"Unlike most convertible-based ETFs that offer passive exposure to the asset class," Calamos' new ETF identifies "equity-sensitive opportunities," Matt Kaufman, senior vice president and head of ETFs at Calamos, said in the release.
Convertible bonds are corporate bonds that have the added feature of being convertible into a fixed number of common stock shares, Kaufman said in an interview. Over time, convertibles may trade more like their corporate bond component or exhibit more equity-like characteristics, he said.
"So, if you look at the overall convertibles universe in the U.S., it's weighted today more heavily toward the fixed income characteristic side," Kaufman said. "And so, what this fund is focusing on is the equity-sensitive portion of the convertible universe, those convertibles that are exhibiting higher growth and higher equity sensitivity."
The new ETF is the second actively managed ETF that Calamos has launched this year, noted Kaufman, who joined Calamos in January.
In February, Calamos, in partnership with NBA star Giannis Antetokounmpo, announced the listing of the Calamos Antetokounmpo Global Sustainable Equities ETF. While Calamos had another equity ETF that was launched in 2014, it has since closed, Kaufman confirmed.
Kaufman said to "expect a lot more ETFs from Calamos."
"This is a business we're committed to, we're serious about, and we see trillions of dollars of assets potentially moving into the active ETF space over the next 10 to 15 years," he said.
Calamos had more than $34 billion in assets under management as of Sept. 30, including more than $11 billion in convertible assets, the release said.