Calamos Bitcoin Structured Alt
CBOA
Chicago Board Options Exchange- -
USD
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 2020 Calamos Court Naperville IL United States of America 60563
- IPO Date
- Apr 7, 2025
- CIK
- 0001579881
- Similar Companies
- Business
- Calamos Bitcoin Structured Alt Protection ETF – April (NASDAQ: CBOA) is a series of the Calamos ETF Trust that provides defined-outcome exposure to bitcoin price performance through an actively managed exchange-traded fund structure. The fund seeks to match positive returns of the Cboe Mini Bitcoin U.S. ETF Index, subject to a predetermined upside cap, while providing 100% downside protection over each approximately one-year outcome period, before fees and expenses, for shareholders that purchase at the beginning of and hold shares through the end of the applicable outcome period. CBOA implements its strategy principally through FLEX options linked to the bitcoin reference index and equity-index option positions used to structure the defined protection and capped-return profile; it does not seek to provide direct ownership of bitcoin. The fund serves investors seeking regulated, exchange-traded bitcoin-linked exposure with principal protection and a known maximum return for a designated outcome period. CBOA commenced trading on April 7, 2025, at an initial net asset value of $25, with an annual expense ratio of 0.69%; its initial April 2025–April 2026 outcome period featured an initial upside cap rate of 10.98%. In its subsequently reset April 2026 outcome period, the fund reported a starting gross cap rate of 9.72%, with the outcome period scheduled to end on April 30, 2027. CBOA is part of Calamos Investments’ protected bitcoin ETF franchise, which also includes 90% and 80% downside-protection series and maturity-month variants; in 2025, Calamos expanded the platform through the launch of the April bitcoin protection suite, comprising CBOA, the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April (CBXA), and the Calamos Bitcoin 80 Series Structured Alt Protection ETF – April (CBTA), and later introduced laddered bitcoin structured-protection products designed to diversify exposure across outcome-period vintages. Calamos Investments, founded in 1977, is headquartered in Naperville, Illinois, and provides investment-management products and services to individual and institutional investors, financial intermediaries, and wealth-management clients.