# Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/cbxy for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Calamos · Asset class: Equity - Strategy: Buffered · Inception: 2025-07-07 CBXY 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 July, reflecting... ## Key Facts | Metric | Value | |---|---| | Price | $23.92 | | Expense Ratio | 0.69% | | Assets Under Management | $6.0M | | NAV | $24.00 | | Holdings Count | 0 | | Distribution Yield (TTM) | 1.33% | | Annual Distribution (TTM) | $0.32 /share | | Distribution Frequency | Irregular | | 52-Week Range | $21.71 – $25.69 | | Beta | 0.20 | ## Latest Distribution - Amount: $0.3190 /share - Ex-date: 2025-12-12 - Pay date: 2025-12-15 ## Frequently Asked Questions ### What does CBXY invest in? CBXY 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 July, 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 CBXY? Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) charges an expense ratio of 0.69%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is CBXY? Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) manages $6.0M 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 CBXY actively managed or an index fund? CBXY's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### When was CBXY launched? Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) launched in July 2025 and is managed by Calamos. ### How has CBXY performed? CBXY'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. ### Does CBXY pay a dividend? Calamos Bitcoin 90 Series Structured Alt Protection ETF - July (CBXY) currently distributes little or no income. Trailing-twelve-month yield is 1.33%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does CBXY pay dividends? Calamos Bitcoin 90 Series Structured Alt Protection ETF - July pays dividends Irregular. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is CBXY's dividend yield? CBXY's trailing-twelve-month yield is 1.33%, calculated from the sum of dividends over the past year divided by the current price. ### When is CBXY's next ex-dividend date? The most recently announced ex-dividend date for CBXY was 2025-12-12. The next ex-date typically follows Irregular; once announced it appears at the top of the dividend history table on this page. ### How much will CBXY's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.69% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does CBXY charge its expense ratio? The expense ratio is deducted in tiny daily slices from CBXY's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does CBXY cost more than a fund like VOO? CBXY's strategy (current expense ratio 0.69%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where CBXY sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to CBXY? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as CBXY (0.69%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/cbxy - Distribution history: https://www.dividenddata.com/funds/cbxy/dividend - Holdings & diversification: https://www.dividenddata.com/funds/cbxy/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/cbxy/expenses - Peer comparison: https://www.dividenddata.com/funds/cbxy/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.