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.
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