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What are clients’ essential investment needs?
Although the world is changing rapidly, our core investment needs haven’t changed that much. Put simply, they include:
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Growing wealth
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Preserving wealth
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Reducing risk
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Generating income
What is the biggest challenge facing clients and advisors?
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In a word, Uncertainty—seemingly all at once, everywhere
Conservative cash or cash-equivalent investments continue to struggle against stubborn inflation. The classic 60/40 equities-to-bonds strategy has faced headwinds in recent years as a persistent stock-bond correlation undermines its core diversification premise.
Addressing essential client needs with innovative alternative solutions
As of March 31, 2026, Calamos managed $22 billion in liquid alternative assets. We accomplished this by recognizing that diversification matters in all market environments and by providing compelling solutions to keep client goals front and center. The Calamos Alternatives ETF lineup offers three approaches designed to generate alpha and income while managing risk through changing conditions.
CANQ: Calamos Nasdaq® Equity & Income ETF returned 18.32% (net asset value) since inception and paid a distribution yield of 7.94% as of April 30, 2026.
The Nasdaq-100 has dramatically outperformed the broader market over the past 15 years, driven by the dominance of mega-cap technology and growth companies. However, the top 10 holdings can account for more than half of the index’s total weight. This means investors are taking on substantial single-stock and single-sector risk.
CANQ seeks tax-efficient exposure to leading Nasdaq-100 companies with the potential for uncapped upside, while its actively managed fixed-income sleeve is designed to moderate pullbacks.
Source: Calamos Investments and Nasdaq. To illustrate CANQ’s portfolio components relative to the Nasdaq 100 Index, the performance of both the fund and the index have been set to a baseline of 100. The performance includes reinvestment of dividends. Performance Attribution returns shown above are cumulative representing the fund and index total return over the stated period.
CVRT: Calamos Convertible Equity Alternative ETF returned 68.06% (net asset value) for the 1-year period and was up more than 27.17% year-to-date through April 30, 2026. Calamos brings nearly 50 years of specialized experience to convertible bonds as one of the largest convertible securities asset managers in the United States—and CVRT’s recent performance reflects that discipline.
In BofA’s April 27 Global Convertibles Investor Survey, 75% of respondents expected convertibles to lead all other asset classes on a risk-adjusted basis over the next 12 months—the highest conviction reading in four years. Global convertible new issuance activity remained robust, with $11.6 billion brought to market in April, led by $6.9 billion in the US, propelling the 2026 YTD global issuance total to $65.4 billion—a record pace.
CVRT Provides Efficient Access to Equity-Sensitive Convertibles
CVRT can serve as a versatile complement to small- and mid-cap equities, traditional convertibles, or core bond allocations, offering an additional way to participate in growth without abandoning risk awareness.
CCEF: Calamos CEF Income & Arbitrage ETF returned 19.10% (net asset value) for the 1-year period with a distribution yield of 7.94% as of April 30, 2026. See the CCEF prospectus and 19a notice.
The CCEF investment team members bring two decades of closed-end fund expertise and a proprietary quantitative framework to bear in their distinctive, active pursuit of monthly income, capital appreciation, and multi-asset exposure—investing in funds trading at steep discounts to maximize those objectives.
Closed-end funds distributions often exceed other asset classes due to the generally stable asset base of CEFs, the strategic use of leverage, and focus on consistent distribution rates.
Source: Morningstar Direct as of 4/30/26. Data represents 12-month yield. Past performance is no guarantee of future results. The performance of the Fund will differ and may vary materially from that of any index. There is no assurance the Fund will achieve or maintain its investment objective. Category data represents all US investments in each respective Morningstar open-end category, which includes mutual funds and ETFs.
Visit ETF Investment Opportunities | Calamos Investments to learn more about our complete lineup of ETFs or contact us at 866-363-9219.
Related: Is It Still Okay to “T-Bill and Chill”?
Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
Risks of investing in the Calamos Nasdaq® Equity & Income ETF include the following: Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions; Debt Securities Risk: Debt securities are subject to various risks, including interest rate risk, credit risk and default risk; Equity Securities Risk: The securities markets are volatile, and the market prices of the Fund’s securities may decline generally; FLEX Options Risk: The Fund may invest in FLEX Options issued and guaranteed for settlement by The Options Clearing Corporation ("OCC"). FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions; High Yield Risk: High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit and liquidity risks; LEAPS® Options Risk: The Fund’s investments in options contracts may include long-term equity anticipation securities known as LEAPS Options. LEAPS Options are long-term exchange-traded call options that allow holders the opportunity to participate in the underlying securities’ appreciation in excess of a specified strike price without receiving payments equivalent to any cash dividends declared on the underlying securities; Liquidity Risk – FLEX Options: In the event that trading in the underlying FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease; Liquidity Risk – LEAPS Options: In the event that trading in the underlying LEAPS Options is limited or absent, the value of the Fund’s LEAPS Options may decrease; Market Maker Risk: If the Fund has lower average daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares; Market Risk: The risk that the securities markets will increase or decrease in value is considered market risk and applies to any security; New Fund Risk: The Fund is a recently organized investment company with a limited operating history; Non-Diversification Risk: The Fund is classified as “non-diversified” under the 1940 Act; Options Risk: The Fund’s ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market; Other Investment Companies (including ETFs) Risk: The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund’s investment objective and the policies are permissible under the 1940 Act. Prior to May 2, 2025, the name of the Calamos Nasdaq® Equity & Income ETF was the Calamos Alternative Nasdaq & Bond ETF.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index® and Nasdaq-100 Top 30 Hybrid Income Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Calamos Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND(S).
FLEX® Options and LEAPS® Options are registered trademarks of Cboe Global Markets.
Risks of investing in the Calamos Convertible Equity Alternative ETF include the following: Authorized Participant Concentration Risk — Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. Convertible Securities Risk — The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. Debt Securities Risk — Debt securities are subject to various risks, including interest rate risk, credit risk and default risk. Equity Securities Risk — The securities markets are volatile, and the market prices of the Fund’s securities may decline generally. Foreign Securities Risk — Risks associated with investing in foreign securities include fluctuations in the exchange rates of foreign currencies that may affect the US dollar value of a security, the possibility of substantial price volatility as a result of political and economic instability in the foreign country, less public information about issuers of securities, different securities regulation, different accounting, auditing and financial reporting standards and less liquidity than in US markets. High Yield Risk — High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit and liquidity risks. New Fund Risk — The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. Options Risk — The Fund’s ability to close out its position as a purchaser or seller of an over-the-counter or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. Non-Diversification Risk — The Fund is classified as “non-diversified” under the 1940 Act. As a result, the percentage of fund assets that may be invested in the securities of any one issuer is limited by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. Portfolio Turnover Risk — The portfolio managers may actively and frequently trade securities or other instruments in the Fund’s portfolio to carry out its investment strategies. Small and Mid-Sized Company Risk — Small and mid-sized company stocks have historically been subject to greater investment risk than large company stocks. Synthetic Convertible Instruments Risk — The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value.
Risks of investing in the Calamos CEF Income & Arbitrage ETF include the following: (1) the Fund’s investment in closed-end fund shares; (2) the closed-end funds’ investments; and (3) any other investments of the Fund, including investments in ETFs, BDCs, and derivative instruments. The shares of closed-end funds may trade at a discount or premium to, or at, their NAV. The securities of closed-end funds may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of its shares) will be diminished. In addition, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds. Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices. The Fund may invest in BDCs, which typically operate to invest in, or lend capital to, early stage-to-mature private companies as well as small public companies. The Fund’s investment in shares of ETFs subjects it to the risks of owning the securities underlying the ETF, as well as the same structural risks faced by an investor purchasing shares of the Fund, including authorized participant concentration risk, market maker risk, premium-discount risk and trading issues risk. Derivatives are instruments, such as futures and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments.
Distribution yield is calculated by annualizing the Fund's most recent distribution paid and dividing by the Fund's NAV as of the date of the period presented. Distributions may include interest and/or dividend income that represents the income accrued by the Fund during the period and are not guaranteed. Distribution Yield is based on distributions made in the past and therefore may not be reflective of the Fund's current portfolio.
Calamos Financial Services LLC, Distributor
2020 Calamos Court | Naperville, IL 60563
866.363.9219 | www.calamos.com | [email protected]
2026 Calamos Investments LLC. All Rights Reserved.
Calamos and Calamos Investments are registered trademarks of Calamos LLC.