Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF
CBTL
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- Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF is an actively managed exchange-traded fund sponsored by Calamos Advisors LLC that seeks to provide risk-managed exposure to the price return of spot bitcoin, as measured by the CME CF Bitcoin Reference Rate – New York Variant, subject to defined upside caps and outcome-period protections. The fund invests equally in a rolling, laddered portfolio of four quarterly Calamos Bitcoin 80 Series Structured Alt Protection ETFs, each with a one-year outcome period beginning in a different calendar quarter; the underlying funds are designed to participate in positive bitcoin price performance up to applicable caps while limiting losses to 20% over their respective outcome periods, equivalent to 80% downside protection from declines between 20% and 100%, before fees and expenses. CBTL provides a single-ticker vehicle intended to reduce outcome-period timing considerations by maintaining staggered exposure across the four underlying protected bitcoin ETFs; it is listed on Cboe BZX Exchange, Inc. and is available to U.S. investors through brokerage platforms. The fund commenced operations on October 14, 2025, as part of Calamos Investments’ launch of its Laddered Bitcoin Structured Alt Protection ETF suite, which also includes products offering 100% and 90% protection through the CBOL and CBXL ETFs, respectively. Calamos Investments, founded in 1977 and headquartered in Naperville, Illinois, is an investment-management firm serving individual and institutional investors, financial intermediaries and wealth-management clients through mutual funds, ETFs, interval funds and separately managed accounts spanning convertible securities, equities, fixed income, alternatives, private credit, private equity, market-neutral strategies, hedged strategies, structured-protection ETFs and autocallable-income and growth strategies.