Calamos Investments推出了針對比特幣的交易所交易基金

由JE Insights，Benzinga

While Bitcoin and the broader concept of decentralized digital assets have revolutionized the global economy, the rapid innovation comes with a profound risk: BTC and similar virtual currencies are wildly volatile.

儘管比特幣和更廣泛的分散數字資產的概念徹底改變了全球經濟，但快速創新帶有深遠的風險：BTC和類似的虛擬貨幣卻非常波動。

Given the triple-digit percentage gains and losses that may be seen in a single year, many investors have chosen to stay away from the sector. Recognizing this opportunity gap, Calamos Investments (NASDAQ:CLMS) – a leading global investment firm – set out to create an exchange-traded fund that combines the best of both worlds: the capital gains potential of the benchmark blockchain asset and the mitigatory mechanisms found in advanced options trading strategies.

鑑於一年內可能看到的三位數率和損失，許多投資者選擇遠離該行業。認識到這一機會差距，Calamos Investments（NASDAQ：CLMS）（一家領先的全球投資公司）打算創建一個結合了兩全其美的交易所交易基金：基準分塊鏈資產的資本收益潛力和在高級期權交易策略中建立的緩解機制。

This ETF is the Calamos Bitcoin Structured Atl Protection ETF (NYSE:CBOJ), which aims to provide principal downside protection and offer some upside exposure to Bitcoin over a defined outcome period.

該ETF是Calamos比特幣結構化ATL Protection ETF（NYSE：CBOJ），旨在提供主要的下行保護保護，並在定義的結果期間提供對比特幣的一些上坡接觸。

As the name suggests, the CBOJ fund aims to combine the best of both worlds: the capital gains potential of the benchmark blockchain asset and the mitigatory mechanisms found in advanced options trading strategies. Through an investment in CBOJ, market participants can potentially sleep easier, knowing that their principal receives built-in downside protection over a defined outcome period. At the same time, they may receive upside exposure to Bitcoin’s rise to a defined cap.

顧名思義，CBOJ基金旨在結合兩全其美的最好的：基準區塊鏈資產的潛力和高級期權交易策略中發現的緩解機制。通過對CBOJ的投資，市場參與者可能會更容易入睡，因為他們的主體在定義的結果期內會獲得內置的下行保護。同時，他們可能會收到比特幣升高到定義的上限的上行接觸。

Still, the idea of a downside-protected Bitcoin investment may sound like pure science fiction to many, especially given BTC’s remarkable undulations. Investors learning about Calamos’ risk-mitigated products all have the same question: how do these strategies work?

儘管如此，對許多人來說，對比特幣投資的缺點比比特幣投資的想法對許多人來說似乎是純粹的科幻小說，尤其是考慮到BTC的顯著波動。投資者了解Calamos的風險降低產品都有相同的問題：這些策略如何工作？

A Brief Rundown Of The Bull Call Spread

短暫的公牛電話傳播

To understand the mechanism of the CBOJ ETF, it’s critical to have a solid understanding of multi-leg options strategies, particularly the bull call spread. A call option is a derivative instrument that gives the holder the right (but not the obligation) to buy an underlying security or asset at the listed strike price. Conversely, call sellers underwrite the risk that the said security will not materially rise.

要了解CBOJ ETF的機制，至關重要的是要對多腿期權策略（尤其是公牛呼叫傳播）有牢固的了解。呼叫選項是一種衍生工具，它賦予持有人的權利（但沒有義務）以列出的罷工價格購買基本安全性或資產。相反，致電賣方承擔了上述安全不會實質性上升的風險。

Now, astute traders may engage in a defined-risk, defined-reward strategy known as the bull call spread. In this transaction, a trader buys a call option and simultaneously sells a call option (for the same expiration date) at a higher strike price. The proceeds from the short call partially offset the debit paid for the long call, resulting in a discounted long position. Effectively, it’s a sophisticated mechanism to reduce the cash outlay to buy “expensive” options while also potentially benefiting (to a defined level) from capital gains.

現在，精明的交易者可以參與定義的風險，定義的獎勵策略，稱為公牛呼籲傳播。在此交易中，交易者以較高的打擊價格購買了呼叫選項，並同時出售呼叫選項（相同到期日）。短電話的收益部分抵消了為長時間撥打的借方支付的借方，導致長期折扣。實際上，這是一種複雜的機制，可以減少現金支出以購買“昂貴”的選擇，同時也有可能從資本收益中受益（定義的水平）。

The Beauty Behind The CBOJ ETF

CBOJ ETF背後的美

Having gone over the mechanics of the bull call spread, let’s turn to the CBOJ ETF. To achieve the downside protection, the CBOJ utilizes a nearly identical structure to a standard call spread. However, rather than utilizing a direct cash outlay, Calamos uses a combination of the protected principal to enter a position in the ETF and proceeds received from the short call component of the call spread.

在越過公牛呼叫的機制傳播之後，讓我們轉到CBOJ ETF。為了實現下行保護，CBOJ使用了與標準呼叫差的幾乎相同的結構。但是，Calamos並沒有使用直接現金支出，而是使用受保護本金的組合在ETF中進入職位，並從呼叫差的簡短呼叫部分收到收益。

In this setup, most of the investor’s funds are allocated to zero-coupon U.S. Treasury bonds. These bonds are purchased at a discount and mature at par, meaning the investor’s principal is effectively protected at the end of the outcome period. That’s the first major difference from a standard call spread – the investor’s base capital isn’t actually exposed to Bitcoin’s volatility.

在此設置中，大多數投資者的資金分配給了零聯息美國財政債券。這些債券以折扣價購買並在PAR上成熟，這意味著投資者的本金在結果期結束時得到了有效的保護。這是與標準電話傳播的第一個主要區別 - 投資者的基本資本實際上並沒有暴露於比特幣的波動性。

With that principal shielded, fund managers construct a synthetic bull call spread using the remainder of the capital. On the debit side, they acquire a call option on a Bitcoin-linked index to gain exposure to potential upside. However, due to the high premiums associated with at-the-money (ATM) or ITM call options, Calamos sells a higher out-of-the-money call to offset the cost. The premium from this short call helps fund the position, resulting in a net-zero or near-zero cost for the options spread.

借助該主要屏蔽的基金經理，基金經理使用其餘的資本建造了合成的公牛呼叫傳播。在藉方方面，他們在比特幣鏈接指數上獲得了一個呼叫選項，以獲取潛在上升空間。但是，由於與At-At-Atmoney（ATM）或ITM通話選項相關的高保費，Calamos出售了更高的貨幣撥打電話以抵消成本。此簡短電話的溢價有助於資助該職位，從而導致期權分佈的淨零或接近零成本。

Subsequently, the outcome is a defined-risk, defined-reward structure – but instead of risking investor capital on the front end, the ETF uses a combination of bond math and options strategy to create a payoff profile similar to a bull call spread. Therefore, if Bitcoin drops sharply, the investor can walk away with their initial investment (less fees). However, if BTC rises, the investor participates in the gains up to a preset cap, determined by the strike of the short call.

隨後，結果是一種定義的風險，定義的獎勵結構 - 但ETF使用債券數學和期權策略的組合來創建類似於公牛呼叫的差異，而不是在前端冒著投資者資本的風險。因此，如果比特幣急劇下降，則投資者可以憑藉其初始投資（費用更少）走開。但是，如果BTC上升，則投資者將參加預設上限的收益，這是由短路罷工確定的。

For clarity, the full downside protection applies to positions held for the entire outcome period, which typically lasts about one year. As with standard bull call spreads, the CBOJ offers a capped reward potential while limiting risk to a defined level.

為了清楚起見，完整的下行保護適用於整個結果期間的職位，通常持續約一年。與標準的公牛呼叫點差一樣，CBOJ提供了限制的獎勵潛力，同時將風險限制在定義的水平上。

Investing Rather Than Betting

投資而不是投注

Although Bitcoin has sparked a new wave of investing sentiment, the crypto sector is notorious for its intense volatility. While this framework may appeal to extreme speculators, the unpredictable nature of the blockchain may dissuade many other investors. To that end, Calamos aims to bridge the gap, providing an alternative that allows investors to participate in Bitcoin’s potential gains while

儘管比特幣引發了新的投資情緒，但加密貨幣部門的強烈波動卻臭名昭著。儘管該框架可能會吸引極端的投機者，但區塊鏈的不可預測性可能會勸阻許多其他投資者。為此，Calamos旨在彌合差距，提供一種替代方案，使投資者能夠參與比特幣的潛在收益，而