Market
How will the market react to Calamos Bitcoin ETFs by February 28, 2025?
2
Resolution / Starting Odds
Positive reaction • 33%
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Negative reaction • 33%
Financial news outlets and stock market analysis reports
Story
Calamos Launches CBOJ, First Downside-Protected Bitcoin ETF with 11.5% Upside Cap
Jan 23, 2025, 10:14 PM
Calamos Investments has launched the world's first downside-protected Bitcoin exchange-traded fund (ETF), named the Calamos Bitcoin Structured Alt Protection ETF (CBOJ). This innovative financial product offers investors 100% downside protection if Bitcoin's price drops by 50%, while capping potential gains at 11.5% through January 31, 2026. The ETF achieves this by investing in U.S. Treasuries and options on Bitcoin index derivatives. As of January 22, 2025, the ETF traded approximately 635,714 shares. The fund is designed to appeal to risk-averse investors seeking exposure to Bitcoin without directly owning the cryptocurrency. Calamos also plans to introduce two additional Bitcoin ETFs, CBXJ and CBTJ, on February 4, 2025, offering 90% and 80% downside protection, respectively, with higher upside caps. The management fee for these ETFs is set at 0.69%, slightly above the average for U.S.-based ETFs. This launch reflects growing demand for structured crypto investment products amidst Bitcoin's volatility.
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