NON-VANGUARD FUNDS

CVRT Calamos Convertible Equity Alternative ETF

Category

Convertibles

Asset class

Domestic Balanced

Gross Expense ratio

0.69%

as of 12/02/2024

NAV price

$30.85

as of 06/18/2025

Overview

Key facts

Asset class

Domestic Balanced

Category

Convertibles

Inception date

Fund Number

IE80

Price

Expense Ratio

0.69%

as of 12/02/2024

NAV Price

$30.85

as of 06/18/2025

NAV Change

increased$0.10 (0.33%)

as of 06/18/2025

Product summary
The investment seeks total return through capital appreciation and current income. 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 is non-diversified.
Fund management

Manager Tenure: 2 years

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 05/31/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

CVRT (Market price)5.20%2.80%2.61%15.03%16.58%
CVRT (NAV)
5.06%3.19%2.47%14.91%16.94%

Benchmark

This information is temporarily unavailable.

Gross Expense Ratio

CVRT

0.69%

Average expense ratio of similar funds1

1.07%

Historical volatility measures

This fund does not have long enough history to provide historical volatility measures data.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.

Price

Current market price

Current price as of Wed Jun 18 20:00:00GMT+0 2025

Market price change

increased$0.10 (0.33%)

Open

$30.76

High

$30.85

Low

$30.76

Bid/Ask spread

$35.15 (100.00%)

Volume

1,070

Size

0 X 1

Tick

UP

Quotes delayed at least 15 minutes. Source: FactSet.

Historical prices
Chart/Table Toggle
NameDateNAV
CVRT 05/31/2025
$30.72

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Portfolio composition

Characteristics

as of 04/30/2025

FundamentalCVRT
Number of stocks 3
Median market cap
Earnings growth rate
Short-term reserves 2.2%
P/E ratio
P/B ratio
Return on equity
Foreign holdings
FundamentalCVRT
Number of bonds
Yield to maturity
Average coupon 2.7%
Average maturity
Average duration
Short-term reserves 2.2%
FundamentalCVRT
Turnover rate (Fiscal Year-end )
Short-term reserves 2.2%
Fund total net assets as of 05/31/2025 $10.8 M
Asset allocation

as of 04/30/2025

71.48%Stock
Asset class CVRTStock 71.48%Bond 26.37%Short term reserves 2.15%
Weighted exposures

as of 04/30/2025

11.42%Healthcare
SectorsCVRTHealthcare11.42%Utilities88.58%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Month end 10 largest holdings

34.63% of total net assets as of 04/30/2025

RankHoldings% of fund
1Boeing Co 6% PRF CONVERT 15/10/2027 USD 50 - Dep Rep 1/20th Sr A9.57%
2KKR & Co Inc 6.25% PRF CONVERT 01/03/2028 USD 50 - Ser D3.33%
3Western Digital Corp. 3%2.96%
4MicroStrategy Incorporated 0.875%2.92%
5MicroStrategy Incorporated 0.625%2.85%
6Apollo Asset Management, Inc. 6.75% PRF CONVERT 31/07/2026 USD 50 - Ser A2.80%
7Southern Co. 3.875%2.67%
8Carnival Corporation 5.75%2.55%
9NextEra Energy Inc 7.299% CORP UNIT 01/06/20272.51%
10Booking Holdings Inc 0.75%2.47%

Performance & fees

1

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Portfolio composition

2

Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Target-date investments are subject to the risks of their underlying funds. The year in the investment name refers to the approximate year (the target date) when an investor would retire and leave the workforce. The investment will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. A target-date investment is not guaranteed at any time, including on or after the target date.

Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.

U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest.

Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.

High-yield bonds generally have medium- and lower-range credit quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit quality ratings.

Derivatives are subject to a number of risks, such as liquidity risk interest rate risk, market risk, credit risk, and management risk.  A fund investing in a derivative instrument could lose more than the principal amount invested.

Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks.

Stocks of companies based in emerging markets are subject to national and regional political and economic risks and to the risk of currency fluctuations. These risks are especially high in emerging markets.

Currency hedging risk is the chance that currency hedging transactions may not perfectly offset a fund's foreign currency exposures and may eliminate any chance for a fund to benefit from favorable fluctuations in relevant currency exchange rates. Funds incur expenses to hedge currency exposures.

ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider or advisor’s assessment of a company, based on the company’s level of involvement in a particular industry or their own ESG criteria, may differ from that of other funds or an investor’s assessment of such company. As a result, the companies deemed eligible by the index provider or advisor may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider or advisor's proper identification and analysis of ESG data. The advisor may not be successful in assessing and identifying companies that have or will have a positive impact or support a given position. In some circumstances, companies could ultimately have a negative impact or no impact or support a given position.

Fund price provided by Refinitiv. Disclaimer. Additional data on this page provided by Morningstar®. Disclaimer.

Fund prices are provided or calculated using data from third-party sources. Vanguard is not responsible for the accuracy or timeliness of third-party data.