An actively managed ETF: uses options to follow bitcoin's gains up to a cap while protecting against losses beyond 20% over a roughly one year period starting each April. The cap and protection apply in full only from the start of that period.
CBTA, the Calamos Bitcoin 80 Series Structured Alt Protection ETF April, is a $6 million ETF whose main story is crypto conviction. Over the past year it returned −25.0%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| CBTA | +6.1% | +20.7% | −10.8% | −25.0% | – | – |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on April 7, 2025: −0.2% a year.
$10,000 invested April 30, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
CBTA moves largely apart from the market. When the market has moved 1%, CBTA has tended to move 0.65%.
CBTA moves closely with crypto conviction. When crypto conviction has moved 1%, CBTA has tended to move 0.57%.
Weekly returns over 77 weeks. The narrative is measured without CBTA in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
CBTA is the 34th cheapest of 81 ETFs in crypto conviction. The dashed line is the middle of the group, 0.69% a year.
How it is built
An unlevered long ETF. It uses options to set a defined outcome over a set period: a cap on gains and a buffer against some losses. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is CBTA selling?
CBTA’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs.
Which ETFs compete with CBTA?
The ETFs whose weekly returns move most like CBTA’s over the past 3 years are BFAP (0.99), CBXA (0.99) and BPI (0.97).
How has CBTA performed against its story?
Over the past year CBTA returned −25.0%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.96 with the story. Past performance only.
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