New Calamos Bitcoin ETF to use options strategy tied to five major BTC funds

Key Points

1. Calamos Investments, with over $40 billion in assets under management, filed for a new Bitcoin ETF designed to mitigate Bitcoin's volatility through a 'laddered' structure.

2. The ETF will invest in options contracts referencing five major Bitcoin ETFs: BlackRock’s iShares Bitcoin Trust, Grayscale’s Bitcoin Mini Trust, Bitwise Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, and ARK 21Shares Bitcoin ETF.

3. The fund targets downside protection for losses exceeding 20%, with potential investments in cash and US Treasurys depending on the portfolio management approach.

4. Calamos previously launched three 'protected' Bitcoin ETFs in January, indicating a continued focus on risk-managed Bitcoin exposure.

5. Bitcoin spot ETFs, approved in January 2024, have seen significant success, with $53.1 billion in Wall Street inflows and total net assets reaching $150 billion as of the report.