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

Funds & ETFs

The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBTL) is a US ETF launched October 14, 2025, providing approximately 80% downside protection over a rolling one-year period with higher capped upside participation than the 90% protection series. CBTL pairs with CBXL as the other half of Calamos's laddered Bitcoin protection suite, allowing investors to blend protection levels. Like CBXL, it uses US Treasuries and Bitcoin call spreads and is designed for continuous laddered holding.

Details

Aum: ~$40M
Fee: 0.69%
Type: Bitcoin Structured Protection ETF
Issuer: Calamos Investments
Ticker: CBTL
Country: United States
Manager: Calamos Investments
Exchange: CBOE BZX
Custodian: N/A (holds options on Bitcoin ETFs, not direct BTC)
Fund Type: Bitcoin Structured Protection ETF
Structure: Laddered structured protection ETF (80% series)
Expense Ratio: 0.69%
Launched Year: 2025
Bitcoin Direct: No
Management Fee: 0.69%
Exchange Listed: CBOE BZX
Protection Type: laddered
Bitcoin Exposure: options
Protection Level: 80%
Physically Backed: No

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