- Issuer
- Calamos
- Inception Date
- Apr 7, 2025
- Region
- Global (Broad)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- CBOE Bitcoin US ETF Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Cryptocurrency
Highlights
- Avg. Volume (1M)
- 1K
- Avg. Volume Value (1M)
- $34.69K
Share Price Chart
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Performance
CBOA Performance Chart
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) is down 6.1% since the beginning of the year. CBOA is currently trading at $24 per share.
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Returns By Period
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) has returned -6.06% so far this year and -6.49% over the past 12 months.
Calamos Bitcoin Structured Alt Protection ETF - April
- 1D
- -0.29%
- 1M
- 0.75%
- 6M
- -5.57%
- YTD
- -6.06%
- 1Y
- -6.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.89%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
CBOA Monthly Returns History
Based on dividend-adjusted daily data since Apr 7, 2025, CBOA's average daily return is 0.00%, while the average monthly return is -0.06%.
Historically, 63% of months were positive and 38% were negative. The best month was Apr 2025 with a return of +2.4%, while the worst month was Feb 2026 at -5.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, CBOA closed higher 53% of trading days. The best single day was Mar 4, 2026 with a return of +1.2%, while the worst single day was Feb 2, 2026 at -1.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.52% | -5.18% | -0.25% | 1.14% | -0.10% | -2.27% | 1.10% | -6.06% | |||||
| 2025 | 2.38% | 1.56% | 0.71% | 0.94% | 0.21% | 0.70% | 0.11% | -1.57% | 0.12% | 5.22% |
Benchmark Metrics
Calamos Bitcoin Structured Alt Protection ETF - April has an annualized alpha of -4.02%, beta of 0.11, and R2 of 0.12 versus S&P 500 Index. Calculated based on daily prices since April 07, 2025.
- This ETF participated in 91.20% of S&P 500 Index downside but only 9.38% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.11 may look defensive, but with R2 of 0.12 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 0.12 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
- -4.02%
- Beta
- 0.11
- R²
- 0.12
- Upside Capture
- 9.38%
- Downside Capture
- 91.20%
Expense Ratio
CBOA has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CBOA ranks 2 for risk / return — above 2% of ETFs peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) 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.
| CBOA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -3.50 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.25 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 2.00 | -2.73 |
| Martin ratioReturn relative to average drawdown | -1.25 | 8.49 | -9.74 |
Dividends
Dividend History
Calamos Bitcoin Structured Alt Protection ETF - April provided a 2.38% dividend yield over the last twelve months, with an annual payout of $0.58 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.58 | $0.58 |
Dividend yield | 2.38% | 2.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Bitcoin Structured Alt Protection ETF - April. 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 | $0.00 | |||||
| 2025 | $0.58 | $0.58 |
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 - April. 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 - April was 8.92%, occurring on Jun 30, 2026. The portfolio has not yet recovered.
The current Calamos Bitcoin Structured Alt Protection ETF - April drawdown is 7.91%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-8.92%Jun 2026 | 5mo 16d | — | 6mo 19dJan 2026 - now | — |
-3.08%Nov 2025 | 1mo 15d | 1mo 24d | 3mo 9dOct 2025 - Jan 2026 | — |
-0.60%Sep 2025 | 6d | 6d | 12dSep 2025 - Oct 2025 | — |
-0.56%Jun 2025 | 2d | 4d | 6dJun 2025 - Jun 2025 | 2025 selloff2025 |
-0.42%Jun 2025 | 3d | 4d | 7dJun 2025 - Jun 2025 | 2025 selloff2025 |
Drawdown Indicators
| CBOA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.92% | -56.78% | +47.86% |
Max Drawdown (1Y)Largest decline over 1 year | -8.92% | -9.10% | +0.18% |
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 | -7.91% | -1.58% | -6.33% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -10.70% | +7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.19% | 2.14% | +3.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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