CBXA ETF — Calamos Bitcoin 90 Series Structured Alt Protection ETF - April

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

Updated October 16, 2026.

CBXA is an ETF. its trailing-12-month yield is 2.25%, its expense ratio is 0.69%. Dividend Vision Distribution Safety Score™ is 36/100 (Unproven). Total return is -3.7% over the past 1.5 years, 57.5 points behind SPY at 53.8%.

Calamos Bitcoin 90 Series Structured Alt Protection ETF - April is an actively managed ETF that tracks the positive price return of spot bitcoin up to a stated cap over approximately one year, while seeking to protect against bitcoin price declines exceeding 10%. The fund carries a modest expense ratio and currently distributes on an annual basis, with the latest payout being a special or one-time distribution that may not recur. This structure appeals to investors seeking bitcoin exposure with defined downside protection parameters, though the outcome period structure means the fund's objectives reset periodically.

CBXA performance versus SPY

Price and return data through 2026-10-16.

Total return is -3.7% over the past 1.5 years, 57.5 points behind SPY at 53.8%. Over the past year its total return — price change plus distributions reinvested — is -17.1%. Its deepest 1-year drawdown was 29.0%.

CBXA key facts

Distribution Safety Score™

36 · Unproven

Issuer

Calamos Investments

Asset type

ETF

Asset class

Crypto

Inception date

04/07/2025

Expense ratio

0.69%

Distribution frequency

Annual

Trailing yield

2.25%

Last close

$23.64 (as of 2026-10-16)

AUM

$4,734,088

Average volume

15.0

Dividend

$0.532

Ex-dividend date

12/12/2025

Payment date

12/15/2025

Beta

0.6591

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 (2.25%) 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.

CBXA 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 29.0%.

Who may consider CBXA — and who may not

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

More on CBXA

• All tickers starting with C

Tagged: Bitcoin, Crypto, Downside Protection.

Frequently asked questions

More securities from Calamos Investments.