Calamos Investments, a mutual fund company that developed a
reputation for its focus on convertible securities, filed
regulatory paperwork to gain permission to market actively managed
exchange-traded funds, with plans for an initial fund targeting
mid- and large-cap companies the fund manager deems to have
promising growth prospects.
The Calamos Focus Growth ETF would be the first of many
, as the "exemptive relief" filing contemplates a range of future
funds focused on domestic and international equities as well as
fixed income and even on mortgage- or asset-backed securities.
Calamos is the latest of a long list of reputed mutual fund
companies that have requested permission from the Securities and
Exchange Commission to market ETFs. Still, it's not clear exactly
how these companies plan to start offering ETFs without undermining
their existing fund franchises, and, indeed many of the companies
that have filed for exemptive relief haven't yet made any
Of course, some have, or have started to, such as Pimco or
Pimco launched the Pimco Total Return ETF (NYSEArca:BOND) on
March 1, 2012, and the fund has grown to become a $4.5 billion
security in just over a year.
Fidelity meanwhile has put two active funds into registration,
though it's not clear when the Fidelity Mortgage Securities ETF and
the Fidelity Corporate Bond Exchange Traded Fund might actually
The exemptive relief that Naperville, Ill.-based Calamos is
requesting amounts to obtaining exceptions to some parts of the
Investment Company Act of 1940.It's the first step toward offering
actual ETFs and it can take a year or more between the time the
exemptive relief petition is filed and the time a company's initial
funds come to market.
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