Calamos Announces Initial Upside Cap Rates for World's First 90% and 80% Downside Protected Bitcoin ETFs With Successful Launch of CBXJ and CBTJ
Rhea-AI Summary
Calamos has successfully launched two groundbreaking Bitcoin ETFs offering downside protection with upside potential. The new funds are: CBXJ, providing 90% downside protection with a 29.15% initial cap rate, and CBTJ, offering 80% downside protection with a 51.50% initial cap rate. Both ETFs have a one-year outcome period from February 4, 2025, to January 30, 2026.
These innovative products complement Calamos' existing 100% protected Bitcoin ETF (CBOJ) and are built upon their Structured Protection ETF series launched in 2024. The ETFs track the CBOE Bitcoin US ETF Index and carry an annual expense ratio of 0.69%. The funds aim to bridge traditional finance and digital assets, providing investors with risk-managed Bitcoin exposure through a liquid, transparent, and tax-efficient ETF structure without counterparty credit risk.
Positive
- First-to-market Bitcoin ETFs with 90% and 80% downside protection
- Attractive cap rates of 29.15% (CBXJ) and 51.50% (CBTJ)
- No counterparty credit risk
- Tax-efficient ETF structure
Negative
- 0.69% annual expense ratio for both funds
- Upside potential is capped at stated rates
- Protection levels only apply if held for entire outcome period
News Market Reaction
On the day this news was published, CCD declined 0.32%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
METRO
The fund's initial cap rates were determined as follows:
CBXJ with
CBTJ with
By offering
The new ETFs' attractive initial cap rates complement the already launched
CBOJ, CBXJ, and CBTJ are built upon the success of the firm's Structured Protection ETF series, launched in 2024, the industry's most comprehensive suite of
Calamos Bitcoin 90 Series Structured Alt Protection ETF® - January (CBXJ) | |
Protection Level | |
Launch Date | 2/4/2025 |
Initial Cap Rate | 29.15 % |
Outcome Period | 02/04/25-1/30/26 |
Reference Asset | CBOE Bitcoin US ETF Index |
Annual Expense | 0.69 % |
Portfolio | Co-CIO Eli Pars and the Alternatives Team |
Calamos Bitcoin 80 Series Structured Alt Protection ETF® - January (CBTJ) | |
Protection Level | |
Launch Date | 2/4/2025 |
Initial Cap Rate | 51.50 % |
Outcome Period | 02/04/25-1/30/26 |
Reference Asset | CBOE Bitcoin US ETF Index |
Annual Expense | 0.69 % |
Portfolio | Co-CIO Eli Pars and the Alternatives Team |
About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies, including alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity. With over
The information in each of the Calamos Bitcoin 90 Series Structured Alt Protection ETF® - January (CBXJ) and Calamos Bitcoin 80 Series Structured Alt Protection ETF® - January (CBTJ) prospectuses and statements of additional information is not complete and may be changed. We may not sell the securities of either fund until such fund's registration statement filed with the Securities and Exchange Commission is effective. Each fund's prospectus and statement of additional information is not an offer to sell such fund's securities and is not soliciting an offer to buy such fund's securities in any state where the offer or sale is not permitted.
Calamos Investments LLC, referred to herein as Calamos, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.
Before investing, carefully consider a Fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
The Funds seek to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate – New York Variant ("BRRNY") ("Spot bitcoin") up to a predetermined upside cap (the "Cap") while seeking to protect against
The Target Outcome may not be achieved, and investors may lose some or all of their money. The Funds are designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a Fund until the end of the Outcome Period. While the Funds seek to provide
An investment in the Funds is subject to risks, and you could lose money on your investment in a Fund. There can be no assurance that a Fund will achieve its investment objective. Your investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in a Fund can increase during times of significant market volatility. The Funds also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the Funds' prospectus.
Digital Assets Risk: The Bitcoin network was first launched in 2009 and bitcoins were the first cryptographic digital assets created to gain global adoption and critical mass. Although the Bitcoin network is the most established digital asset network, the Bitcoin network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus. Digital assets represent a new and rapidly evolving industry, and the value of the Underlying ETPs' shares depends on the acceptance of bitcoin. The realization of one or more of the following risks could materially adversely affect the value of the Underlying ETPs' shares.
Investing involves risks. Loss of principal is possible. The Funds face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk,
Cap ranges—Ranges are based on multiple estimated cap rates obtained from 1/2/25 - 1/17/25, based on market conditions during the sample period, and are subject to change. The actual cap rates may be different based on market events.
Cap Rate – Maximum percentage return an investor can achieve from an investment in a Fund if held over the Outcome Period.
Protection Level-Amount of protection a Fund is designed to achieve over the Days Remaining.
Outcome Period – Number of days in the Outcome Period.
Calamos Financial Services LLC, Distributor
©2025 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Structured Alt Protection ETF® are registered trademarks of Calamos Investments.
FAQ
What are the cap rates for Calamos' new Bitcoin ETFs CBXJ and CBTJ?
When is the outcome period for CBXJ and CBTJ Bitcoin ETFs?
What is the expense ratio for Calamos' protected Bitcoin ETFs?
What index do CBXJ and CBTJ track?
How do Calamos' protected Bitcoin ETFs differ from traditional Bitcoin ETFs?
