Calamos Protected Bitcoin ETFs Draw Inflows as Spot BTC…

As more than $1 billion exited spot Bitcoin ETFs last week, Calamos is seeing the opposite trend in its structured alternatives. Matt Kaufman, head of ETFs at Calamos, said the firm pulled in roughly $10–$15 million in inflows over the past several weeks into its protected Bitcoin ETF lineup — products engineered to give investors BTC upside without the full downside exposure.

The mechanics are straightforward: Calamos allocates roughly 90% of assets into Treasuries to build the protection floor, then uses the remaining budget to buy Bitcoin-linked call spreads through FLEX options tied to a proprietary BTC-linked index. The firm offers three tiers — full downside protection, 10% buffer, and 20% buffer — in both quarterly and laddered structures suited for model portfolios.

Kaufman says the advisor conversation has shifted materially.