CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January
Absorbs losses from 20.3% to 100.0% on Bitcoin and caps the gain at 37.2%, over a period ending Jan 30, 2027
As of Sep 12, 2026, Bitcoin is down 1.9% and CBTJ's protection has not yet begun.
Key facts
In plain words
In index terms, Bitcoin can fall 18.8% from today's level to the point where the buffer begins. Protection left, in index points: 79.7% of the 79.7% buffer still sits below today's Bitcoin level. 140 days remained on Sep 12, 2026. On Jan 30, 2027 the period ends and a new cap is set.
| Reference index | Bitcoin |
|---|---|
| Buffer | 20% to 100% |
| Outcome period | Feb 2, 2026 to Jan 30, 2027 |
| Starting cap | +37.2% |
| Bitcoin return since period start | −1.9% |
| Fund return since period start | −5.2% |
| Net assets (source, as filed for Apr 30, 2026) | $22m |
| Band state today (ETFIQ) | Open |
| Can still gain (issuer, fund price) | not published |
| Fall before buffer (issuer, fund price) | 15.9% |
| Fall to the buffer in index terms (ETFIQ) | 18.8% |
| Protection left in index points (ETFIQ) | 79.7% of 79.7% |
| Days left in period | 140 |
| Expense ratio (issuer page, Sep 12, 2026) | 0.69% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How far can CBTJ fall before the buffer helps?
- 15.9% in fund-price terms on Sep 12, 2026, by the issuer's figure. In index terms Bitcoin can fall 18.8% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the CBTJ buffer is left?
- 79.7% of the 79.7% buffer sat below the Bitcoin level on Sep 12, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does CBTJ reset?
- The outcome period ends on Jan 30, 2027, 140 days from the data on Sep 12, 2026. A new cap is set the next day and the buffer starts again.
- What does CBTJ cost?
- The prospectus expense ratio is 0.69% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Funds near this one
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The outcome band for CBTJ, redrawn every trading night. Free to use with the credit link.
Where CBTJ is written about
Use this data, or open the live card
Open CBTJ live on ETFIQ, where the figures refresh with the data.
Cite this page. ETFIQ, CBTJ, buffer ETFs, data as of Sep 12, 2026. https://etfiq.com/funds/CBTJ Free to use with attribution; the underlying files are at Open data.