CVRT vs DADS: Grades, Fees and Holdings Compared

Calamos Convertible Equity Alternative ETF

CVRTCNYSE Arca

Digital Asset Debt Strategy ETF

DADSCNasdaq

Overlap

0.0%by weight

Expense ratio

CVRT −0.15pt a year

CVRT0.69%DADS0.84%

Avg volume · 30D

CVRT 2.2×the volume

CVRT8.87KDADS4.11K

CVRT vs DADS Performance

Oct 31, 2025 – Oct 30, 2026

+14.2%CVRT−12.3%DADS

Expense ratio: CVRT 0.69%, better; DADS 0.84%
Fund size: CVRT $37M; DADS $9M
1Y total return: CVRT +14.2%, better; DADS −12.3%
Yield (12M): CVRT 1.65%; DADS 5.85%, better
Holdings: CVRT 93; DADS 36
Avg volume (30D): CVRT 8.87K sh, better; DADS 4.11K sh
NAV per share: CVRT $43.32; DADS $18.50
52W range

ETF.net Grade

Pillar letters and Scores for CVRT, DADS, with each pillar’s weight
Pillar	CVRT	DADS
Cost30% weight	C44Higher	D32
Mission25% weight	A91Higher	A80
Risk15% weight	D33Higher	D26
Tradability15% weight	D29Higher	F19
Holdings10% weight	D37Higher	D32
Durability5% weight	C50Higher	F13

Rank among Convertible Bond funds

How we build Categories ›

Same Category. CVRT and DADS are both graded against the same 7 Convertible Bond funds, so their Grades compare head to head.

Convertible Bond⁠

Category · 7 funds

See all 7 ›

CVRT ranks 3rd and DADS 7th of 7 funds in the Convertible Bond Category.

Rank 1AICVTiShares Convertible Bond ETFScore 83
Rank 2ACWBState Street SPDR Bloomberg Convertible Securities ETFScore 78
Rank 3CCVRTCalamos Convertible Equity Alternative ETFScore 51
Rank 4CACVTAdvent Convertible Bond ETFScore 50
Rank 6CMCVTMiller Convertible Total Return ETFScore 43
Rank 7CDADSDigital Asset Debt Strategy ETFScore 40

Our read on each fund

ETF.net Research

CVRTCCalamos Convertible Equity Alternative ETF

DADSCDigital Asset Debt Strategy ETF

In short

CVRT Convertible bonds that act like stocks. CVRT owns the equity-sensitive end of the US convertibles market, actively run by a firm that has specialized in converts for four decades.

DADS No data

Stated mandate

CVRT The Fund seeks total return through capital appreciation and current income.

DADS No data

Why people hold it

CVRT Convertible funds usually blend bond-like and stock-like issues. CVRT targets the high-delta end only (reference index: above 0.65 delta), keeping the equity link front and center.calamos.com
Calamos pioneered convertible investing decades before ETFs existed. CVRT, launched in 2023, was the firm's first convertibles ETF.prnewswire.com
Rules with a human hand: at least 80% of net assets in convertibles, chosen by a proprietary model plus fundamental inputs, with regular rebalancing to hold the exposure.calamos.com
A compact book of roughly 60 convertibles, disclosed daily, that distributes monthly.

DADS No data

Worth knowing

CVRT Specialist pricing: 0.69% a year, a touch above the median for actively managed US equity funds.
Thinly traded, so spreads can run wider than on a mainstream index fund.
Two risks in one wrapper: high-delta converts track their issuers' shares closely and still carry the credit risk of the underlying bond.calamos.com

DADS No data

Full CVRT profile⁠

Full DADS profile⁠

CVRT vs DADS Holdings

How CVRT and DADS differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CVRT and 0.0% of DADS.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Sector7 Sectors48.5%
Countryby domicile96.6%

Sector

Sector weights in CVRT and DADS, widest gap first
Sector	More in CVRTMore in DADS	CVRT	DADS
Health Care	CVRT +40.8 points	40.8%	0.0%
Energy	DADS +35.1 points	0.0%	35.1%
Financials	DADS +14.2 points	0.0%	14.2%
Industrials	CVRT +5.6 points	5.6%	0.0%
Technology	CVRT +5.1 points	17.9%	12.8%
Consumer Discretionary	DADS +1.5 points	0.0%	1.4%
Utilities	DADS +0.8 points	35.7%	36.5%

Country, concentration and asset class

Country by domicile

Country weights in CVRT and DADS, widest gap first
Country	More in CVRTMore in DADS	CVRT	DADS
United States	CVRT +2.5 points	99.1%	96.6%
Taiwan	DADS +1.3 points	0.0%	1.3%
Brazil	DADS +1.2 points	0.0%	1.2%
Australia	DADS +0.9 points	0.0%	0.9%
Ireland	CVRT +0.9 points	0.9%	0.0%

Concentration

Weight in the 10 largest Holdings

CVRT38.8%
DADS42.5%

Securities held

CVRT83
DADS35

Asset class

CVRT: Fixed Income
DADS: Equity

Holdings

Only in CVRT83
In both0
Only in DADS35

Only in CVRT

83 securities, 98.7% of CVRT by weight

Alphabet, Inc.9.12%
Lumentum Holdings, Inc.4.70%
Boeing Company4.70%
Snowflake, Inc.3.71%
Meta Platforms, Inc.3.44%
Hewlett Packard Enterprise Company3.44%
Super Micro Computer, Inc.3.33%
Oracle Corp.3.27%
Halozyme Therapeutics, Inc.2.64%
Bloom Energy Corp.2.64%
Guardant Health, Inc.2.38%
Welltower OP, LLC2.26%
Cloudflare, Inc.2.19%
MKS, Inc.1.69%
CyberArk Software, Ltd.1.66%
Terawulf, Inc.1.64%
Akamai Technologies, Inc.1.61%
KKR & Company, Inc.1.59%
Liberty Live Holdings, Inc.1.55%
NextEra Energy, Inc.1.53%
Microchip Technology, Inc.1.51%
Albemarle Corp.1.43%
Bridgebio Pharma, Inc.1.42%
Duke Energy Corp.1.34%
MP Materials Corp.1.28%
Live Nation Entertainment, Inc.1.25%
SoFi Technologies, Inc.1.22%
Brightspring Health Services Inc1.20%
Evergy, Inc.1.18%
Datadog, Inc.1.11%
Bruker Corp.0.99%
InterDigital, Inc.0.93%
Ares Management Corp.0.91%
NextEra Energy Capital Holdings, Inc.0.91%
Jazz Pharmaceuticals, PLC0.88%
ON Semiconductor Corp.0.85%
Solaris Energy Infrastructure, Inc.0.81%
PG&E Corp.0.80%
UGI Corp.0.75%
WEC Energy Group, Inc.0.75%
Applied Digital Corp.0.71%
Cheesecake Factory, Inc.0.70%
Avnet, Inc.0.70%
Unity Software, Inc.0.68%
Sphere Entertainment Company0.60%
PPL Corp.0.60%
Ligand Pharmaceuticals, Inc.0.58%
Novanta, Inc.0.57%
Lantheus Holdings, Inc.0.54%
WisdomTree, Inc.0.52%

Only in DADS

35 securities, 99.5% of DADS by weight

NEOS Boosted Bitcoin High Income ETF4.80%
Strive Inc4.73%
Robinhood Markets Inc 0% 10/01/20294.61%
Alliance Resource Partners LP4.38%
NextEra Energy Inc4.29%
Figure Technology Solutions Inc 8.5% 07/31/20314.21%
Bit Digital Inc 4% 10/01/20304.00%
Space Exploration Technologies Corp 5.65% 07/15/20333.96%
Strategy Inc3.87%
Galaxy Digital Holdings LP 2.5% 12/01/20293.68%
International Business Machines Corp 5.2% 02/10/20353.55%
Strategy Inc 10% 09/30/21753.54%
Franklin Templeton Inc 1.6% 10/30/20303.41%
PayPal Holdings Inc 5.5% 06/01/20543.40%
Cleanspark Inc 0% 06/15/20303.26%
Roundhill Bitcoin Covered Call Strategy ETF3.24%
Block Inc 6.5% 05/15/20323.22%
Blackrock Inc 5% 03/14/20343.14%
Alphabet Inc 6.25% 05/15/20292.96%
REX Crypto Equity Premium Income ETF2.81%
SoFi Technologies Inc 1.25% 03/15/20292.35%
Core Scientific Inc 3% 09/01/20292.25%
Mastercard Inc 4.95% 03/15/20322.14%
Riot Platforms Inc 0.75% 01/15/20302.07%
Accenture Capital Inc 4.5% 10/04/20342.04%
Visa Inc 4.15% 12/14/20351.98%
Customers Bancorp Inc 5.375% 12/30/20341.74%
Applied Digital Corp 2.75% 06/01/20301.52%
Hive Bermuda 2026 Ltd 0% 07/01/20311.50%
Strategy Inc 0.875% 03/15/20311.46%
Oracle Corp 6.5% 01/15/20291.38%
SharonAI Holdings Inc 4.75% 06/15/20321.38%
Terawulf Inc 2.75% 02/01/20301.25%
Alphabet Inc 6.25% 05/15/20291.13%
First American Government Obligations Fund 12/01/20310.28%

Weight gaps

CVRT and DADS share no securities.

All 63 CVRT holdings⁠All DADS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CVRT vs DADS Cost

Overpaying DADS vs CVRT

$2,600

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CVRT 0.69%
$13,429
DADS 0.84%
$16,029

Amount$10,000

Years30 years

Cost over time

CVRT 0.69%
DADS 0.84%
Overpaying

Year by year

Year	CVRT	DADS	Overpaying
10	$1,232	$1,491	$259
20	$4,697	$5,643	$946
30	$13,429	$16,029	$2,600

Expense ratio

0.69%CVRT, cheaper
0.84%DADS

CVRT0.69%DADS0.84%

0.20%0.95%

Middle half of Convertible Bond funds
Median 0.69%

CVRT 4th cheapest of 7 funds

DADS 5th cheapest of 7 funds

CVRT vs DADS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVRT 1.65%; DADS 5.85%, better
Payout (12M): CVRT $0.71; DADS $1.06
Last payment: CVRT $0.08; DADS $0.10
Ex-dividend: CVRT Oct 1, 2026; DADS Oct 29, 2026
Paid on: CVRT Oct 8, 2026; DADS Oct 30, 2026
Frequency: CVRT Monthly; DADS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CVRTMonthly · 31 paymentsAll CVRT payments⁠

DADSMonthly · 6 paymentsAll DADS payments⁠

CVRT vs DADS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVRT 19.3%DADS 19.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: CVRT 1.04DADS −0.28since Sep 2025
Worst fallMax drawdown, 5 years: CVRT −20.7%since Oct 2023DADS −17.0%since Aug 2025
Market sensitivityBeta, 5 years: CVRT 1.24DADS 1.22; Market = 1

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