The general function of a multilevel converter is to synthesize a desired output voltage from several levels of dc voltages as inputs. In order to increase the steps in the output voltage, a new topology is recommended in [1], which benefits from a series connection of sub-multilevel converters. In the procedure described in this reference, despite all the advantages, it is not possible to produce all the steps (odd and even) in the output. In addition, for producing an output voltage with a constant number of steps, there are different configurations with a different number of components. In this paper, the optimal structures for this topology are investigated for various objectives such as minimum number of switches and dc voltage sources and minimum standing voltage on the switches for producing the maximum output voltage steps. Two new algorithms for determining the dc voltage sources magnitudes have been proposed. Finally, in order to verify the theoretical issues, simulation and experimental results for a 49-level converter with a maximum output voltage of 200V are presented.