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
Sign up to our free newsletters
John Koudounis, President and CEO of Calamos
John Koudounis, President and CEO of Calamos, announced the expansion of the Calamos Protected Bitcoin ETF Suite through two new ETFs offering upside growth potential of bitcoin with 90% (CBXJ) and 80% (CBTJ) protection levels over a one year outcome period. He stated, “This enhancement builds upon the announcement of CBOJ, the world’s first 100% Protected Bitcoin ETF, and continues our tradition of bringing innovative options-based and risk managed investment solutions to the marketplace.”
CBOJ will launch on January 22, 2025, offering upside potential to bitcoin to a cap with 100% downside protection over a one-year outcome period. On February 4, 2025, Calamos will list CBXJ and CBTJ, providing 90% and 80% downside protection levels respectively, with correspondingly higher upside cap rates:
- CBOJ with 100% downside protection and an estimated cap range of 10%-11.5%
- CBXJ with 90% downside protection and an estimated cap range of 28%-31%
- CBTJ with 80% downside protection and an estimated cap range of 50%-55%
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 100% downside protection strategies on the S&P 500®, Nasdaq-100®, and Russell 2000®. Within this proven approach, investors can now select from a range of indices, protection levels and outcome periods that align with their investment objectives and risk-tolerance. All 3 ETFs will be listed on Cboe, with additional series of the same solutions listed each calendar quarter.
“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 $25 NAV, which will allow investors to obtain 100% protection relative to bitcoin over the outcome period. CBOJ will then strike the final cap rate toward the end of the trading day on 1/22. This innovative approach to buying structured outcome ETFs allows investors to buy-in on day one and obtain the stated protection level (e.g., 100%, 90% or 80%) without being exposed to the overnight volatility of bitcoin, which could otherwise impact the protection level achieved. CBXJ and CBTJ will follow a similar approach.
Calamos Bitcoin Structured Alt Protection ETF® – January (CBOJ)
| Protection Level | 100% downside protection if held over the outcome period |
|---|---|
| Anticipated Launch Date | 1/22/2025 |
| Estimated Cap Range | 10%-11.5% |
| Cap Rate | Cap rate will be determined and announced on January 22, 2025, following market close. |
| Outcome Period | 1/22/25-1/30/26 |
| Reference Asset | CBOE Bitcoin US ETF Index |
| Annual Expense Ratio | 0.69% |
| Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Calamos Bitcoin 90 Series Structured Alt Protection ETF® – January (CBXJ)
| Protection Level | 90% downside protection if held over the outcome period |
|---|---|
| Anticipated Launch Date | 2/4/2025 |
| Estimated Cap Range | 28%-31% |
| Cap Rate | Cap rate will be determined and announced on February 4, 2025, following market close. |
| Outcome Period | 02/04/25-1/30/26 |
| 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 if held over the outcome period |
|---|---|
| Anticipated Launch Date | 2/4/2025 |
| Estimated Cap Range | 50%-55% |
| Cap Rate | Cap rate will be determined and announced on February 4, 2025, following market close. |
| Outcome Period | 02/04/25-1/30/26 |
| Reference Asset | CBOE Bitcoin US ETF Index |
| Annual Expense Ratio | 0.69% |
| Portfolio Management | Co-CIO Eli Pars and the Alternatives Team |
Source : ETFWorld.co.uk
Subscribe to Our Newsletter
