- Issuer
- Calamos
- Inception Date
- Apr 7, 2025
- Region
- Global (Broad)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- CBOE Bitcoin US ETF Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
CBTA Performance Chart
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) is down 25.1% since the beginning of the year. CBTA is currently trading at $21 per share.
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Returns By Period
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has returned -25.05% so far this year and -29.54% over the past 12 months.
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April
- 1D
- -0.61%
- 1M
- -8.76%
- YTD
- -25.05%
- 6M
- -25.40%
- 1Y
- -29.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
CBTA Monthly Returns History
Based on dividend-adjusted daily data since Apr 7, 2025, CBTA's average daily return is -0.04%, while the average monthly return is -0.88%.
Historically, 40% of months were positive and 60% were negative. The best month was Apr 2025 with a return of +11.4%, while the worst month was Feb 2026 at -19.4%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 6 months.
On a daily basis, CBTA closed higher 52% of trading days. The best single day was Mar 4, 2026 with a return of +5.8%, while the worst single day was Feb 5, 2026 at -7.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -3.90% | -19.39% | -0.53% | 6.92% | -1.75% | -7.42% | -25.05% | ||||||
| 2025 | 11.44% | 7.65% | 2.21% | 4.86% | -1.75% | 2.81% | -1.38% | -10.86% | -2.08% | 11.82% |
Benchmark Metrics
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April has an annualized alpha of -29.12%, beta of 0.71, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since April 07, 2025.
- This ETF participated in 279.85% of S&P 500 Index downside but only 25.54% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.17 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -29.12%
- Beta
- 0.71
- R²
- 0.17
- Upside Capture
- 25.54%
- Downside Capture
- 279.85%
Expense Ratio
CBTA has an expense ratio of 0.69%, placing it in the medium range.
Return for Risk
Risk / Return Rank
CBTA ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBTA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.04 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.35 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.66 | -3.42 |
| Martin ratioReturn relative to average drawdown | -1.38 | 11.86 | -13.24 |
Dividends
Dividend History
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April provided a 1.19% dividend yield over the last twelve months, with an annual payout of $0.25 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.25 | $0.25 |
Dividend yield | 1.19% | 0.89% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.25 | $0.25 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Calamos Bitcoin 80 Series Structured Alt Protection ETF - April. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Calamos Bitcoin 80 Series Structured Alt Protection ETF - April was 38.87%, occurring on Jun 5, 2026. The portfolio has not yet recovered.
The current Calamos Bitcoin 80 Series Structured Alt Protection ETF - April drawdown is 37.41%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -38.87%Jun 2026 | 8mo 1d | — | 8mo 18dOct 2025 - now |
2025 pullback2025 | -4.25%Sep 2025 | 6d | 7d | 13dSep 2025 - Oct 2025 |
2025 pullback2025 | -3.83%Aug 2025 | 15d | 14d | 29dAug 2025 - Sep 2025 |
2025 selloff2025 | -3.29%Jun 2025 | 8d | 5d | 13dMay 2025 - Jun 2025 |
2025 pullback2025 | -2.83%Aug 2025 | 17d | 11d | 28dJul 2025 - Aug 2025 |
Drawdown Indicators
| CBTA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.87% | -56.78% | +17.91% |
Max Drawdown (1Y)Largest decline over 1 year | -38.87% | -9.10% | -29.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -37.41% | -2.49% | -34.92% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -10.72% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 2.03% | +19.44% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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