Calamos Investments announced Monday what it calls the world's first 100% downside-protected bitcoin exchange-traded fund — CBOJ — to be listed on the CBOE on Jan. 22.
John Koudounis, Calamos' president and CEO, described the new product as "consistent with our history of groundbreaking innovations in risk management."
CBOJ, an active ETF, will use a combination of Treasurys and options on the CBOE Bitcoin U.S. ETF Index to provide regulated access to bitcoin within a risk-controlled framework, the firm said. CBOJ will reset annually, offering investors a new upside cap with refreshed protection against negative bitcoin returns over the subsequent 12-month period.
With a 0.69% expense ratio, the ETF offers full downside protection if held through the outcome period, currently set for Jan. 22, 2025 through Jan. 31, 2026.
