CBXJ ETF — Calamos Bitcoin 90 Series Structured Alt Protection ETF – January

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January (CBXJ)

Updated October 16, 2026.

CBXJ is an ETF. its trailing-12-month yield is 2.04%, its expense ratio is 0.69%. Dividend Vision Distribution Safety Score™ is 35/100 (Unproven). Total return is -11.1% over the past 1.7 years, 40.4 points behind SPY at 29.3%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF – January is an ETF that invests substantially all of its assets in short-term U.S. Treasury securities, cash equivalents, and over-the-counter options; it is non-diversified and designed to provide structured exposure related to Bitcoin price movements. The fund has a modest current distribution rate and makes annual distributions, though its latest payout was special or one-time and may not recur on a regular basis. With an expense ratio of 0.69%, the fund appeals to investors seeking alternatives to direct cryptocurrency exposure while maintaining Treasury-backed principal protection.

CBXJ performance versus SPY

Price and return data through 2026-10-16.

Total return is -11.1% over the past 1.7 years, 40.4 points behind SPY at 29.3%. Over the past year its total return — price change plus distributions reinvested — is -17.6%. Its deepest 1-year drawdown was 27.7%.

CBXJ key facts

Distribution Safety Score™

35 · Unproven

Issuer

Calamos Investments

Asset type

ETF

Asset class

Fixed Income

Inception date

02/04/2025

Expense ratio

0.69%

Distribution frequency

Annual

Trailing yield

2.04%

Last close

$21.82 (as of 2026-10-16)

AUM

$18,779,102

Average volume

700.0

Dividend

$0.446

Ex-dividend date

12/12/2025

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.04%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Calamos Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

CBXJ risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 27.7%.

Who may consider CBXJ — and who may not

It is a weaker fit for investors who need monthly cash flow (CBXJ pays annual); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on CBXJ

• All tickers starting with C

Tagged: Bitcoin, Crypto, Single.

Frequently asked questions

More securities from Calamos Investments.