Calamos Investments, a worldwide investment management firm, has launched a series of Bitcoin exchange-traded funds (ETFs) designed to provide regulated Bitcoin exposure while reducing risk. The first of these funds, CBOJ, was introduced on January 20 and is designed to provide 100% protection against downside volatility while giving limited returns of 10% to 11.5% over a year.
On February 4, two new ETFs, CBXJ and CBTJ, will launch with lower levels of downside protection—90% and 80%, respectively—but larger return ceilings. CBXJ can produce returns ranging from 28% to 31%, while CBTJ can deliver 50% to 55%.
These funds manage risk by buying US Treasury bonds and Bitcoin index contracts. This gives investors a safe and structured way to get exposure to Bitcoin without actually owning it. According to Matt Kaufman, Calamos’ head of ETFs, these products are intended for those who want to hedge against Bitcoin’s price volatility while still participating in its potential profits.
While the protection is more expensive—0.69% management fees compared to the average of 0.51% for typical Bitcoin ETFs—investors seeking stability in the turbulent crypto market may find the extra expense beneficial.
Kaufman also noted that this initiative could be part of a larger trend toward integrating Bitcoin into traditional investment portfolios, similar to how strategic reserves are managed in other sectors.
