A new exchange-traded fund (ETF) from global investment management firm Calamos, which promises to protect investors against the volatility of bitcoin’s price, hit the market on Wednesday.

CBOJ, the first of three ETFs, provides investors with 100% downside protection while offering 10% to 11.5% upside potential over a one-year period, according to a news release. A representative for Calamos told CoinDesk that as of At 12:11 PM ET, the ETF traded about 635,714 shares.

The other two funds, CBXJ and CBTJ, to be launched on February 4, will provide 90% and 80% protection respectively with a maximum upside of 28% to 30% and 50% to 55%.

Downside protection is achieved through investments in US Treasuries and options on Bitcoin index derivatives. The upside cap is set annually, and the period is reset every year with new terms.

Simply put, if an investor bought $100 worth of shares in the ETF, Calamos would put a percentage of that into government bonds that would grow back to $100 over a one-year period, ensuring that no matter where the price of bitcoin stands time, the investor has the full $100.

The rest is used to buy options tied to the price of bitcoin, allowing exposure to the cryptocurrency while not directly owning it.

However, this safety blanket does not come cheap. The management fee for the ETFs is set at 0.69%, higher than other ETFs that invest in bitcoin. The average fee for US-based ETFs is around 0.51%, making these ETFs a bit expensive for investors. However, the higher price may be worth paying for investors looking for safety from the volatile digital asset market.

While “bitcoin maxis” and other investors believe in the long-term appreciation of bitcoin, many, especially traditional institutional investors, worry about bitcoin’s volatility and periods of complete free fall.

One question that may arise from the mechanics of the ETF is whether it would compete with MicroStrategy’s ( MSTR ) convertible bonds, as both offer some downside protection. But according to CoinDesk analyst James VanStraten, that’s not the case. MSTR’s notes differ from Calamos’ ETF in that they do not have a cap on upside potential. If certain criteria are met, these are converted into shares, resulting in potentially higher risk but more upside.

ETFs that hedge against the downside have therefore become a popular innovation among issuers in recent months, leading to the inauguration of crypto-friendly President Donald Trump. This has fueled hopes that many of these ETF filings will receive approval under the new Securities and Exchange Commission.

Crypto asset manager Bitwise revamped three of its futures-based crypto ETFs in October to include exposure to government bonds to protect against crypto price declines. The funds will therefore rotate between investing in crypto and government bonds depending on market signals.