Calamos ETF Trust Calamos Convertible Equity Alternative ETF (ARCA: CVRT)

Latest news for Calamos ETF Trust Calamos Convertible Equity Alternative ETF (ARCA:CVRT)

The Fund is an actively managed exchange-traded fund (ETF) that invests in the segment of the U.S. convertibles marketplace that has a higher level of equity sensitivity. The Fund seeks to achieve its objective by investing at least 80% of its net assets (plus borrowings for investment purposes, if any) in a portfolio of convertible securities (including synthetic convertible instruments). The Fund's investment adviser is Calamos Advisors LLC (Calamos Advisors or the Adviser).

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Calamos ETF Trust Calamos Convertible Equity Alternative ETF

Invesco's (NYSE: <a class="ticker" href="/stock/ivz#NYSE">IVZ</a>) PowerShares unit, the fourth-largest U.S. ETF sponsor, will shutter 13 of its ETFs in late February 2013. The 13 funds represent less than one percent of PowerShares' total assets under management, the firm said in a statement.

The following ETFs will trade for the last time on February 26, 2013: 

<ul><li> </li><li>The PowerShares Dynamic Insurance Portfolio (NYSE: <a class="ticker" href="/stock/pic#NYSE">PIC</a>) </li><li> PowerShares Morningstar StockInvestor Core Portfolio (NYSE: <a class="ticker" href="/stock/pyh#NYSE">PYH</a>) </li><li> PowerShares Dynamic Banking Portfolio (NYSE: <a class="ticker" href="/stock/pjb#NYSE">PJB</a>) </li><li> PowerShares Global Steel Portfolio (NASDAQ: <a class="ticker" href="/stock/pstl#NASDAQ">PSTL</a>) </li><li> PowerShares Active Low Duration Portfolio (NYSE: <a class="ticker" href="/stock/plk#NYSE">PLK</a>) </li><li> PowerShares Global Wind Energy Portfolio (NASDAQ: <a class="ticker" href="/stock/pwnd#NASDAQ">PWND</a>) </li><li> PowerShares Active Mega-Cap Portfolio (NYSE: <a class="ticker" href="/stock/pma#NYSE">PMA</a>) </li><li> PowerShares Global Coal Portfolio (NASDAQ: <a class="ticker" href="/stock/pkol#NASDAQ">PKOL</a>) </li><li> PowerShares Global Nuclear Energy Portfolio (NYSE: <a class="ticker" href="/stock/pkn#NYSE">PKN</a>) </li><li> PowerShares Ibbotson Alternative Completion Portfolio (NYSE: <a class="ticker" href="/stock/pto#NYSE">PTO</a>) </li><li> PowerShares RiverFront Tactical Balanced Growth Portfolio (NYSE: <a class="ticker" href="/stock/pao#NYSE">PAO</a>).

The PowerShares RiverFront Tactical Growth &amp; Income Portfolio (NYSE: <a class="ticker" href="/stock/pca#NYSE">PCA</a>) and the PowerShares Convertible Securities Portfolio (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>) will also be closed on the same date.

In the case of PSTL and PKOL, those funds compete against the Market Vectors Steel ETF (NYSE: <a class="ticker" href="/stock/slx#NYSE">SLX</a>) and the Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>), two ETFs that have long been the dominant funds tracking producers of those materials. CVRT has been competing against the SPDR Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>).

"We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," said Ben Fulton, Invesco PowerShares managing director of global ETFs, in the statement. "Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors' needs. As one of the leading innovators in the ETF industry, Invesco PowerShares remains fully committed to maintaining and developing a comprehensive and compelling product line of ETFs to help investors meet their financial goals."

If one opts to apply the PowerShares closures to the 2012 industry-wide tally, the number of closures this year is a record at approximately 110. 

Even with the closures announcement, it is worth noting that PowerShares is one of the more successful U.S. ETF sponsors. With <a href="http://www.indexuniverse.com/sections/etf-league-tables/15445-etf-league-table-as-of-dec-17-2012.html">$71.5 billion in AUM</a>, the firm is more than double the size of the fifth-largest U.S. ETF firm.

PowerShares has also introduced several new ETFs this year that have proven successful. For example, the PowerShares S&amp;P 500 High Dividend Portfolio (NYSE: <a class="ticker" href="/stock/sphd#NYSE">SPHD</a>) has attracted $22.3 million in AUM in just two months of trading. The PowerShares S&amp;P Emerging Markets Low Volatility Portfolio (NYSE: <a class="ticker" href="/stock/eelv#NYSE">EELV</a>) now has almost $88 million in AUM following its January debut.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.</li></ul>

The evolution of the exchange-traded products industry has clearly helped investors gain exposure to myriad asset classes and investment themes ranging from the mundane to the obscure. That's particularly true among bond funds, which now go well beyond boring Treasury products to include <a href="http://www.benzinga.com/markets/bonds/12/05/2632934/under-the-hood-bono-but-not-u2-bono-eld-emcb">ETFs that track everything from high-yield debt to Latin American sovereigns</a>.

Investors can even gain access to convertible securities through ETFs. A "convertible security" is a security - usually a bond or a preferred stock - that can be converted into a different security - typically shares of the company's common stock, <a href="http://www.sec.gov/answers/convertibles.htm">according to the SEC</a>. 

Believe it or not, there are multiple ETFs tracking convertible securities and they face off in this week's "ETF Showdown." Those funds are the SPDR Barclays Capital Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>) and the PowerShares Convertible Securities Portfolio (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>).

The PowerShares Convertible Securities Portfolio is the newer of the pair, having debuted almost exactly a year ago. CVRT, which charges 0.36% per year, has $9 million in assets under management. By comparison, the SPDR Barclays Capital Convertible Securities ETF, which came to market three years ago and charges 0.4%, is much larger with $829.3 million in assets under management.

Home to 60 holdings, CVRT features convertibles from the biotech, financial services, Internet, technology, and energy sectors just to name a few. Convertible securities issued by Amgen (Nasdaq: <a class="ticker" href="/stock/amgn#Nasdaq">AMGN</a>), United-Continental (NYSE: <a class="ticker" href="/stock/ual#NYSE">UAL</a>), General Motors (NYSE: <a class="ticker" href="/stock/gm#NYSE">GM</a>), Wells Fargo (NYSE: <a class="ticker" href="/stock/wfc#NYSE">WFC</a>) and Intel (Nasdaq: <a class="ticker" href="/stock/intc#Nasdaq">INTC</a>) comprise the ETF's top-five holdings. 

CWB features 99 convertibles, but even with a lineup that is nearly two-thirds larger than CVRT's, there is significant overlap in terms of issuers between the two funds. CWB's top-five holdings include Wells Fargo, GM, Bank of America (NYS: BAC), Citigroup (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>) and EMC (NYSE: <a class="ticker" href="/stock/emc#NYSE">EMC</a>). CWB also features Amgen and Intel convertibles, among other duplicative holdings between the two funds.

Overall, CWB allocates almost a third of its weight to the tech sector, 18% to financials and almost 17% to consumer non-cyclical names. All of CWB's issues are greater than $500 million in value.

What investors need to realize about convertibles is that they're a two-way street. These securities allow holders to convert into common shares at prices below the current market price. That's great for the holders, but converted bonds or preferred shares mean new common shares added to the shares outstanding total, which is to say convertibles dilute existing shareholders. The bigger the dilution, the worse the impact on the stock's price.

Regarding credit quality, just over 27% of CWB's issues are rated Baa and almost 30% are rated lower than that. Sixteen percent of CVRT's issues are rated A by S&amp;P, 18% are rated BBB, 15% BB and 16% are B-rated. 

Convertibles do feature a bit of a yield kicker and that is the case with CWB and CVRT. The PowerShares offering yields just over 3% while CWB is higher at 3.6%. 

Despite what appear to be two very similar funds on the surface, there are clear differences between these convertible plays and if the factors highlighted here aren't enough to help investors make an informed decision, then just make things simple and boil it down to performance. Year-to-date the smaller CVRT has slightly outperformed its larger rival. The performance gaps grow in CVRT's favor over the past year, the past month and the most recent 90 and 180-day periods as well.

For more on bond ETFs, please click <a href="http://www.benzinga.com/markets/bonds/12/05/2633702/the-definitive-guide-to-junk-bond-etfs-hyg-jnk-sjnk">HERE</a>.

Being a contrarian is hard. Some folks don't listen to facts and theories that run counter to what is comfortable and popular. And let's be honest. Not everyone that acknowledges contrarian thinking embraces it.

So it can be lonely being a contrarian and that's exactly how we feel when we discuss <a href="http://www.benzinga.com/markets/bonds/12/03/2409168/bill-gross-etf-off-to-fine-start-trxt-tip">one new ETF</a>. Hey, we're fair. We recently noted that in just a week of trading, the Bill Gross-run Pimco Total Return ETF (NYSE: <a class="ticker" href="/stock/trxt#NYSE">TRXT</a>) had attracted $135 million in assets under management. At the close of markets on March 15, the total had surged to over $184 million.

That's nothing short of impressive and speaks to the power of the Bill Gross name. Well, popularity is useful in high school and it's good for attracting assets, but there is no empirical evidence to suggest a security's homecoming king status leads to better returns.

With that, there are at least four under-the-radar bond ETFs that have outperformed the Pimco Total Return ETF since its debut. They are as follows.

Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>)
If the Market Vectors High-Yield Muni ETF can halt its Friday slide at 1.1% and TRXT stays in its current intraday range, the muni bond fund will still be outperforming the Gross fund when the market closes today. Impressive considering the recent batch of controversy surrounding muni bonds. In addition to recent performance, there are other factors that bolster the case for HYD over TRXT. HYD has an expense ratio of 0.35%, 20 basis points cheaper than the Pimco fund, and has a 12-month yield of 5.43%. 

Market Vectors LatAm Aggregate Bond ETF (NYSE: <a class="ticker" href="/stock/bono#NYSE">BONO</a>)
You don't have to believe the news today, but closing your eyes won't make the facts go away and the fact is the Market Vectors LatAm Aggregate Bond ETF, which we love because it allows for U2 puns, has outperformed TRXT. We should mention BONO, which is 10 months old, has low volume and just $7.6 million in AUM, but that may be a product of almost half the ETF's holding either being unrated or non-investment grade. 

Should countries like Brazil, Colombia, etc. see their sovereign ratings boosted, BONO will benefit. Oh yeah, BONO is cheaper than TRXT, too.

PowerShares Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>)
CVRT is certainly more speculative than TRXT as the PowerShares fund tracks dollar-denominated investment grade and non-investment grade convertible securities. This unheralded ETF is up about 4% year-to-date and holds convertible issues from a bunch of familiar companies such as General Motors (NYSE: <a class="ticker" href="/stock/gm#NYSE">GM</a>) and Wells Fargo (NYSE: <a class="ticker" href="/stock/wfc#NYSE">WFC</a>) just to name a pair. CVRT also checks in at 20 basis points cheaper than TRXT.

WisdomTree Emerging Markets Local Debt ETF (NYSE: <a class="ticker" href="/stock/eld#NYSE">ELD</a>)
We're not surprised <a href="http://www.benzinga.com/markets/bonds/11/12/2211522/twelve-for-12-bond-etfs-to-watch-in-the-new-year">ELD has outperformed TRXT</a>. What's surprising is that when folks criticize actively managed ETFs, criticism that's warranted, they forget about the success of ELD. This actively managed ETF is less than two years old and has over $1.2 billion in AUM.

ELD yields over 4%, has options available and features issues from Brazil, Chile, Colombia, Mexico, Peru, Poland, Turkey, South Africa, Russia, Malaysia, Indonesia, Philippines, Thailand, China, and South Korea.

CVRT: Calamos Launches Convertible ETF

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Calamos, the Largest US Convertibles Manager, Launches CVRT, the Firm's First Active Convertibles ETF

Invesco's (NYSE: <a class="ticker" href="/stock/ivz#NYSE">IVZ</a>) PowerShares unit, the fourth-largest U.S. ETF sponsor, will shutter 13 of its ETFs in late February 2013. The 13 funds represent less than one percent of PowerShares' total assets under management, the firm said in a statement.

The following ETFs will trade for the last time on February 26, 2013: <ul> <li>The PowerShares Dynamic Insurance Portfolio (NYSE: <a class="ticker" href="/stock/pic#NYSE">PIC</a>)</li> <li> PowerShares Morningstar StockInvestor Core Portfolio (NYSE: <a class="ticker" href="/stock/pyh#NYSE">PYH</a>)</li> <li> PowerShares Dynamic Banking Portfolio (NYSE: <a class="ticker" href="/stock/pjb#NYSE">PJB</a>)</li> <li> PowerShares Global Steel Portfolio (NASDAQ: <a class="ticker" href="/stock/pstl#NASDAQ">PSTL</a>)</li> <li> PowerShares Active Low Duration Portfolio (NYSE: <a class="ticker" href="/stock/plk#NYSE">PLK</a>)</li> <li> PowerShares Global Wind Energy Portfolio (NASDAQ: <a class="ticker" href="/stock/pwnd#NASDAQ">PWND</a>)</li> <li> PowerShares Active Mega-Cap Portfolio (NYSE: <a class="ticker" href="/stock/pma#NYSE">PMA</a>)</li> <li> PowerShares Global Coal Portfolio (NASDAQ: <a class="ticker" href="/stock/pkol#NASDAQ">PKOL</a>)</li> <li> PowerShares Global Nuclear Energy Portfolio (NYSE: <a class="ticker" href="/stock/pkn#NYSE">PKN</a>)</li> <li> PowerShares Ibbotson Alternative Completion Portfolio (NYSE: <a class="ticker" href="/stock/pto#NYSE">PTO</a>) </li> <li> PowerShares RiverFront Tactical Balanced Growth Portfolio (NYSE: <a class="ticker" href="/stock/pao#NYSE">PAO</a>).

The PowerShares RiverFront Tactical Growth & Income Portfolio (NYSE: <a class="ticker" href="/stock/pca#NYSE">PCA</a>) and the PowerShares Convertible Securities Portfolio (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>) will also be closed on the same date.

In the case of PSTL and PKOL, those funds compete against the Market Vectors Steel ETF (NYSE: <a class="ticker" href="/stock/slx#NYSE">SLX</a>) and the Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>), two ETFs that have long been the dominant funds tracking producers of those materials. CVRT has been competing against the SPDR Barclays Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>).

"We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," said Ben Fulton, Invesco PowerShares managing director of global ETFs, in the statement. "Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors' needs. As one of the leading innovators in the ETF industry, Invesco PowerShares remains fully committed to maintaining and developing a comprehensive and compelling product line of ETFs to help investors meet their financial goals."

If one opts to apply the PowerShares closures to the 2012 industry-wide tally, the number of closures this year is a record at approximately 110. 

Even with the closures announcement, it is worth noting that PowerShares is one of the more successful U.S. ETF sponsors. With <a href="http://www.indexuniverse.com/sections/etf-league-tables/15445-etf-league-table-as-of-dec-17-2012.html">$71.5 billion in AUM</a>, the firm is more than double the size of the fifth-largest U.S. ETF firm.

PowerShares has also introduced several new ETFs this year that have proven successful. For example, the PowerShares S&P 500 High Dividend Portfolio (NYSE: <a class="ticker" href="/stock/sphd#NYSE">SPHD</a>) has attracted $22.3 million in AUM in just two months of trading. The PowerShares S&P Emerging Markets Low Volatility Portfolio (NYSE: <a class="ticker" href="/stock/eelv#NYSE">EELV</a>) now has almost $88 million in AUM following its January debut.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

The evolution of the exchange-traded products industry has clearly helped investors gain exposure to myriad asset classes and investment themes ranging from the mundane to the obscure. That's particularly true among bond funds, which now go well beyond boring Treasury products to include <a href="http://www.benzinga.com/markets/bonds/12/05/2632934/under-the-hood-bono-but-not-u2-bono-eld-emcb">ETFs that track everything from high-yield debt to Latin American sovereigns</a>.

Investors can even gain access to convertible securities through ETFs. A "convertible security" is a security - usually a bond or a preferred stock - that can be converted into a different security - typically shares of the company's common stock, <a href="http://www.sec.gov/answers/convertibles.htm">according to the SEC</a>. 

Believe it or not, there are multiple ETFs tracking convertible securities and they face off in this week's "ETF Showdown." Those funds are the SPDR Barclays Capital Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cwb#NYSE">CWB</a>) and the PowerShares Convertible Securities Portfolio (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>).

The PowerShares Convertible Securities Portfolio is the newer of the pair, having debuted almost exactly a year ago. CVRT, which charges 0.36% per year, has $9 million in assets under management. By comparison, the SPDR Barclays Capital Convertible Securities ETF, which came to market three years ago and charges 0.4%, is much larger with $829.3 million in assets under management.

Home to 60 holdings, CVRT features convertibles from the biotech, financial services, Internet, technology, and energy sectors just to name a few. Convertible securities issued by Amgen (Nasdaq: <a class="ticker" href="/stock/amgn#Nasdaq">AMGN</a>), United-Continental (NYSE: <a class="ticker" href="/stock/ual#NYSE">UAL</a>), General Motors (NYSE: <a class="ticker" href="/stock/gm#NYSE">GM</a>), Wells Fargo (NYSE: <a class="ticker" href="/stock/wfc#NYSE">WFC</a>) and Intel (Nasdaq: <a class="ticker" href="/stock/intc#Nasdaq">INTC</a>) comprise the ETF's top-five holdings. 

CWB features 99 convertibles, but even with a lineup that is nearly two-thirds larger than CVRT's, there is significant overlap in terms of issuers between the two funds. CWB's top-five holdings include Wells Fargo, GM, Bank of America (NYS: BAC), Citigroup (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>) and EMC (NYSE: <a class="ticker" href="/stock/emc#NYSE">EMC</a>). CWB also features Amgen and Intel convertibles, among other duplicative holdings between the two funds.

Overall, CWB allocates almost a third of its weight to the tech sector, 18% to financials and almost 17% to consumer non-cyclical names. All of CWB's issues are greater than $500 million in value.

What investors need to realize about convertibles is that they're a two-way street. These securities allow holders to convert into common shares at prices below the current market price. That's great for the holders, but converted bonds or preferred shares mean new common shares added to the shares outstanding total, which is to say convertibles dilute existing shareholders. The bigger the dilution, the worse the impact on the stock's price.

Regarding credit quality, just over 27% of CWB's issues are rated Baa and almost 30% are rated lower than that. Sixteen percent of CVRT's issues are rated A by S&P, 18% are rated BBB, 15% BB and 16% are B-rated. 

Convertibles do feature a bit of a yield kicker and that is the case with CWB and CVRT. The PowerShares offering yields just over 3% while CWB is higher at 3.6%. 

Despite what appear to be two very similar funds on the surface, there are clear differences between these convertible plays and if the factors highlighted here aren't enough to help investors make an informed decision, then just make things simple and boil it down to performance. Year-to-date the smaller CVRT has slightly outperformed its larger rival. The performance gaps grow in CVRT's favor over the past year, the past month and the most recent 90 and 180-day periods as well.

For more on bond ETFs, please click <a href="http://www.benzinga.com/markets/bonds/12/05/2633702/the-definitive-guide-to-junk-bond-etfs-hyg-jnk-sjnk">HERE</a>.

Being a contrarian is hard. Some folks don't listen to facts and theories that run counter to what is comfortable and popular. And let's be honest. Not everyone that acknowledges contrarian thinking embraces it.

So it can be lonely being a contrarian and that's exactly how we feel when we discuss <a href="http://www.benzinga.com/markets/bonds/12/03/2409168/bill-gross-etf-off-to-fine-start-trxt-tip">one new ETF</a>. Hey, we're fair. We recently noted that in just a week of trading, the Bill Gross-run Pimco Total Return ETF (NYSE: <a class="ticker" href="/stock/trxt#NYSE">TRXT</a>) had attracted $135 million in assets under management. At the close of markets on March 15, the total had surged to over $184 million.

That's nothing short of impressive and speaks to the power of the Bill Gross name. Well, popularity is useful in high school and it's good for attracting assets, but there is no empirical evidence to suggest a security's homecoming king status leads to better returns.

With that, there are at least four under-the-radar bond ETFs that have outperformed the Pimco Total Return ETF since its debut. They are as follows.

Market Vectors High-Yield Muni ETF (NYSE: <a class="ticker" href="/stock/hyd#NYSE">HYD</a>)
If the Market Vectors High-Yield Muni ETF can halt its Friday slide at 1.1% and TRXT stays in its current intraday range, the muni bond fund will still be outperforming the Gross fund when the market closes today. Impressive considering the recent batch of controversy surrounding muni bonds. In addition to recent performance, there are other factors that bolster the case for HYD over TRXT. HYD has an expense ratio of 0.35%, 20 basis points cheaper than the Pimco fund, and has a 12-month yield of 5.43%. 

Market Vectors LatAm Aggregate Bond ETF (NYSE: <a class="ticker" href="/stock/bono#NYSE">BONO</a>)
You don't have to believe the news today, but closing your eyes won't make the facts go away and the fact is the Market Vectors LatAm Aggregate Bond ETF, which we love because it allows for U2 puns, has outperformed TRXT. We should mention BONO, which is 10 months old, has low volume and just $7.6 million in AUM, but that may be a product of almost half the ETF's holding either being unrated or non-investment grade. 

Should countries like Brazil, Colombia, etc. see their sovereign ratings boosted, BONO will benefit. Oh yeah, BONO is cheaper than TRXT, too.

PowerShares Convertible Securities ETF (NYSE: <a class="ticker" href="/stock/cvrt#NYSE">CVRT</a>)
CVRT is certainly more speculative than TRXT as the PowerShares fund tracks dollar-denominated investment grade and non-investment grade convertible securities. This unheralded ETF is up about 4% year-to-date and holds convertible issues from a bunch of familiar companies such as General Motors (NYSE: <a class="ticker" href="/stock/gm#NYSE">GM</a>) and Wells Fargo (NYSE: <a class="ticker" href="/stock/wfc#NYSE">WFC</a>) just to name a pair. CVRT also checks in at 20 basis points cheaper than TRXT.

WisdomTree Emerging Markets Local Debt ETF (NYSE: <a class="ticker" href="/stock/eld#NYSE">ELD</a>)
We're not surprised <a href="http://www.benzinga.com/markets/bonds/11/12/2211522/twelve-for-12-bond-etfs-to-watch-in-the-new-year">ELD has outperformed TRXT</a>. What's surprising is that when folks criticize actively managed ETFs, criticism that's warranted, they forget about the success of ELD. This actively managed ETF is less than two years old and has over $1.2 billion in AUM.

ELD yields over 4%, has options available and features issues from Brazil, Chile, Colombia, Mexico, Peru, Poland, Turkey, South Africa, Russia, Malaysia, Indonesia, Philippines, Thailand, China, and South Korea.

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