Calamos Investments reports that its protected Bitcoin ETFs have seen $10-15 million in inflows over recent weeks, even as over $1 billion exited spot Bitcoin ETFs last week. Matt Kaufman, head of ETFs at Calamos, attributes this to investor rotation into products with built-in downside protection. The firm offers three versions: full downside protection, 10% and 20% downside risk. The products allocate ~90% of assets to Treasuries for safety and the remainder to Bitcoin-linked call spreads via FLEX options. Wealth advisors are increasingly focused on risk-adjusted returns and portfolio construction using crypto exposure. Kaufman expects Bitcoin volatility to persist, creating opportunities for structured products, and predicts Bitcoin will revisit highs despite recent turbulence.

Key facts

• Calamos protected Bitcoin ETFs saw $10-15 million inflows recently despite $1B spot ETF outflows.
• Products use Treasuries and FLEX options for downside protection.
• Offers full, 10%, and 20% downside risk versions.
• Advisors now focus on risk-adjusted returns in crypto portfolios.
• Kaufman expects Bitcoin to revisit highs amid continued volatility.

KeyAudit data perspective