Which resets first, CBOA or CBXA?

CBOA ends its outcome period on Apr 30, 2027 and CBXA on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, CBOA or CBXA?

CBOA charges 0.69% a year and CBXA charges 0.69%, so CBOA is cheaper. Fees come from each fund's prospectus.

CBOA vs CBXA: which one stands where?

As of Oct 2, 2026 CBXA can fall 18.0% before its buffer engages and CBOA 3.9%. Calamos Bitcoin Structured Alt Protection ETF - April and Calamos Bitcoin 90 Series Structured Alt Protection ETF - April.

CBOAAt its cap

CBOA: reference +18.9% since period start, fund +3.7%; buffer −0 to floor; cap +9.4%; At its cap.

CBXAFull floor

CBXA: reference +18.9% since period start, fund +9.3%; buffer −10 to floor; cap +22.7%; 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; CBXA runs to Apr 30, 2027, 210 days. A fall from here reaches CBOA’s buffer after 3.9% and CBXA’s after 18.0%. 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	CBXA	CBOA	CBXA
3 months	+4.5%	+12.9%	not available	not available
6 months	+3.7%	+9.2%	not available	not available
1 year	−4.0%	−19.1%	not available	not available

CBOA and CBXA 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

Calamos Bitcoin Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on Bitcoin and caps the gain at 9.4%, over a period ending Apr 30, 2027

CBXA

Calamos Bitcoin 90 Series Structured Alt Protection ETF - April · Absorbs losses from 10.3% to 100.0% on Bitcoin and caps the gain at 22.7%, over a period ending Apr 30, 2027

Issuer Calamos Calamos

Reference index Bitcoin Bitcoin

Buffer 0% to 100% 10% to 100%

Outcome period Apr 8, 2026 to Apr 30, 2027 Apr 8, 2026 to Apr 30, 2027

Days left 210 210

Starting cap +9.4% +22.7%

Can still gain not published not published

Fall before buffer 3.9% 18.0%

Protection left, index points 99.7% of 99.7% 89.7% of 89.7%

Index return this period +18.9% +18.9%

Fund return this period +3.7% +9.3%

State today At cap Open

Expense ratio 0.69% 0.69%

Net assets $5m $5m

CBOA and CBXA 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 16.2% 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.

CBXA in plain words

The fund's price can fall 18.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 24.6% from today's level to the point where the buffer begins. Protection left, in index points: 89.7% of the 89.7% buffer still sits below today's Bitcoin level.

Questions people ask

Which resets first, CBOA or CBXA?: CBOA ends its outcome period on Apr 30, 2027 and CBXA on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, CBOA or CBXA?: CBOA charges 0.69% a year and CBXA charges 0.69%, so CBOA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBOA vs CBTA CBXA vs CBTA

CBOA on its own →CBXA on its own →How every figure is computed →Standards and sources →

Where these figures came from

CBOA and CBXA filings on SEC EDGAR ↗Calamos website ↗

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.

Cite this page

ETFIQ, CBOA against CBXA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cboa-vs-cbxa

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.