Calamos Convertible Equity Alternative ETF

Calamos Convertible Equity Alternative ETF (CVRT) is an actively managed fund that buys convertibles. These are bonds and preferred shares that can be swapped for a company's stock. It targets the most stock-like convertibles and leans heavily toward technology names such as Western Digital, Alphabet and Oracle. It beat the broader convertible ETFs ICVT and CWB over the three years through October 27, 2026. It also costs more: 0.69% a year, versus 0.20% and 0.40%.

• Over the year to Oct 27, 2026, CVRT returned +19.7%, 1st of 6 among similar funds.
• Its worst full calendar year was 2024 (+13.3%); its best was 2025 (+29.4%).
• The deepest fall in its price history was 35.3% (Jun 30, 2026 to Jul 22, 2026), not yet recovered.

As of Jul 31, 2026, the fund held 108 securities; the ten largest made up 19.01% of assets, and 5.29% sat in cash and money-market holdings.

The bonds mature in 3.7 years on average (weighted by size), with an average coupon of 1.95%.

• Over the three months to Jul 31, 2026, investors added a net $39.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.85%, -1.40%, -7.55%.

CVRT does not track an index. Its adviser, Calamos Advisors, must put at least 80% of net assets into convertible securities. It focuses on the part of the U.S. convertible market with "higher equity sensitivity." That means convertibles whose prices tend to move closely with the issuer's stock. Calamos screens with its own convertible model plus fundamental checks: an issuer's financial strength, its ability to pay interest and dividends, its earnings and cash flow outlook, and the quality of its management. The size of an issue, how easily it trades and big-picture investment themes also count. The fund rebalances regularly, and its portfolio turnover was 150%.

It can own convertible bonds, debentures, preferred stock and structured notes. With a structured note, the bank that issues it carries the credit risk, not the company whose stock it converts into. Holdings may be investment grade or "junk" (below investment grade), and up to 20% may be foreign. The fund can also build "synthetic" convertibles by pairing a bond with an option to buy a stock, sometimes from two different issuers. Issuers can sometimes force an early redemption or conversion.

As of July 31, 2026, the fund held 108 securities. The top 10 made up 19% of assets. The largest were Western Digital (3.5%), Boeing preferred (2.7%) and two Alphabet preferred lines (about 2.5% each). Cash was 5.3%. The bond holdings averaged 3.7 years to maturity. The fund is "non-diversified," so it can put more money into fewer issuers.

• CVRT charges 0.69% a year, versus an average of 0.56% for the similar funds below (4th of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).

CVRT targets the most stock-like convertibles, leans on technology issuers and has swung more than the stock market, so it behaves more like a growth holding than a steady bond fund.

CVRT has never been through a full bear market. It launched on October 4, 2023, after the 2008, 2020 and 2022 sell-offs. Both of its full calendar years were gains: 13.81% in 2024 and 29.4% in 2025. But it fell 35.3% between June 30 and July 22, 2026, and had not recovered by October 27, 2026. Its one-year beta of 1.31 means it moved more than the broad market. Anyone who may need to sell shares in a bad year should be ready for stock-like or bigger drops. Income is modest: a 1.63% trailing yield, paid monthly, as of October 27, 2026. Costs are 0.69% a year. In the SEC's standard example, that comes to $859 over ten years on $10,000. Past results don't predict future returns. A retirement plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).