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CBOO vs CBTO: Cap, Buffer & Days Left

As of Oct 13, 2026 CBTO can fall 18.2% before its buffer engages and CBOO 0.0%. Net assets on Oct 13, 2026: $6m for Calamos Bitcoin Structured Alt Protection ETF - October and $16m for Calamos Bitcoin 80 Series Structured Alt Protection ETF - October.

Both cost 0.69% a year; their one-year returns differ by 18.7 points; CBTO is 2.7 times larger.

Points (pts) are percentage points.

CBOO vs CBTO: Cap, Buffer & Days Left
CBOOCBTO
Expense ratio0.69%0.69%
Net assets$6m$16m
Total return, 1 year−1.9%−20.6%
What it tracksBitcoinBitcoin
Holdings in commonnot published
Index fall to the buffer19.8%
CBOOBuffer working
Buffer workingCBOO: reference −0.2% since period start, fund −1.6%; buffer Floor; cap +8.3%; Buffer working. Figures to Oct 13, 2026.full floor beneathfull floor0% period start+8.3% cap+8.3% more to the capTODAY · Bitcoin −0.2%Buffer workingCBOO: reference −0.2% since period start, fund −1.6%; buffer Floor; cap +8.3%; Buffer working. Figures to Oct 13, 2026.full floor beneathfull floor0% start+8.3% cap+8.3% more to the capTODAY · Bitcoin −0.2%

CBOO: reference −0.2% since period start, fund −1.6%; buffer Floor; cap +8.3%; Buffer working. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

CBTOIn the unprotected slice
In the unprotected sliceCBTO: reference −0.2% since period start, fund −2.2%; buffer −20 to floor; cap +36.2%; In the unprotected slice. Figures to Oct 13, 2026.full floor beneath+36.2% more to the capfull floor−20.0% buffer start0% period start+36.2% capTODAY · Bitcoin −0.2%In the unprotected sliceCBTO: reference −0.2% since period start, fund −2.2%; buffer −20 to floor; cap +36.2%; In the unprotected slice. Figures to Oct 13, 2026.full floor−20.0% buffer start0% start+36.2% capfull floor beneath+36.2% more to the capTODAY · Bitcoin −0.2%

CBTO: reference −0.2% since period start, fund −2.2%; buffer −20 to floor; cap +36.2%; In the unprotected slice. Figures to Oct 13, 2026.

CBTO: reference −0.2% since period start, fund −2.2%; buffer −20 to floor; cap +36.2%; In the unprotected slice. Figures to Oct 13, 2026.

CBTO has fallen through its protection. The index is 0.2% below where the buffer stops, and that part of the loss is the holder’s.

Both are Calamos funds, so the difference between them is the terms rather than the house.

Where each one stands today

CBOO resets first, on Oct 29, 2027, 381 days from now; CBTO runs to Oct 29, 2027, 381 days. A fall from here reaches CBOO’s buffer after 0.0% and CBTO’s after 18.2%. Both track Bitcoin, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CBOO vs CBTO: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowCBOOCBTOCBOOCBTO
3 months−0.9%−1.6%−29.9 pts−30.5 pts
6 months−0.5%−3.5%−12.5 pts−15.5 pts
1 year−1.9%−20.6%+26.3 pts+7.7 pts
Since launch
CBOO Oct 2025 · CBTO Oct 2025
−2.3%−22.2%+29.3 pts+9.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CBOO
Calamos Bitcoin Structured Alt Protection ETF - October · Absorbs the whole loss on Bitcoin and caps the gain at 8.3%, over a period ending Oct 29, 2027
CBTO
Calamos Bitcoin 80 Series Structured Alt Protection ETF - October · Absorbs losses from 20.0% to 100.0% on Bitcoin and caps the gain at 36.2%, over a period ending Oct 29, 2027
Issuer Calamos Calamos
Reference index Bitcoin Bitcoin
Buffer 0% to 100% 20% to 100%
Outcome period Oct 7, 2026 to Oct 29, 2027 Oct 7, 2026 to Oct 29, 2027
Days left 381 381
Starting cap +8.3% +36.2%
Can still gain not published not published
Fall before buffer 0.0% 18.2%
Protection left, index points 99.8% of 100.0% 80.0% of 80.0%
Index return this period −0.2% −0.2%
Fund return this period −1.6% −2.2%
State today Buffer working Open
Expense ratio 0.69% 0.69%
Net assets $6m $16m

As of Oct 13, 2026. Source: ETFIQ.

About CBOO

Protection left, in index points: 99.8% of the 100.0% buffer still sits below today's Bitcoin level. 381 days remained on Oct 13, 2026. On Oct 29, 2027 the period ends and a new cap is set.

About CBTO

The fund's price can fall 18.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 19.8% from today's level to the point where the buffer begins. Protection left, in index points: 80.0% of the 80.0% buffer still sits below today's Bitcoin level.

Questions people ask

Which resets first, CBOO or CBTO?
CBOO ends its outcome period on Oct 29, 2027 and CBTO on Oct 29, 2027. A new cap is set the day after each.
Which is cheaper, CBOO or CBTO?
CBOO and CBTO both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
CBOO vs CBXOCBTO vs CBXO
All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CBOO on its own →CBTO on its own →How every figure is computed →Standards and sources →
Where these figures came from
CBOO and CBTO filings on SEC EDGAR ↗CBOO and CBTO prospectus with the expense ratio (SEC) ↗Calamos website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CBOO against CBTO, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cboo-vs-cbto

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.