CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October
Absorbs losses from 20.6% to 100.0% on Bitcoin and caps the gain at 41.0%, over a period ending Oct 7, 2026
As of Sep 12, 2026, Bitcoin is down 36.4% and CBTO's protection has held the loss to 20.6%.
Key facts
58th of 380 buffer ETFs by how soon they reset
In plain words
25 days remained on Sep 12, 2026. On Oct 7, 2026 the period ends and a new cap is set.
| Reference index | Bitcoin |
|---|---|
| Buffer | 21% to 100% |
| Outcome period | Oct 7, 2025 to Oct 7, 2026 |
| Starting cap | +41.0% |
| Bitcoin return since period start | −36.4% |
| Fund return since period start | −20.5% |
| Net assets (source, as filed for Apr 30, 2026) | $31m |
| Band state today (ETFIQ) | Buffer working |
| Can still gain (issuer, fund price) | not published |
| Fall before buffer (issuer, fund price) | 0.0% |
| Fall to the buffer in index terms (ETFIQ) | 0.0% |
| Protection left in index points (ETFIQ) | 63.6% of 79.4% |
| Days left in period | 25 |
| Expense ratio (issuer page, Sep 12, 2026) | 0.69% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How far can CBTO fall before the buffer helps?
- 0.0% in fund-price terms on Sep 12, 2026, by the issuer's figure. In index terms Bitcoin can fall 0.0% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the CBTO buffer is left?
- 63.6% of the 79.4% buffer sat below the Bitcoin level on Sep 12, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does CBTO reset?
- The outcome period ends on Oct 7, 2026, 25 days from the data on Sep 12, 2026. A new cap is set the next day and the buffer starts again.
- What does CBTO cost?
- The prospectus expense ratio is 0.69% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Funds near this one
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The outcome band for CBTO, redrawn every trading night. Free to use with the credit link.
Where CBTO is written about
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Open CBTO live on ETFIQ, where the figures refresh with the data.
Cite this page. ETFIQ, CBTO, buffer ETFs, data as of Sep 12, 2026. https://etfiq.com/funds/CBTO Free to use with attribution; the underlying files are at Open data.