Which resets first, CBTY or CBXY?

CBTY ends its outcome period on Jul 30, 2027 and CBXY on Jul 30, 2027. A new cap is set the day after each.

Which is cheaper, CBTY or CBXY?

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

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CBTY vs CBXY: Cap, Buffer & Days Left

As of Oct 9, 2026 CBTY can fall 30.4% before its buffer engages and CBXY 17.6%. Net assets on Oct 9, 2026: $6m for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July and $6m for Calamos Bitcoin 90 Series Structured Alt Protection ETF - July.

Both cost 0.69% a year; their one-year returns differ by 7.4 points.

Points (pts) are percentage points.

CBTY vs CBXY: Cap, Buffer & Days Left
	CBTY	CBXY
Expense ratio	0.69%	0.69%
Net assets	$6m	$6m
Total return, 1 year	−13.9%	−6.5%
What it tracks	Bitcoin	Bitcoin
Holdings in common	not published
Index fall to the buffer	39.8%	32.2%

CBTYFull floor

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

CBXYAt its cap

CBXY: reference +32.6% since period start, fund +9.1%; buffer −10 to floor; cap +23.1%; At its cap. Figures to Oct 9, 2026.

CBXY 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

CBTY resets first, on Jul 30, 2027, 294 days from now; CBXY runs to Jul 30, 2027, 294 days. A fall from here reaches CBTY’s buffer after 30.4% and CBXY’s after 17.6%. Both track Bitcoin, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CBTY vs CBXY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CBTY	CBXY	CBTY	CBXY
3 months	+14.6%	+9.1%	−14.2 pts	−19.7 pts
6 months	+13.3%	+9.3%	+1.0 pts	−2.9 pts
1 year	−13.9%	−6.5%	+18.1 pts	+25.6 pts
Since launch CBTY Jul 2025 · CBXY Jul 2025	−8.9%	−2.5%	+15.5 pts	+21.9 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

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

CBXY

Calamos Bitcoin 90 Series Structured Alt Protection ETF - July · Absorbs losses from 10.1% to 100.0% on Bitcoin and caps the gain at 23.1%, over a period ending Jul 30, 2027

Issuer Calamos Calamos

Reference index Bitcoin Bitcoin

Buffer 20% to 100% 10% to 100%

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

Days left 294 294

Starting cap +37.8% +23.1%

Can still gain not published not published

Fall before buffer 30.4% 17.6%

Protection left, index points 79.9% of 79.9% 89.9% of 89.9%

Index return this period +32.6% +32.6%

Fund return this period +14.8% +9.1%

State today Open At cap

Expense ratio 0.69% 0.69%

Net assets $6m $6m

As of Oct 9, 2026. Source: ETFIQ.

About CBTY

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. 294 days remained on Oct 9, 2026. On Jul 30, 2027 the period ends and a new cap is set.

About CBXY

Bitcoin had already risen past this fund's cap of +23.1% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 17.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 32.2% from today's level to the point where the buffer begins. Protection left, in index points: 89.9% of the 89.9% buffer still sits below today's Bitcoin level.

Questions people ask

Which resets first, CBTY or CBXY?: CBTY ends its outcome period on Jul 30, 2027 and CBXY on Jul 30, 2027. A new cap is set the day after each.
Which is cheaper, CBTY or CBXY?: CBTY and CBXY both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBTY vs CBOY CBXY vs CBOY

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

Where these figures came from

CBTY and CBXY 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 pageCitation, APA and Markdown

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

Open data

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