Calamos Files With SEC for Three Laddered Bitcoin Structured Alt Protection ETFs

Calamos filed with the Securities and Exchange Commission to offer three new exchange-traded funds: the Calamos Laddered Bitcoin Structured Alt Protection, Laddered Bitcoin 80 Series Structured Alt Protection; and Laddered Bitcoin 90 Series Structured Alt Protection ETFs.

“Calamos bets protected Bitcoin ETFs can outlast crypto market swings As more than $1 billion exited spot Bitcoin ETFs last week, Calamos says investors are rotating into Bitcoin products with built-in downside protection”

@coindesk

The proposed funds would use options and provide exposure to the prices of up to five underlying Bitcoin ETFs, including the iShares Bitcoin Trust ETF (IBIT), Grayscale Bitcoin Mini Trust (BTC), Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC) and Ark 21 Shares Bitcoin ETF (ARKB).

@coindesk

Calamos said the ETFs are “laddered” by investing in underlying Bitcoin ETFs with different target outcome periods, as described in the prospectuses.

Matt Kaufman, head of ETFs at Calamos, said the product creates “a bridge into Bitcoin for people who otherwise wouldn’t approach it.”

Calamos launched the Calamos Bitcoin Structured Alt Protection ETF (CBOJ) on Wednesday, branding it as "the world's first downside protected bitcoin ETF."

Matt Kaufman told CNBC's "ETF Edge" that investors can get “100% protection” during the day and then “strike the cap” at the end of the day.

CNBC

Kaufman said Calamos will launch Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXJ) and Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTJ) on Feb. 4, according to the Calamos website.

The CNBC report also said bitcoin was up 10% as of late Thursday afternoon, aligning the launch with a winning month for the cryptocurrency.

Calamos said its protected Bitcoin ETF products are attracting new investments even as more than $1 billion exited spot Bitcoin ETFs last week, with Matt Kaufman saying the firm saw roughly $10 million to $15 million in inflows over the past several weeks.

“Bitcoin with Bubblewrap: Calamos Preps Laddered ETFs The company’s latest spin on protected Bitcoin investing includes Calamos ETFs that diversify their exposure to a range of Bitcoin funds”

The Daily Upside

Kaufman described how the products are structured using Treasuries and options tied to Bitcoin-linked indexes, saying the firm allocates roughly 90% of assets into Treasuries to build downside protection.

He said the remaining budget is used to buy Bitcoin-linked call spreads through FLEX options, and that Calamos created its own Bitcoin-linked index and listed FLEX options tied to that index after the launch of spot Bitcoin ETF options.

Looking ahead, Kaufman told CoinDesk he expects Bitcoin to revisit previous highs and said, “I think we’re going higher,” while arguing that volatility creates opportunities for structured products and options-based strategies.