Calamos bets protected Bitcoin ETFs can outlast crypto market swings

Calamos says its protected Bitcoin ETFs are attracting inflows even as spot Bitcoin ETFs saw more than $1 billion of redemptions last week. The firm reported roughly $10–$15 million of inflows into its protected products, which use ~90% Treasuries plus Bitcoin-linked call spreads (FLEX options) to limit downside. Calamos markets variants with full downside protection and with 10% or 20% downside risk and positions them as alternatives to plain-vanilla spot ETFs for advisors seeking improved risk-adjusted crypto exposure. The firm expects Bitcoin volatility to persist but remains bullish on BTC revisiting prior highs, signaling a rotation in investor demand from raw spot exposure toward structured, options-based and yield-oriented crypto ETFs — a shift that could stabilize flows into protected vehicles and boost demand for related options and Treasury allocations.