CBTACalamos Bitcoin 80 Series Structured Alt Protection ETF — April
Seeks investment results that, before total fund operating fees and expenses, track the positive price return of CME CF Bitcoin Reference Rate — NY Variant (Spot bitcoin).
By Calamos · Launched 2025
0.69%
#3,611 of 5,861 · average
$4M
#5,301 of 5,861 · small
-34.7%
1 year
#4,229 of 5,861 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeStrategy
Structured outcome
What it actually holds
By weightConcentration
Top 5 holdings = 98.5% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks investment results that, before total fund operating fees and expenses, track the positive price return of CME CF Bitcoin Reference Rate — NY Variant (Spot bitcoin).
- Strategy
- Actively managed; uses OTC, FLEX, or listed Options referencing spot bitcoin or bitcoin ETPs (IBIT, BTC, BITB, FBTC, ARKB) to track bitcoin returns up to a 51.76% Cap and a Floor against losses exceeding 20% over an approximately one-year Outcome Period (April 7, 2025 — April 6, 2026).
- Inception date
- April 4, 2025
- Fund family
- Calamos
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04