CBTL – Calamos Ladrd Bitcoin 80 Str Alt Prt ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide exposure to the price of bitcoin. The fund seeks to achieve its investment objective by providing investors with exposure to the price return of the CME CF Bitcoin Reference Rate — New York Variant ("BRRNY") ("Spot bitcoin") while attempting to limit downside risk through a laddered portfolio of four Calamos Bitcoin 80 Series Structured Alt Protection ETFs (the "Underlying ETFs"). The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
CBTL	Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	ETF	Open	—	—	Oct 13, 2025	$2.49M	0.790%	—	—	—

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