Calamos Bitcoin Structured Alt Protection ETF — January (CBOJ)
Funds & ETFs
CBOJ is the world's first 100% downside-protected Bitcoin ETF, launched by Calamos Investments on January 22, 2025. The fund uses Bitcoin options to offer investors 100% capital protection against Bitcoin losses over a 12-month outcome period, with an upside participation cap (initially 10–11.5%). CBOJ resets annually, giving investors a new cap and refreshed downside protection each year. It targets risk-averse investors seeking Bitcoin exposure without the risk of total loss.
Details
- Type
- Bitcoin Structured Protection ETF
- Issuer
- Calamos Investments
- Ticker
- CBOJ
- Exchange
- Cboe BZX
- Fund Type
- structured_protection_etf
- Derivatives
- Yes
- Expense Ratio
- 0.69%
- Inception Date
- 2025-01-22
- Outcome Period
- 12 months
- Physically Backed
- No
- Downside Protection
- 100%
Links
More Funds & ETFs
iShares Bitcoin Trust (IBIT)
BlackRock's spot Bitcoin ETF. Largest Bitcoin ETF by AUM with the lowest expense ratio among major Bitcoin funds.
MicroStrategy (MSTR)
Software company turned de facto Bitcoin holding company. Largest corporate Bitcoin holder with 500,000+ BTC. Trades as a leveraged Bitcoin proxy.
21Shares Bitcoin and Gold ETP (BOLD)
21Shares BOLD ETP is a unique exchange-traded product listed on the London Stock Exchange in January 2026 that combines Bitcoin and gold in a rules-based monthly rebalancing strategy, developed in partnership with ByteTree. BOLD allocates between BTC and gold based on their relative volatility, providing a single-product solution for investors seeking exposure to both hard assets. It trades on the LSE with a 0.65% annual fee.
Free Beginners Guide to Buying Bitcoin
New to Bitcoin? Get our complete beginner's guide.