Calamos比特币（BTC）结构化输出保护ETF

今年早些时候，Calamos首次亮相了加密货币，而不是启动三个资金，旨在保护投资者免受比特币（BTC）价格的波动。

Earlier this year, Calamos made its crypto debut with the launch of not one but three funds designed to protect investors from the volatility in bitcoin's (BTC) price.

今年早些时候，Calamos首次亮相了加密货币，而不是启动三个资金，旨在保护投资者免受比特币（BTC）价格的波动。

The global investment management firm, which handles $41.3 billion in assets, is far from launching any other products beyond bitcoin,—even Ethereum (ETH), said its head of ETFs Matt Kaufman in an interview with CoinDesk.

这家处理413亿美元资产的全球投资管理公司与比特币以外的任何其他产品（甚至是Ethereum（ETH））远不远，其ETFS Matt Kaufman负责人在接受Coindesk的采访中。

Since their inception, Calamos' protected BTC funds have attracted over $100 million from investors, which primarily include financial advisors.

自成立以来，Calamos受保护的BTC资金吸引了超过1亿美元的投资者，其中主要包括财务顾问。

For most firms looking to make an entrance into the crypto market, launching a bitcoin product is just the first step in a long journey that quickly extends to ethereum-based products. BlackRock, for example, applied to launch its spot bitcoin ETF (IBIT) in June 2023 and five months later, did the same for Ethereum (ETH).

对于大多数希望进入加密货币市场的公司而言，推出比特币产品只是漫长旅程的第一步，它迅速扩展到基于以太坊的产品。例如，贝莱德（BlackRock）在2023年6月和五个月后申请了其现货比特币ETF（IBIT），对以太坊（ETH）也是如此。

"Ethereum doesn't really meet our criteria for being able to effectively hedge that exposure," he said. "It's not a liquid asset, there's no options on Ethereum ETPs so if those check boxes start to get built, we'll explore it but right now it's not on our radar."

他说：“以太坊并没有真正符合我们能够有效对冲这种曝光的标准。” “这不是流动资产，以太坊ETP上没有选择，因此，如果这些复选框开始建造，我们将探索它，但现在不在我们的雷达上。”

The Calamos Bitcoin Structured Alt Protection ETF (CBOJ), Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXJ) and Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTJ) offer investors 80-100% downside protection with an upside cap rate of 10-55%.

CALAMOS比特币结构化ALT保护ETF（CBOJ），CALAMOS比特币90系列结构性ALT Protection ETF（CBXJ）和Calamos Bitcoin 80系列结构性ALT Protection ETF（CBTJ）为投资者提供80-100％的下行保护率，上行上限率为10-55％。

This is achieved by using a combination of Treasuries and options on the CBOE Bitcoin US ETF Index. While Cboe Exchange has filed to list options tied to Ether ETFs, the Securities and Exchange Commission (SEC) in January delayed its deadline to approve or deny the product. The Commission will have to stick to the final deadline in May, however.

这是通过在CBOE比特币US ETF指数上使用国库和选项的组合来实现的。尽管CBOE Exchange已申请列出与Ether ETF相关的期权，但1月份的证券交易委员会（SEC）推迟了其批准或拒绝该产品的截止日期。但是，委员会将不得不在5月的最后截止日期之前坚持。

Another asset class that Calamos won't likely ever touch is meme coins, Kaufman said. "We're a risk manager, so we build things we know will work," he said. "From that perspective, I don't have any opinion on meme coins but it's not something I would ever do."

考夫曼说，卡拉莫斯可能永远不会触摸的另一种资产类是模因硬币。他说：“我们是一名风险经理，所以我们要建造我们知道的事情。” “从这个角度来看，我对模因硬币没有任何意见，但这不是我会做的。”

Kaufman believes that the recent surge in applications for meme coin ETFs highlights the fact that investors have to do their due diligence.

考夫曼（Kaufman）认为，最近在模因硬币ETF申请的激增强调了投资者必须进行尽职调查的事实。

"We live in America, you have to know what you own. Freedom gives you choice and with choice comes responsibility," he said.

他说：“我们住在美国，你必须知道自己拥有的东西。自由为您提供了选择，并且选择责任。”