Calamos to Launch World's First Downside Protected Bitcoin ETF Suite With New 90% Protection (CBXJ) and 80% Protection (CBTJ) ETFs; Announces Upside Cap Ranges for the Suite
Calamos has announced the launch of the world's first suite of downside protected Bitcoin ETFs, expanding their offering with two new funds. The suite includes:
- CBOJ: 100% protection with 10-11.5% cap range (launching Jan 22, 2025)
- CBXJ: 90% protection with 28-31% cap range (launching Feb 4, 2025)
- CBTJ: 80% protection with 50-55% cap range (launching Feb 4, 2025)
All ETFs will have a one-year outcome period, using Treasuries and options on the CBOE Bitcoin US ETF Index. They feature an annual expense ratio of 0.69% and will reset annually, offering new upside caps with refreshed protection. The ETFs will be listed on Cboe, with additional series launching each quarter. Trading will commence at $25 NAV, allowing investors to obtain stated protection levels without exposure to overnight bitcoin volatility.
Calamos ha annunciato il lancio del primo insieme di ETF Bitcoin con protezione contro il ribasso al mondo, ampliando la propria offerta con due nuovi fondi. Il pacchetto include:
- CBOJ: protezione al 100% con un intervallo di cap del 10-11,5% (lancio previsto per il 22 gennaio 2025)
- CBXJ: protezione al 90% con un intervallo di cap del 28-31% (lancio previsto per il 4 febbraio 2025)
- CBTJ: protezione all'80% con un intervallo di cap del 50-55% (lancio previsto per il 4 febbraio 2025)
Tutti gli ETF avranno un periodo di risultato di un anno, utilizzando titoli di Stato e opzioni sull'Indice ETF Bitcoin US CBOE. Presentano un rapporto spese annuale dello 0,69% e si ripristineranno annualmente, offrendo nuovi limiti di cap con protezione rinnovata. Gli ETF saranno quotati su Cboe, con ulteriori serie che verranno lanciate ogni trimestre. Le negoziazioni inizieranno a $25 NAV, consentendo agli investitori di ottenere i livelli di protezione indicati senza esposizione alla volatilità notturna del bitcoin.
Calamos ha anunciado el lanzamiento de la primera suite de ETFs de Bitcoin con protección contra el descenso en el mundo, ampliando su oferta con dos nuevos fondos. La suite incluye:
- CBOJ: protección del 100% con un rango de capitalización del 10-11,5% (lanzamiento el 22 de enero de 2025)
- CBXJ: protección del 90% con un rango de capitalización del 28-31% (lanzamiento el 4 de febrero de 2025)
- CBTJ: protección del 80% con un rango de capitalización del 50-55% (lanzamiento el 4 de febrero de 2025)
Todos los ETFs tendrán un período de resultado de un año, utilizando bonos del Tesoro y opciones sobre el Índice ETF de Bitcoin de EE. UU. de CBOE. Presentan una relación de gastos anual del 0,69% y se reiniciarán anualmente, ofreciendo nuevos límites de capitalización con protección renovada. Los ETFs se cotizarán en Cboe, con series adicionales que se lanzarán cada trimestre. Las operaciones comenzarán a $25 NAV, permitiendo a los inversores obtener los niveles de protección indicados sin exposición a la volatilidad del bitcoin durante la noche.
칼라모스는 세계 최초의 하락 보호 비트코인 ETF 스위트를 출시한다고 발표하며, 새로운 펀드 두 개를 추가하여 제공을 확장합니다. 이 스위트는 다음과 같습니다:
- CBOJ: 100% 보호로 10-11.5%의 캡 범위 (2025년 1월 22일 출시)
- CBXJ: 90% 보호로 28-31%의 캡 범위 (2025년 2월 4일 출시)
- CBTJ: 80% 보호로 50-55%의 캡 범위 (2025년 2월 4일 출시)
모든 ETF는 1년의 결과 기간을 가지며, 미국 CBOE 비트코인 ETF 지수에 대한 트레저리 및 옵션을 사용합니다. 연간 비용 비율은 0.69%이며 매년 초기화되어 새롭게 보호를 갱신하는 새로운 상한을 제공합니다. ETF는 Cboe에 상장되며, 분기마다 추가 시리즈가 출시됩니다. 거래는 $25 NAV에서 시작되며, 투자자는 비트코인 가격의 변동성에 노출되지 않고도 명시된 보호 수준을 얻을 수 있습니다.
Calamos a annoncé le lancement de la première suite d'ETFs Bitcoin protégés contre les baisses au monde, élargissant son offre avec deux nouveaux fonds. La suite comprend :
- CBOJ: protection à 100% avec une plage de cap de 10 à 11,5% (lancement prévu le 22 janvier 2025)
- CBXJ: protection à 90% avec une plage de cap de 28 à 31% (lancement prévu le 4 février 2025)
- CBTJ: protection à 80% avec une plage de cap de 50 à 55% (lancement prévu le 4 février 2025)
Tous les ETFs auront une période de résultats d'un an, utilisant des bons du Trésor et des options sur l'indice ETF Bitcoin US de la CBOE. Ils présentent un ratio de dépenses annuel de 0,69% et seront réinitialisés chaque année, offrant de nouveaux plafonds avec une protection renouvelée. Les ETFs seront cotés sur Cboe, avec des séries supplémentaires lancées chaque trimestre. Les échanges commenceront à 25 $ NAV, permettant aux investisseurs d'obtenir les niveaux de protection indiqués sans exposition à la volatilité nocturne du bitcoin.
Calamos hat den Start der weltweit ersten Suite von Bitcoin ETFs mit Schutz gegen Abwärtsbewegungen angekündigt und erweitert sein Angebot um zwei neue Fonds. Die Suite umfasst:
- CBOJ: 100% Schutz mit einer Obergrenze von 10-11,5% (Markteinführung am 22. Januar 2025)
- CBXJ: 90% Schutz mit einer Obergrenze von 28-31% (Markteinführung am 4. Februar 2025)
- CBTJ: 80% Schutz mit einer Obergrenze von 50-55% (Markteinführung am 4. Februar 2025)
Alle ETFs haben eine einjährige Ergebnisperiode und verwenden Staatsanleihen sowie Optionen auf den CBOE Bitcoin US ETF Index. Sie bieten eine jährliche Kostenquote von 0,69% und werden jährlich zurückgesetzt, wobei neue Obergrenzen mit aktualisiertem Schutz bereitgestellt werden. Die ETFs werden an der Cboe gelistet, wobei quartalsweise zusätzliche Serien gestartet werden. Der Handel beginnt bei $25 NAV, was es den Anlegern ermöglicht, die angegebenen Schutzstufen ohne Exposition gegenüber der nächtlichen Bitcoin-Volatilität zu erreichen.
- First-to-market innovative Bitcoin ETF products with downside protection
- Multiple protection levels (80%, 90%, 100%) offering flexibility for different risk appetites
- Transparent, liquid, and tax-efficient ETF structure with no counterparty credit risk
- Protection against overnight bitcoin volatility through $25 NAV starting point
- Upside potential is capped, limiting maximum returns
- Relatively high expense ratio of 0.69%
- Protection levels only apply if held for the full outcome period
Insights
This launch represents a groundbreaking development in the Bitcoin investment landscape. The three-tiered protection approach (100%, 90% and 80%) with corresponding upside caps of 10-11.5%, 28-31% and 50-55% creates a sophisticated risk-management framework that could significantly broaden Bitcoin's accessibility to institutional and retail investors.
The structure utilizing Treasuries and options on the CBOE Bitcoin US ETF Index is particularly clever - it provides a regulated wrapper while maintaining liquidity and transparency. The
The quarterly reset feature and the innovative day-one NAV approach at
This product suite strategically positions Calamos at the forefront of regulated Bitcoin exposure. The protection levels effectively create a "safety net" for traditional investors who have been hesitant to enter the crypto space due to volatility concerns. Think of it as Bitcoin with training wheels - you can't fall completely, but your upside is
The timing is particularly strategic, capitalizing on the recent spot Bitcoin ETF approvals while differentiating through downside protection. For perspective, a 100% protected product capping at 11.5% upside could be attractive to conservative institutions, while the 80% protection with 55% upside potential might appeal to more aggressive investors still seeking some guardrails.
The systematic launch approach throughout 2025 is a masterful distribution strategy. By offering quarterly series, Calamos creates multiple entry points for investors while potentially smoothing their own asset gathering. The absence of counterparty credit risk and the use of a transparent ETF structure addresses key institutional concerns.
The staggered protection levels create a natural product ladder that can accommodate various risk appetites. Simple arithmetic shows the risk-reward tradeoff: giving up 20% downside protection (from 100% to 80%) yields approximately 40% more upside potential. This clear relationship makes the product suite easily understandable for financial advisors and their clients.
METRO
CBOJ will launch on January 22, 2025, offering upside potential to bitcoin to a cap with
CBOJ with
CBXJ with
CBTJ with
The full suite of Protected Bitcoin ETFs is set to launch systematically throughout 2025, delivering risk-managed bitcoin exposure through the liquid, transparent and tax-efficient ETF structure with no counterparty credit risk.
CBOJ, CBXJ, and CBTJ will build upon the success of the firm's Structured Protection ETF series, launched in 2024, the industry's most comprehensive suite of
"Bitcoin's acceptance as an investible asset is growing, yet concerns about its volatility remain", said Matt Kaufman, Head of ETFs at Calamos. "Our suite of downside protected Bitcoin ETFs will offer a menu of straightforward solutions designed to provide true risk management for this unique asset where investors can select their preferred level of protection and related upside capture based on their specific circumstances."
The ETFs will initially use a combination of Treasuries and options on the CBOE Bitcoin US ETF Index to provide a regulated way to access bitcoin within a risk-controlled framework. The ETFs will reset annually, offering investors a new upside cap with refreshed protection against negative bitcoin returns over the subsequent 12-month period. Shares of these ETFs can be held indefinitely.
CBOJ will commence trading on 1/22/25 at a
Calamos Bitcoin Structured Alt Protection ETF® - January (CBOJ) | |
Protection Level | |
Anticipated Launch | 1/22/2025 |
Estimated Cap | |
Cap Rate | Cap rate will be determined and announced on January 22, 2025, |
Outcome Period | 1/22/25-1/30/26 |
Reference Asset | CBOE Bitcoin US ETF Index |
Annual Expense | 0.69 % |
Portfolio | Co-CIO Eli Pars and the Alternatives Team |
Calamos Bitcoin 90 Series Structured Alt Protection ETF® - January (CBXJ) | |
Protection Level | |
Anticipated Launch | 2/4/2025 |
Estimated Cap | |
Cap Rate | Cap rate will be determined and announced on February 4, 2025, |
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 | |
Anticipated Launch | 2/4/2025 |
Estimated Cap Range | |
Cap Rate | Cap rate will be determined and announced on February 4, 2025, |
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.
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FAQ
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