CCEF vs. HIPS ETF Comparison

Comparison of Calamos CEF Income & Arbitrage ETF (CCEF) to Master Income ETF (HIPS)

CCEF

Calamos CEF Income & Arbitrage ETF

CCEF Description

The fund is an actively managed exchange-traded fund (ETF) that seeks high current income and long-term capital appreciation by investing in unaffiliated closed-end funds that the fund's investment adviser, Calamos Advisors LLC, believes offer both attractive income opportunities as well as arbitrage opportunities resulting from such closed-end funds trading at attractive discounts. Under normal circumstances, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets in U.S. and non-U.S. closed-end funds. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$28.55

Average Daily Volume

3,146

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$13.10

Average Daily Volume

31,472

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	CCEF	HIPS
30 Days	0.39%	2.93%
60 Days	1.30%	1.80%
90 Days	4.47%	2.88%
12 Months		19.87%

3 Overlapping Holdings

Symbol	Grade	Weight in CCEF	Weight in HIPS	Overlap
EFT	A	1.0%	2.64%	1.0%
JQC	A	1.89%	2.78%	1.89%
NBB	D	2.95%	2.54%	2.54%

CCEF Overweight 36 Positions Relative to HIPS

Symbol	Grade	Weight
PDT	C	4.18%
THQ	D	3.72%
KYN	A	3.44%
HTD	A	3.15%
RQI	C	3.02%
RIV	A	3.02%
EMO	A	3.0%
ERC	C	2.99%
EXG	B	2.96%
AOD	D	2.96%
ASGI	C	2.79%
ETW	B	2.74%
ASG	B	2.73%
IIF	D	2.7%
BDJ	B	2.63%
RA	C	2.58%
BBN	D	2.57%
IFN	F	2.44%
NML	A	2.17%
FFC	D	2.08%
CII	B	2.01%
HIX	A	2.01%
DIAX	A	1.96%
EVT	A	1.92%
HFRO	F	1.76%
EMF	D	1.62%
NTG	A	1.56%
JPC	A	1.55%
BST	B	1.51%
BME	D	1.44%
BTO	A	1.06%
JGH	B	1.01%
ACP	C	0.98%
RMT	B	0.94%
CAF	D	0.52%
TDF	D	0.51%

CCEF Underweight 34 Positions Relative to HIPS

Symbol	Grade	Weight
BGX	A	-2.79%
LTC	B	-2.79%
JFR	A	-2.75%
ARCC	A	-2.72%
ET	A	-2.68%
SLRC	A	-2.66%
FSK	A	-2.65%
EPD	A	-2.64%
FCT	A	-2.63%
FDUS	A	-2.62%
BXSL	A	-2.62%
BLW	C	-2.6%
MPLX	A	-2.6%
DMLP	A	-2.6%
GTY	A	-2.59%
CQP	B	-2.56%
GBDC	D	-2.55%
KRP	B	-2.53%
DSU	A	-2.52%
ALX	D	-2.49%
PAA	B	-2.48%
SBRA	C	-2.48%
WES	C	-2.48%
GLPI	C	-2.48%
OHI	C	-2.46%
USAC	B	-2.44%
BSM	B	-2.44%
PK	C	-2.41%
EPR	C	-2.28%
NMFC	D	-2.26%
GSBD	F	-2.2%
NNN	C	-2.18%
NHS	D	-2.02%
GNL	F	-1.83%

CCEF: Top Represented Industries & Keywords

Industries: Asset Management