Calamos Investments has launched a Bitcoin exchange-traded fund that it bills as “100% downside protected.”
The active ETF, CBOJ, follows the firm’s launch of its Structured Protection ETF series in 2024, which it describes in a news release as “the industry’s most comprehensive suite of 100% downside protection strategies on the S&P 500, Nasdaq-100 and Russell 2000.” The series offers investors a range of indices, protection levels and outcomes. Calamos anticipates listing CBOJ on the CBOE on Jan. 22 and will determine the cap rate at market’s close.
“Many investors have been hesitant to invest in bitcoin due to its epic volatility,” said Calamos Head of ETFs Matt Kaufman. “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 this fast-growing and high performing asset.”
CBOJ will feature a combination of Treasuries and options on the CBOE Bitcoin US ETF Index. CBOJ resets annually with a new upside cap and refreshed protection against negative bitcoin returns. Investors can hold CBOJ shares indefinitely.
