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Rating:A $35.5B-AUM AM Adds an ETF-of-CEFs Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 16, 2024

A $35.5B-AUM AM Adds an ETF-of-CEFs

Reported by Neil Anderson, Managing Editor

Near Chicago, the team at a $35.5-billion-AUM (as of December 31, 2023) mutual fund firm is rolling out their third ETF. Like their first two ETFs, this one is also actively managed.

Earlier today, John Koudounis, president and CEO of Calamos Investments LLC [profile], and John P. Calamos, Sr., chairman and global chief investment officer, unveiled the launch of the Calamos CEF Income & Arbitrage ETF (CCEF on the NYSE Arca, Inc.). The new fund is a series of the Calamos ETF Trust.

CCEF's inception date date is today. The new ETF comes with an expense ratio of 274 basis points.

Calamos Advisors LLC serves as investment advisor to CCEF, and Calamos Financial Services LLC (CFS) serves as distributor. The new fund's PM team includes: Matthew Freund, senior vice president and co-portfolio manager; and Shaeen Iqubal, SVP and associate PM.

The new ETF is a fund-of-funds, specifically a fund-of-closed-end-funds. CCEF will invest in listed CEFs that invest in equities, fixed income, and options. Yet, though Calamos Investments already has a big CEF business (with more than $8.14 billion, i.e. 22.9 percent of the firm's total AUM), the Calamos Investments team confirms that CCEF will not invest in the firm's own CEFs.

Koudounis puts the launch of CCEF in the context of Calamos Investments being "a recognized leader in the closed-end fund market." Calamos himself, the firm's founder, adds that "the ETF market continues to be a growth engine" for the Naperville, Illinois-based firm.

"Through CCEF investors, investors can potentially access a source of regular cash flow and seek to capture meaningful growth from the closed-end fund market," states Matt Kaufman, SVP and head of ETFs.

CCEF's other service providers include: Deloitte & Touche LLP as independent accounting firm; Ropes & Gray LLP as counsel; and State Street Bank and Trust Company as administrator, custodian, fund accounting and financial accounting agent, and transfer agent. 

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