Understanding the Calamos Convertible Opportunities and Income Fund (CHI)

What this ETF is trying to do

The Calamos Convertible Opportunities and Income Fund, known by its ticker symbol CHI, is an ETF traded on the NASDAQ. This fund focuses on "convertible" investments. These are special types of assets that often aim to provide a mix of income and potential growth.

What the numbers show

As of July 15, 2026, the current price of one share is $13.13. Looking at how this fund has performed, it has seen significant growth recently. The year-to-date total return is 31.3162%, and the one-year total return is 40.9069%.

To see how price changes affect money, let's look at a simple example. One year ago, the estimated price was about $10.30. If you had invested $10,000 into this fund a year ago, your investment would have grown based on the one-year price return of 27.4757%. Before considering any extra payments, that $10,000 would have grown to approximately $12,747.57.

Income and distribution explanation

Some investors look for ETFs that pay them regular cash, which is called a "distribution." This fund has a distribution yield of 8.6824%. Over the last 12 months, it made 12 distributions, meaning it usually pays out money every month. The total amount paid out per share over the last year was $1.14.

It is important to remember that a high yield alone can be misleading. A high percentage might look good, but you must also look at whether the actual price of the ETF is staying healthy.

NAV erosion explanation

"NAV erosion" is a term used when the value of the underlying assets in an ETF drops over time. Think of it like a bucket with a small hole in the bottom; even if you keep pouring water (income) in, the level of the water (the share price) keeps getting lower. If an ETF has severe erosion, the share price can fall from a high price to a much lower price. This can destroy your "principal," which is the original money you put in.

Fortunately, for CHI, no price erosion was detected. The data shows a "good" erosion label, meaning the price has been growing rather than shrinking.

Pros

• The fund has shown strong total returns over one, three, and year-to-date periods.

• It provides regular monthly income.

• The share price has increased significantly over the last year.

Cons

• The fund's performance can change based on how convertible assets perform in the market.

Beginner takeaway

Income investors usually prefer ETFs that go sideways (stay at the same price) or move slightly up. They prefer this because they want to collect their cash payments without seeing their original investment shrink. While CHI has shown strong growth and no erosion recently, always remember to look at both the income and the share price together.