Asset management company Calamos Investments will launch a Bitcoin exchange-traded fund CBOJ with 100% downside protection. The fund protects against the risks of Bitcoin price fluctuations by combining U.S. Treasury bonds with options linked to the CBOE Bitcoin U.S. ETF Index. The CBOJ ETF will be listed on the Chicago Board Options Exchange on January 22, aiming to address the volatility of Bitcoin while providing growth potential.