Metro Chicago, Illinois, January 6, 2025 — John Koudounis, President and CEO of Calamos, announced the launch of the world’s first 100% downside-protected Bitcoin ETF (CBOJ). This innovative product builds on Calamos’ expertise in risk-managed investment solutions, offering investors exposure to Bitcoin’s growth potential while mitigating its notorious volatility.
Key Features of CBOJ
- 100% Downside Protection: Shields investors from negative Bitcoin returns if held through the outcome period.
- Annual Reset Mechanism: Refreshes upside caps and protection levels each year.
- Regulated Framework: Combines Treasuries and options on the CBOE Bitcoin US ETF Index for a secure structure.
- Listing Date: Expected on CBOE by January 22, 2025.
👉 Discover how CBOJ redefines crypto investing
Why This Matters
Matt Kaufman, Head of ETFs at Calamos, notes: "CBOJ addresses advisor and institutional demand for Bitcoin exposure without the wild price swings. It’s a game-changer for risk-averse investors."
ETF Snapshot: Calamos Bitcoin Structured Alt Protection ETF (January Series)
| Parameter | Details |
|---|---|
| Cap Rate | Determined post-market close on January 22, 2025 |
| Outcome Period | 1/22/25–1/31/26 |
| Reference Asset | CBOE Bitcoin US ETF Index |
| Protection Level | 100% downside protection |
| Expense Ratio | 0.69% |
| Portfolio Management | Led by Co-CIO Eli Pars and the Alternatives Team |
FAQs
Q: How does the downside protection work?
A: The ETF uses options and Treasuries to buffer against Bitcoin’s losses, guaranteeing 100% principal protection if held for the full outcome period.
Q: Can I hold CBOJ shares long-term?
A: Yes! Shares reset annually, allowing indefinite holding with updated caps and protection.
Q: What’s the minimum investment period?
A: Protection applies only if held through the 12-month outcome period. Early exits may forfeit safeguards.
About Calamos Investments
A global leader with $40B+ AUM, Calamos specializes in:
- Liquid alternatives ($17B AUM)
- Multi-asset strategies
- ETFs and mutual funds
👉 Explore Calamos’ innovative solutions
Disclaimer: Investing involves risks, including loss of principal. CBOJ’s protection applies only if held through the outcome period. See the prospectus for details.
©2025 Calamos Investments LLC. All rights reserved.
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