CBTL ETF — Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL)

Updated October 16, 2026.

CBTL is an ETF. its trailing-12-month yield is 1.04%, its expense ratio is 0.79%. Dividend Vision Distribution Safety Score™ is 32/100 (Unproven). Total return is -19.8% over the past year, 36.3 points behind SPY at 16.5%.

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF is a non-diversified fund that invests substantially all of its assets in underlying ETFs designed to track spot bitcoin price returns up to a predetermined upside cap, while providing downside protection against 100% of negative bitcoin price movements over defined one-year outcome periods. The fund carries an expense ratio of 0.79% and has a modest current distribution rate; its latest distribution was special and may not recur regularly. This fund appeals to investors seeking bitcoin exposure with structured downside protection, though the capped upside and one-year outcome structure distinguish it from traditional buy-and-hold crypto strategies.

CBTL performance versus SPY

Price and return data through 2026-10-16.

Total return is -19.8% over the past year, 36.3 points behind SPY at 16.5%. Its deepest 1-year drawdown was 29.7%.

CBTL key facts

Distribution Safety Score™

32 · Unproven

Issuer

Calamos Investments

Asset type

ETF

Asset class

Crypto

Inception date

10/13/2025

Expense ratio

0.79%

Distribution frequency

Annual

Trailing yield

1.04%

Last close

$19.54 (as of 2026-10-16)

AUM

$2,490,313

Average volume

2674.0

Dividend

$0.204

Ex-dividend date

12/23/2025

Beta

0.7487

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (1.04%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Calamos Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

CBTL risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 29.7%.

Who may consider CBTL — and who may not

It is a weaker fit for investors who need monthly cash flow (CBTL pays annual); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on CBTL

• All tickers starting with C

Tagged: Bitcoin, Crypto, Single.

Frequently asked questions

More securities from Calamos Investments.