- Issuer
- Calamos
- Inception Date
- Jan 22, 2025
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- CBOE Bitcoin US ETF Index
- Distribution Policy
- Distributing
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
CBOJ Performance Chart
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) is down 1.6% since the beginning of the year. CBOJ is currently trading at $24 per share.
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Returns By Period
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has returned -1.64% so far this year and -4.01% over the past 12 months.
Calamos Bitcoin Structured Alt Protection ETF - January
- 1D
- -0.06%
- 1M
- -1.37%
- YTD
- -1.64%
- 6M
- -1.89%
- 1Y
- -4.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CBOJ Monthly Returns History
Based on dividend-adjusted daily data since Jan 22, 2025, CBOJ's average daily return is -0.01%, while the average monthly return is -0.13%.
Historically, 50% of months were positive and 50% were negative. The best month was Jul 2025 with a return of +1.5%, while the worst month was Nov 2025 at -3.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CBOJ closed higher 48% of trading days. The best single day was Oct 27, 2025 with a return of +0.9%, while the worst single day was Nov 4, 2025 at -1.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.17% | -1.33% | 0.24% | 1.08% | -0.30% | -1.16% | -1.64% | ||||||
| 2025 | 0.16% | -1.28% | 0.12% | 1.21% | 1.48% | 0.59% | 1.52% | -0.61% | 1.26% | -0.37% | -3.82% | -0.97% | -0.83% |
Benchmark Metrics
Calamos Bitcoin Structured Alt Protection ETF - January has an annualized alpha of -3.03%, beta of 0.09, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since January 22, 2025.
- This ETF participated in 21.10% of S&P 500 Index downside but only 1.20% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.09 may look defensive, but with R2 of 0.11 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.11 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -3.03%
- Beta
- 0.09
- R²
- 0.11
- Upside Capture
- 1.20%
- Downside Capture
- 21.10%
Expense Ratio
CBOJ has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CBOJ ranks 4 for risk / return — in the bottom 4% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBOJ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.37 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 2.78 | -3.28 |
| Martin ratioReturn relative to average drawdown | -0.75 | 12.44 | -13.19 |
Dividends
Dividend History
Calamos Bitcoin Structured Alt Protection ETF - January provided a 3.21% dividend yield over the last twelve months, with an annual payout of $0.76 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.76 | $0.76 |
Dividend yield | 3.21% | 3.16% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Bitcoin Structured Alt Protection ETF - January. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.76 | $0.76 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Calamos Bitcoin Structured Alt Protection ETF - January. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Calamos Bitcoin Structured Alt Protection ETF - January was 8.13%, occurring on Feb 5, 2026. The portfolio has not yet recovered.
The current Calamos Bitcoin Structured Alt Protection ETF - January drawdown is 7.96%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -8.13%Feb 2026 | 4mo 1d | — | 8mo 19dOct 2025 - now |
2025 selloff2025 | -1.70%Apr 2025 | 2mo 7d | 23d | 3moJan 2025 - May 2025 |
2025 pullback2025 | -1.58%Aug 2025 | 15d | 20d | 1mo 5dAug 2025 - Sep 2025 |
2025 pullback2025 | -1.33%Sep 2025 | 7d | 5d | 12dSep 2025 - Oct 2025 |
2025 selloff2025 | -0.91%Jun 2025 | 13d | 21d | 1mo 4dMay 2025 - Jun 2025 |
Drawdown Indicators
| CBOJ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.13% | -56.78% | +48.65% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -9.10% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -7.96% | -1.80% | -6.16% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -10.71% | +7.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 2.03% | +3.30% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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