Calamos Bitcoin Structured Alt Protection ETF - January
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- Calamos Bitcoin Structured Alt Protection ETF – January (CBOJ) is an actively managed exchange-traded fund sponsored by Calamos Investments LLC that seeks to provide investors with positive price exposure to spot Bitcoin, represented by the CME CF Bitcoin Reference Rate – New York Variant, up to a predetermined annual upside cap while seeking to protect against 100% of reference-asset losses over an approximately one-year outcome period, before fees and expenses. The Fund does not invest directly in Bitcoin; instead, it employs a structured portfolio of options linked to Bitcoin exchange-traded products or Bitcoin indexes, including long and short call options, together with U.S. Treasury-related collateral and other financing positions. CBOJ’s principal products and services comprise defined-outcome Bitcoin exposure; capped upside participation in positive Bitcoin price movements; targeted full downside protection for investors purchasing at the beginning of, and holding through, the entire outcome period; annual outcome-period resets that establish a new cap and protection profile; exchange-traded daily liquidity through Cboe BZX Exchange; and annual income and capital-gain distributions. Launched on January 22, 2025, the Fund charges a 0.69% total annual expense ratio and had total net assets of approximately $15.8 million as of September 8, 2026. Its current outcome period began February 2, 2026, with an 8.36% gross initial cap rate, equivalent to 7.67% net of the annual expense ratio; as of September 8, 2026, the displayed gross/net cap was 7.50%/7.23% and the protection level was 99.19%/98.91%, reflecting the passage of time and expenses during the period. CBOJ represents Calamos Investments’ January-vintage offering within its protected Bitcoin ETF franchise and forms part of the firm’s broader Structured Protection ETF platform, which also includes Bitcoin strategies with 90% and 80% protection levels, quarterly-vintage funds, laddered Bitcoin portfolios, and defined-outcome strategies linked to the S&P 500, Nasdaq-100 and Russell 2000. The Fund’s principal recent strategic development was its January 2025 launch as Calamos’ first 100% downside-protected Bitcoin ETF, expanding the firm’s defined-outcome ETF offering from equity-index strategies into digital-asset-linked investment exposure; it subsequently completed its first annual reset in February 2026, refreshing its Bitcoin-linked option positions, upside cap and protection framework for the new one-year period. Calamos Investments, founded in 1977 and headquartered in the Chicago metropolitan area, is a global investment-management organization offering alternatives, multi-asset, convertible securities, fixed income, private credit, equity and sustainable-equity strategies through ETFs, mutual funds, closed-end funds, interval funds, UCITS vehicles, separately managed accounts and wealth-management services. Its operating subsidiaries include Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC; the firm serves financial advisers, wealth-management platforms, institutions, pension funds, foundations, endowments and individual investors globally.