Cogged Bolt Capacity - ACI318 App D

[sdz]

I have been looking at the capacity of cogged (L) hold down bolts in ACI318. Using equation D-14 I get a capacity well below the capacity of the bolt itself in 25MPa concrete.
Is this correct or have I done something wrong?

 

[WillisV]

Appendix D intentionally severely penalizes the strength of J-bolts in the hopes of making designers use headed anchor rods or rods with nuts on the end instead. This is due to numerous studies showing that the J-bolts tend to straighten out and crush the concrete adjacent to the J at fairly low load levels compared to the bolt strength.