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

Funds & ETFs

The Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBXL) is a US ETF launched October 14, 2025, providing approximately 90% downside protection over a rolling one-year period while offering capped upside participation in Bitcoin returns. As part of Calamos's laddered series, CBXL is designed to be held year-round by laddering multiple protection periods together, reducing the concentration risk of a single annual reset. It holds US Treasuries and Bitcoin call spreads to achieve its structured protection profile.

Details

Aum: ~$35M
Fee: 0.69%
Type: Bitcoin Structured Protection ETF
Issuer: Calamos Investments
Ticker: CBXL
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 (90% 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: 90%
Physically Backed: No

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