- Issuer
- Calamos
- Inception Date
- Jul 8, 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
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Performance
CBOY Performance Chart
Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) is down 0.6% since the beginning of the year. CBOY is currently trading at $24 per share.
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Returns By Period
Calamos Bitcoin Structured Alt Protection ETF - July
- 1D
- -0.08%
- 1M
- 0.06%
- YTD
- -0.57%
- 6M
- -0.56%
- 1Y
- —
- 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%
CBOY Monthly Returns History
Based on dividend-adjusted daily data since Jul 8, 2025, CBOY's average daily return is 0.00%, while the average monthly return is -0.08%.
Historically, 50% of months were positive and 50% were negative. The best month was Jul 2025 with a return of +1.1%, while the worst month was Nov 2025 at -1.6%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CBOY closed higher 46% of trading days. The best single day was Oct 27, 2025 with a return of +0.8%, while the worst single day was Jan 20, 2026 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.28% | -0.84% | 0.16% | 0.16% | 0.10% | 0.12% | -0.57% | ||||||
| 2025 | 1.08% | -0.26% | 0.83% | -0.24% | -1.56% | -0.26% | -0.42% |
Benchmark Metrics
Calamos Bitcoin Structured Alt Protection ETF - July has an annualized alpha of -2.45%, beta of 0.08, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since July 08, 2025.
- This ETF participated in 10.95% of S&P 500 Index downside but only -0.57% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.08 may look defensive, but with R2 of 0.09 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 0.09 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
- -2.45%
- Beta
- 0.08
- R²
- 0.09
- Upside Capture
- -0.57%
- Downside Capture
- 10.95%
Expense Ratio
CBOY has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) 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.
| CBOY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
Dividends
Dividend History
Calamos Bitcoin Structured Alt Protection ETF - July provided a 1.38% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.34 | $0.34 |
Dividend yield | 1.38% | 1.37% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Bitcoin Structured Alt Protection ETF - July. 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 | $0.34 | $0.34 |
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 - July. 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 - July was 3.99%, occurring on Feb 19, 2026. The portfolio has not yet recovered.
The current Calamos Bitcoin Structured Alt Protection ETF - July drawdown is 3.38%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -3.99%Feb 2026 | 4mo 15d | — | 8mo 18dOct 2025 - now |
2025 pullback2025 | -1.08%Aug 2025 | 15d | 17d | 1mo 2dAug 2025 - Sep 2025 |
2025 pullback2025 | -0.88%Sep 2025 | 6d | 7d | 13dSep 2025 - Oct 2025 |
2025 pullback2025 | -0.49%Jul 2025 | 10d | 13d | 23dJul 2025 - Aug 2025 |
2025 pullback2025 | -0.10%Sep 2025 | 1d | 1d | 2dSep 2025 - Sep 2025 |
Drawdown Indicators
| CBOY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -56.78% | +52.79% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
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 | -3.38% | -2.49% | -0.89% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -10.72% | +8.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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