Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF

Frequently Asked Questions About CBTL

What does CBTL invest in?

CBTL is a single-ticker solution that bundles four specific, defined outcome buffer ETFs linked to the spot price of Bitcoin (BTC). The fund ladders four Calamos Bitcoin Structured Alt Protection ETFs: CBTJ, CBTA, CBTY, and CBTO, each with a one-year target outcome period. Each ETF utilizes both FLEX and listed options and resets quarterly on a staggered schedule in January, April, July, and October, respectively. These ETFs provide 80% downside protection, but cap upside returns during their respective outcome periods. The laddered strategy mitigates market entry/exit timing risks by ensuring continuous access to refreshed upside and downside parameters. Note that CBTL itself does not offer protection. The fund rebalances twice a year to maintain equal weighting. Daily information on CBTLs exposure to the underlying ETFs, as well as remaining caps and buffers, is available on the issuers website.

What is the expense ratio of CBTL?

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) charges an expense ratio of 0.10%. This is the annual fee deducted from fund assets to cover management and operations.

How big is CBTL?

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) manages $2.4M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is CBTL actively managed or an index fund?

CBTL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was CBTL launched?

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) launched in October 2025 and is managed by Calamos.

How has CBTL performed?

CBTL's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.