Calamos Investments 宣布推出比特币 ETF，保证 100% 下行保护

该基金名为 CBOJ，计划于 2025 年 1 月 22 日发行，将在芝加哥期权交易所交易。

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 正在推出一款比特币 ETF，保证 100% 的下行保护。该基金将于 2025 年 1 月 22 日在芝加哥期权交易所推出，名为 CBOJ，旨在降低比特币投资的波动性，使其对谨慎的投资者更具吸引力。

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.

比特币以其剧烈的价格波动而闻名，常常阻止规避风险的投资者加入加密货币领域。然而，卡拉莫斯正试图用一种独特的结构来改变这种叙事。

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.

该基金将结合美国国债和与 Cboe 比特币美国 ETF 指数 (BTI) 挂钩的期权。通过这种结构，即使比特币价格下跌，该基金也承诺不会造成损失，同时仍然提供增长潜力。

“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.

“由于比特币的巨大波动性，许多投资者一直对投资比特币犹豫不决。 [...] Calamos 寻求满足顾问、机构和投资者对解决方案的需求，这些解决方案能够捕捉比特币的增长潜力，同时减轻[资产]历史上的高波动性和回撤，”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 年度重置确保全面防止损失 CBOJ ETF 将引入年度重置，为投资者每年的潜在收益提供新的上限，同时保留全面的损失保护。这一设计遵循了 Calamos 的结构性保护 ETF 系列，该系列于 2024 年推出，专注于标准普尔 500 指数和纳斯达克 100 等股票指数。

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.

资料来源：Calamos Investments 缓冲基金等固定成果产品越来越受欢迎，尤其是在 2022 年股市和债券双双下跌的市场低迷之后。央行将这一策略延伸至比特币，将传统风险管理与加密货币的增长机会相结合。

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.

现货比特币 ETF 于 2024 年 1 月推出，推动比特币 (BTC) 升至 108,000 美元以上的历史新高，标志着加密货币领域的历史性时刻。其中，iShares比特币信托ETF（IBIT）一马当先，资产规模超过500亿美元。

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.

结构性基金弥补了比特币缺口考夫曼强调，尽管取得了这些成功，但财务顾问仍然对比特币表示担忧，因为它的波动性历史。他表示，像 CBOJ 这样的结构性基金可以弥补这一差距，使投资者能够将直接比特币 ETF 与风险管理策略结合起来。

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.

其他主要参与者，包括 Innovator 和 First Trust，也在开发采用类似策略的基金。此外，Grayscale 和 Roundhill 等公司已经申请了基于比特币的创收基金，例如备兑看涨 ETF，进一步扩大了市场范围。

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 基金的持有期限为一整年，即 2025 年 1 月 22 日至 2026 年 1 月 31 日。该 ETF 的上涨上限由期权定价决定，其吸引力在于其能够在提供比特币敞口的同时防范损失。潜在的收益。对于那些想要尝试加密货币而又不想冒险的人来说，CBOJ 可能就是合适的选择。