Protected Bitcoin ETFs Hold Steady While Spot Products Bleed: Calamos
Speakers
Matt Kaufman
— Global Head of ETFs, Calamos
Summary
Matt Kaufman discusses how spot Bitcoin ETFs saw $1B+ in outflows while Calamos' protected Bitcoin ETFs gained inflows. He explains the mechanics of downside-protected Bitcoin ETFs and their appeal to financial advisors. He also gives a bullish Bitcoin price target, expecting a return to prior highs.
- Spot Bitcoin ETFs experienced over a billion dollars in outflows.
- Calamos' protected Bitcoin ETFs saw inflows of $10-15 million recently.
- Protected Bitcoin ETFs use a treasury base and call spreads to offer upside with built-in protection levels.
- Advisors are moving from spot exposure to structured payoffs for better risk-adjusted returns.
- Protected ETFs can replace allocations to equities, bonds, or cash in traditional portfolios.
- Matt Kaufman expects Bitcoin price to go back to its previous high and trend higher.
- Volatility in Bitcoin is described as a 'smile' shape, benefiting long-term holders.
- Calamos is exploring additional options-based ETFs for income and growth on crypto.
Trade Ideas
Protected Bitcoin ETFs beat spot exposure.
Protected Bitcoin ETFs offer a superior risk-adjusted way to gain Bitcoin exposure compared to spot Bitcoin, with built-in downside protection (fully protected, 10% at risk, or 20% at risk) and the ability to replace traditional assets in portfolios. Advisors are moving from spot products into these structured payoffs, which map to traditional portfolio allocations and provide better Sharpe ratios.
Bitcoin will return to highs.
Bitcoin price is expected to recover to its prior high and trend higher over time, supported by historical volatility patterns that reward patient investors.
Up Next
This CoinDesk video, published May 29, 2026, features Matt Kaufman discussing CBOJ, BTC. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Matt Kaufman · Tickers: CBOJ, BTC