Calamos Bitcoin Structured Alt

Frequently Asked Questions About CBOA

What does CBOA invest in?

CBOA actively manages options and collateral in a way designed to track the positive price return of spot bitcoin up to a cap, while providing protection against price decreases, over a one-year period. It uses the BRRNY, a benchmark index, to determine the cap. The fund employs two portfolio construction methods: one involving U.S. Treasuries, options, and cash equivalents, the other using options and cash equivalents. The fund does not invest directly in bitcoin. The fund offers perpetual investment opportunities, with new options chosen at each annual reset date in April, reflecting market conditions at that time. Returns will differ if investors buy or sell shares mid-Outcome Period. It also invests in a Cayman Islands subsidiary for bitcoin exposure within IRS guidelines. The Fund's strategies and outcomes are hypothetical and not guaranteed.

What is the expense ratio of CBOA?

Calamos Bitcoin Structured Alt (CBOA) charges an expense ratio of 0.69%. This is the annual fee deducted from fund assets to cover management and operations.

How big is CBOA?

Calamos Bitcoin Structured Alt (CBOA) manages $5.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is CBOA actively managed or an index fund?

CBOA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was CBOA launched?

Calamos Bitcoin Structured Alt (CBOA) launched in April 2025 and is managed by Calamos.

How has CBOA performed?

CBOA's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.