CBOJ 比特幣 ETF 承諾採用革命性方法來解決比特幣臭名昭著的波動性

CBOJ ETF 將美國國債與與 CBOE 比特幣美國 ETF 指數相關的選擇權混合在一起。這種獨特的結構使投資者能夠獲得比特幣的投資，同時降低通常與加密貨幣相關的高風險。

Calamos Investments, a renowned asset management firm, is set to launch a groundbreaking exchange-traded fund (ETF) that offers an unprecedented level of downside protection for investors seeking exposure to Bitcoin. This first-of-its-kind ETF will begin trading on January 22, 2025, on the Chicago Board Options Exchange (CBOE) under the ticker symbol CBOJ.

著名的資產管理公司 Calamos Investments 將推出一款突破性的交易所交易基金 (ETF)，為尋求比特幣投資的投資者提供前所未有的下行保護。該同類首個 ETF 將於 2025 年 1 月 22 日在芝加哥期權交易所 (CBOE) 開始交易，股票代號為 CBOJ。

This ETF will blend U.S. Treasury bonds with options linked to the CBOE Bitcoin US ETF Index. Through this innovative structure, investors will gain exposure to Bitcoin while mitigating the high risks associated with the cryptocurrency. Unlike traditional ETFs, CBOJ will reset its downside protection annually, ensuring investors a fresh cap on potential gains each year while being shielded from losses.

該 ETF 將美國國債與與 CBOE 比特幣美國 ETF 指數相關的選擇權混合在一起。透過這種創新結構，投資者將獲得比特幣的投資機會，同時降低與加密貨幣相關的高風險。與傳統 ETF 不同，CBOJ 將每年重置其下行保護，確保投資者每年對潛在收益設定新的上限，同時避免損失。

According to Matt Kaufman, Head of ETFs at Calamos, 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.

Calamos ETF 主管 Matt Kaufman 表示，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 致力於滿足顧問、機構和投資者對解決方案的需求，這些解決方案能夠抓住比特幣的成長潛力，同時減輕歷史上的高波動性和回撤。

Kaufman's statement highlights the broader trend in the financial industry, where institutions aim to bridge the gap between traditional investing and cryptocurrency. Defined outcome products, such as buffer funds, have gained traction recently, especially after the 2022 market downturn, which saw simultaneous declines in stocks and bonds.

考夫曼的聲明凸顯了金融業的更廣泛趨勢，金融機構旨在彌合傳統投資和加密貨幣之間的差距。緩衝基金等限定結果產品最近受到關注，特別是在 2022 年市場低迷、股票和債券同時下跌之後。

CBOJ's introduction is setting a precedent for crypto investments by integrating strategies similar to equity ETFs. Reports suggest that structured Bitcoin ETFs are gaining momentum. Spot Bitcoin funds, which launched in January 2024, saw an extraordinary debut, attracting billions of dollars in inflows.

CBOJ 的推出透過整合類似股票 ETF 的策略，為加密貨幣投資開創了先例。報告顯示，結構性比特幣 ETF 正在蓬勃發展。 2024 年 1 月推出的現貨比特幣基金首次亮相就表現出色，吸引了數十億美元的資金流入。

That surge helped push Bitcoin's value to a record high of over $100,000. The iShares Bitcoin Trust ETF (IBIT), being the most prominent among those funds, now boasts over $50 billion in total assets.

這一飆升將比特幣的價值推高至超過 10 萬美元的歷史新高。 iShares 比特幣信託 ETF (IBIT) 是這些基金中最著名的，目前總資產超過 500 億美元。

Despite this success, financial advisors have largely remained cautious. Kaufman noted that Bitcoin's history of price swings continues to deter many professionals. For folks looking to access that space, they want to do so in a risk-managed framework or something that makes a little more sense for their portfolio, he explained.

儘管取得了這一成功，財務顧問在很大程度上仍然保持謹慎。考夫曼指出，比特幣價格波動的歷史繼續讓許多專業人士望而卻步。他解釋說，對於那些希望進入該領域的人來說，他們希望在風險管理框架或對他們的投資組合更有意義的框架中進行。

CBOJ is designed to cater to this demand, offering an avenue for risk-averse investors to participate in the crypto market. This ETF will hold a portfolio of long-duration U.S. Treasury bonds and short- to medium-term options on the CBOE Bitcoin US ETF Index, aiming to provide downside protection while tracking the performance of the index.

CBOJ 旨在滿足此需求，為規避風險的投資者提供參與加密貨幣市場的途徑。該ETF將持有長期美國國債和CBOE比特幣美國ETF指數的中短期選擇權組合，旨在追蹤指數表現的同時提供下行保護。

Unlike traditional Bitcoin ETFs, CBOJ's annual reset ensures that investors remain protected year after year. Each year’s upside cap will be determined based on options pricing, with the first set to be finalized on January 22, 2025. The holding period for the fund will span from January 22, 2025, to January 31, 2026.

與傳統的比特幣 ETF 不同，CBOJ 的年度重置可確保投資者年復一年地受到保護。每年的上漲上限將根據選擇權定價決定，首個上限將於2025年1月22日最終確定。

This protective structure appeals to risk-averse investors who wish to explore the crypto space without exposing their portfolios to Bitcoin’s unpredictable price swings. By combining Bitcoin options with the stability of U.S. Treasury holdings, CBOJ offers a balanced approach to crypto investment.

這種保護結構吸引了規避風險的投資者，他們希望探索加密貨幣領域，而又不想將自己的投資組合暴露在比特幣不可預測的價格波動中。透過將比特幣選擇權與美國國債持有的穩定性相結合，央行提供了一種平衡的加密貨幣投資方法。

Kaufman and his team envision CBOJ being held alongside pure-play Bitcoin ETFs, aiming to create a diversified investment strategy. Calamos is targeting a specific group of investors—those who want exposure to Bitcoin’s growth but also value downside protection.

考夫曼和他的團隊設想 CBOJ 與純粹的比特幣 ETF 一起持有，旨在創建多元化的投資策略。卡拉莫斯針對的是特定的投資者群體——那些希望參與比特幣成長但同時也重視下行保護的投資者。

Calamos is among several ETF issuers seeking to diversify their crypto offerings with innovative strategies. Innovator and First Trust are also pursuing this approach, while Grayscale and Roundhill have proposed income-generating Bitcoin funds, such as covered call ETFs.

Calamos 是多家尋求透過創新策略實現加密貨幣產品多元化的 ETF 發行人之一。 Innovator 和 First Trust 也在尋求這種方法，而 Grayscale 和 Roundhill 則提出了創收型比特幣基金，例如備兌看漲 ETF。

As cryptocurrency regulations evolve, more funds are expected to hit the market throughout 2025. President-elect Donald Trump’s incoming administration is anticipated to take a friendlier stance toward crypto, which could pave the way for more crypto-focused ETFs.

隨著加密貨幣法規的發展，預計到2025 年會有更多的基金進入市場。於加密貨幣的ETF 鋪平道路。

The Securities and Exchange Commission (SEC), under new leadership, could play a significant role in accelerating filings and approvals. This development is likely to benefit ETF issuers and investors seeking greater access to crypto markets.

在新的領導下，證券交易委員會（SEC）可以在加速申請和審批方面發揮重要作用。這一發展可能有利於 ETF 發行人和尋求更多進入加密市場的投資者。