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

The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) is an exchange-traded fund from Calamos Investments that offers bitcoin-linked exposure through a ladder of the firm's Bitcoin 80 Series structured protection ETFs rather than through a single fund with one fixed outcome period.

Each underlying series uses options to seek upside participation in bitcoin-related price movements up to a cap, while aiming to protect against a substantial portion of losses over its one-year outcome period, with the 80 Series designed around an 80 percent protection level. Because the underlying series reset in different months, the laddered approach spreads exposure across staggered start dates, reducing dependence on the cap and protection levels set at any single reset. The fund does not hold bitcoin directly.