CBOA vs CBTA: which one stands where?
As of Oct 2, 2026 CBTA can fall 30.1% before its buffer engages and CBOA 3.9%. Calamos Bitcoin Structured Alt Protection ETF - April and Calamos Bitcoin 80 Series Structured Alt Protection ETF - April.
their one-year returns differ by 21.0 points; CBTA is 1.2 times larger.
| CBOA | CBTA | |
|---|---|---|
| Expense ratio | 0.69% | 0.69% |
| Net assets | $5m | $6m |
| Total return, 1 year | −4.0% | −25.0% |
| What it tracks | Bitcoin | Bitcoin |
| Holdings in common | not published | |
CBOA: reference +18.9% since period start, fund +3.7%; buffer −0 to floor; cap +9.4%; At its cap.
CBTA: reference +18.9% since period start, fund +14.0%; buffer −20 to floor; cap +37.6%; Full floor.
CBOA is already at its cap, so more rise in the index adds nothing to it before the period ends.
Both are Calamos funds, so the difference between them is the terms rather than the house.
Where each one stands today
CBOA resets first, on Apr 30, 2027, 210 days from now; CBTA runs to Apr 30, 2027, 210 days. A fall from here reaches CBOA’s buffer after 3.9% and CBTA’s after 30.1%. Both track Bitcoin, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Total return | Gap to the reference | |||
|---|---|---|---|---|
| Window | CBOA | CBTA | CBOA | CBTA |
| 3 months | +4.5% | +20.7% | not available | not available |
| 6 months | +3.7% | +17.3% | not available | not available |
| 1 year | −4.0% | −25.0% | not available | not available |
CBOA and CBTA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CBOA and CBTA on the same fields, as of Oct 2, 2026. Source: ETFIQ.
CBOA in plain words
Bitcoin had already risen past this fund's cap of +9.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 16.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's Bitcoin level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.
CBTA in plain words
The fund's price can fall 30.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 32.9% from today's level to the point where the buffer begins. Protection left, in index points: 79.8% of the 79.8% buffer still sits below today's Bitcoin level.
Questions people ask
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CBOA against CBTA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cboa-vs-cbta
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CBOA against CBTA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cboa-vs-cbta Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CBOA against CBTA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cboa-vs-cbta
- APA
- ETFIQ. (Oct 2, 2026). CBOA against CBTA. Retrieved from https://etfiq.com/compare/buffer/cboa-vs-cbta
- Markdown
- [CBOA against CBTA (ETFIQ, Oct 2, 2026)](https://etfiq.com/compare/buffer/cboa-vs-cbta)