Calamos CEF Income & Arbitrage ETF
$29.08−0.33 (−1.13%)
- Expense ratio
- 0.74%
- Fund size
- $35M
- 1Y return
- +9.7%
- Yield · Last 12 months
- 8.06%
- Holdings
- 46
- Volume · 30D
- 0M sh
- NAV per share
- $29.40
- 52W range
The ETF.net CCEF Grade
Score 61 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 85Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 53Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 32Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 61Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 31Category rank
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
- 46
- 34%
- ETW
Sectors
- Financials31.2%
- Energy17.5%
- Technology17.3%
- Industrials6.8%
- Consumer Discr.4.9%
- Utilities4.4%
- Health Care4.3%
- Real Estate4.0%
- Materials3.8%
- Communication3.7%
- Cons. Staples2.2%
Geography
- United States98.94%
- Mexico1.06%
CCEF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +7.6% |
| 1 month | −1.2% |
| 3 months | +1.5% |
| 1 year | +9.7% |
| 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 | +7.6% | |
| 2025 | +13.4% | |
| 2024 | +18.8% |
CCEF in the news
ETF.net Research hasn’t filed on CCEF yet — coverage lands here as it’s written.
CCEF Dividends
- 8.06%
- $2.37
- $0.19 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 9, 2026 | $0.19 |
| Aug 3, 2026 | Aug 10, 2026 | $0.19 |
| Jul 1, 2026 | Jul 9, 2026 | $0.20 |
| Jun 1, 2026 | Jun 8, 2026 | $0.20 |
| May 1, 2026 | May 8, 2026 | $0.20 |
| Apr 1, 2026 | Apr 8, 2026 | $0.19 |
| Mar 2, 2026 | Mar 9, 2026 | $0.21 |
| Feb 2, 2026 | Feb 9, 2026 | $0.20 |
| Dec 23, 2025 | Dec 30, 2025 | $0.22 |
| Dec 1, 2025 | Dec 5, 2025 | $0.19 |
| Nov 3, 2025 | Nov 7, 2025 | $0.19 |
| Oct 1, 2025 | Oct 7, 2025 | $0.19 |
CCEF Risk
- 9.3%
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.
- 1.19
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.
- 0.65
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
- The middle half of Closed-End Fund Portfolios funds
- Median 1.11%
No Closed-End Fund Portfolios fund charges less.