Which resets first, CBTA or CBXA?

CBTA 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, CBTA or CBXA?

CBTA and CBXA both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

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CBTA vs CBXA: Cap, Buffer & Days Left

As of Oct 13, 2026 CBTA can fall 29.9% before its buffer engages and CBXA 17.8%. Net assets on Oct 13, 2026: $6m for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April and $5m for Calamos Bitcoin 90 Series Structured Alt Protection ETF - April.

Both cost 0.69% a year; their one-year returns differ by 5.5 points; CBTA is 1.3 times larger.

Points (pts) are percentage points.

CBTA vs CBXA: Cap, Buffer & Days Left
	CBTA	CBXA
Expense ratio	0.69%	0.69%
Net assets	$6m	$5m
Total return, 1 year	−23.8%	−18.3%
What it tracks	Bitcoin	Bitcoin
Holdings in common	not published
Index fall to the buffer	31.8%	23.3%

CBTAFull floor

CBTA: reference +16.9% since period start, fund +13.7%; buffer −20 to floor; cap +37.5%; Full floor. Figures to Oct 13, 2026.

CBXAFull floor

CBXA: reference +16.9% since period start, fund +9.2%; buffer −10 to floor; cap +22.7%; Full floor. Figures to Oct 13, 2026.

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

Where each one stands today

CBTA resets first, on Apr 30, 2027, 199 days from now; CBXA runs to Apr 30, 2027, 199 days. A fall from here reaches CBTA’s buffer after 29.9% and CBXA’s after 17.8%. Both track Bitcoin, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CBTA vs CBXA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CBTA	CBXA	CBTA	CBXA
3 months	+17.3%	+10.9%	−11.6 pts	−18.0 pts
6 months	+9.8%	+6.9%	−2.1 pts	−5.1 pts
1 year	−23.8%	−18.3%	+4.4 pts	+9.9 pts
Since launch CBTA Apr 2025 · CBXA Apr 2025	−0.6%	−3.0%	−7.2 pts	−9.6 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

CBTA

Calamos Bitcoin 80 Series Structured Alt Protection ETF - April · Absorbs losses from 20.3% to 100.0% on Bitcoin and caps the gain at 37.5%, 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 20% to 100% 10% to 100%

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

Days left 199 199

Starting cap +37.5% +22.7%

Can still gain not published not published

Fall before buffer 29.9% 17.8%

Protection left, index points 79.7% of 79.7% 89.7% of 89.7%

Index return this period +16.9% +16.9%

Fund return this period +13.7% +9.2%

State today Open Open

Expense ratio 0.69% 0.69%

Net assets $6m $5m

As of Oct 13, 2026. Source: ETFIQ.

About CBTA

The fund's price can fall 29.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 31.8% from today's level to the point where the buffer begins. Protection left, in index points: 79.7% of the 79.7% buffer still sits below today's Bitcoin level. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

About CBXA

The fund's price can fall 17.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 23.3% 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, CBTA or CBXA?: CBTA 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, CBTA or CBXA?: CBTA and CBXA both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBTA vs CBOA CBXA vs CBOA

All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CBTA on its own →CBXA on its own →How every figure is computed →Standards and sources →

Where these figures came from

CBTA and CBXA filings on SEC EDGAR ↗CBTA and CBXA 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, CBTA against CBXA, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cbta-vs-cbxa

Open data

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