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CBXJCalamos Bitcoin 90 Series Structured Alt Protection ETF - January

Take a bet1y track recordRanked #501 of 949 in this goal

Tracks the positive price return of Spot bitcoin up to a cap of 22.24% while providing downside protection against losses exceeding 10%.

By Calamos · Launched 2025

Annual Cost

0.69%

#3,610 of 5,861 · average

Fund Size

$20M

#4,470 of 5,861 · small

Return (1Y)Goal

-26.4%

Track Record

1 year

#4,044 of 5,861 · young

Performance

Total-return NAV · USD
Growth of $10,000
$7,352-26.5%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Structured outcome

What it actually holds

By weight

Concentration

Top 5 holdings = 99.2% of fundconcentrated

Jared, Mulcay & Co., Inc.
129.5%
Jared, Mulcay & Co., Inc.
17.0%
Jared, Mulcay & Co., Inc.
1.0%
Jared, Mulcay & Co., Inc.
-6.0%
Jared, Mulcay & Co., Inc.
-42.3%

Asset allocation

Bonds
89.4%
Stocks
9.8%
Cash
0.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
17.4%Moderate

Year-on-year price swings

Max drawdown
-30.2%Severe

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Tracks the positive price return of Spot bitcoin up to a cap of 22.24% while providing downside protection against losses exceeding 10%.
Strategy
Actively manages a portfolio of options and U.S. Treasury securities to track the positive price return of Spot bitcoin, providing a cap of 22.24% and a floor against losses exceeding 10%. The Fund invests primarily in OTC Options and/or FLEX Options referencing the price performance of bitcoin-related ETPs.
Inception date
February 3, 2025
Fund family
Calamos

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

You can build this cheaper yourself

Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.

Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04