Which resets first, CBTO or CBXO?

CBTO ends its outcome period on Oct 29, 2027 and CBXO on Oct 29, 2027. A new cap is set the day after each.

Which is cheaper, CBTO or CBXO?

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

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CBTO vs CBXO: Cap, Buffer & Days Left

As of Oct 13, 2026 CBTO can fall 18.2% before its buffer engages and CBXO 7.8%. Net assets on Oct 13, 2026: $16m for Calamos Bitcoin 80 Series Structured Alt Protection ETF - October and $7m for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October.

Both cost 0.69% a year; their one-year returns differ by 9.1 points; CBTO is 2.5 times larger.

Points (pts) are percentage points.

CBTO vs CBXO: Cap, Buffer & Days Left
	CBTO	CBXO
Expense ratio	0.69%	0.69%
Net assets	$16m	$7m
Total return, 1 year	−20.6%	−11.5%
What it tracks	Bitcoin	Bitcoin
Holdings in common	not published
Index fall to the buffer	19.8%	9.7%

CBTOIn the unprotected slice

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.

CBXOIn the unprotected slice

CBXO: reference −0.2% since period start, fund −2.3%; buffer −10 to floor; cap +20.6%; In the unprotected slice. 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

CBTO resets first, on Oct 29, 2027, 381 days from now; CBXO runs to Oct 29, 2027, 381 days. A fall from here reaches CBTO’s buffer after 18.2% and CBXO’s after 7.8%. Both track Bitcoin, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CBTO vs CBXO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CBTO	CBXO	CBTO	CBXO
3 months	−1.6%	−1.6%	−30.5 pts	−30.6 pts
6 months	−3.5%	−2.0%	−15.5 pts	−14.0 pts
1 year	−20.6%	−11.5%	+7.7 pts	+16.7 pts
Since launch CBTO Oct 2025 · CBXO Oct 2025	−22.2%	−12.7%	+9.4 pts	+18.9 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

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

CBXO

Calamos Bitcoin 90 Series Structured Alt Protection ETF - October · Absorbs losses from 9.9% to 100.0% on Bitcoin and caps the gain at 20.6%, over a period ending Oct 29, 2027

Issuer Calamos Calamos

Reference index Bitcoin Bitcoin

Buffer 20% to 100% 10% to 100%

Outcome period Oct 7, 2026 to Oct 29, 2027 Oct 7, 2026 to Oct 29, 2027

Days left 381 381

Starting cap +36.2% +20.6%

Can still gain not published not published

Fall before buffer 18.2% 7.8%

Protection left, index points 80.0% of 80.0% 90.1% of 90.1%

Index return this period −0.2% −0.2%

Fund return this period −2.2% −2.3%

State today Open Open

Expense ratio 0.69% 0.69%

Net assets $16m $7m

As of Oct 13, 2026. Source: ETFIQ.

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. 381 days remained on Oct 13, 2026. On Oct 29, 2027 the period ends and a new cap is set.

About CBXO

The fund's price can fall 7.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 9.7% from today's level to the point where the buffer begins. Protection left, in index points: 90.1% of the 90.1% buffer still sits below today's Bitcoin level.

Questions people ask

Which resets first, CBTO or CBXO?: CBTO ends its outcome period on Oct 29, 2027 and CBXO on Oct 29, 2027. A new cap is set the day after each.
Which is cheaper, CBTO or CBXO?: CBTO and CBXO both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBTO vs CBOO CBXO vs CBOO

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

Where these figures came from

CBTO and CBXO filings on SEC EDGAR ↗CBTO and CBXO 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, CBTO against CBXO, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cbto-vs-cbxo

Open data

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