Calamos Sticks to Bitcoin ETFs, Says Ethereum Lacks Hedging Tools
Despite expanding its crypto investment lineup earlier this year, asset management firm Calamos has no plans to venture beyond Bitcoin ETFs—at least for now.
With $41.3 billion in assets under management, Calamos introduced three structured Bitcoin ETFs in early 2025, offering downside protection against crypto market volatility. These funds have since drawn over $100 million, primarily from financial advisors.
While industry giants like BlackRock have embraced both Bitcoin and Ethereum ETFs, Calamos is hesitant. “Ethereum doesn’t currently meet our standards for proper risk management,” said Matt Kaufman, head of ETFs at Calamos, in an interview with CoinDesk. “It lacks liquidity, and there are no options on Ethereum ETPs. If those factors change, we’ll take another look, but right now, it’s not on our agenda.”
Bitcoin-Only Strategy for Now
The firm’s structured Bitcoin ETFs—the Calamos Bitcoin Structured Alt Protection ETF (CBOJ), Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXJ), and Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTJ)—offer 80-100% downside protection with upside caps ranging from 10% to 55%.
These funds hedge risk using a combination of U.S. Treasuries and options tied to the CBOE Bitcoin US ETF Index. While the Cboe Exchange has applied to list Ethereum ETF options, the SEC has postponed its decision, with a final ruling expected in May.
No Interest in Meme Coin Craze
Beyond Ethereum, Calamos remains uninterested in more speculative digital assets. “We focus on structured, risk-managed products—meme coins don’t fit that framework,” Kaufman said.
Commenting on the growing number of meme coin ETF applications, he emphasized investor responsibility. “Freedom of choice comes with responsibility. Investors need to understand what they’re buying,” he added.
