Calamos Investments 宣布推出比特幣 ETF，保證 100% 下行保護

該基金名為 CBOJ，計劃於 2025 年 1 月 22 日發行，將在芝加哥期權交易所交易。

Calamos Investments is introducing a Bitcoin ETF that guarantees 100% downside protection. Launching on the Chicago Board Options Exchange on January 22, 2025, the fund will be called CBOJ and aims to reduce the volatility of Bitcoin investing, making it more appealing to cautious investors.

Calamos Investments 正在推出一款比特幣 ETF，保證 100% 的下行保護。該基金將於 2025 年 1 月 22 日在芝加哥期權交易所推出，名為 CBOJ，旨在降低比特幣投資的波動性，使其對謹慎的投資者更具吸引力。

Bitcoin, which is known for its drastic price movements, has often deterred risk-averse investors from joining the cryptocurrency space. However, Calamos is attempting to change this narrative with a unique structure.

比特幣以其劇烈的價格波動而聞名，常常阻止規避風險的投資者加入加密貨幣領域。然而，卡拉莫斯正試圖用一種獨特的結構來改變這種敘事。

The fund will combine U.S. Treasury bonds and options that are linked to the Cboe Bitcoin US ETF Index (BTI). Through this structure, the fund promises no losses, even if Bitcoin prices take a downturn, while still offering growth potential.

該基金將結合美國國債和與 Cboe 比特幣美國 ETF 指數 (BTI) 掛鉤的選擇權。透過這種結構，即使比特幣價格下跌，該基金也承諾不會造成損失，同時仍提供成長潛力。

“Many investors have been hesitant to invest in bitcoin due to its epic volatility. […] Calamos seeks to meet advisor, institutional and investor demands for solutions that capture bitcoin’s growth potential while mitigating the historically high volatility and drawdowns of [the asset],” said Matt Kaufman, Head of ETFs at Calamos.

「由於比特幣的巨大波動性，許多投資者一直對投資比特幣猶豫不決。 [...] Calamos 尋求滿足顧問、機構和投資者對解決方案的需求，這些解決方案能夠捕捉比特幣的成長潛力，同時減輕[資產]歷史上的高波動性和回撤，」Calamos ETF 主管Matt Kaufman 表示。

CBOJ ETF Annual Reset Ensures Full Protection Against LossesThe CBOJ ETF will introduce an annual reset, providing investors with a fresh cap on potential gains each year while retaining full protection against losses. This design follows Calamos’ Structured Protection ETF series, which was launched in 2024 and focused on stock indices like the S&P 500 and Nasdaq-100.

CBOJ ETF 年度重置確保全面防止損失 CBOJ ETF 將引入年度重置，為投資者每年的潛在收益提供新的上限，同時保留全面的損失保護。這項設計遵循了 Calamos 的結構性保護 ETF 系列，該系列於 2024 年推出，專注於標準普爾 500 指數和納斯達克 100 等股票指數。

Source: Calamos InvestmentsDefined outcome products, such as buffer funds, have grown in popularity, especially after the 2022 market downturn that saw both stocks and bonds decline. The CBOJ extends that strategy to Bitcoin, blending traditional risk management with the growth opportunities of the cryptocurrency.

資料來源：Calamos Investments 緩衝基金等固定成果產品越來越受歡迎，尤其是在 2022 年股市和債券雙雙下跌的市場低迷之後。央行將這項策略延伸至比特幣，將傳統風險管理與加密貨幣的成長機會結合。

Spot Bitcoin ETFs, which were introduced in January 2024, marked a historic moment in the crypto space by driving Bitcoin ( BTC ) to a record high above $108,000. Among them, the iShares Bitcoin Trust ETF (IBIT) took the lead, amassing over $50 billion in assets.

現貨比特幣 ETF 於 2024 年 1 月推出，推動比特幣 (BTC) 升至 108,000 美元以上的歷史新高，標誌著加密貨幣領域的歷史性時刻。其中，iShares比特幣信託ETF（IBIT）一馬當先，資產規模超過500億美元。

Structured Funds Bridges the Bitcoin GapKaufman highlighted that, despite these successes, financial advisors still express concern over Bitcoin because of its history of volatility. According to him, structured funds like CBOJ can bridge that gap, allowing investors to combine direct Bitcoin ETFs with risk-managed strategies.

結構性基金彌補了比特幣缺口考夫曼強調，儘管取得了這些成功，但財務顧問仍然對比特幣表示擔憂，因為它的波動性歷史。他表示，像 CBOJ 這樣的結構性基金可以彌補這一差距，使投資者能夠將直接比特幣 ETF 與風險管理策略結合。

Other major players, including Innovator and First Trust, are also developing funds with similar strategies. Additionally, firms like Grayscale and Roundhill have filed for Bitcoin-based income-generating funds, such as covered call ETFs, further expanding the market’s scope.

其他主要參與者，包括 Innovator 和 First Trust，也正在開發採用類似策略的基金。此外，Grayscale 和 Roundhill 等公司已經申請了基於比特幣的創收基金，例如備兌看漲 ETF，進一步擴大了市場範圍。

The Calamos fund is designed to be held for a full year, from January 22, 2025, to January 31, 2026. With an upside cap determined by options pricing, the ETF's appeal lies in its ability to protect against losses while offering exposure to Bitcoin’s potential gains. For those looking to dip their toes into cryptocurrency without the wild ride, CBOJ might just be the ticket.

Calamos 基金的持有期限為一整年，即2025 年1 月22 日至2026 年1 月31 日。防範損失。對於想要嘗試加密貨幣而又不想冒險的人來說，CBOJ 可能是合適的選擇。