Calamos Investments 推出比特币交易所交易基金，提供 100% 下行保护

该 ETF 名为 CBOJ，将于 1 月 22 日在芝加哥期权交易所首次亮相，旨在解决比特币的波动性，同时提供增长潜力。

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

Calamos Investments 正在推出一款比特币交易所交易基金，其独特之处在于：100% 下行保护。

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.

该公司声明称，该 ETF（称为 CBOJ）将于 1 月 22 日在芝加哥期权交易所开始交易，旨在解决比特币的波动性，同时提供增长潜力。

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.

由于其剧烈的价格波动，比特币（BTC）经常令厌恶风险的投资者望而却步。然而，CBOJ ETF 旨在改变这一现状，确保即使比特币价值下跌，投资者也不会亏损。

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.

该基金通过将美国国债与与 CBOE 比特币美国 ETF 指数相关的期权相结合来实现这种保护。这种结构提供了一种受监管且透明的方式来获得比特币敞口，同时最大限度地降低风险。

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 的结构性保护 ETF 系列为基础，该系列于 2024 年推出，为标准普尔 500 指数和纳斯达克 100 指数等股指提供类似的保护。

Annual protection reset

年度保护重置

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.

与传统 ETF 相比，CBOJ 每年都会重置其下行保护。每年，投资者都会收到新的潜在收益上限，同时在接下来的 12 个月内保持全面的损失保护。

"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 主管马特·考夫曼 (Matt Kaufman) 表示：“由于比特币的巨大波动性，许多投资者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，这些解决方案既能抓住比特币的增长潜力，又能减轻历史上的高波动性。”以及[资产]的提款。”

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 月的一份报告表明，包括 Calamos 在内的几家主要交易所将转向新的基于衍生品的比特币 ETF，以帮助谨慎的投资者应对加密货币的剧烈价格波动。

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

ETF 是像交易所股票一样交易的投资基金，允许投资者将资金集中到持有各种资产的基金中。

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.

从本质上讲，由于其旨在最大限度减少损失的保护结构，央行为投资者提供了一种在不直接拥有比特币的情况下获得比特币敞口的方式。