Calamos Investments has successfully launched two groundbreaking Bitcoin ETFs—CBXJ (90% downside protection) and CBTJ (80% downside protection)—marking a pivotal moment in risk-managed cryptocurrency investing. These ETFs combine Bitcoin’s growth potential with predefined downside protection, offering initial cap rates of 29.15% and 51.50%, respectively.
Key Features of CBXJ and CBTJ ETFs
CBXJ: 90% Downside Protection
- 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%
CBTJ: 80% Downside Protection
- 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%
These ETFs are part of the Calamos Protected Bitcoin ETF Suite, designed to bridge traditional finance and digital assets while mitigating volatility risks.
Why Invest in Protected Bitcoin ETFs?
- Risk Management: Offers 80%–90% downside protection over a 1-year period.
- Upside Potential: Captures Bitcoin’s growth up to predetermined caps.
- ETF Advantages: Liquid, transparent, and tax-efficient structure with no counterparty risk.
👉 Explore Bitcoin ETF strategies for diversified portfolios.
Comparative Analysis
| Metric | CBXJ (90% Protection) | CBTJ (80% Protection) |
|----------------------|-----------------------|-----------------------|
| Cap Rate | 29.15% | 51.50% |
| Protection Level | 90% | 80% |
| Expense Ratio | 0.69% | 0.69% |
FAQs
1. How do these ETFs achieve downside protection?
The funds use options strategies linked to Bitcoin ETPs to limit losses while capping gains at the stated rates.
2. What happens if I sell before the outcome period ends?
Protection levels are only guaranteed if held for the full term. Early redemption may result in losses.
3. Are these ETFs suitable for conservative investors?
Yes, their structured protection appeals to those seeking Bitcoin exposure with reduced risk.
👉 Learn about crypto risk management for informed decisions.
About Calamos Investments
With $41 billion AUM (as of January 2025), Calamos is a leader in alternative and multi-asset strategies. The firm’s ETF suite includes protected strategies for major indices like the S&P 500 and Nasdaq-100.
Disclaimer: Investments involve risks, including loss of principal. Caps and protection levels are subject to market conditions. Read the prospectus before investing.
©2025 Calamos Investments LLC. All rights reserved.
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