Calamos Bitcoin 90 Series Struc

Frequently Asked Questions About CBXA

What does CBXA invest in?

CBXA 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 a loss exceeding 10%, 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 US Treasuries, options, and cash equivalents and 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. The fund also invests up to 25% of its assets 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 CBXA?

Calamos Bitcoin 90 Series Struc (CBXA) charges an expense ratio of 0.69%. This is the annual fee deducted from fund assets to cover management and operations.

How big is CBXA?

Calamos Bitcoin 90 Series Struc (CBXA) manages $4.6M 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 CBXA actively managed or an index fund?

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

When was CBXA launched?

Calamos Bitcoin 90 Series Struc (CBXA) launched in April 2025 and is managed by Calamos.

How has CBXA performed?

CBXA'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.