Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF
CBXL
Chicago Board Options Exchange- -
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 2020 Calamos Court Naperville IL United States of America 60563
- IPO Date
- Oct 14, 2025
- CIK
- 0001579881
- Website
- calamos.com
- Similar Companies
- Business
- Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) is a non-diversified, actively managed exchange-traded fund sponsored by Calamos Investments LLC that seeks to provide investors with risk-managed exposure to the price return of spot bitcoin, as measured by the CME CF Bitcoin Reference Rate – New York Variant. The Fund invests principally in an equal-weighted, laddered portfolio of four Calamos Bitcoin 90 Series Structured Alt Protection ETFs with quarterly outcome periods, including January-, April-, July- and October-series funds. Each underlying ETF is designed to capture positive bitcoin price returns up to a predetermined upside cap over a one-year outcome period while limiting losses to 10% of an investor’s initial investment during that period, before fees and expenses; accordingly, CBXL provides a blended, continuously rolling exposure profile rather than requiring investors to select a single outcome-period vintage. The Fund’s product offering comprises a single-ticker portfolio solution for 90% protected bitcoin exposure, a quarterly laddering structure intended to reduce outcome-period timing concentration, defined-return exposure subject to changing caps, and access to bitcoin-linked investment outcomes without direct ownership, custody or trading of bitcoin. CBXL trades on Cboe BZX Exchange, Inc., has a 0.79% total annual fund operating expense ratio, and commenced operations on October 14, 2025. Calamos Investments, founded in 1977 and headquartered in the Chicago metropolitan area, is a U.S.-based investment manager serving financial advisers, institutions and individual investors through mutual funds, ETFs, closed-end funds, interval funds, separately managed accounts and alternative-investment strategies, including convertible securities, fixed income, equities, liquid alternatives, private credit and structured-protection products. In October 2025, Calamos launched CBXL alongside the Calamos Laddered Bitcoin Structured Alt Protection ETF (CBOL), which uses underlying ETFs targeting 100% protection, and the Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL), which uses underlying ETFs targeting 80% protection, expanding its defined-protection ETF platform with what it described as the first laddered structured-protection ETFs offering bitcoin exposure. Calamos also expanded its alternatives platform through its AC Private Markets alliance with Aksia, including the October 2025 launch of the Calamos Aksia Hedged Strategies Fund, following the firms’ prior private-credit and private-equity interval-fund offerings.