ETF Evaluator:
Calamos Tax-Aware Collateral ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Relative Value Arbitrage Over the Last Year
| 12.1% | Calamos CEF Income & Arbitrage ETF (CCEF) |
| 12.1% | Relative Value Arbitrage () |
| 0.0% | Calamos Tax-Aware Collateral ETF (CBOX) |
Risk
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Risk
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ETF Details
Calamos Tax-Aware Collateral ETF Overview
Calamos Tax-Aware Collateral ETF (CBOX) is an actively managed Alternative Relative Value Arbitrage exchange-traded fund (ETF). Calamos launched the ETF in 2026.
The investment seeks capital appreciation by investing in FLEX options box spreads.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective through multiple combinations of synthetic long and short exchange-listed options positions, collectively referred to herein as a Box Spread ("Box Spread"). It is non-diversified.
About Calamos Tax-Aware Collateral ETF (CBOX)
There are 2 members of the management team with an average tenure of 0.29 years: Shaheen Iqubal (2026) and Jordan Rosenfeld (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Calamos Tax-Aware Collateral ETF has 3 securities in its portfolio. The top 10 holdings constitute 99.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Calamos Tax-Aware Collateral ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Calamos Tax-Aware Collateral ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Tax-Aware Collateral ETF has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $657 million average for the Relative Value Arbitrage category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CBOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Tax-Aware Collateral ETF expense ratio is low compared to funds in the Relative Value Arbitrage category. Calamos Tax-Aware Collateral ETF has an expense ratio of 0.14%, which is 92% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Tax-Aware Collateral ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 74% for the Relative Value Arbitrage category.
Recently, in the month of July 2026, Calamos Tax-Aware Collateral ETF returned 0.5%, which earned it a grade of A, as the Relative Value Arbitrage category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Calamos Tax-Aware Collateral ETF has a trailing yield of 0.00%, which is below the 7.26% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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CBOX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CBOX Return (NAV) | 0.5% | 1.0% | na | na | na | na |
| CBOX Return (Price) | 0.3% | 1.0% | na | na | na | na |
| NAV +/- Price Return | 0.120% | -0.015% | na | na | na | na |
| Relative Value Arbitrage Avg | -0.1% | 1.3% | 12.1% | na | na | na |
| CBOX Grade (NAV) | A | F | na | na | na | na |
| +/- Category (NAV) | 0.6% | -0.3% | na | na | na | na |
| CBOX Tax-Cost Ratio | na | na | na | na | na | na |
CBOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CBOX Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| CBOX Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Relative Value Arbitrage Avg | 6.7% | 13.3% | na | na | na | na | na | na | na | na | na |
| CBOX Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 1,280 Mil |
| Share Class Assets: | $ 1,280 Mil |
| Turnover: | na |
| Expense Ratio: | 0.14% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Iqubal Shaheen (2026), Rosenfeld Jordan (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 99.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calamos |
| Phone Number: | 866-363-9219 |
| Website: | |
| Inception Date: | April 15, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.14% (Rating: Low) |
| Category Average Expense Ratio (%): | 1.67% |
