The CBXJ ETF is a structured protection ETF that reflects positive price movements of a reference benchmark tracking the spot price of Bitcoin, up to a set cap, while targeting a predetermined level of protection over the outcome period. The fund's performance is affected by its options structure and by where the outcome period begins.

It is suited to investors who accept exposure to Bitcoin's volatility, understand the terms of limited downside and an upside cap, and can hold through the end of the outcome period.

This is an actively managed ETF run by Calamos.

This ETF is designed to reflect gains in a benchmark representing the spot price of Bitcoin, up to a set cap. Because it uses an options-based structure, investors should review the starting price of the outcome period, the time remaining, and the cap and protection terms together. Buying or selling mid-period can lead to results that differ from the intended outcome.

• Combines upside participation with limited losses
• Terms must be checked for each outcome period

Assets under management (AUM) stand at $16.2M, and the total expense ratio (Expense Ratio) is 0.69% per year.

Trading liquidity and price deviations should be interpreted alongside the position within the outcome period and the options structure. When trading mid-period, the protection terms may work differently than expected.

Movements in the price of Bitcoin affect both the underlying asset's trajectory and the value of the options structure. The protection structure limits the size of losses in a downturn, but in a rally, additional participation in gains may be restricted as the price approaches the cap. As a result, performance can follow a different path from simple spot exposure.

Demand for Bitcoin-related listed products can be influenced by many variables, including crypto asset price trends, the regulatory environment, risk appetite, and monetary policy expectations. Because the structured protection terms are central to this ETF, investors should look at the remaining terms of the outcome period and the current price position together, rather than focusing on fund flows.

Adding a loss-limiting structure to Bitcoin upside participation is a strength, but the cap and the outcome period can produce results that differ from simple spot exposure.

In the table, the CBTO ETF is a similarly structured product based on the October outcome period of the Bitcoin 80 Series, and the CBTJ ETF is based on the January outcome period of the same 80 Series. The CBOJ ETF belongs to a Bitcoin structured protection family with a different level of protection, and the QBF ETF is a Bitcoin exposure product that uses a different method, taking advantage of a downside floor. The CBXO ETF has the October outcome period of the 90 Series. For these products, differences in fees, asset size, outcome period, and protection terms should be reviewed together. Information on other comparable listed funds beyond the table is limited in the candidate set provided.

Before investing, check the start and end of the outcome period, the cap and protection level, and where the current price sits within the outcome period. Unlike a simple Bitcoin tracking product, this ETF uses an options structure, so it is important to review the terms in the prospectus and the effects of trading mid-period.

Bitcoin's price is highly volatile, and the protection structure does not eliminate every loss scenario. In particular, trading prices mid-period reflect the protection and cap terms remaining at that time, so the payoff structure may differ from what was understood at the initial reference point.

The Calamos Bitcoin 90 Series Structured Alt Protection ETF January is a structured product that weighs Bitcoin upside participation together with limited losses. Because its benchmark for comparison differs from that of investors seeking simple spot exposure, it is advisable to understand the outcome period and cap terms first, then judge whether the product fits your holding objectives.