Calamos Laddered Bitcoin Structured Alt… (CBTL) Performance
CBTL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.5% since Dec 31, 2025
- 1 year
- −18.8% total return
- Since first price
- −19.9% since 2025
CBTL trailing returns vs SPY, QQQ, AGG
| Period | CBTL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.9% | −1.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +9.9% | +9.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.9% | +3.9% | +7.8% | +8.4% | −1.5% |
| YTD | −6.5% | −6.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −18.8% | −19.6% | +14.4% | +15.9% | −1.1% |
| Since inceptionOct 14, 2025 | −19.9% | −20.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CBTL vs SPY
From Oct 14, 2025: CBTL grew to $8,006, SPY to $11,600.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CBTL returns by calendar year
2026 is year to date.
CBTL annual returns table
| Year | CBTL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.5% | −23.0% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CBTL largest drawdowns
Now 20.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 27, 2025 | −29.7% | Jun 30, 2026 | not yet | 8 months | 12 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CBTL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 1 | −18.9% | −18.9% | −18.9% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
CBTL performance overview
Calamos Laddered Bitcoin Structured Alt… (CBTL) returned −18.8% over the past year, with distributions reinvested. Since its first recorded price on Oct 14, 2025 it has returned −19.9%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −29.7%, from Oct 27, 2025 to Jun 30, 2026; the fund has not yet regained that high.
Related: CBTL chart, CBTL dividends. See the CBTL overview for the latest quote and fund facts.
CBTL performance FAQ
What is the CBTL return over the past year?
CBTL returned −18.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 19.6%.
How much would $10,000 invested in CBTL be worth?
$10,000 invested in CBTL at its first recorded close on October 14, 2025 would be worth about $8,006 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of CBTL?
The largest peak-to-trough decline was −29.7% between October 27, 2025 and June 30, 2026. It has not yet recovered to that high; it is 20.8% below its peak.