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CBXJCalamos Bitcoin 90 Series Structured Alt Protection ETF - January

Grow my moneyDiversifier1y track recordRanked #158 of 240 in this goal

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

Annual Cost

0.69%

#3,471 of 5,573 · average

Fund Size

$19M

#4,392 of 5,573 · small

Return (1Y)Goal

-21.4%

Track Record

1 year

#4,151 of 5,573 · young

Performance

Total-return NAV · USD
Growth of $10,000
$7,878-21.2%

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

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Structured outcome

Index tracked

CME CF Bitcoin Reference Rate - New York Variant

What it actually holds

By weight

Concentration

Top 2 holdings = 0.0% of fundwell diversified

X-Change Financial Access LLC
0.0%
X-Change Financial Access LLC
-0.0%

Asset allocation

Bonds
88.1%
Stocks
11.0%
Cash
0.9%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
17.8%Moderate

Year-on-year price swings

Max drawdown
-29.2%Moderate

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
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

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 2026-06-20