ETF Report: Calamos Convertible and High Income Fund (CHY)

What this ETF is trying to do

The Calamos Convertible and High Income Fund, known by its ticker symbol CHY, is an exchange-traded fund (ETF). This type of fund aims to provide investors with income. It does this by investing in specific types of assets that are designed to pay out money regularly.

What the numbers show

As of July 15, 2026, the current price of one share is $13.52. Looking back at the past year, the fund has grown quite a bit. The price itself went up by about 24.84% over the last twelve months. When you include the extra money paid out to investors, the "total return" for the year was 38.11%.

To see how this works with real money, imagine you had $10,000 to invest in this fund one year ago. If the price was roughly $10.83 back then, your $10,000 would have grown based on the price changes before any extra payments were added.

Income and distribution explanation

This ETF is known for paying out money to its investors. This is called a "distribution." For CHY, these payments usually happen every month. Over the last 12 months, there were 12 distributions. The amount paid out per share was $1.20.

The "distribution yield" is 8.87%. This number tells you how much the fund pays out compared to its price. It is important to remember that a high yield alone can be misleading. A very high yield might look good, but it doesn't tell you if the actual value of the fund is staying healthy.

NAV erosion explanation

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

However, for CHY, no price erosion was detected. The data shows a "good" status for its erosion score.

Pros

• The fund has shown strong total returns over the last year (38.11%) and the last three years (68.63%).

• It provides regular monthly income.

• The price has been increasing rather than falling.

Cons

• Investors must watch the yield closely to ensure it is sustainable.

• Like all ETFs, the value can change based on 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 their original money to stay safe while they collect the monthly payments. If an ETF's price collapses, the income might not be enough to make up for the money lost in the share price. In the case of CHY, the data shows the price has been moving up rather than collapsing.