ETF Evaluator:
Calamos Convertible Equity Alt ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Convertibles Over the Last Year
| 44.0% | Calamos Convertible Equity Alt ETF (CVRT) |
| 25.2% | First Trust SSI Strat Convert Secs ETF (FCVT) |
| 24.7% | Convertibles () |
| 24.2% | iShares Convertible Bond ETF (ICVT) |
| 21.8% | State Street® SPDR® Blmbg Cnvrt Secs ETF (CWB) |
Risk
Index
Risk
Index
ETF Details
Calamos Convertible Equity Alt ETF Overview
Calamos Convertible Equity Alt ETF (CVRT) is an actively managed Allocation Convertibles exchange-traded fund (ETF). Calamos launched the ETF in 2023.
The investment seeks total return through capital appreciation and current income.
The fund is an actively managed exchange-traded fund ("ETF") that invests in the segment of the U.S. convertibles marketplace that has a higher level of equity sensitivity. The fund seeks to achieve its objective by investing at least 80% of its net assets (plus borrowings for investment purposes, if any) in a portfolio of convertible securities (including synthetic convertible instruments). The fund is non-diversified.
About Calamos Convertible Equity Alt ETF (CVRT)
There are 3 members of the management team with an average tenure of 2.83 years: Jon Vacko (2023), John Hillenbrand (2023) and Joe Wysocki (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
Calamos Convertible Equity Alt ETF has 101 securities in its portfolio. The top 10 holdings constitute 34.7% 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 Convertible Equity Alt ETF is part of the Hybrid Securities global asset class and is within the Allocation ETF group. Calamos Convertible Equity Alt ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.4% There is 0.0% allocated to foreign stock, and 20.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 69.4% convertible bond). Calamos Convertible Equity Alt ETF has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $61 million in total assets, which is below the $2 billion average for the Convertibles 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.
CVRT 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 Convertible Equity Alt ETF expense ratio is above average compared to funds in the Convertibles category. Calamos Convertible Equity Alt ETF has an expense ratio of 0.69%, which is 11% higher than its category average, making the fund expense ratio grade a C. 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 Convertible Equity Alt ETF has a portfolio turnover rate of 150%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 79% for the Convertibles category.
Recently, in the month of July 2026, Calamos Convertible Equity Alt ETF returned -7.6%, which earned it a grade of F, as the Convertibles category had an average return of -4.8%. 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 Convertible Equity Alt ETF has a trailing yield of 1.59%, which is above the 1.40% 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 Convertible Equity Alt ETF Grades
Year to date, the ETF has returned 25.0%, 9.8 percentage points better than the category, which translates into a grade of A. The fund has returned 44.0% 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 Convertible Equity Alt ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CVRT 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 |
|
| CVRT Return (NAV) | -7.6% | -1.7% | 44.0% | na | na | na |
| CVRT Return (Price) | -7.8% | -1.9% | 44.3% | na | na | na |
| NAV +/- Price Return | 0.205% | 0.192% | -0.392% | na | na | na |
| Convertibles Avg | -4.8% | 1.6% | 24.7% | 15.2% | 5.6% | 11.8% |
| CVRT Grade (NAV) | F | F | A | na | na | na |
| +/- Category (NAV) | -2.8% | -3.3% | 19.2% | na | na | na |
| CVRT Tax-Cost Ratio | na | na | 0.6% | na | na | na |
CVRT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVRT Return (NAV) | 25.0% | 28.9% | 13.8% | na | na | na | na | na | na | na | na |
| CVRT Return (Price) | 25.1% | 29.4% | 13.3% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.004% | 0.017% | -0.040% | na | na | na | na | na | na | na | na |
| Convertibles Avg | 15.2% | 20.9% | 11.5% | 12.2% | -20.6% | 1.9% | 55.4% | 22.4% | -1.6% | 15.2% | 9.5% |
| CVRT Grade (NAV) | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 9.8% | 7.9% | 2.3% | 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: | 1.6% |
| Total Assets: | $ 61 Mil |
| Share Class Assets: | $ 61 Mil |
| Turnover: | 150.0% |
| Expense Ratio: | 0.69% |
| 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: 3 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Vacko Jon (2023), Hillenbrand John (2023), Wysocki Joe (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 101 |
| % in Top 10 Holdings: | 34.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 6.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 20.6% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 69.4% |
| Other: | 0.0% |
| Cash: | 3.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calamos |
| Phone Number: | 866-363-9219 |
| Website: | |
| Inception Date: | October 3, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.62% |
