Key Takeaways:
Calamos proposes a “laddered” Bitcoin ETF with 20% downside protection using options.
The ETF will reference five top Bitcoin ETFs: BlackRock, Grayscale, Bitwise, Fidelity, and ARK 21Shares.
Designed for cautious investors, the fund aims to limit crypto volatility exposure.
Calamos already launched three “protected” Bitcoin ETFs in January 2025.
Calamos Investments, a U.S. asset manager with over $40 billion in assets under management, has filed for a new "laddered" Bitcoin ETF designed to provide structured downside protection for crypto investors. The ETF will reference options contracts linked to five leading spot Bitcoin ETFs, offering limited risk while preserving exposure to the world’s largest digital asset.
ETF targets loss limits over 20%
According to the filing with the U.S. Securities and Exchange Commission (SEC), the new Calamos ETF will invest in options strategies that cap downside losses at 20% or less over a defined “Target Outcome Period.” The fund will also hold cash and U.S. Treasurys to optimize the portfolio’s risk-return profile.
“If the price of spot Bitcoin falls by 32%, for example, the ETF is designed to limit the investor’s loss to 20%,” the filing explains. “However, smaller declines—such as 8%—would not trigger protection.”
Five major Bitcoin ETFs used as reference
The ETF’s performance will be tied to options on these five key spot Bitcoin ETFs:
BlackRock’s iShares Bitcoin Trust (IBIT)
Grayscale’s Bitcoin Mini Trust
Bitwise Bitcoin ETF
Fidelity Wise Origin Bitcoin Fund
ARK 21Shares Bitcoin ETF
These five funds currently account for over $124 billion in combined assets, or approximately 83% of the entire U.S. Bitcoin ETF market, according to sosovalue.com. That concentration gives the new Calamos ETF a broad-based view of institutional Bitcoin activity while anchoring its options strategy to the market's most liquid instruments.
Strategy responds to Bitcoin's volatility
Bitcoin remains one of the most volatile major assets, with three to four times the volatility of traditional equity indexes, according to Fidelity. The proposed Calamos ETF seeks to attract investors who want crypto exposure without fully absorbing the risks associated with price swings.
This approach builds on Calamos' existing strategy. In January 2025, the firm launched three “protected” Bitcoin ETFs, each with different levels of upside participation and downside shielding.
Institutional impact of Bitcoin ETFs
The broader spot Bitcoin ETF market has grown rapidly since the January 2024 SEC approval. The segment has drawn $53.1 billion in cumulative net inflows and now holds over $150 billion in assets, representing around 6.5% of Bitcoin’s market cap, per data from sosovalue.com.
BlackRock’s iShares Bitcoin Trust, the largest among them, holds more than 716,500 BTC, with Anchorage serving as its primary custodian.
If approved, the Calamos ETF would join a growing class of structured crypto investment vehicles aiming to appeal to risk-conscious investors. While its final launch date is still pending, its unique structure could help widen institutional adoption of Bitcoin, according to Cointelegraph.
