Calamos Investments 推出比特幣交易所交易基金，提供 100% 下行保護

該 ETF 名為 CBOJ，將於 1 月 22 日在芝加哥期權交易所首次亮相，旨在解決比特幣的波動性，同時提供成長潛力。

Calamos Investments is launching a Bitcoin exchange-traded fund with a unique feature: 100% downside protection.

Calamos Investments 正在推出一款比特幣交易所交易基金，其獨特之處在於：100% 下行保護。

Set to begin trading on the Chicago Board Options Exchange on Jan. 22, the ETF, dubbed CBOJ, aims to address Bitcoin’s volatility while offering growth potential, a company statement reads.

該公司聲明稱，該 ETF（稱為 CBOJ）將於 1 月 22 日在芝加哥期權交易所開始交易，旨在解決比特幣的波動性，同時提供成長潛力。

Due to its drastic price swings, Bitcoin (BTC) has often deterred risk-averse investors. However, the CBOJ ETF aims to change this by ensuring that investors cannot lose money, even if Bitcoin's value decreases.

由於其劇烈的價格波動，比特幣（BTC）經常令厭惡風險的投資者望而卻步。然而，CBOJ ETF 旨在改變這一現狀，確保即使比特幣價值下跌，投資者也不會虧損。

The fund achieves this protection by combining U.S. Treasury bonds with options linked to the CBOE Bitcoin US ETF Index. This structure provides a regulated and transparent way to gain Bitcoin exposure while minimizing risk.

該基金透過將美國國債與與 CBOE 比特幣美國 ETF 指數相關的選擇權相結合來實現這種保護。這種結構提供了一種受監管且透明的方式來獲得比特幣敞口，同時最大限度地降低風險。

The CBOJ ETF builds on Calamos' Structured Protection ETF series, which was launched in 2024 and offered similar protection for stock indices such as the S&P 500 and Nasdaq-100.

CBOJ ETF 以 Calamos 的結構性保護 ETF 系列為基礎，該系列於 2024 年推出，為 S&P 500 和 Nasdaq-100 等股指提供類似的保護。

Annual protection reset

年度保護重置

In contrast to traditional ETFs, CBOJ resets its downside protection annually. Each year, investors will receive a new cap on potential gains while maintaining complete protection against losses for the following 12 months.

與傳統 ETF 相比，CBOJ 每年都會重置其下行保護。每年，投資者都會收到新的潛在收益上限，同時在接下來的 12 個月內保持全面的損失保障。

"Many investors have hesitated to invest in bitcoin due to its epic volatility,” said Matt Kaufman, Head of ETFs at Calamos. “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].”

Calamos ETF 主管 Matt Kaufman 表示：「由於比特幣的巨大波動性，許多投資者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，這些解決方案既能抓住比特幣的成長潛力，又能減輕歷史上的高波動性。

A report from December 2024 suggested that several major exchanges, including Calamos, will pivot to new derivatives-based Bitcoin ETFs to aid cautious investors in navigating the crypto's drastic price movements.

2024 年 12 月的一份報告表明，包括 Calamos 在內的幾家主要交易所將轉向新的基於衍生品的比特幣 ETF，以幫助謹慎的投資者應對加密貨幣的劇烈價格波動。

ETFs are investment funds that trade like stocks on exchanges, allowing investors to pool their money into a fund that holds various assets.

ETF 是像交易所股票一樣交易的投資基金，允許投資者將資金集中到持有各種資產的基金中。

In essence, CBOJ provides a way for investors to gain exposure to Bitcoin without directly owning it, thanks to its protective structure that aims to minimize losses.

從本質上講，由於其旨在最大限度減少損失的保護結構，央行為投資者提供了一種在不直接擁有比特幣的情況下獲得比特幣曝險的方式。