CBXJCalamos Bitcoin 90 Series Structured Alt Protection ETF - January
Seeks to track spot bitcoin's positive price return, up to a cap, while protecting against losses exceeding 10% over an approximately one-year outcome period.
By Calamos · Launched 2025
0.69%
#3,471 of 5,573 · average
$19M
#4,392 of 5,573 · small
-21.4%
1 year
#4,151 of 5,573 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeStrategy
Structured outcome
Index tracked
CME CF Bitcoin Reference Rate - New York Variant
What it actually holds
By weightConcentration
Top 2 holdings = 0.0% of fund✓ well diversified
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to track spot bitcoin's positive price return, up to a cap, while protecting against losses exceeding 10% over an approximately one-year outcome period.
- Strategy
- The fund employs an actively managed strategy that involves investing in options referencing the price performance of underlying exchange-traded products that own bitcoin, as well as cash and cash equivalents. It aims to achieve its investment objective by utilizing various options strategies to track the price of Spot bitcoin while providing downside protection.
- Inception date
- February 4, 2025
- Fund family
- Calamos
Similar funds
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
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 2026-06-20