CBOA ETF — Calamos Bitcoin Structured Alt Protection ETF

Calamos Bitcoin Structured Alt Protection ETF (CBOA)

Updated October 16, 2026.

CBOA is an ETF. its trailing-12-month yield is 2.30%, its expense ratio is 0.69%. Dividend Vision Distribution Safety Score™ is 38/100 (Unproven). Total return is 2.6% over the past 1.5 years, 51.2 points behind SPY at 53.8%.

Calamos Bitcoin Structured Alt Protection ETF is an actively managed fund that seeks to capture gains in spot bitcoin up to a specified cap over approximately one-year periods while providing downside protection against bitcoin price declines. The fund carries a modest expense ratio of 0.69% and distributes annually, though its most recent distribution was special and may not recur on a regular basis. This fund may appeal to investors seeking bitcoin exposure with built-in downside hedging rather than direct spot bitcoin ownership.

CBOA performance versus SPY

Price and return data through 2026-10-16.

Total return is 2.6% over the past 1.5 years, 51.2 points behind SPY at 53.8%. Over the past year its total return — price change plus distributions reinvested — is -3.3%. Its deepest 1-year drawdown was 8.9%.

CBOA key facts

Distribution Safety Score™

38 · Unproven

Issuer

Calamos Investments

Asset type

ETF

Asset class

Equity

Inception date

04/07/2025

Expense ratio

0.69%

Distribution frequency

Annual

Trailing yield

2.30%

Last close

$25.11 (as of 2026-10-16)

AUM

$5,029,986

Average volume

7.0

Dividend

$0.577

Ex-dividend date

12/12/2025

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.30%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Calamos Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

CBOA risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 8.9%.

Who may consider CBOA — and who may not

It is a weaker fit for investors who need monthly cash flow (CBOA pays annual); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on CBOA

• All tickers starting with C

Tagged: Bitcoin, Crypto, Single.

Frequently asked questions

More securities from Calamos Investments.