Welcome to our dedicated page for Calamos Dynamic Convertible and Income news (Ticker: CCD), a resource for investors and traders seeking the latest updates and insights on Calamos Dynamic Convertible and Income stock.
Overview of Calamos Dynamic Convertible and Income (CCD)
Calamos Dynamic Convertible and Income (CCD) is a diversified closed-end management investment company that expertly integrates convertible securities with a robust income strategy. As part of the Calamos Investments family, a firm renowned for its innovative, risk-managed approaches since 1977, CCD is designed to deliver total returns through a strategic blend of current income and capital appreciation. The fund predominantly invests in convertible securities, investment grade and below investment grade bonds, loans, equity-linked notes, and floating rate securities – a mix intended to capture value across various market cycles.
Investment Strategy and Risk Management
At its core, CCD operates on a dual mandate: to generate steady income while pursuing capital growth. The investment strategy leverages:
- Convertible Securities: Instruments that provide upside exposure to equity markets with the protective features of fixed income investments.
- Diverse Fixed Income Instruments: A carefully selected portfolio of bonds and loans designed to stabilize returns and minimize volatility.
- Risk-Managed Exposure: Transparent risk management protocols are employed to shield investors from undue market volatility while capturing potential market gains.
This balanced approach is particularly beneficial for investors seeking a hybrid strategy that merges income generation with opportunities for capital appreciation, especially in uncertain market conditions.
Market Position and Operational Excellence
CCD is positioned as an attractive option within the closed-end fund landscape due to its innovative use of convertible securities. Calamos Investments, with its boutique origins and a legacy of pioneering alternative investment solutions, provides a unique expertise that is reflected in the management of CCD. The fund’s structure allows it to maintain disciplined portfolio management, ensuring that investors receive a blend of income stability and growth potential, regardless of market ebbs and flows.
Competitive Landscape and Differentiators
Within the competitive realm of convertible and fixed income funds, CCD differentiates itself through:
- Innovative Risk-Management: Employing a systematic approach to mitigate downside risks while capturing market opportunities.
- Diversification: A varied investment mix that reduces concentration risk and provides resilience against market volatility.
- Expertise in Convertible Markets: Leveraging decades of experience to navigate the complexities of convertible securities, ensuring both income generation and capital growth.
Investor Considerations
CCD is designed for investors seeking a well-rounded investment vehicle that aligns with a conservative-to-moderate risk profile. It is ideal for those who appreciate the stability of fixed income investments but also want exposure to the potential upside of equity markets via convertible instruments. The fund’s structure and strategic allocation make it a compelling option for individuals, institutions, and wealth management professionals focused on long-term capital preservation paired with income generation.
Conclusion
In summary, Calamos Dynamic Convertible and Income (CCD) stands as a testament to Calamos Investments' long-standing heritage of integrating alternative investment strategies and risk management. With its diversified portfolio, focus on convertible securities, and dedication to balancing current income with capital appreciation, CCD is a standout choice in the closed-end fund space, offering a thoughtful blend of innovation, stability, and expertise.
Calamos Investments has announced estimated upside cap ranges for two new Structured Protection ETFs launching on March 3, 2025. The S&P 500® Structured Alt Protection ETF (CPSR) offers a cap range of 7.29%-7.65%, while the Nasdaq-100® Structured Alt Protection ETF (CPNM) provides a cap range of 8.00%-8.26%. Both ETFs feature 100% downside protection over a one-year outcome period.
Key features include an annual expense ratio of 0.69% for both funds, tax-deferred growth potential with long-term capital gains treatment if held longer than one year, and annual resets offering new upside caps with refreshed protection. The ETFs are managed by Co-CIO Eli Pars and the Alternatives Team, tracking the price returns of their respective benchmark indexes (SPY for CPSR and QQQ for CPNM).
Calamos has successfully launched two groundbreaking Bitcoin ETFs offering downside protection with upside potential. The new funds are: CBXJ, providing 90% downside protection with a 29.15% initial cap rate, and CBTJ, offering 80% downside protection with a 51.50% initial cap rate. Both ETFs have a one-year outcome period from February 4, 2025, to January 30, 2026.
These innovative products complement Calamos' existing 100% protected Bitcoin ETF (CBOJ) and are built upon their Structured Protection ETF series launched in 2024. The ETFs track the CBOE Bitcoin US ETF Index and carry an annual expense ratio of 0.69%. The funds aim to bridge traditional finance and digital assets, providing investors with risk-managed Bitcoin exposure through a liquid, transparent, and tax-efficient ETF structure without counterparty credit risk.
Calamos has announced the launch of the world's first suite of downside protected Bitcoin ETFs, expanding their offering with two new funds. The suite includes:
- CBOJ: 100% protection with 10-11.5% cap range (launching Jan 22, 2025)
- CBXJ: 90% protection with 28-31% cap range (launching Feb 4, 2025)
- CBTJ: 80% protection with 50-55% cap range (launching Feb 4, 2025)
All ETFs will have a one-year outcome period, using Treasuries and options on the CBOE Bitcoin US ETF Index. They feature an annual expense ratio of 0.69% and will reset annually, offering new upside caps with refreshed protection. The ETFs will be listed on Cboe, with additional series launching each quarter. Trading will commence at $25 NAV, allowing investors to obtain stated protection levels without exposure to overnight bitcoin volatility.
Calamos has announced the launch of CBOJ, the world's first 100% downside protected Bitcoin ETF, scheduled for listing on CBOE on January 22, 2025. The ETF will utilize Treasuries and options on the CBOE Bitcoin US ETF Index, offering complete protection against negative bitcoin returns over a 12-month period while maintaining upside potential subject to a cap rate.
Building on their Structured Protection ETF series launched in 2024, CBOJ aims to address investor concerns about bitcoin's volatility. The ETF resets annually, providing a new upside cap and renewed downside protection for each subsequent 12-month period. With an annual expense ratio of 0.69%, CBOJ will be actively managed by Co-CIO Eli Pars and the Alternatives Team.
Calamos Investments has launched two new ETFs: CPSY (S&P 500® Structured Alt Protection ETF) and CPRY (Russell 2000® Structured Alt Protection ETF), offering 100% downside protection over one-year periods starting January 2, 2025. CPSY features a 7.57% upside cap rate, while CPRY offers a 9.59% cap rate.
Both ETFs come with a 0.69% annual expense ratio and are managed by Co-CIO Eli Pars and the Alternatives Team. The funds provide protected exposure to their respective indexes (S&P 500 and Russell 2000) and reset annually, offering new upside caps with refreshed protection. Gains grow tax-deferred and qualify for long-term capital gains rates if held longer than one year.
Calamos Dynamic Convertible and Income Fund (CCD) and two other Calamos funds will transition from managed to level distribution plans starting January 1, 2025. Under the new policy, CCD will maintain monthly distributions at 19.5 cents per share, while CHI and CHY will distribute 9.5 and 10 cents per share respectively.
The level distribution policy aims to provide stable, consistent, and predictable distribution rates. However, success depends on market conditions, interest rates, and overall market performance. Distributions may include return of capital if insufficient investment income is available, which could increase the funds' expense ratios. The funds may sell portfolio securities to meet distribution requirements, potentially at less opportune times.
Calamos Investments has launched two new ETFs: CPSD and CPNQ, tracking the S&P 500 and Nasdaq-100 respectively. Both ETFs offer 100% downside protection over a one-year period from December 2, 2024, to November 28, 2025. CPSD features an upside cap rate of 8.07%, while CPNQ offers 8.67%. Both funds have a 0.69% annual expense ratio and are managed by Co-CIO Eli Pars and the Alternatives Team. The ETFs reset annually, providing new upside caps and protection, with tax-efficient benefits for holdings exceeding one year.
Calamos Investments has announced estimated upside cap ranges for two upcoming Structured Protection ETFs: Calamos S&P 500® Structured Alt Protection ETF™ – October (CPSO) and Calamos Russell 2000® Structured Alt Protection ETF™ – October (CPRO). These ETFs offer 100% downside-protected exposure to their respective indexes over a one-year outcome period, before fees and expenses.
Key details:
- CPSO: Estimated upside cap range of 6.69% - 7.42%
- CPRO: Estimated upside cap range of 8.24% - 9.16%
- Both ETFs have a one-year outcome period from 10/1/2024 to 9/30/2025
- Annual expense ratio: 0.69%
- Portfolio managed by Co-CIO Eli Pars and the Alternatives Team
These ETFs reset annually, offering new upside caps with refreshed protection against negative returns. They can provide tax benefits if held longer than one year.
Calamos Investments has launched two new ETFs: Calamos S&P 500® Structured Alt Protection ETF – September (CPST) and Calamos Nasdaq-100® Structured Alt Protection ETF – September (CPNS). These ETFs offer 100% downside protection to their respective indexes over a one-year outcome period, with attractive upside cap rates. CPST has an upside cap rate of 7.50%, while CPNS offers 8.35%.
These launches expand Calamos' Structured Protection ETF series, providing monthly entry points to capital-protected growth strategies for major US equity benchmarks. The ETFs reset annually, offering new upside caps and refreshed protection. They also provide potential tax benefits, with gains growing tax-deferred at long-term capital gains rates if held longer than one year.
Calamos Investments has announced the estimated upside cap ranges for two new Structured Protection ETFs: CPST (S&P 500) and CPNS (Nasdaq-100). These ETFs offer 100% downside protection over a one-year outcome period, with attractive upside potential.
Key details:
- CPST: Estimated upside cap range of 7.39% - 8.57%
- CPNS: Estimated upside cap range of 7.82% - 9.18%
- Launch date: September 3, 2024
- Annual expense ratio: 0.69%
- Portfolio management: Co-CIO Eli Pars and the Alternatives Team
These ETFs are part of Calamos' expanding Structured Protection ETF series, offering monthly entry points to capital-protected growth strategies for major US equity benchmarks.
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