Calamos Investments推出了针对比特币的交易所交易基金

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.

尽管比特币和更广泛的分散数字资产的概念彻底改变了全球经济，但快速创新带有深远的风险：BTC和类似的虚拟货币却非常波动。

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.

鉴于一年内可能看到的三位数率和损失，许多投资者选择远离该行业。认识到这一机会差距，Calamos Investments（NASDAQ：CLMS）（一家领先的全球投资公司）打算创建一个结合了两全其美的交易所交易基金：基准分块链资产的资本收益潜力和在高级期权交易策略中建立的缓解机制。

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.

该ETF是Calamos比特币结构化ATL Protection ETF（NYSE：CBOJ），旨在提供主要的下行保护保护，并在定义的结果期间提供对比特币的一些上坡接触。

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.

顾名思义，CBOJ基金旨在结合两全其美的最好的：基准区块链资产的潜力和高级期权交易策略中发现的缓解机制。通过对CBOJ的投资，市场参与者可能会更容易入睡，因为他们的主体在定义的结果期内会获得内置的下行保护。同时，他们可能会收到比特币升高到定义的上限的上行接触。

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?

尽管如此，对许多人来说，对比特币投资的缺点比比特币投资的想法对许多人来说似乎是纯粹的科幻小说，尤其是考虑到BTC的显着波动。投资者了解Calamos的风险降低产品都有相同的问题：这些策略如何工作？

A Brief Rundown Of The Bull Call Spread

短暂的公牛电话传播

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的机制，至关重要的是要对多腿期权策略（尤其是公牛呼叫传播）有牢固的了解。呼叫选项是一种衍生工具，它赋予持有人的权利（但没有义务）以列出的罢工价格购买基本安全性或资产。相反，致电卖方承担了上述安全不会实质性上升的风险。

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.

现在，精明的交易者可以参与定义的风险，定义的奖励策略，称为公牛呼吁传播。在此交易中，交易者以较高的打击价格购买了呼叫选项，并同时出售呼叫选项（相同到期日）。短电话的收益部分抵消了为长时间拨打的借方支付的借方，导致长期折扣。实际上，这是一种复杂的机制，可以减少现金支出以购买“昂贵”的选择，同时也有可能从资本收益中受益（定义的水平）。

The Beauty Behind The CBOJ ETF

CBOJ ETF背后的美

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.

在越过公牛呼叫的机制传播之后，让我们转到CBOJ ETF。为了实现下行保护，CBOJ使用了与标准呼叫差的几乎相同的结构。但是，Calamos并没有使用直接现金支出，而是使用受保护本金的组合在ETF中进入职位，并从呼叫差的简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.

在此设置中，大多数投资者的资金分配给了零联息美国财政债券。这些债券以折扣价购买并在PAR上成熟，这意味着投资者的本金在结果期结束时得到了有效的保护。这是与标准电话传播的第一个主要区别 - 投资者的基本资本实际上并没有暴露于比特币的波动性。

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.

借助该主要屏蔽的基金经理，基金经理使用其余的资本建造了合成的公牛呼叫传播。在借方方面，他们在比特币链接指数上获得了一个呼叫选项，以获取潜在上升空间。但是，由于与At-At-Atmoney（ATM）或ITM通话选项相关的高保费，Calamos出售了更高的货币拨打电话以抵消成本。此简短电话的溢价有助于资助该职位，从而导致期权分布的净零或接近零成本。

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.

随后，结果是一种定义的风险，定义的奖励结构 - 但ETF使用债券数学和期权策略的组合来创建类似于公牛呼叫的差异，而不是在前端冒着投资者资本的风险。因此，如果比特币急剧下降，则投资者可以凭借其初始投资（费用更少）走开。但是，如果BTC上升，则投资者将参加预设上限的收益，这是由短路罢工确定的。

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.

为了清楚起见，完整的下行保护适用于整个结果期间的职位，通常持续约一年。与标准的公牛呼叫点差一样，CBOJ提供了限制的奖励潜力，同时将风险限制在定义的水平上。

Investing Rather Than Betting

投资而不是投注

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

尽管比特币引发了新的投资情绪，但加密货币部门的强烈波动却臭名昭著。尽管该框架可能会吸引极端的投机者，但区块链的不可预测性可能会劝阻许多其他投资者。为此，Calamos旨在弥合差距，提供一种替代方案，使投资者能够参与比特币的潜在收益，而