Calamos Investments has submitted a filing with the U.S. Securities and Exchange Commission for a laddered Bitcoin exchange-traded fund engineered to limit investor losses beyond 20%. The strategy aims to provide tangible downside protection in volatile cryptocurrency markets through options contracts linked to established Bitcoin ETFs.
The ETF plans to invest in derivatives referencing five prominent Bitcoin ETFs from managers including BlackRock, Grayscale, and Fidelity. Its unique ‘floor’ mechanism activates exclusively during periods where Bitcoin’s volatility quadruples that of major equity indices. Calamos also incorporates allocations to cash and U.S. Treasurys to augment liquidity and risk mitigation.
Targeting funds holding over $124 billion in assets—representing 80% of Bitcoin ETF sector assets—this approach leverages the infrastructure of dominant ETFs while introducing a structured risk buffer unavailable in standard cryptocurrency investment vehicles.