Calamos Investments has announced a new Bitcoin ETF, CBOJ, which will debut on the CBOE Global Markets on Jan. 22.

According to the Jan. 6 statement, this ETF promises 100% downside protection, providing investors a risk-managed way to participate in Bitcoin’s performance.

CBOJ

CBOJ shields against losses by using a combination of US Treasuries and options linked to the CBOE Bitcoin US ETF Index.

The fund resets annually, introducing a new upside cap alongside refreshed protection for the next 12-month period. This design allows long-term holders to benefit from continuous risk management.

Nate Geraci, president of ETF Store, emphasized the appeal of CBOJ’s structure. He pointed out that the ETF offers full downside protection for those holding it through the outcome period, although it limits upside gains.

Matt Kaufman, Head of ETFs at Calamos, pointed out that many investors and advisors seek tools to capture Bitcoin’s growth potential while managing its inherent risks.

According to him:

“Many investors have been hesitant to invest in bitcoin due to its epic volatility. [CBOJ] meet advisor, institutional and investor demands for solutions that capture bitcoin’s growth potential while mitigating the historically high volatility and drawdowns of this fast-growing and high performing asset.”

CBOJ builds on the success of the firm’s Structured Protection ETF series, introduced in 2024. This series provides comprehensive downside protection strategies for indices such as the S&P 500.

Calamos has roughly $40 billion in assets under management and specializes in strategies across ETFs, mutual funds, closed-end funds, interval funds, and UCITS funds.

Bitcoin ETF competitive landscape

The Bitcoin ETF market has seen explosive growth over the past year, with the 12 products recording inflows of over $35 billion. BlackRock’s IBIT led the charge by amassing over $53 billion in assets within its first year.

Market observers noted that this momentum reflects increasing investor interest in Bitcoin-related products and expect the trend to continue this year.

Bloomberg ETF analyst Eric Balchunas highlighted the intense competition in the market, remarking that the unique structure and timing of CBOJ’s launch underscore how “ultra-competitive this new frontier is.”

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