Calamos CEF Income & Arbitrage ETF
$28.53−0.01 (−0.04%)
- 0.74%
- $34M
- +8.9%
- 8.30%
- 0M sh
- $28.57
- low $27.54high $30.40
The ETF.net CCEF Grade
B
Score 59 out of 100
- 2 of 7
Score 59 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A85 out of 100Rank 1 of 7Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C48 out of 100Rank 4 of 7Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D26 out of 100Rank 6 of 7Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B61 out of 100Rank 4 of 7Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D31 out of 100Rank 7 of 7
Our read on CCEF
BClosed-end funds often trade for less than the assets they hold. CCEF is Calamos's active take on that gap: roughly 50 unaffiliated CEFs, US and overseas, bought for the income and the discount, wrapped in an ETF that pays monthly.
The actively managed fund seeks high current income and long-term capital appreciation by investing primarily in unaffiliated U.S. and non-U.S. closed-end funds selected for income and discount-related arbitrage opportunities.
Why people hold it
- Buys unaffiliated closed-end funds trading below the value of what they own, aiming for income plus whatever the discount gives back. At least 80% of net assets sit in CEFs.calamos.com
- 0.74% for an actively managed alternatives strategy, below what funds in its alternatives peer group typically charge.
- Pays monthly, with a manager free to roam roughly 50 US and non-US closed-end funds instead of tracking a fixed list.
- One of the stronger builds among the alternatives ETFs we grade, on both cost and construction.
Worth knowing
- Discounts cut both ways. They can widen and stay wide, and nothing obliges them to close on any schedule.
- Distributions may include return of capital, meaning part of a payment can be your own money coming back rather than earnings.calamos.com
- Launched in 2024, still small and lightly traded, so bid-ask spreads can run wider than on large index ETFs.
CCEF Holdings
- Stocks
- 59
- 34%
- ETW
Sectors
- Financials31.2%
- Energy17.5%
- Technology17.3%
- Industrials6.8%
- Consumer Discretionary4.9%
- Utilities4.4%
- Health Care4.3%
- Real Estate4.0%
- Materials3.8%
- Communication3.7%
- Consumer Staples2.2%
Geography
- United States99.02%
- Mexico0.98%
CCEF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CCEF$10,895
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CCEF |
|---|---|
| Year to date | +5.4% |
| 1 month | −2.5% |
| 3 months | −1.8% |
| 1 year | +8.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CCEF |
|---|---|---|
| 2026 YTD | +5.4% | |
| 2025 | +13.4% | |
| 2024 | +18.8% |
CCEF in the news
Category Review
Index option income was not one bet this year
CCEF Dividends
- 8.30%
- $2.37
- $0.19 per share
- Monthly
Distribution history
CCEF Risk
- 9.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.92
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −13.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.67
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CCEF Cost
0.74%
CCEF0.74%
- The middle half of Closed-End Fund Portfolios funds
- Median 2.76%
No Closed-End Fund Portfolios fund charges less.
Other funds in Closed-End Fund Portfolios
- BFCEFFirst Trust Income Opportunities ETFExpense ratio 0.85%1 year return +8.1%
- BPCEFInvesco CEF Income Composite ETFExpense ratio 2.76%1 year return +5.9%
- CCEFSSaba Opportunistic Hedged Closed-End Funds ETFExpense ratio 1.11%1 year return +16.3%
- CYYYAmplify CEF High Income ETFExpense ratio 3.23%1 year return +1.0%
- DCEFZRiverNorth Active Income ETFExpense ratio 2.82%1 year return +7.7%