# Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/cpz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Calamos · Asset class: Equity - Strategy: Thematic · Inception: 2019-11-26 Calamos Long/Short Equity & Dynamic Income Trust operates as a diversified, closed-end investment management entity focused on generating steady income and achieving judicious capital appreciation. It accomplishes these goals by deploying a proven global strategy of investing in both long and short equities, thereby offering hedged market exposure. Established on September 21, 2017, the trust's main office is situated in Naperville, Illinois. ## Key Facts | Metric | Value | |---|---| | Price | $12.48 | | Expense Ratio | 4.38% | | Assets Under Management | $245.0M | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | 13.46% | | Annual Distribution (TTM) | $1.68 /share | | Distribution Frequency | Monthly | | 52-Week Range | $12.27 – $15.49 | | Beta | 0.65 | ## Latest Distribution - Amount: $0.1400 /share - Ex-date: 2026-10-14 - Pay date: 2026-10-21 ## Frequently Asked Questions ### What does CPZ invest in? Calamos Long/Short Equity & Dynamic Income Trust operates as a diversified, closed-end investment management entity focused on generating steady income and achieving judicious capital appreciation. It accomplishes these goals by deploying a proven global strategy of investing in both long and short equities, thereby offering hedged market exposure. Established on September 21, 2017, the trust's main office is situated in Naperville, Illinois. ### What is the expense ratio of CPZ? Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) charges an expense ratio of 4.38%. This is the annual fee deducted from fund assets to cover management and operations. ### What is CPZ's dividend yield? CPZ's trailing-twelve-month yield is 13.46%, calculated from the sum of dividends over the past year divided by the current price. ### How big is CPZ? Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) manages $245.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is CPZ actively managed or an index fund? CPZ's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### When was CPZ launched? Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) launched in November 2019 and is managed by Calamos. ### Does CPZ pay a dividend? Yes, Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) distributes dividends to shareholders. The trailing-twelve-month yield is 13.46%. Full dividend history is on this page. ### How often does CPZ pay dividends? Calamos Long/Short Equity & Dynamic Income Term Trust pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is CPZ's next ex-dividend date? The most recently announced ex-dividend date for CPZ was 2026-10-14. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will CPZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 4.38% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does CPZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from CPZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does CPZ cost more than a fund like VOO? CPZ's strategy (current expense ratio 4.38%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where CPZ sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to CPZ? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as CPZ (4.38%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/cpz - Distribution history: https://www.dividenddata.com/funds/cpz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/cpz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/cpz/expenses - Peer comparison: https://www.dividenddata.com/funds/cpz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.