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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 37.6%, over a period ending May 1, 2027Calamos0.69% fee$6mFund page at the issuer ↗SEC filings ↗Every Calamos fund ETFIQ covers
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As of Oct 1, 2026, CBTA is between its buffer and cap, with Bitcoin up 18.1% since the period began.

not published
Can still gain
29.7%
Fall before the buffer
79.8%
Protection left, index points
212
Days to reset
Full floor
Full floorCBTA: reference +18.1% since period start, fund +13.4%; buffer −20 to floor; cap +37.6%; Full floor.full floor beneath+18.1% gained+19.5% to capfull floor−20.3% buffer start0% period start+37.6% capTODAY · Bitcoin +18.1%Full floorCBTA: reference +18.1% since period start, fund +13.4%; buffer −20 to floor; cap +37.6%; Full floor.full floor−20.3% buffer start0% start+37.6% capTODAY · Bitcoin +18.1%

CBTA: reference +18.1% since period start, fund +13.4%; buffer −20 to floor; cap +37.6%; Full floor.

WindowTotal return
3M Jul 1 – Sep 30, 2026+21.7%
6M Apr 1 – Sep 30, 2026+14.5%
1Y Sep 30, 2025 – Sep 30, 2026−23.6%

CBTA over each window to Oct 1, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

Funds near this one
CBTJCBTOCBTYCBOJCBOOCBOY

In plain words

In index terms, Bitcoin can fall 32.5% from today's level to the point where the buffer begins. Protection left, in index points: 79.8% of the 79.8% buffer still sits below today's Bitcoin level. 212 days remained on Oct 1, 2026. On May 1, 2027 the period ends and a new cap is set.
Reference indexBitcoin
Buffer20% to 100%
Outcome periodApr 8, 2026 to May 1, 2027
Starting cap+37.6%
Bitcoin return since period start+18.1%
Fund return since period start+13.4%
Net assets (issuer page, as of Sep 30, 2026)$6m
Band state today (ETFIQ)Open
Can still gain (issuer, fund price)not published
Fall before buffer (issuer, fund price)29.7%
Fall to the buffer in index terms (ETFIQ)32.5%
Protection left in index points (ETFIQ)79.8% of 79.8%
Days left in period212
Expense ratio (issuer page, Oct 1, 2026)0.69%
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April), buffer ETFs fields as of Oct 1, 2026. Source: ETFIQ.
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed

Questions people ask about CBTA

How far can CBTA fall before the buffer helps?
29.7% in fund-price terms on Oct 1, 2026, by the issuer's figure. In index terms Bitcoin can fall 32.5% from that level before the buffer begins. Losses until that point are the holder's.
How much of the CBTA buffer is left?
79.8% of the 79.8% buffer sat below the Bitcoin level on Oct 1, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
When does CBTA reset?
The outcome period ends on May 1, 2027, 212 days from the data on Oct 1, 2026. A new cap is set the next day and the buffer starts again.
What does CBTA cost?
The prospectus expense ratio is 0.69% a year.
Sources and dates
Prices, CBTATiingo end-of-day · Oct 1, 2026
Fee, 0.69%Issuer page · Oct 1, 2026
Net assets, $6mIssuer page · Sep 30, 2026
IssuerCalamos page for CBTA ↗
IssuerCalamos product table ↗
All fund filingsProspectus filings on SEC EDGAR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, CBTA, buffer ETFs, data as of Oct 1, 2026. https://etfiq.com/funds/cbta

Open CBTA live on ETFIQ

The outcome band for CBTA, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

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 if held from the first day to the last. Quoted gross and net of fees. Set by the option market on day one, so the same fund can have a different cap each year.
Outcome period
The window, usually twelve months and sometimes six or three, over which the cap and buffer apply. On its last day the options expire, the fund resets, and a new cap is struck from that day’s option prices.
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
How much of the buffer still sits below today’s index level. All of it when the index is above its starting level; less once the index is inside the buffer range.
Every term used here, defined in full on the buffer ETFs vocabulary page. →
367th of 427 buffer ETFs by net assets→Calamos: every fund ETFIQ covers→The largest buffer ETFs on Bitcoin→