Earlier this year, the firm made its entry into the cryptocurrency market by launching three distinct funds specifically aimed at shielding investors from the fluctuations in bitcoin’s (BTC) value.
According to the head of ETFs, Matt Kaufman, the company—managing $41.3 billion in assets—has no immediate plans to introduce additional products beyond bitcoin, including those tied to Ethereum (ETH).
Since their launch, the protected BTC funds have successfully drawn in over $100 million from a predominantly financial advisory clientele.
For many companies entering the cryptocurrency space, the introduction of a bitcoin product marks just the beginning of a broader journey, often leading to the development of Ethereum-related offerings. For instance, one major investment firm sought approval for its spot bitcoin ETF (IBIT) last June, and just five months later, made a similar move for Ethereum (ETH).
“Ethereum does not align with our standards for effectively managing that exposure,” Kaufman stated. “It isn’t a liquid asset, and there are no options available for Ethereum ETPs. We will consider it if those requirements are met in the future, but for now, it is not in our plans.”
The newly launched Calamos Bitcoin Structured Alt Protection ETFs—CBOJ, CBXJ, and CBTJ—provide investors with 80-100% downside protection, along with an upside cap rate ranging from 10-55%.
This strategy employs a mix of Treasuries and options linked to the CBOE Bitcoin US ETF Index. Although the Cboe Exchange has initiated the process for options related to Ether ETFs, the Securities and Exchange Commission (SEC) has postponed its decision on the product, with a new deadline set for May.
Kaufman also indicated that meme coins are a category that the firm is unlikely to pursue. “As a firm focused on risk management, we develop products we believe in,” he remarked. “While I don’t have personal views on meme coins, they are not something we would consider pursuing.”
The recent uptick in applications for meme coin ETFs underscores the importance of investors conducting thorough research. “Living in America means you need to know what you own; freedom brings choices, and with choices come responsibilities,” he emphasized.