- 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
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
CBOA Performance Chart
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) is down 6.3% since the beginning of the year. CBOA is currently trading at $24 per share.
Loading charts...
Returns By Period
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) has returned -6.29% so far this year and -5.05% over the past 12 months.
Calamos Bitcoin Structured Alt Protection ETF - April
- 1D
- 0.00%
- 1M
- -1.61%
- YTD
- -6.29%
- 6M
- -6.20%
- 1Y
- -5.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
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 -0.08%.
Historically, 60% of months were positive and 40% 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% | -1.44% | -6.29% | ||||||
| 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 -4.49%, beta of 0.11, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since April 07, 2025.
- This ETF participated in 84.90% 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 0.11 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 0.11 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
- -4.49%
- Beta
- 0.11
- R²
- 0.11
- Upside Capture
- 9.38%
- Downside Capture
- 84.90%
Expense Ratio
CBOA has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CBOA ranks 3 for risk / return — in the bottom 3% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by 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 | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.35 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.66 | -3.26 |
| Martin ratioReturn relative to average drawdown | -1.18 | 11.86 | -13.04 |
Dividends
Dividend History
Calamos Bitcoin Structured Alt Protection ETF - April provided a 2.39% 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 | 2.39% | 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 | ||||||
| 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.
Loading charts...
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 8.65%, occurring on Jun 5, 2026. The portfolio has not yet recovered.
The current Calamos Bitcoin Structured Alt Protection ETF - April drawdown is 8.14%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -8.65%Jun 2026 | 4mo 21d | — | 5mo 8dJan 2026 - now |
2025 pullback2025 | -3.08%Nov 2025 | 1mo 15d | 1mo 24d | 3mo 9dOct 2025 - Jan 2026 |
2025 pullback2025 | -0.60%Sep 2025 | 6d | 6d | 12dSep 2025 - Oct 2025 |
2025 selloff2025 | -0.56%Jun 2025 | 2d | 4d | 6dJun 2025 - Jun 2025 |
2025 selloff2025 | -0.42%Jun 2025 | 3d | 4d | 7dJun 2025 - Jun 2025 |
Drawdown Indicators
| CBOA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -56.78% | +48.13% |
Max Drawdown (1Y)Largest decline over 1 year | -8.65% | -9.10% | +0.45% |
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 | -8.14% | -2.49% | -5.65% |
Average DrawdownAverage peak-to-trough decline | -2.58% | -10.72% | +8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.40% | 2.03% | +2.37% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with CBOA
Add Calamos Bitcoin Structured Alt Protection ETF - April to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with CBOA