通过选项导航比特币ETF：Calamos的策略解释了

探索Calamos投资如何利用比特币ETF中的期权策略，为投资者提供保护和潜在的加密市场上的潜在上升空间。

Navigating Bitcoin ETFs with Options: Calamos' Strategy Explained

通过选项导航比特币ETF：Calamos的策略解释了

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.

比特币ETF席卷了华尔街，而Calamos Investments正在制定一个独特的利基市场。通过采用期权策略，他们的目的是为投资者提供下行保护和上行潜力的融合。

Calamos' Approach: Laddered Bitcoin ETFs and Options

Calamos的方法：梯子的比特币ETF和选择

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管理着超过400亿美元的资产，最近已向“梯子”的比特币ETF申请，这表明朝着更加谨慎的加密投资产品迈进。这种方法承认比特币的固有波动性，这表明比特币的波动性可能是主要权益指数的三到四倍。 CALAMOS的策略涉及使用与几个领先的比特币ETF相关的期权合约，包括来自贝莱德，灰度，比特斯，富达和方舟21shares的选项合同。

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%.

从本质上讲，期权为持有人提供了权利，但没有义务，在特定时间范围内以预定价格购买或出售资产。它们是管理风险和对冲潜在损失的常见工具。 Calamos正在使用这些工具来针对下行保护，特别是为了保护投资者免受超过20％的损失。

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推出了三个新的比特币结构化Alt Protection ETF：CBOY，CBXY和CBTY。每种都提供了独特的下行保护和上限上限，可满足不同的风险食欲。例如，CBOY提供100％的下行保护，并具有10％的上限上限，而CBTY可提供80％的保护，更具侵略性的41.05％盖帽。

How It Works: A Closer Look

它的工作原理：更近的外观

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不直接容纳比特币。取而代之的是，它投资于与CBOE比特币美国ETF指数相关的期权。 CALAMOS指出，如果比特币的价格在目标时期下降了20％以上，则ETF旨在将投资者的损失限制在仅20％。除期权外，该基金还可以根据所使用的投资组合管理策略将投资分配给现金和美国国库。

Bitcoin ETF Landscape: A Quick Recap

比特币ETF景观：快速回顾

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月批准的比特币ETF享有成功的首次亮相。截至最近的数据，这些工具的累计净流入超过530亿美元，总净资产达到1500亿美元，这是整个比特币市值的很大一部分。仅贝莱德就拥有大量的比特币来支持其ETF。

Institutional Interest and Market Dynamics

机构兴趣和市场动态

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.

一致的比特币ETF流入表明比特币的机构采用不断增长。贝莱德的IBIT一直是这些流入的主要驱动力。尽管一些资金经历了流出，但总体趋势表明机构投资者和公司国库产生了持续的兴趣。

My Take: A Smart Move for Risk-Averse Investors

我的看法：对规避风险投资者的明智之举

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.

对于那些对比特币吸引但对其臭名昭著的价格波动持谨慎态度的投资者来说，CALAMOS策略似乎是一种思考的方法。通过合并选择，Calamos实质上是在建立安全网，提供了传统比特币投资缺乏的一定程度的安心。 ETF产品的各种保护和上行潜力的不同水平也为投资者选择与风险承受能力保持一致的产品提供了灵活性。这不是一个富裕的方案，但这是一种将脚趾浸入加密货币水域的潜在方式，而不必担心会被潮汐波动扫除。

Wrapping Up

总结

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试图将一条小华尔街的小巧复杂化到比特币的野外西部。这是否是正确的举动，取决于您的投资目标和风险胃口。但是可以肯定的是：在不断发展的加密投资世界中，这是一个有趣的发展。谁知道，也许这是“受保护”加密产品的全新时代的开始。现在，如果您原谅我，我要去研究我的Dogecoin Holtings的最佳选择策略……只是开玩笑！ （大多。）