Calamos Investments has announced a new Bitcoin ETF, CBOJ, which will debut on the CBOE Global Markets on January 22.
According to the January 6 press release, this ETF promises 100% downside protection, providing investors with a means of participating in the performance of Bitcoin, with risk management.
CBOJ
CBOJ protects itself against losses by using a combination of U.S. Treasuries and options linked to the CBOE Bitcoin US ETF.
The fund resets each year, introducing a new upward cap as well as updated protection for the following 12-month period. This design allows long-term holders to benefit from ongoing risk management.
Nate Geraci, president of ETF Store, highlighted the appeal of the CBOJ structure. He emphasized that the ETF provides full downside protection to those who hold it during the earnings period, although it limits upside gains.
Matt Kaufman, head of ETFs at Calamos, noted that many investors and advisors are looking for tools to capture Bitcoin’s growth potential while managing its inherent risks.
According to him:
“Many investors are hesitant to invest in Bitcoin due to its epic volatility. (CBOJ) are responding to requests from advisors, institutions and investors for solutions that capture the growth potential of bitcoin while mitigating the historically high volatility and drawdowns of this fast-growing and high-performing asset.
CBOJ builds on the success of the company’s Structured Protection ETF series, which launched in 2024. This series offers comprehensive downside protection strategies for indexes such as the S&P 500.
Calamos has approximately $40 billion in assets under management and specializes in ETF, mutual fund, closed-end fund, interval fund and UCITS fund strategies.
Bitcoin ETF Competitive Landscape
The Bitcoin ETF market has seen explosive growth over the past year, with all 12 products seeing inflows of over $35 billion. BlackRock’s IBIT led the charge, amassing more than $53 billion in assets in its first year.
Market observers noted that this dynamic reflects growing investor interest in Bitcoin-related products and expect this trend to continue this year.
Eric Balchunas, an analyst at Bloomberg ETF, highlighted the intense competition in the market, noting that the unique structure and timing of the CBOJ launch highlights how “ultra-competitive this new frontier is.”
