At a glance
CCEF charges 3.19% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $33.9M in assets, the 8th largest of that group; it paid 8.35% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 31.3% of the fund, out of 54 in all.
The short version
Calamos CEF Income & Arbitrage ETF (CCEF) is an actively managed fund of funds that holds closed-end funds trading below the value of their underlying assets, aiming for high income plus gains if those discounts narrow. It pays monthly, and its yield over the year to October 27, 2026, was 8.35%. The trade-offs are cost and size: a 3.19% total expense ratio and net assets of about $34 million as of July 31, 2026.
Price history
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CCEF +6.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CCEF price data to Oct 27, 2026 | +4.5% | +6.3% | — | — | — | +13.1% |
- Over the year to Oct 27, 2026, CCEF returned +6.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.4%); its best was 2025 (+13.4%).
- The deepest fall in its price history was 13.3% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.5% |
| 2025 | +13.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7700 | |
| 2025 | $2.3200 |
What's inside
As of Jul 31, 2026, the fund held 54 securities; the ten largest made up 31.3% of assets.
| Fund held | Weight | |
|---|---|---|
| Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 4.12% | |
| Virtus Equity & Convertible Income Fund | 4.02% | |
| Bexil Investment Trust | 3.49% | |
| Adams Natural Resources Fund Inc | 3.48% | |
| BlackRock Health Sciences Term Trust | 2.97% | |
| Virtus Artificial Intelligence & Technology Opportunities Fund | 2.72% | |
| ClearBridge Energy Midstream Opportunity Fund Inc | 2.72% | |
| Nuveen Multi-Asset Income Fund | 2.62% | |
| LMP Capital and Income Fund Inc | 2.60% | |
| Templeton Emerging Markets Fund/United States | 2.57% | |
| Nuveen S&P 500 Dynamic Overwrite Fund | 2.57% | |
| Morgan Stanley Emerging Markets Debt Fund Inc | 2.54% | |
| BlackRock Enhanced International Dividend Trust | 2.53% | |
| Neuberger Real Estate Securities Income Fund Inc | 2.48% | |
| John Hancock Premium Dividend Fund | 2.45% |
By country
United States 90.68%By asset type
Stocks 90.68%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.28%, +1.15%, -0.75%.
How it works
A closed-end fund has a fixed share count, so its market price can drift above or below its net asset value (NAV), the per-share worth of its holdings. CCEF's adviser, Calamos Advisors LLC, invests at least 80% of net assets in U.S. and non-U.S. closed-end funds, using quantitative and fundamental tools to spot attractive discounts. It exits once the discount narrows or no longer looks unusual.
The manager weighs asset mix, fund-specific and market-wide events, distribution yield and how easily each fund trades, and rebalances regularly. As of July 31, 2026, CCEF held 54 positions, 31.3% in the top 10, led by Eaton Vance Tax Managed Global Buy Write Opportunities Fund (4.1%) and Virtus Equity & Convertible Income Fund (4.0%). It may also own ETFs and business development companies (BDCs), which lend to or invest in private and small public companies.
CCEF may hedge a holding by taking short positions (bets that prices will fall) that mirror its underlying assets, to isolate the discount, and short U.S. Treasury futures. It may earn upfront fees, called premiums, by writing call and put options, and purchase puts for protection. Its July 31, 2026, holdings report listed no derivatives. Because closed-end funds often borrow to invest, CCEF carries leverage indirectly, and as a "non-diversified" fund it can concentrate in fewer issuers.
What it really costs
- CCEF charges 3.19% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.74% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $322 in the first year and $3,494 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CCEF | $322 | $983 | $1,669 | $3,494 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its stated objective is high current income, and it paid monthly, yielding 8.35% over the year to October 27, 2026, though its costs are steep.
CCEF could add monthly income drawn from dozens of closed-end funds holding stocks, bonds and other assets. It paid $2.37 per share over the year to October 27, 2026, a yield of 8.35%. Those payouts can shrink, and option income is usually taxed as ordinary income. Launched in January 2024, the fund has no record in the 2008, 2020 or 2022 downturns. Its first full calendar year, 2025, returned 13.4%. Its deepest drop, 13.3%, ran from February 18 to April 8, 2025; it recovered by June 24, 2025, about 2.5 months later. Someone who had to cash out near that low would have locked in the decline. Costs are high: a 3.19% expense ratio, or $322 in the first year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income (an 8.35% yield as of October 27, 2026) from one ETF holding 54 positions as of July 31, 2026.
- Investors drawn to closed-end fund discounts who would rather have Calamos Advisors pick funds and time exits than track NAV gaps themselves.
- Those comfortable with moderate swings: one-year volatility was 8.8% as of October 27, 2026, and its deepest drop, 13.3%, recovered in about 2.5 months.
Look elsewhere if
- Cost-focused investors: the 3.19% expense ratio adds up to $3,494 over 10 years on $10,000 in the SEC's standard example.
- Anyone wanting a tested record: launched January 2024, it has no history in the 2008, 2020 or 2022 downturns.
- Investors wary of small funds or layered leverage: net assets were about $34 million as of July 31, 2026, and underlying funds may borrow.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CCEF this fund | 3.19% | $33.9M | +6.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does CCEF pay monthly dividends?
Yes. CCEF pays distributions monthly. Over the year to October 27, 2026, it paid $2.37 per share, a yield of 8.35%. The money comes largely from the payouts of the closed-end funds it owns, and the prospectus also lets CCEF write options for premium income. Distributions are not fixed and can fall. Option income is usually taxed as ordinary income rather than at lower qualified-dividend rates, which matters in a taxable account.
Why is CCEF's expense ratio so high?
It's high largely because CCEF is a fund of funds. Its total expense ratio, the yearly cost as a share of assets, is 3.19%, per its prospectus filed November 21, 2025, well above its own 0.74% management fee; for funds like this, the prospectus figure generally also includes the costs of the underlying funds. In the SEC's standard example, $10,000 earning 5% a year would incur $322 in costs after one year, $1,669 after five and $3,494 after 10. Those costs are already reflected in returns.
What does CCEF invest in?
CCEF invests mainly in other closed-end funds whose share prices trade below their net asset value (NAV), the per-share worth of their holdings. As of July 31, 2026, it held 54 positions, led by Eaton Vance Tax Managed Global Buy Write Opportunities Fund (4.1%), Virtus Equity & Convertible Income Fund (4.0%), Bexil Investment Trust (3.5%) and Adams Natural Resources Fund (3.5%). Through them it can reach stocks, high-yield and municipal bonds, convertible securities and energy partnerships. It aims to profit as discounts narrow, but discounts can widen instead.
Is CCEF good for retirement income?
It may suit retirees who prioritize monthly income and accept high costs. It yielded 8.35% over the year to October 27, 2026, and returned 13.4% in 2025, its first full calendar year. But it launched in January 2024, so it has no record in the 2008, 2020 or 2022 downturns; its deepest drop was 13.3%, in early 2025. Its 3.19% expense ratio and indirect leverage through the closed-end funds it holds are real trade-offs. It is worth weighing as one part of a broader income mix.
What's the difference between CCEF and owning closed-end funds directly?
The main difference is who does the work. CCEF bundles 54 positions (as of July 31, 2026), and Calamos Advisors decides when a discount looks attractive enough to enter and narrow enough to exit; it may also hedge with short positions and options. Picking closed-end funds yourself avoids paying CCEF's 0.74% management fee on top, though each fund's own costs still apply, and means tracking discounts, distributions and how easily each fund trades on your own.