Site navigation

CBTL

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF

Important Disclosure

Fund Stats

  • NAV

    $18.13

    $0.21 (1.15%)

    As of 2/12/26

  • Market Price

    $18.10

    As of 2/12/26

  • Total Net Assets

    $3.2 Million

    As of 2/12/26

  • Inception Date

    10/14/25

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF Overview

The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF® (Ticker: CBTL) is designed to match the positive price return of the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") ("Spot bitcoin") up to a defined cap, with specific levels of downside protection, over a one-year period (before fees and expenses).

Key Features

  • Single-Ticker Solution. Access the full suite of 80% downside protection Bitcoin ETFs in a single ticker-the first of its kind.
  • Outcome Period Diversification. Owning all outcome periods removes timing considerations from picking a monthly entry point.
  • Protected Participation. Delivers upside return potential from underlying exposures to Bitcoin with downside protection.

Portfolio Fit

For equity risk control, offers declined levels of protection on Bitcoin exposure for investor unwilling to risk market drawdowns.

As a portfolio diversifier, Bitcoin has exhibited a low correlation to both traditional portfolio and traditional diversifying assets like equities, fixed income, and gold.

Portfolio

CBTL Analysis of Underlying ETFs

Data as of 2/13/2026 3:32:28 PM CST
Data Delayed
The statistics below represent weighted averages of current underlying ETF holdings as of the date listed above, and the number of underlying ETFs in the Accumulation and Protection Zones. These aggregate metrics show the combined characteristics of all positions as of a point in time, and are not projections of future performance or investor outcomes. Actual results will vary depending on market movements, individual ETF performance within their protection periods, and the timing of when holdings reach their protection zones. These values will change as market conditions evolve and ETFs complete their outcome periods.
Underlying ETF Statistics

67.33%

Weighted Avg. Upside Current Cap

-6.63%

Weighted Avg. Current Floor

93.37%

Weighted Avg. Current Protection

42.89%

Weighted Avg. Starting Cap Rate

2

Number of Reference Assets in Accumulation Zone

2

Number of Reference Assets in Protection Zone

Data as of 2/13/2026 3:32:28 PM CST
Data Delayed
Recent Launches Approaching Roll

Current values above reflect fund and product expenses incurred to date during the outcome period, based off the number of days elapsed within the outcome period. Net values reflect fund and product expenses over the entire outcome period. Fund return and current outcome period values are based on the price return of the reference asset.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. There are no assurances the Fund will be successful in providing the sought-after protection. The outcomes that the Fund seeks to provide may only be realized if you are holding shares on the first day of the outcome period and continue to hold them on the last day of the outcome period, approximately one year. There is no guarantee that the outcomes for an outcome period will be realized or that the Fund will achieve its investment objective. If the outcome period has begun and the reference asset has increased in value, any appreciation of the Fund by virtue of increases in the reference asset since the commencement of the outcome period will not be protected by the sought-after protection, and an investor could experience losses until the reference asset returns to the original price at the commencement of the outcome period. Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the Fund for the outcome period, before fees and expenses. If the outcome period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one outcome period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Fund' website, www.calamos.com, provides important Fund information.

Initial Cap - The initial maximum percentage return an investor can achieve from an investment in the Fund if held over the outcome period.

Current Upside Achieved - The return of the Fund, after fees and expenses, since the start of the Outcome Period.

Cap Rate - Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.

Downside Before Protection - Amount of downside risk the Underlying ETF is exposed to before the capital protection begins. This occurs when the ETF price has appreciated from its starting level.

Days Remaining - Number of days remaining in the Outcome Period.

CBTL Underlying Structured Protection ETFs Details

Data as of 2/13/2026 at 3:32PM CST
CBTO CBTY CBTA CBTJ
Remaining Outcome Period 235 days 144 days 53 days 350 days
Period Start Date 10/7/2025 7/8/2025 4/7/2025 2/4/2025
Period End Date 10/6/2026 7/7/2026 4/7/2026 1/29/2027
Initial Cap 41.62% 41.05% 51.76% 51.50%
Current Cap* 75.24% 74.22% 66.80% 49.72%
Current Downside Before Protection* -1.11% -1.98% -12.70% -12.85%
Current Protection Level* 98.89% 98.02% 87.30% 87.15%
Bitcoin Value at Period Start Date 121,898 108,921 78,331 96,721

*Current values are shown gross of management fees.

Holdings

As of 2/12/26
Holding %
Calamos Bitcoin 80 Series Structured Alt Protection ETF® - October 28.2%
Calamos Bitcoin 80 Series Structured Alt Protection ETF® - July 26.2%
Calamos Bitcoin 80 Series Structured Alt Protection ETF® - April 23.0%
Calamos Bitcoin 80 Series Structured Alt Protection ETF® - January 22.2%

A list of all fund holdings is made available daily through the link below.

View All Holdings

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Distributions

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

Distribution Detail

Declaration Date Ex Date Record Date Payable Date Distribution
12/22/2025 12/23/2025 12/23/2025 12/30/2025 $0.20364

2025 Capital Gains
Capital gains for Calamos Exchange-Traded Funds were declared December 23, 2025. View the report.

Pricing

Fund Details

As of 2/12/26
Detail Value
Ticker CBTL
NAV $18.13
Market Price $18.10
Premium/Discount -0.17%
Exchange Cboe BZX Exchange, Inc.
Inception Date 10/14/25

30 Day Median Bid/Ask

As of 2/12/26
30 Day Median Bid/Ask
0.29%

Premium / Discount

As of 2/12/26
Date Value
10/14/2025 -0.04
10/15/2025 0.04
10/16/2025 0
10/17/2025 -0.13
10/20/2025 -0.04
10/21/2025 0.12
10/22/2025 -0.04
10/23/2025 0
10/24/2025 -0.04
10/27/2025 -0.08
10/28/2025 0
10/29/2025 0.08
10/30/2025 0
10/31/2025 0.04
11/03/2025 0.04
11/04/2025 0.09
11/05/2025 0.04
11/06/2025 0.04
11/07/2025 0.05
11/10/2025 0.08
11/11/2025 0.04
11/12/2025 0
11/13/2025 0.04
11/14/2025 -0.05
11/17/2025 0.05
11/18/2025 0
11/19/2025 -0.05
11/20/2025 0.19
11/21/2025 -0.05
11/24/2025 0.05
11/25/2025 0.05
11/26/2025 0.05
11/28/2025 0.05
12/01/2025 -0.1
12/02/2025 0
12/03/2025 -0.09
12/04/2025 -0.05
12/05/2025 -0.09
12/08/2025 -0.05
12/09/2025 -0.05
12/10/2025 0
12/11/2025 -0.09
12/12/2025 -0.19
12/15/2025 -0.05
12/16/2025 -0.05
12/17/2025 -0.05
12/18/2025 0.05
12/19/2025 0.05
12/22/2025 0
12/23/2025 -1.51
12/24/2025 0.34
12/26/2025 -0.05
12/29/2025 0.14
12/30/2025 0
12/31/2025 0.19
01/02/2026 0.05
01/05/2026 0.05
01/06/2026 0.05
01/07/2026 0
01/08/2026 0.23
01/09/2026 0.15
01/12/2026 0.23
01/13/2026 0.05
01/14/2026 0.22
01/15/2026 0.14
01/16/2026 0.05
01/20/2026 0
01/21/2026 0.09
01/22/2026 0.05
01/23/2026 0.1
01/26/2026 0.14
01/27/2026 0.14
01/28/2026 0.1
01/29/2026 -0.05
01/30/2026 0
02/02/2026 0.21
02/03/2026 0.21
02/04/2026 0
02/05/2026 -0.06
02/06/2026 0.0322204655
02/09/2026 -0.0734224963
02/10/2026 -0.0541125541
02/11/2026 -0.03
02/12/2026 -0.17

Premium and Discount

As of 2/12/26
Calendar Year 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Days Traded at Premium 28 22 -- -- --
Days Traded at Discount 27 7 -- -- --

The above chart presents information about the difference between the daily market price for shares of the ETF and the ETF's net asset value. The market price displayed is the official closing price reported by the exchange​. The vertical axis of the chart shows the premium or discount expressed in basis points (bps). If the fund's market price exceeds its NAV, it is trading at a premium and is expressed by a positive value. If the fund's market price is below the NAV, the ETF is trading at a discount and is represented by a negative value. This value is recorded daily over the time period displayed along the horizontal axis.

Fees & Expenses

Fees & Expenses

Expenses %
Management Fees 0.10%
Distribution and/or Service Fees (12b-1) 0.00%
Other Expenses1 0.00%
Acquired Fund Fees and Other Expenses2 0.69%
Total Annual Fund Operating Expenses3 0.79%

Fund Information

Name Fund
Inception Date 10/14/25
Ticker Symbol CBTL
CUSIP number 12811T555

1Other Expenses” is an estimate based on the expenses the Fund expects to incur for the current fiscal year.

2Acquired Fund Fees and Expenses” include certain expenses incurred in connection with the Fund’s investment in various closed-end funds, exchange-traded funds (“ETFs”), and business development companies (“BDCs”). The amount shown is based on estimated amounts for the current fiscal year.

3As of the prospectus dated 10/14/2025.

Literature

About the Fund

Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF Fact Sheet

The Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF fact sheet provides a snapshot of the investment team and product strategy.

Structured Protection ETFs Weekly Rate Sheet

Subscribe to the Weekly Rate Sheet to stay up to date on our caps and cap ranges.

Prospectus and Reports

Summary Prospectus

This summary contains important information about the investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2026 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Important Fund Information

Before investing, carefully consider the Fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

Investing involves risks. Loss of principal is possible. The Fund(s) face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, U.S. Government security risk, U.S. Treasury risk, and valuation risk. For a detailed list of fund risks see the prospectus.

The Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate - New York Variant ("BRRNY") ("Spot bitcoin") up to a predetermined upside cap (the "Cap") while seeking to protect against 100% of losses (before fees and expenses) of (i) Spot bitcoin or (ii) one or more of the Underlying ETPs and/or Bitcoin Indexes, in each case, over a period of approximately one (1) year (the "Outcome Period"). The Fund will not invest directly in bitcoin. Instead, the Fund seeks to provide investment results that, before taking fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of either (i) one or more underlying exchange-traded products ("Underlying ETPs") which, in turn, own bitcoin or (ii) one or more indexes that are designed to track the price of bitcoin ("Bitcoin Index").

FUND-OF-FUNDS RISK. Shareholders of the Fund will experience investment returns that are different than the investment returns provided by an Underlying ETF. The Fund does not itself pursue a defined outcome strategy, nor does the Fund itself provide downside protection against SPY losses. Because the Fund will typically not purchase an Underlying ETF on the first day of a Target Outcome Period, it is not likely that the stated outcome of the Underlying ETF will be realized by the Fund. The Fund will be continuously exposed to the investment profiles of each of the Underlying ETFs during their respective Target Outcome Periods. The Fund, with its aggregate exposure to each of the Underlying ETFs, may have investment returns that are inferior to that of any single Underlying ETF or group of Underlying ETFs over any given time period. In between the semi-annual rebalance period of the Index, because the Fund is not equally weighted on a continuous basis, the Fund may be exposed to one or more Underlying ETFs disproportionately when compared to other Underlying ETFs. In such circumstances, the Fund will be subject to the over-weighted performance of such Underlying ETF. As a shareholder in other ETFs, the Fund bears its proportionate share of each ETF's expenses, subjecting Fund shareholders to duplicative expenses.

There are no assurances the Underlying ETFs will be successful in providing the sought-after protection. The outcomes that the Underlying ETFs seek to provide may only be realized if you are holding shares on the first day of the outcome period and continue to hold them on the last day of the outcome period, approximately one year. There is no guarantee that the outcomes for an outcome period will be realized or that the Underlying ETFs will achieve its investment objective. If the outcome period has begun and the underlying ETF has increased in value, any appreciation of the Fund(s) by virtue of increases in the underlying ETF since the commencement of the outcome period will not be protected by the sought-after protection, and an investor could experience losses until the underlying ETF returns to the original price at the commencement of the outcome period. The Underlying ETFs are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the fund(s) for the outcome period, before fees and expenses. If the outcome period has begun and the Underlying ETFs have increased in value to a level near to their individual Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one outcome period to the next. Unlike the Underlying ETFs, the Fund itself does not pursue a target outcome strategy. The protection is only provided by the Underlying ETFs and the Fund itself does not provide any stated downside protection against losses. The Fund will likely not receive the full benefit of the Underlying ETF downside protections and could have limited upside potential. The Fund's returns are limited by the caps of the Underlying ETFs. The Cap, and the Fund(s) position relative to it, should be considered before investing in the Fund(s) website, www.calamos.com, provides important Fund information as well as information relating to the potential outcomes of an investment in the Fund(s) on a daily basis.

Cap Rate - Maximum percentage return an investor can achieve from an investment in the Fund if held over the Outcome Period.

Protection Level - Amount of protection the Fund is designed to achieve over the Days Remaining.

Outcome Period - The defined length of time over which the outcomes are sought.

The Cboe Mini Bitcoin US ETF Index (MBTX) is based on 1/10th the value of the Cboe Bitcoin US ETF Index, a modified market capitalization-weighted index that is designed to track the performance of a basket of spot Bitcoin ETFs listed on US exchanges.

Notes

Market price refers to the price at which shares of the fund trade in the market.

NAV or Net asset value refers to the net value of all the assets held in the fund on a per share basis.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE