A new type of bitcoin exchange-traded fund (ETF), the Calamos Bitcoin Structured Alt Protection ETF (CBOJ), is set to launch this week. This ETF aims to attract a particular type of investor by offering systematic risk management over a one-year outcome period. Investors who buy shares on the first day of trading will be protected against price drops, but the upside potential will be capped. The fund achieves this strategy by investing in FLEX options and US Treasurys. The demand for US spot bitcoin ETFs has exceeded expectations, with net inflows of over $35 billion in their first year. The CBOJ could be a game-changer for some investors, such as financial advisers and institutions, who are willing to trade possible gains for known protection against losses and reduced risk.



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