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CBTY vs CBXY: which one stands where?

As of Oct 1, 2026 CBTY can fall 30.6% before its buffer engages and CBXY 17.6%. Calamos Bitcoin 80 Series Structured Alt Protection ETF - July and Calamos Bitcoin 90 Series Structured Alt Protection ETF - July.

CBTYFull floor
Full floorCBTY: reference +34.9% since period start, fund +15.2%; buffer −20 to floor; cap +37.8%; Full floor.full floor beneath+34.9% gain capturedfull floor−20.1% buffer start0% period start+37.8% capTODAY · Bitcoin +34.9%Full floorCBTY: reference +34.9% since period start, fund +15.2%; buffer −20 to floor; cap +37.8%; Full floor.full floor beneath+34.9%full floor−20.1% buffer start0% start+37.8% capTODAY · Bitcoin +34.9%

CBTY: reference +34.9% since period start, fund +15.2%; buffer −20 to floor; cap +37.8%; Full floor.

CBXYAt its cap
At its capCBXY: reference +34.9% since period start, fund +9.1%; buffer −10 to floor; cap +23.1%; At its cap.full floor beneath+23.1% gainedfull floor−10.1% buffer start0% period start+23.1% capTODAY · Bitcoin +34.9%At its capCBXY: reference +34.9% since period start, fund +9.1%; buffer −10 to floor; cap +23.1%; At its cap.full floor beneathfull floor−10.1% buffer start0% start+23.1% capTODAY · Bitcoin +34.9%

CBXY: reference +34.9% since period start, fund +9.1%; buffer −10 to floor; cap +23.1%; At its cap.

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 31, 2027, 303 days from now; CBXY runs to Jul 31, 2027, 303 days. A fall from here reaches CBTY’s buffer after 30.6% and CBXY’s after 17.6%. Both track Bitcoin, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowCBTYCBXYCBTYCBXY
3 months+15.2%+9.4%not availablenot available
6 months+14.2%+9.5%not availablenot available
1 year−11.6%−5.0%not availablenot available

CBTY and CBXY over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

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 31, 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 31, 2027
Issuer Calamos Calamos
Reference index Bitcoin Bitcoin
Buffer 20% to 100% 10% to 100%
Outcome period Jul 8, 2026 to Jul 31, 2027 Jul 8, 2026 to Jul 31, 2027
Days left 303 303
Starting cap +37.8% +23.1%
Can still gain not published not published
Fall before buffer 30.6% 17.6%
Protection left, index points 79.9% of 79.9% 89.9% of 89.9%
Index return this period +34.9% +34.9%
Fund return this period +15.2% +9.1%
State today Open At cap
Expense ratio 0.69% 0.69%
Net assets $6m $6m

CBTY and CBXY on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CBTY in plain words

The fund's price can fall 30.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, Bitcoin can fall 40.8% 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. 303 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

CBXY in plain words

Bitcoin had already risen past this fund's cap of +23.1% for the period on Oct 1, 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 33.4% 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 31, 2027 and CBXY on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, CBTY or CBXY?
CBTY charges 0.69% a year and CBXY charges 0.69%, so CBTY is cheaper. Fees come from each fund's prospectus.
Other comparisons
CBTY vs CBOYCBXY vs CBOY
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. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CBTY against CBXY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cbty-vs-cbxy

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.