CVRT vs MCVT

CVRTCCalamos Convertible Equity Alternative ETF

MCVTCMiller Convertible Total Return 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.

MCVT Convertibles handled by bond people, not stock people: Wellesley, a convertibles-only shop since 1991, hunts converts with put provisions, short maturities and issuer principal guarantees. Active where most rivals just index.

Stated mandate

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

MCVT The fund seeks to maximize total return while limiting volatility and preserving principal. Its strategy uses convertible securities to combine income potential with capital appreciation.

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.

• MCVT Bond-first mechanics: it targets convertibles with put provisions, remaining maturities generally under seven years, or an issuer guarantee of principal.sec.gov
• Active, not index-bound: the manager buys a convert when it sees a high probability the bond's principal is repaid at the put or at maturity.sec.gov
• Specialist bench: Wellesley has built its business around convertible bonds since 1991, and the founding family sits on the portfolio management team.wellesleyassetmanagement.commilleretf.com

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

• MCVT Costs 0.85% a year, above the category's index choices such as ICVT (0.20%) and CWB (0.40%). You are paying for security selection, not market beta.
• New in ETF form (NYSE Arca, 2026) and small so far, so spreads and daily liquidity can run thinner than the category's index heavyweights.prnewswire.com
• Put provisions and principal guarantees are only as strong as the issuer behind them, so credit risk travels with the equity upside.sec.gov

Full CVRT profile⁠

Full MCVT profile⁠