ETF Evaluator:
Calamos Bitcoin 80 Str Alt Prt ETF-Jan ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
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Risk
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ETF Details
Calamos Bitcoin 80 Str Alt Prt ETF-Jan Overview
Calamos Bitcoin 80 Str Alt Prt ETF-Jan (CBTJ) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Calamos launched the ETF in 2025.
The investment seeks to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate — New York Variant ("BRRNY") ("Spot bitcoin").
Under normal market conditions, the fund will invest substantially all of its assets in U.S. Treasury securities with remaining maturities of one (1) year or less, cash and cash equivalents, over-the-counter Options and, if and when available, FLexible EXchange Options and/or listed exchange traded options. The fund is non-diversified.
About Calamos Bitcoin 80 Str Alt Prt ETF-Jan (CBTJ)
There are 6 members of the management team with an average tenure of 1.35 years: Eli Pars (2025), Jason Hill (2025), Jimmy Young (2025), Jordan Rosenfeld (2025), Anthony Vecchiolla (2025) and David O'Donohue (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Calamos Bitcoin 80 Str Alt Prt ETF-Jan has 6 securities in its portfolio. The top 10 holdings constitute 192.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Calamos Bitcoin 80 Str Alt Prt ETF-Jan is part of the Other global asset class and is within the Miscellaneous ETF group. Calamos Bitcoin 80 Str Alt Prt ETF-Jan has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 17.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 81.6% (81.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Bitcoin 80 Str Alt Prt ETF-Jan has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $23 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CBTJ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Bitcoin 80 Str Alt Prt ETF-Jan expense ratio is above average compared to funds in the Digital Assets category. Calamos Bitcoin 80 Str Alt Prt ETF-Jan has an expense ratio of 0.69%, which is 29% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Bitcoin 80 Str Alt Prt ETF-Jan has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Calamos Bitcoin 80 Str Alt Prt ETF-Jan returned 1.7%, which earned it a grade of C, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Calamos Bitcoin 80 Str Alt Prt ETF-Jan has a trailing yield of 1.80%, which is below the 15.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos Bitcoin 80 Str Alt Prt ETF-Jan Grades
Year to date, the ETF has returned -19.7%, 11.0 percentage points better than the category, which translates into a grade of B. The fund has returned -37.0% over the past year (grade of B).
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CBTJ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CBTJ Return (NAV) | 1.7% | -11.5% | -37.0% | na | na | na |
| CBTJ Return (Price) | 1.8% | -11.8% | -37.9% | na | na | na |
| NAV +/- Price Return | -0.158% | 0.235% | 0.956% | na | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| CBTJ Grade (NAV) | C | B | B | na | na | na |
| +/- Category (NAV) | -1.3% | 5.2% | -4.8% | na | na | na |
| CBTJ Tax-Cost Ratio | na | na | 0.6% | na | na | na |
CBTJ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CBTJ Return (NAV) | -19.7% | na | na | na | na | na | na | na | na | na | na |
| CBTJ Return (Price) | -19.7% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | na | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| CBTJ Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 11.0% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.8% |
| Total Assets: | $ 24 Mil |
| Share Class Assets: | $ 24 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.69% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Pars Eli (2025), Hill Jason (2025), Young Jimmy (2025), Vecchiolla Anthony (2025), O'Donohue David (2025), Rosenfeld Jordan (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 192.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 17.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 81.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calamos |
| Phone Number: | 866-363-9219 |
| Website: | |
| Inception Date: | February 3, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.97% |
