CBOJ 比特币 ETF 承诺采用革命性方法来解决比特币臭名昭著的波动性

CBOJ ETF 将美国国债与与 CBOE 比特币美国 ETF 指数相关的期权混合在一起。这种独特的结构使投资者能够获得比特币的投资，同时降低通常与加密货币相关的高风险。

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.

著名的资产管理公司 Calamos Investments 将推出一款突破性的交易所交易基金 (ETF)，为寻求比特币投资的投资者提供前所未有的下行保护。该同类首个 ETF 将于 2025 年 1 月 22 日在芝加哥期权交易所 (CBOE) 开始交易，股票代码为 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.

该 ETF 将美国国债与与 CBOE 比特币美国 ETF 指数相关的期权混合在一起。通过这种创新结构，投资者将获得比特币的投资机会，同时降低与加密货币相关的高风险。与传统 ETF 不同，CBOJ 将每年重置其下行保护，确保投资者每年对潜在收益设定新的上限，同时避免损失。

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，许多投资者一直对投资比特币犹豫不决。 Calamos 致力于满足顾问、机构和投资者对解决方案的需求，这些解决方案能够抓住比特币的增长潜力，同时减轻历史上的高波动性和回撤。

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.

考夫曼的声明凸显了金融行业的更广泛趋势，金融机构旨在弥合传统投资和加密货币之间的差距。缓冲基金等限定结果产品最近受到关注，特别是在 2022 年市场低迷、股票和债券同时下跌之后。

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 的推出通过整合类似于股票 ETF 的策略，为加密货币投资开创了先例。报告显示，结构性比特币 ETF 正在蓬勃发展。 2024 年 1 月推出的现货比特币基金首次亮相就表现出色，吸引了数十亿美元的资金流入。

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.

这一飙升将比特币的价值推升至超过 100,000 美元的历史新高。 iShares 比特币信托 ETF (IBIT) 是这些基金中最著名的，目前总资产超过 500 亿美元。

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.

尽管取得了这一成功，财务顾问在很大程度上仍然保持谨慎。考夫曼指出，比特币价格波动的历史继续让许多专业人士望而却步。他解释说，对于那些希望进入该领域的人来说，他们希望在风险管理框架或对他们的投资组合更有意义的框架中进行。

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 旨在满足这一需求，为规避风险的投资者提供参与加密货币市场的途径。该ETF将持有长期美国国债和CBOE比特币美国ETF指数的中短期期权组合，旨在在跟踪指数表现的同时提供下行保护。

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.

与传统的比特币 ETF 不同，CBOJ 的年度重置可确保投资者年复一年地受到保护。每年的上涨上限将根据期权定价确定，首个上限将于2025年1月22日最终确定。该基金的持有期将从2025年1月22日至2026年1月31日。

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.

这种保护结构吸引了规避风险的投资者，他们希望探索加密货币领域，而又不想将自己的投资组合暴露在比特币不可预测的价格波动中。通过将比特币期权与美国国债持有的稳定性相结合，央行提供了一种平衡的加密货币投资方法。

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.

考夫曼和他的团队设想 CBOJ 与纯粹的比特币 ETF 一起持有，旨在创建多元化的投资策略。卡拉莫斯针对的是特定的投资者群体——那些希望参与比特币增长但同时也看重下行保护的投资者。

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 是多家寻求通过创新策略实现加密货币产品多元化的 ETF 发行人之一。 Innovator 和 First Trust 也在寻求这种方法，而 Grayscale 和 Roundhill 则提出了创收比特币基金，例如备兑看涨 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.

随着加密货币法规的发展，预计到 2025 年将有更多基金进入市场。当选总统唐纳德·特朗普的即将上任的政府预计将对加密货币采取更加友好的立场，这可能为更多专注于加密货币的 ETF 铺平道路。

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.

在新的领导下，证券交易委员会（SEC）可以在加速申请和审批方面发挥重要作用。这一发展可能有利于 ETF 发行人和寻求更多进入加密市场的投资者。