{
 "ticker": "CBXA",
 "name": "Calamos Bitcoin 90 Series Structured Alt Protection ETF - April",
 "issuer": "Calamos",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/CBXA",
 "html": "https://etfiq.com/funds/CBXA",
 "markdown": "https://etfiq.com/funds/CBXA.md",
 "as_of": "2026-09-12",
 "verdict": "As of Sep 12, 2026, CBXA sits between its buffer and its cap, with Bitcoin up 8.6% since the period began.",
 "key_facts": [
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "14.8%",
   "source": null,
   "as_of": "2026-09-12",
   "sentence": "CBXA, fall before the buffer: 14.8%, as of Sep 12, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "89.8%",
   "source": null,
   "as_of": "2026-09-12",
   "sentence": "CBXA, protection left, index points: 89.8%, as of Sep 12, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "231",
   "source": null,
   "as_of": "2026-09-12",
   "sentence": "CBXA, days to reset: 231, as of Sep 12, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-12",
   "sentence": "CBXA, net assets: $5m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.69%",
   "source": "issuer page, Sep 12, 2026",
   "as_of": "2026-09-12",
   "sentence": "CBXA, expense ratio: 0.69% (issuer page, Sep 12, 2026)."
  },
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "Bitcoin",
   "source": null,
   "as_of": "2026-09-12",
   "sentence": "CBXA, reference index: Bitcoin, as of Sep 12, 2026."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "Bitcoin",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "10% to 100%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Apr 8, 2026 to May 1, 2027",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "+22.8%",
   "source": null
  },
  {
   "key": "bitcoin_return_since_period_start",
   "label": "Bitcoin return since period start",
   "value": "+8.6%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+5.4%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$5m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "Open",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "not published",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "14.8%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "17.4%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "89.8% of 89.8%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "231",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.69%",
   "source": "issuer page, Sep 12, 2026"
  }
 ],
 "periods": [],
 "questions": [
  {
   "q": "How far can CBXA fall before the buffer helps?",
   "a": "14.8% in fund-price terms on Sep 12, 2026, by the issuer's figure. In index terms Bitcoin can fall 17.4% from that level before the buffer begins. Losses until that point are the holder's."
  },
  {
   "q": "How much of the CBXA buffer is left?",
   "a": "89.8% of the 89.8% buffer sat below the Bitcoin level on Sep 12, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer."
  },
  {
   "q": "When does CBXA reset?",
   "a": "The outcome period ends on May 1, 2027, 231 days from the data on Sep 12, 2026. A new cap is set the next day and the buffer starts again."
  },
  {
   "q": "What does CBXA cost?",
   "a": "The prospectus expense ratio is 0.69% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}