通過選項導航比特幣ETF：Calamos的策略解釋了

探索Calamos投資如何利用比特幣ETF中的期權策略，為投資者提供保護和潛在的加密市場上的潛在上升空間。

Navigating Bitcoin ETFs with Options: Calamos' Strategy Explained

通過選項導航比特幣ETF：Calamos的策略解釋了

Bitcoin ETFs have taken Wall Street by storm, and Calamos Investments is carving out a unique niche. By employing options strategies, they're aiming to offer investors a blend of downside protection and upside potential in the often-turbulent world of crypto.

比特幣ETF席捲了華爾街，而Calamos Investments正在製定一個獨特的利基市場。通過採用期權策略，他們的目的是為投資者提供下行保護和上行潛力的融合。

Calamos' Approach: Laddered Bitcoin ETFs and Options

Calamos的方法：梯子的比特幣ETF和選擇

Calamos Investments, managing over $40 billion in assets, has recently filed for a “laddered” Bitcoin ETF, signaling a move towards more cautious crypto investment products. This approach acknowledges Bitcoin's inherent volatility, which Fidelity analysis suggests can be three to four times greater than major equity indexes. Calamos' strategy involves using options contracts tied to the performance of several leading Bitcoin ETFs, including those from BlackRock, Grayscale, Bitwise, Fidelity, and ARK 21Shares.

Calamos Investments管理著超過400億美元的資產，最近已向“梯子”的比特幣ETF申請，這表明朝著更加謹慎的加密投資產品邁進。這種方法承認比特幣的固有波動性，這表明比特幣的波動性可能是主要權益指數的三到四倍。 CALAMOS的策略涉及使用與幾個領先的比特幣ETF相關的期權合約，包括來自貝萊德，灰度，比特斯，富達和方舟21shares的選項合同。

Options, in essence, provide the holder with the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific timeframe. They're a common tool for managing risk and hedging against potential losses. Calamos is using these instruments to target downside protection, specifically aiming to shield investors from losses exceeding 20%.

從本質上講，期權為持有人提供了權利，但沒有義務，在特定時間範圍內以預定價格購買或出售資產。它們是管理風險和對沖潛在損失的常見工具。 Calamos正在使用這些工具來針對下行保護，特別是為了保護投資者免受超過20％的損失。

In July 2025, Calamos launched three new Bitcoin Structured Alt Protection ETFs: CBOY, CBXY, and CBTY. Each offers a distinct level of downside protection and upside cap, catering to different risk appetites. For instance, CBOY provides 100% downside protection with a 10% upside cap, while CBTY offers 80% protection with a more aggressive 41.05% cap.

2025年7月，Calamos推出了三個新的比特幣結構化Alt Protection ETF：CBOY，CBXY和CBTY。每種都提供了獨特的下行保護和上限上限，可滿足不同的風險食慾。例如，CBOY提供100％的下行保護，並具有10％的上限上限，而CBTY可提供80％的保護，更具侵略性的41.05％蓋帽。

How It Works: A Closer Look

它的工作原理：更近的外觀

The Calamos ETF doesn't directly hold Bitcoin. Instead, it invests in options linked to the CBOE Bitcoin US ETF Index. Calamos states that if the price of Bitcoin declines by more than 20% over a target period, the ETF is designed to limit the investor's loss to only 20%. In addition to options, the fund can allocate investments to cash and U.S. Treasuries, depending on the portfolio management strategy used.

Calamos ETF不直接容納比特幣。取而代之的是，它投資於與CBOE比特幣美國ETF指數相關的期權。 CALAMOS指出，如果比特幣的價格在目標時期下降了20％以上，則ETF旨在將投資者的損失限制在僅20％。除期權外，該基金還可以根據所使用的投資組合管理策略將投資分配給現金和美國國庫。

Bitcoin ETF Landscape: A Quick Recap

比特幣ETF景觀：快速回顧

Bitcoin ETFs, approved in January 2024, have enjoyed a successful debut. As of recent data, these instruments have seen a cumulative net inflow of over $53 billion, with total net assets reaching $150 billion, representing a significant portion of the overall Bitcoin market cap. BlackRock alone holds a substantial amount of Bitcoin to back their ETF.

2024年1月批准的比特幣ETF享有成功的首次亮相。截至最近的數據，這些工具的累計淨流入超過530億美元，總淨資產達到1500億美元，這是整個比特幣市值的很大一部分。僅貝萊德就擁有大量的比特幣來支持其ETF。

Institutional Interest and Market Dynamics

機構興趣和市場動態

The consistent inflows into Bitcoin ETFs suggest growing institutional adoption of Bitcoin. BlackRock's IBIT has been a major driver of these inflows. While some funds have experienced outflows, the overall trend indicates sustained interest from institutional investors and corporate treasuries.

一致的比特幣ETF流入表明比特幣的機構採用不斷增長。貝萊德的IBIT一直是這些流入的主要驅動力。儘管一些資金經歷了流出，但總體趨勢表明機構投資者和公司國庫產生了持續的興趣。

My Take: A Smart Move for Risk-Averse Investors

我的看法：對規避風險投資者的明智之舉

The Calamos strategy appears to be a well-considered approach for investors who are intrigued by Bitcoin but wary of its notorious price swings. By incorporating options, Calamos is essentially building a safety net, offering a degree of peace of mind that traditional Bitcoin investments lack. The varying levels of protection and upside potential across their ETF offerings also provide flexibility for investors to choose a product that aligns with their risk tolerance. It’s not a get-rich-quick scheme, but it’s a potentially sound way to dip your toes into the crypto waters without the fear of getting swept away by a tidal wave of volatility.

對於那些對比特幣吸引但對其臭名昭著的價格波動持謹慎態度的投資者來說，CALAMOS策略似乎是一種思考的方法。通過合併選擇，Calamos實質上是在建立安全網，提供了傳統比特幣投資缺乏的一定程度的安心。 ETF產品的各種保護和上行潛力的不同水平也為投資者選擇與風險承受能力保持一致的產品提供了靈活性。這不是一個富裕的方案，但這是一種將腳趾浸入加密貨幣水域的潛在方式，而不必擔心會被潮汐波動掃除。

Wrapping Up

總結

So, there you have it. Calamos is trying to bring a little Wall Street sophistication to the wild west of Bitcoin. Whether it's the right move for you depends on your investment goals and risk appetite. But one thing's for sure: it's an interesting development in the ever-evolving world of crypto investing. Who knows, maybe this is the beginning of a whole new era of “protected” crypto products. Now, if you'll excuse me, I'm off to research the best options strategy for my dogecoin holdings… just kidding! (Mostly.)

所以，你有。 Calamos試圖將一條小華爾街的小巧複雜化到比特幣的野外西部。這是否是正確的舉動，取決於您的投資目標和風險胃口。但是可以肯定的是：在不斷發展的加密投資世界中，這是一個有趣的發展。誰知道，也許這是“受保護”加密產品的全新時代的開始。現在，如果您原諒我，我要去研究我的Dogecoin Holtings的最佳選擇策略……只是開玩笑！ （大多。）