New Calamos Bitcoin ETF to use options strategy tied to five major BTC funds
The new ETF claims to provide protection against losses greater 20%, relying on the structure of underlying ETFs that the new fund would invest in.
Calamos Investments, an investment firm with over $40 billion in assets under management, has filed for a “laddered” Bitcoin (BTC) exchange-traded fund (ETF) in the United States, tapping into cautious crypto investors seeking exposure to digital asset markets.
The product would add to a growing list of attempts by asset managers to package Bitcoin exposure with built-in guardrails, a response to the cryptocurrency’s volatility. According to a Fidelity analysis, Bitcoin has been three to nearly four times more volatile than major equity indexes. Calamos launched three “protected” Bitcoin ETFs in January.
The new ETF would invest in options contracts that reference against the performance of five Bitcoin ETFs: BlackRock’s iShares Bitcoin Trust; Grayscale’s Bitcoin Mini Trust; the Bitwise Bitcoin ETF; the Fidelity Wise Origin Bitcoin Fund; and the ARK 21Shares Bitcoin ETF.