ETF Evaluator:
Calamos CEF Income & Arbitrage ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Relative Value Arbitrage Over the Last Year
| 12.1% | Relative Value Arbitrage () |
| 12.1% | Calamos CEF Income & Arbitrage ETF (CCEF) |
| 0.0% | Calamos Tax-Aware Collateral ETF (CBOX) |
Risk
Index
Risk
Index
ETF Details
Calamos CEF Income & Arbitrage ETF Overview
Calamos CEF Income & Arbitrage ETF (CCEF) is an actively managed Alternative Relative Value Arbitrage exchange-traded fund (ETF). Calamos launched the ETF in 2024.
The investment seeks high current income and long-term capital appreciation.
The fund is an actively managed exchange-traded fund ("ETF") that seeks high current income and long-term capital appreciation by investing in unaffiliated closed-end funds that the fund's investment adviser, Calamos Advisors LLC, believes offer both attractive income opportunities as well as arbitrage opportunities resulting from such closed-end funds trading at attractive discounts. Under normal circumstances, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets in U.S. and non-U.S. closed-end funds. The fund is non-diversified.
About Calamos CEF Income & Arbitrage ETF (CCEF)
There are 2 members of the management team with an average tenure of 2.55 years: Shaheen Iqubal (2024) and R. Matthew Freund (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
Calamos CEF Income & Arbitrage ETF has 54 securities in its portfolio. The top 10 holdings constitute 34.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Calamos CEF Income & Arbitrage ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Calamos CEF Income & Arbitrage ETF has 19.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 59.1% There is 11.8% allocated to foreign stock, and 4.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 22.6% (14.7% domestic bond, 7.9% foreign bond and 2.3% convertible bond). Calamos CEF Income & Arbitrage ETF has -0.8% of the portfolio in cash.
Assets Under Management
The fund has $33 million in total assets, which is below the $657 million average for the Relative Value Arbitrage category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CCEF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos CEF Income & Arbitrage ETF expense ratio is high compared to funds in the Relative Value Arbitrage category. Calamos CEF Income & Arbitrage ETF has an expense ratio of 3.19%, which is 92% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos CEF Income & Arbitrage ETF has a portfolio turnover rate of 74%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Relative Value Arbitrage category.
Recently, in the month of July 2026, Calamos CEF Income & Arbitrage ETF returned -0.7%, which earned it a grade of F, as the Relative Value Arbitrage category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Calamos CEF Income & Arbitrage ETF has a trailing yield of 7.26%, which is equal to the 7.26% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos CEF Income & Arbitrage ETF Grades
Year to date, the ETF has returned 6.7%, 0.0 percentage points equal to the category, which translates into a grade of A. The fund has returned 12.1% over the past year (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Calamos CEF Income & Arbitrage ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CCEF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CCEF Return (NAV) | -0.7% | 1.7% | 12.1% | na | na | na |
| CCEF Return (Price) | -0.8% | 1.7% | 12.2% | na | na | na |
| NAV +/- Price Return | 0.078% | -0.020% | -0.074% | na | na | na |
| Relative Value Arbitrage Avg | -0.1% | 1.3% | 12.1% | na | na | na |
| CCEF Grade (NAV) | F | A | A | na | na | na |
| +/- Category (NAV) | -0.6% | 0.3% | 0.0% | na | na | na |
| CCEF Tax-Cost Ratio | na | na | 3.1% | na | na | na |
CCEF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CCEF Return (NAV) | 6.7% | 13.3% | na | na | na | na | na | na | na | na | na |
| CCEF Return (Price) | 6.5% | 13.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.026% | 0.012% | na | na | na | na | na | na | na | na | na |
| Relative Value Arbitrage Avg | 6.7% | 13.3% | na | na | na | na | na | na | na | na | na |
| CCEF Grade (NAV) | A | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.0% | 0.0% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 7.3% |
| Total Assets: | $ 34 Mil |
| Share Class Assets: | $ 34 Mil |
| Turnover: | 74.0% |
| Expense Ratio: | 3.19% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Iqubal Shaheen (2024), Freund R. Matthew (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 54 |
| % in Top 10 Holdings: | 34.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 19.8% |
Portfolio Allocation |
|
| Domestic Stock: | 59.1% |
| Foreign Stock: | 11.8% |
| Preferred Stock: | 4.2% |
| Domestic Bond: | 14.7% |
| Foreign Bond: | 7.9% |
| Convertible Bond: | 2.3% |
| Other: | 0.7% |
| Cash: | -0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calamos |
| Phone Number: | 866-363-9219 |
| Website: | |
| Inception Date: | January 12, 2024 |
Expenses and Fees
| Expense Ratio (%): | 3.19% (Rating: High) |
| Category Average Expense Ratio (%): | 1.67% |
