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CBOY vs CBTY: Cap, Buffer & Days Left

As of Oct 9, 2026 CBTY can fall 30.4% before its buffer engages and CBOY 3.1%. Net assets on Oct 9, 2026: $5m for Calamos Bitcoin Structured Alt Protection ETF - July and $6m for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July.

Both cost 0.69% a year; their one-year returns differ by 14.1 points.

CBOYCBTY
Expense ratio0.69%0.69%
Net assets$5m$6m
Total return, 1 year+0.2%−13.9%
What it tracksBitcoinBitcoin
Holdings in commonnot published
Index fall to the buffer24.7%39.8%
CBOYAt its cap
At its capCBOY: reference +32.6% since period start, fund +3.1%; buffer −0 to floor; cap +9.8%; At its cap. Figures to Oct 9, 2026.full floor beneath+9.8%full floor−0.2% buffer start0% period start+9.8% capfirst 0.2 pts are yours to loseTODAY · Bitcoin +32.6%At its capCBOY: reference +32.6% since period start, fund +3.1%; buffer −0 to floor; cap +9.8%; At its cap. Figures to Oct 9, 2026.full floor beneathfull floor−0.2% buffer start0% start+9.8% capfirst 0.2 pts are yours to lose+9.8% gain capturedTODAY · Bitcoin +32.6%

CBOY: reference +32.6% since period start, fund +3.1%; buffer −0 to floor; cap +9.8%; At its cap. Figures to Oct 9, 2026.

CBOY: reference +32.6% since period start, fund +3.1%; buffer −0 to floor; cap +9.8%; At its cap. Figures to Oct 9, 2026.

CBTYFull floor
Full floorCBTY: reference +32.6% since period start, fund +14.8%; buffer −20 to floor; cap +37.8%; Full floor. Figures to Oct 9, 2026.full floor beneath+32.6% gain capturedfull floor−20.1% buffer start0% period start+37.8% capfirst 20.1 pts are yours to lose+5.2% more to the capTODAY · Bitcoin +32.6%Full floorCBTY: reference +32.6% since period start, fund +14.8%; buffer −20 to floor; cap +37.8%; Full floor. Figures to Oct 9, 2026.+32.6%full floor−20.1% buffer start0% start+37.8% capfull floor beneathfirst 20.1 pts are yours to lose+5.2% more to the capTODAY · Bitcoin +32.6%

CBTY: reference +32.6% since period start, fund +14.8%; buffer −20 to floor; cap +37.8%; Full floor. Figures to Oct 9, 2026.

CBTY: reference +32.6% since period start, fund +14.8%; buffer −20 to floor; cap +37.8%; Full floor. Figures to Oct 9, 2026.

CBOY 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

CBOY resets first, on Jul 30, 2027, 294 days from now; CBTY runs to Jul 30, 2027, 294 days. A fall from here reaches CBOY’s buffer after 3.1% and CBTY’s after 30.4%. Both track Bitcoin, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowCBOYCBTYCBOYCBTY
3 months+3.3%+14.6%−25.4 pts−14.2 pts
6 months+3.7%+13.3%−8.5 pts+1.0 pts
1 year+0.2%−13.9%+32.2 pts+18.1 pts

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

On the same fields

CBOY
Calamos Bitcoin Structured Alt Protection ETF - July · Absorbs losses from 0.2% to 100.0% on Bitcoin and caps the gain at 9.8%, over a period ending Jul 30, 2027
CBTY
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July · Absorbs losses from 20.1% to 100.0% on Bitcoin and caps the gain at 37.8%, over a period ending Jul 30, 2027
Issuer Calamos Calamos
Reference index Bitcoin Bitcoin
Buffer 0% to 100% 20% to 100%
Outcome period Jul 8, 2026 to Jul 30, 2027 Jul 8, 2026 to Jul 30, 2027
Days left 294 294
Starting cap +9.8% +37.8%
Can still gain not published not published
Fall before buffer 3.1% 30.4%
Protection left, index points 99.8% of 99.8% 79.9% of 79.9%
Index return this period +32.6% +32.6%
Fund return this period +3.1% +14.8%
State today At cap Open
Expense ratio 0.69% 0.69%
Net assets $5m $6m

As of Oct 9, 2026. Source: ETFIQ.

CBOY in plain words

Bitcoin had already risen past this fund's cap of +9.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 24.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's Bitcoin level. 294 days remained on Oct 9, 2026. On Jul 30, 2027 the period ends and a new cap is set.

CBTY in plain words

The fund's price can fall 30.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 39.8% from today's level to the point where the buffer begins. Protection left, in index points: 79.9% of the 79.9% buffer still sits below today's Bitcoin level.

Questions people ask

Which resets first, CBOY or CBTY?
CBOY ends its outcome period on Jul 30, 2027 and CBTY on Jul 30, 2027. A new cap is set the day after each.
Which is cheaper, CBOY or CBTY?
CBOY and CBTY both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
CBOY vs CBXYCBTY vs CBXY
All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CBOY on its own →CBTY on its own →How every figure is computed →Standards and sources →
Where these figures came from
CBOY and CBTY filings on SEC EDGAR ↗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 page

ETFIQ, CBOY against CBTY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cboy-vs-cbty

Open data

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