Earlier this year, Calamos debuted with the launch of not one, but three funds designed to protect investors from volatility in Bitcoin’s (BTC) price.

But the global investment management company, which handles $ 41.3 billion in assets, is far from launching other products beyond Bitcoin – even Ethereum (ETH), said the head of ETFS Matt Kaufman in an interview with Coindesk.

Since their inception, Calamos’ protected BTC funds have attracted over $ 100 million from investors who primarily include financial advisers.

For most companies that want to get an entrance to the crypto market, the launch of a Bitcoin product is just the first step in a long journey that quickly extends to Ethereum-based products. Blackrock, for example, applied to launch its spot Bitcoin ETF (Ibit) in June 2023 and five months later, did the same for Ethereum (ETH).

“Ethereum doesn’t really meet our criteria for being able to effectively uncover this exposure,” he said. “It’s not a liquid asset, there are no options on Ethereum ETPs, so if these checkboxes start to be built, we’ll explore it, but right now it’s not on our radar.”

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) offers investors 80-100% downward protection with a 10-55% heading cap.

This is achieved by using a combination of treasuries and options on CBOE Bitcoin US ETF index. While CBOE Exchange has submitted for list options tied to Ether ETFs, Securities and Exchange Commission (SEC) delayed its deadline in January to approve or deny the product. However, the Commission will have to stick to the final period in May.

Another asset class that Calamos probably doesn’t ever touch is MEME coins, Kaufman said. “We are a risk management, so we build things we know will work,” he said. “From that perspective, I have no opinion of meme -but it’s not something I would ever do.”

Kaufman believes that the recent increase in applications to Meme Coin ETFs highlights the fact that investors have to make their pigeon diligence. “We live in America, you need to know what you own. Freedom gives you choices and with choices come the responsibility,” he said.