Understanding the Calamos Convertible Equity Alternative ETF (CVRT)

What this ETF is trying to do

The Calamos Convertible Equity Alternative ETF (CVRT) is an exchange-traded fund listed on the NYSE. While specific investment details about its individual holdings are not provided in this report, the fund is categorized as an ETF designed to provide exposure through a convertible equity strategy.

What the numbers show

The current price of CVRT is $47.06. When looking at how the fund has performed, it is important to look at both price returns and total returns.

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately 23.47%. Over the last year, the price return was approximately 26.82%. Looking further back, the three-year price return was approximately 91.45%.

• Total Return: This includes the share price changes plus any distributions paid out. The YTD total return is approximately 24.73%. The one-year total return was approximately 28.90%, and the three-year total return was approximately 100.85%.

An estimated price from roughly one year ago was $37.10. Comparing that to the current price shows how much the share value has moved.

Income and distribution explanation

CVRT provides cash distributions to investors. The distribution yield is approximately 1.51%. This means the amount of cash paid out is about 1.51% of the ETF's price. The fund has a history of paying distributions 12 times over the last year, and it usually pays on a monthly basis. Most of these payments have occurred on Mondays.

It is important to remember that the distribution yield is not the same as total return. Total return tells you the full picture of how much value was gained, including the cash paid out.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, regarding price erosion (the decline in the market price of the shares), the fund has an erosion score of 100, which is labeled as "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

• The fund has shown strong positive price returns over the one-year and three-year periods.

• The total return figures are higher than the price return figures, showing that distributions have added to the overall value.

• The fund has a high income rating grade of A+.

Cons

• The distribution yield is relatively low at approximately 1.51%.

• Specific top holdings are not listed in the current data, so the exact companies owned by the fund cannot be identified here.

Beginner takeaway

CVRT has shown significant growth in both its share price and its total return over the last three years. It pays regular monthly distributions, though the yield is modest. Based on the available data, the fund does not show signs of price erosion.