Calamos Investments has introduced a series of protected Bitcoin exchange-traded funds (ETFs) aimed at giving investors exposure to Bitcoin while mitigating volatility risks. The CBOJ ETF, launched on Jan. 20, offers 100% downside protection and a capped upside of 10% to 11.5% over a year. Two additional funds, CBXJ and CBTJ, are set to launch on Feb. 4, providing 90% and 80% downside protection with higher upside caps of 28%-31% and 50%-55%, respectively. Each fund employs a mix of US Treasurys and options on Bitcoin index derivatives to create a structured investment framework. Matt Kaufman, head of ETFs at Calamos, highlighted the favorable timing for establishing a US Bitcoin reserve, suggesting Bitcoin could serve as a hedge against inflation. He noted the flurry of crypto-related ETF filings and emphasized that Calamos' suite is the first of its kind, aimed at offering regulated access to Bitcoin with built-in risk management.

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