Calamos Antetokounmpo Global Sus Eqs ETF’s management team is rated Average, but a solid investment process still helps this strategy retain its Morningstar Medalist Rating of Bronze. The strategy charges fees in line with its similarly distributed peers, priced within the middle quintile.  

 The strategy's effective investment philosophy supports an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an overweight in quality exposure and an underweight in liquidity exposure compared with category peers. A high quality exposure means holding stocks that are consistently profitable, growing, and have solid balance sheets. And a low liquidity exposure is rooted in stocks with lower trading volumes, limiting managers' flexibility. This management team has a wealth of experience, but still gets an Average People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

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Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. Calamos Antetokounmpo Global Sus Eqs ETF earns an Above Average Process Pillar rating. 

The most meaningful contributor to the rating is the firm's five-year retention rate of 94% over the period. Management team experience, which averages 21 years at this fund, also strengthens the process. Lastly, the process is limited by high costs across its parent firm's funds, whose fees rank in their category's second-costliest quintile on average. While this fund's costs are most relevant to investors, the pattern at the broader firm suggests it could do more to keep fees down.

 This strategy owns more growth stocks than its peers in the Global Large-Stock Blend Morningstar Category. But in terms of size exposure, it does not have much of a bias and resembles the typical portfolio. Looking at additional factor exposure, this strategy has consistently had a defensive tilt owing to its exposure to high-quality stocks over the past few years. High exposure to the quality factor means holding companies that are consistently profitable, growing, and have solid balance sheets. In recent months, the strategy was more exposed to the Quality factor compared with its Morningstar Category peers as well. Given the low trading volume of holdings, this strategy also has higher liquidity risk exposure in these years, consistently over its peers. Less-liquid stocks might offer strong returns to compensate for their risks, but they can be harder and more expensive to trade in bear markets. Similarly, in recent months, the strategy also had less exposure to the Liquidity factor than peers. Furthermore, this strategy has leaned toward low-yield stocks over recent years, holding fewer companies with high dividend or buyback yields. This is demonstrated by the portfolio's low exposure to dividends or buybacks. While companies with high yields provide consistent income payments, they may cut payouts if their earnings decline. In recent months, the strategy also had less Yield factor exposure than its peers. More information on a fund and its respective category's factor exposure can be found in the Factor Profile module within the Portfolio section. 

 The portfolio is overweight in technology by 4.1 percentage points in terms of assets compared with the category average, and its healthcare allocation is similar to the category. The sectors with low exposure compared to category peers are energy and consumer cyclical, with energy underweighting the average portfolio by 4.6 percentage points of assets and consumer cyclical similar to the average. The portfolio has 111 holdings and is about as top-heavy as the category average, with 24.9% of assets in the top 10 holdings. And in closing, in terms of portfolio turnover, looking at year-over-year movements, 7% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Above Average

Process

Calamos Antetokounmpo Global Sus Eqs ETF earns an Average People Pillar rating. The main contributor to the rating is the firm's five-year retention rate of 94%. Management team experience, which averages 21 years at this fund, also influences the rating. Lastly, the rating is limited by the number of months that the management team has been running this vehicle together. Since this is a newly incepted product, more time is needed to monitor the team's capability at executing the strategy.


None of the portfolio managers here invest in this fund. This hurts the rating because manager investment would align their interests with the strategy's investors.

Average

People

Calamos continues to expand its executive leadership and offerings. Still, it has not outgrown its Average Parent rating as these new additions require time to settle and as success remains concentrated in certain mandates.
John Calamos Sr. founded his namesake firm in 1977, and it quickly gained a reputation for convertible bond expertise. The firm was temporarily publicly traded, but after about 12 years, it pivoted back to private ownership in January 2017, within a year of John Koudounis taking over as CEO. Since then, Calamos gained a new CFO and head of fixed income (both in 2016), COO and head of product (both in 2021), chief marketing officer (2022), and head of ETFs (2023). While leadership and succession planning have solidified since Koudounis took over (and so have the senior investment personnel as the firm’s long-term incentive program evolved), broader stability requires time to crystallize.
As of mid-2023, the firm’s long-established liquid alternatives offerings still drove the greatest proportion of flows and held the bulk of assets—Market Neutral Income (a core substrategy of which is convertible arbitrage) accounts for nearly 40% of the firm’s USD 35.6 billion in assets. New ventures—such as the launch of sustainable equities strategies and a partnership with Aksia on a closed-end private credit interval fund—are reasonable pursuits, but still very fresh.

Parent

Calamos Antetokounmpo Global Sustainable Equities Etf

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Calamos Investments, in collaboration with NBA star Giannis Antetokounmpo, has announced the launch of the Calamos Antetokounmpo Global Sustainable Equities ETF (SROI) on NYSE ARCA. The fund is one that seeks to deliver long-term capital appreciation by investing in quality growth companies that employ ESG principles in their business model.

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Launched in partnership with NBA Superstar Giannis Antetokounmpo, fund is based on one of the longest-running ESG research programs in the nation SROI is a global stock-based ETF that seeks above-average returns with lower volatility by focusing on companies that generate potentially higher returns on capital and maintain what the advisor believes to be a competitive edge. Fund invests in companies with strong ESG characteristics believed to be better equipped to adapt to change and potentially avoid certain liabilities, thereby contributing to return potential and risk reduction.

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