The actively managed exchange-traded fund (ETF) aims to moderate downside risk through a flexible options overlay that adapts to changing market conditions.

Calamos Investments has launched the Calamos Active Hedged Equity ETF (CHDG), an actively managed fund that aims to deliver equity market participation with lower volatility than broad stock market benchmarks. CHDG carries a 0.64% management fee and a 0.66% total expense ratio Listed on Cboe, CHDG carries a 0.64% management fee and a 0.66% total expense ratio. The strategy combines equity ETF options, including FLEX options, tied to the SPDR Portfolio S&P 500 ETF (SPYM). Its goal is to g