (CBTJ). These funds mark a pivotal advancement in risk-managed digital asset investing, combining the growth potential of bitcoin with defined capital protection levels.
Backed by a proven structured protection framework, CBXJ and CBTJ provide 90% and 80% downside protection, respectively, over a one-year outcome period, while offering investors the opportunity to benefit from upward price movements—capped at 29.15% for CBXJ and 51.50% for CBTJ.
Bridging Traditional Finance and Digital Assets
John Koudounis, President and CEO of Calamos, emphasized the firm’s commitment to innovation:
“By introducing these first-to-market offerings, we continue to demonstrate our leadership role in risk-managed bitcoin investment strategies.”
With these new ETFs, Calamos is effectively bridging the gap between traditional finance and digital assets. Investors seeking exposure to bitcoin’s long-term upside—without the full brunt of its volatility—now have a transparent, tax-efficient, and liquid vehicle to do so. Unlike direct cryptocurrency ownership, these ETFs do not hold bitcoin directly. Instead, they use financial derivatives linked to underlying exchange-traded products (ETPs) that track the price of spot bitcoin.
This structure enables investors to gain regulated market access while mitigating counterparty credit risk—a critical advantage in today’s complex investment landscape.
Key Features of CBXJ and CBTJ
Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January (CBXJ)
- Protection Level: 90% downside protection over the outcome period
- Initial Cap Rate: 29.15%
- Outcome Period: February 4, 2025 – January 30, 2026
- Reference Asset: CBOE Bitcoin US ETF Index
- Annual Expense Ratio: 0.69%
- Portfolio Management: Co-CIO Eli Pars and the Alternatives Team
Calamos Bitcoin 80 Series Structured Alt Protection ETF® – January (CBTJ)
- Protection Level: 80% downside protection over the outcome period
- Initial Cap Rate: 51.50%
- Outcome Period: February 4, 2025 – January 30, 2026
- Reference Asset: CBOE Bitcoin US ETF Index
- Annual Expense Ratio: 0.69%
- Portfolio Management: Co-CIO Eli Pars and the Alternatives Team
The inverse relationship between protection level and cap rate reflects a strategic trade-off: higher capital protection corresponds to a lower upside limit. This allows investors to tailor their risk-reward profile based on market outlook and personal tolerance.
Expanding the Protected Bitcoin ETF Suite
CBXJ and CBTJ join the previously launched CBOJ, which offers 100% downside protection with a corresponding cap rate. Together, this suite provides a comprehensive range of risk-managed bitcoin strategies—unavailable anywhere else in the market.
All funds are built on Calamos’ successful Structured Protection ETF series, first introduced in 2024 with strategies tied to major equity indices like the S&P 500®, Nasdaq-100®, and Russell 2000®. The firm’s expertise in outcome-oriented investing now extends to digital assets, offering investors a consistent framework across asset classes.
👉 Learn how to balance risk and reward in volatile markets—see what’s next in structured investing.
How These ETFs Work
These funds do not invest directly in bitcoin. Instead, they pursue their investment objective by investing in options contracts tied to underlying ETPs that hold bitcoin or track bitcoin indexes. The goal is to replicate the positive price return of spot bitcoin—up to a predetermined cap—while limiting losses during market downturns.
Key Terms Explained:
- Cap Rate: The maximum return an investor can achieve if the fund is held for the full outcome period.
- Downside Protection: The percentage of losses the fund aims to shield investors from over the outcome period.
- Outcome Period: Approximately one year; optimal results are achieved by holding shares from start to end.
- Annual Expense Ratio: A competitive 0.69%, consistent across both funds.
It’s important to note that capital protection is not guaranteed and depends on holding the fund for the entire outcome period. Investors who buy in after the start date may not benefit from full downside protection and could lose their entire investment if the fund’s net asset value (NAV) has already appreciated significantly.
Risks and Considerations
While these ETFs offer compelling risk management features, they are not without risk. Investors should carefully consider the following:
- Capped Upside Risk: Gains are limited to the predetermined cap, even if bitcoin surges beyond that level.
- Capital Protection Risk: Protection applies only if shares are held for the full outcome period.
- Digital Assets Risk: The value of underlying ETPs depends on the continued adoption and stability of bitcoin.
- Derivatives and Options Risk: The use of financial derivatives introduces complexity and potential valuation challenges.
- Market Volatility Risk: Significant market swings can impact fund performance and liquidity.
As with any investment, there is no guarantee of returns. The funds are not bank deposits and are not insured by the FDIC or any government agency.
Frequently Asked Questions (FAQ)
Q: What does "90% downside protection" mean?
A: It means that if you hold the fund for the full one-year outcome period, the fund is designed to protect you from up to 90% of losses in the price of spot bitcoin, before fees and expenses.
Q: Can I lose money even with downside protection?
A: Yes. Protection is not guaranteed and only applies if you hold shares for the entire outcome period. Investors who buy after the start date may lose more than 10%—or even their entire investment—if bitcoin declines sharply.
Q: Why does CBTJ have a higher cap than CBXJ?
A: CBTJ offers less downside protection (80% vs. 90%), allowing for greater upside potential. The trade-off between protection level and cap rate is intentional, giving investors flexibility.
Q: Do these funds pay dividends?
A: No. These are growth-focused funds designed to deliver a single outcome at the end of the period, not ongoing income.
Q: Are these ETFs suitable for long-term investors?
A: They are designed for one-year investment horizons. After each outcome period ends, a new series typically launches with updated terms.
Q: How are these different from spot bitcoin ETFs?
A: Unlike traditional spot bitcoin ETFs that mirror price movements directly, these funds offer structured outcomes—capped gains and defined loss buffers—making them ideal for risk-conscious investors.
👉 Compare structured ETFs vs. traditional crypto investments—see which strategy fits your goals.
About Calamos Investments
Calamos Investments is a global firm managing over $41 billion in assets as of January 31, 2025, including more than $18 billion in liquid alternatives. With headquarters in the Chicago area and offices in New York, San Francisco, Miami, and beyond, Calamos serves financial advisors, institutions, and individual investors worldwide.
The firm offers a broad range of strategies across equities, fixed income, convertibles, private credit, sustainable investing, and alternatives—all delivered through ETFs, mutual funds, closed-end funds, and separately managed accounts.
Final Thoughts
The launch of CBXJ and CBTJ represents a major step forward in making digital asset investing more accessible and less volatile for mainstream investors. By combining institutional-grade risk management with crypto market exposure, Calamos is setting a new standard in structured ETF innovation.
As part of a broader trend toward outcome-based investing, these funds empower investors to participate in bitcoin’s growth story—with guardrails.
Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Read the prospectus carefully.