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Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) Alternatives

ETF · Currency in USD · Last updated Jun 24, 2026

The Calamos Bitcoin 90 Series Structured Alt Protection ETF - April provides 90% downside protection against Bitcoin losses over a one-year outcome period, limiting maximum loss to 10% while offering upside participation up to a defined cap. The fund uses FLEX options referencing the Cboe Bitcoin US ETF Index.

Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with CBXA. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to CBXA

CBXA charges 0.69% annually. There are 41 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.

SymbolNameExpense RatioAUMInception
OCTB
Aptus October Buffer ETF0.25%—Oct 2025CBXA vs OCTB
JANB
Aptus January Buffer ETF0.25%—Oct 2025CBXA vs JANB
APRB
Aptus April Buffer ETF0.25%—Oct 2025CBXA vs APRB
JULB
Aptus July Buffer ETF0.25%—Oct 2025CBXA vs JULB
FBUF
Fidelity Dynamic Buffered Equity ETF0.48%—Apr 2024CBXA vs FBUF

Best Risk-Adjusted Alternatives to CBXA

CBXA has a PortfoliosLab risk / return rank of 1. There are 220 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

SymbolNameRisk / Return RankAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
99
—Mar 2025CBXA vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
98
19.60MApr 2025CBXA vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF
98
—Mar 2025CBXA vs MMAX
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
98
—Apr 2025CBXA vs ZAPR
XBAP
Innovator U.S. Equity Accelerated 9 Buffer ETF - A...
98
133.76MMar 2021CBXA vs XBAP

Top Performing CBXA Alternatives (YTD)

CBXA is at -21.17% YTD. There are 272 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

SymbolNameYTD ReturnAUMInception
NVDO
Leverage Shares 2x Capped Accelerated NVDA Monthly...
16.35%
—Aug 2025CBXA vs NVDO
KFEB
Innovator U.S. Small Cap Power Buffer ETF - Februa...
13.02%
—Jan 2025CBXA vs KFEB
TMAR
FT Vest Emerging Markets Buffer ETF - March
12.46%
—Mar 2025CBXA vs TMAR
KAPR
Innovator Russell 2000 Power Buffer ETF - April
12.34%
216.78MMar 2020CBXA vs KAPR
QMAR
FT Cboe Vest Nasdaq-100 Buffer ETF - March
11.40%
563.55MMar 2021CBXA vs QMAR

Lowest Volatility Alternatives to CBXA

CBXA has 18.12% 1-year volatility. There are 282 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.

SymbolNameVolatility 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April1.18%—Mar 2025CBXA vs PMAP
APXM
FT Vest U.S. Equity Max Buffer ETF - April1.22%—Apr 2025CBXA vs APXM
PMMY
PGIM S&P 500 Max Buffer ETF - May1.30%—Apr 2025CBXA vs PMMY
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...1.36%19.60MApr 2025CBXA vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF1.43%—Mar 2025CBXA vs MMAX

Lowest Drawdown Alternatives to CBXA

CBXA has a 1-year max drawdown of -28.98%. There are 219 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.

SymbolNameMax Drawdown 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
-0.35%
—Mar 2025CBXA vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
-0.37%
19.60MApr 2025CBXA vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
-0.40%
—Apr 2025CBXA vs ZAPR
MMAX
iShares Large Cap Max Buffer Mar ETF
-0.46%
—Mar 2025CBXA vs MMAX
CPSM
Calamos S&P 500 Structured Alt Protection ETF - Ma...
-0.49%
56.30MMay 2024CBXA vs CPSM

Other ETFs from Calamos

The 10 most viewed Calamos ETFs shown here include CAIE, CVRT, CAIQ and span 7 categories. AUM among these funds goes as high as $999M.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CAIE
Calamos Autocallable Income ETFDerivative Income—
6.84%
998.70MJun 2025CBXA vs CAIE
CVRT
Calamos Convertible Equity Alternative ETFConvertible Bonds
92
36.17%
28.70MOct 2023CBXA vs CVRT
CAIQ
Calamos Nasdaq Autocallable Income ETFNasdaq-100, Derivative Income—
11.87%
229.00MNov 2024CBXA vs CAIQ
CANQ
Calamos Alternative Nasdaq & Bond ETFNasdaq-100, Diversified Portfolio
32
3.74%
21.70MFeb 2024CBXA vs CANQ
CPSL
Calamos Laddered S&P 500 Structured Alt Protection...Defined Outcome, S&P 500
94
2.52%
—Sep 2024CBXA vs CPSL
CPSA
Calamos S&P 500 Structured Alt Protection ETF - Au...Defined Outcome
95
2.88%
42.30MAug 2024CBXA vs CPSA
SROI
Calamos Antetokounmpo Global Sustainable Equities ...Global Equities
41
8.60%
18.60MFeb 2023CBXA vs SROI
CPST
Calamos S&P 500 Structured Alt Protection ETF - Se...Defined Outcome, S&P 500
94
2.69%
32.00MSep 2024CBXA vs CPST
CPSD
Calamos S&P 500 Structured Alt Protection ETF - De...Defined Outcome, S&P 500
94
2.38%
44.50MDec 2024CBXA vs CPSD
CPNS
Calamos Nasdaq-100 Structured Alt Protection ETF -...Defined Outcome
95
3.05%
21.80MSep 2024CBXA vs CPNS

Often Compared With CBXA

Investors most often compare CBXA with PMSE, PMFB, PMJN. These 20 comparison targets span 7 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
PMSE
PGIM S&P 500 Max Buffer ETF - SeptemberDefined Outcome, S&P 500—
2.81%
—Aug 2025CBXA vs PMSE
PMFB
PGIM S&P 500 Max Buffer ETF - FebruaryDefined Outcome, S&P 500
95
2.39%
—Jan 2025CBXA vs PMFB
PMJN
PGIM S&P 500 Max Buffer ETF - JuneDefined Outcome, S&P 500
93
1.84%
—May 2025CBXA vs PMJN
PMOC
PGIM S&P 500 Max Buffer ETF - OctoberDefined Outcome, S&P 500—
2.77%
—Sep 2025CBXA vs PMOC
CBOJ
Calamos Bitcoin Structured Alt Protection ETF - Ja...Defined Outcome
4
-1.85%
—Jan 2025CBXA vs CBOJ
STEN
iShares Large Cap 10% Target Buffer Sep ETFDefined Outcome—
6.53%
—Sep 2025CBXA vs STEN
SMAX
iShares Large Cap Max Buffer Sep ETFDefined Outcome
93
2.98%
—Sep 2024CBXA vs SMAX
PQAP
PGIM Nasdaq-100 Buffer 12 ETF - AprilDefined Outcome, Nasdaq-100
97
10.67%
7.34MDec 2024CBXA vs PQAP
ILS
Brookmont Catastrophic Bond ETFNontraditional Bonds
96
2.27%
16.11MMar 2025CBXA vs ILS
ZMAY
Innovator Equity Defined Protection ETF - 1 Yr MayDefined Outcome
95
1.75%
—May 2025CBXA vs ZMAY
PMJL
PGIM S&P 500 Max Buffer ETF - JulyDefined Outcome—
3.02%
—Jun 2025CBXA vs PMJL
LJUL
Innovator Premium Income 15 Buffer ETF - JulyDefined Outcome
97
2.02%
—Jun 2024CBXA vs LJUL
PMJA
PGIM S&P 500 Max Buffer ETF - JanuaryDefined Outcome, S&P 500
94
2.26%
4.58MDec 2024CBXA vs PMJA
PBFR
PGIM Laddered S&P 500 Buffer 20 ETFDefined Outcome, S&P 500
89
4.21%
154.43MJun 2024CBXA vs PBFR
USDX
SGI Enhanced Core ETFIntermediate Core Bond
95
2.55%
364.51MFeb 2024CBXA vs USDX
EAPR
Innovator Emerging Markets Power Buffer ETF - Apri...Defined Outcome
84
9.33%
103.73MMar 2021CBXA vs EAPR
CPSJ
Calamos S&P 500 Structured Alt Protection ETF - Ju...Defined Outcome
94
2.86%
42.10MJul 2024CBXA vs CPSJ
CSHP
iShares Enhanced Short-Term Bond Active ETFUltrashort Bond
99
1.83%
190.40MJul 2024CBXA vs CSHP
OOSP
Obra Opportunistic Structured Products ETFMultisector Bonds
72
2.66%
36.96MApr 2024CBXA vs OOSP
BUFP
PGIM Laddered S&P 500 Buffer 12 ETFDefined Outcome, S&P 500
84
5.60%
183.97MJun 2024CBXA vs BUFP

Compare CBXA with Any Fund or Stock

Compare CBXA with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair CBXA with funds that move differently

Calamos Bitcoin 90 Series Structured Alt Protection ETF - April alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CBXA.

Explore CBXA Diversifiers