Investment management firm Calamos is ramping up its autocallable exchange-traded fund strategy with the launch of what it is touting as the world’s first autocallable growth ETF.
The Calamos Autocallable Growth ETF (Ticker: CAGE) targets capital growth, according to the company, and follows the launch of its Calamos U.S. Equity Autocallable Income ETF (Ticker: CAIE) and the Calamos Nasdaq Autocallable Income ETF (Ticker: CAIQ) last year.
An autocallable is a market-linked instrument. Autocallable notes pay an income level and return principal value if a reference index, such as the S&P 500, doesn’t fall below a specific level. Calamos has compared autocallables to a bond whose income and principal depend on the stock market not falling too far.
You can think of autocallable ETFs as a basket of these notes. CAGE, for example, contains 52 live autocallable notes.
After Calamos launched its income-focused offering in June 2025, it described CAIE as a “first-of-its kind” autocallable income ETF in an interview with InvestmentNews.
Whereas CAIE makes distributions, the newly launched CAGE fund does not make distributions, but re-invests the coupons from its notes into the portfolio.
"Many know autocallables as a powerful vehicle for high income, but they can be a tremendous engine for growth, too," said Matt Kaufman, SVP, and head of ETFs at Calamos, in a statement.
In 2025, more than $222 billion was sold in structured products, according to data from Structured Products Intelligence. Autocallable structured notes accounted for approximately $120 billion in issuance, according to Calamos, citing Structured Products Intelligence. Autocallable growth notes represented approximately 32% of that market, or about $40 billion.
The U.S. ETF market is a $13.7 trillion industry, Bloomberg reports. However, Citi estimates that, with ETF growth still strong, the industry is on track to reach $25 trillion by 2030.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
