Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL)

The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) is an exchange-traded fund from Calamos Investments that gains bitcoin-linked exposure by holding a ladder of the firm's Bitcoin 90 Series structured protection ETFs, each with a different starting month.

Each underlying series uses options to seek upside participation up to a cap while aiming to protect against most downside losses over a one-year period, with the 90 Series designed around a 90 percent protection level. Spreading assets across series that reset at staggered times diversifies the timing of caps and protection levels, so the fund is not tied to the terms set on any single date. The fund does not hold bitcoin directly.