The ETF is expected to launch in late January.
The fund will be listed on the CBOE stock exchange in the United States.
The Calamos Investments firm announced the upcoming launch of an exchange-traded fund (ETF), called Calamos Bitcoin Structured Alt Protection (CBOJ).
This is designed to offer bitcoin upside exposure with full protection against price drops. The fund will be listed on the US CBOE exchange and is expected to be available by the end of January, indicates a statement of the asset manager.
This ETF will employ structured strategies that have already been used in previous Calamos products. Among themincludes the use of Treasury bonds and options on the CBOE Bitcoin US ETF index.
The model is based on the operation of the firm’s structured protection funds, implemented in 2024, which offer protection against declines in stock indices such as the S&P 500, Nasdaq-100 and Russell 2000.
Background characteristics
The CBOJ will reset annually, renewing both its upside limit and protection against negative returns over a 12-month period. According to Calamos, The shares of this fund may be held indefinitely.
Matt Kaufman, director of ETFs at Calamos, highlighted that the fund responds to the demands of investors seeking exposure to the potential of bitcoin, while mitigating its high volatility and declines in the asset.
Context and competition
The announcement comes after the success of the bitcoin spot ETFs launched in January 2024, which raised billions of dollars and contributed to the advancement of the price of bitcoin above $100,000, as reported by CriptoNoticias.
These figures have boosted other firms, such as Innovator and First Trust, to present proposals similar to that of Calamos before the United States Securities and Exchange Commission (SEC).
The operating model of spot bitcoin ETFs, which involves the acquisition and custody of bitcoin as backup, has been identified as a key factor in the revaluation of the digital asset.
The launch of the CBOJ could mark a new chapter in the development of bitcoin-based financial products. While volatility remains a challenge for investors, tools such as hedged ETFs seek to offer a balance between market exposure and risk mitigation.