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Launched

Calamos Autocallable Growth ETF

CAGENYSE ArcaCalamosB

$28.27−0.27 (−0.95%)

As of Nov 2, 2026, 3:59 PM ET

B62/ 100

Rank 9 of 25 in Index Option Income

B62/100Rank 9 of 25inIndex Option Income
Intraday session: down, 79 prints from 28.54 to 28.27. Range 28.24 to 28.87. Use the arrow keys to read each point.28.4028.7028.8028.9010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$182M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
102K sh
52W range
low $25.00high $30.14
Launched

The ETF.net CAGE Grade

Based on 4 of 6 pillars

B

Score 62 out of 100

Category
Index Option Income⁠
Rank
9 of 25
Six-pillar profile for CAGE. Scores out of 100: Cost 63, Risk 66, Mission not scored, Tradability 62, Holdings not scored, Durability 52. Strongest: Risk (66). Weakest: Durability (52). Based on 4 of 6 pillars.

Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B63 out of 100
    Rank 9 of 25

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B66 out of 100
    Rank 4 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B62 out of 100
    Rank 8 of 25

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C52 out of 100
    Rank 18 of 25

Our read on CAGE

ETF.net Research

In short

BAutocallable payoffs, ETF-wrapped. CAGE holds a laddered book of long-dated autocallable growth options tied to a US large-cap index (MQUSLVA), with no income target and no distributions: the whole case sits in the share price.

Stated mandate

CAGE seeks long-term capital growth with reduced downside risk through a laddered portfolio of synthetic autocallable growth options linked to the MerQube index. Coupons are reinvested rather than distributed.

Why people hold it

  • Unusual mandate: a laddered stack of long-dated autocallable growth options on a US large-cap index, held synthetically rather than as shares.calamos.com
  • Fees run 0.74%, a hair under the 0.75% median for options-overlay funds, though cheaper overlay peers exist (LQDW at 0.34%, YLDE at 0.47%).
  • Exposure is pinned to a named third-party benchmark, MerQube's US Large-Cap Vol Advantage Index (MQUSLVA), not a discretionary trading book.calamos.com

Worth knowing

  • Launched in 2026, so there is no multi-cycle record behind it yet and less history to judge the strategy against.
  • You hold an options package, not the underlying companies, so outcomes follow the index rules and options pricing rather than a basket of stocks.calamos.com
  • Growth-only by design: the fund declares no income target and no distribution schedule, so nothing arrives as cash.calamos.com

CAGE Holdings

Asset class
Other
Holdings
4
Top-10 weight
101%
Largest holding
TRS RECEIVE MQAUTOCG: MerQube US Large-Cap Vol Adv AUTOCALL GROWTH IDX PAY US SOFR Rate +10bps - JPM51.1%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataTRS RECEIVE MQAUTOCG: MerQube US Large-Cap Vol Adv AUTOCALL GROWTH IDX PAY US SOFR Rate +10bps - JPM51.14%84,146$187M1
2CBOXCalamos Tax-Aware Collateral ETF40.46%1,449,599$148M4
3No dataUnited States Treasury Bill8.55%31,533,843$31.3M30
4No dataUs Dollar0.40%1,448,565$1.45M228

Showing 1–4 of 4 holdings

CAGE Performance

Launched Apr 15, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
CAGE$10,329
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. CAGE $10,329. SPY $10,141. Use the arrow keys to read each point.$10,000$10,250$10,500$10,750Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CAGE. Periods over one year show the average yearly return.
PeriodCAGE
Year to dateFund launched this yearNo data
1 month−0.3%
3 months+3.3%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CAGE
YearReturn barCAGE
2026 YTD+14.1%

History from Apr 16, 2026

CAGE in the news

CAGE Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

CAGE Risk

Risk pillarB66 out of 100Rank 4 of 25 in Index Option Income
How much the fund’s monthly returns vary, scaled to a year.
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.64
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CAGE Cost

Compare CAGE and LQDW

Overpaying vs LQDW, cheapest in Index Option Income

$7,375

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CAGE 0.74%

    $14,307

  • LQDW 0.34% Cheapest

    $6,932

$10,000
30 years

Cost over time

  • CAGE 0.74%
  • LQDW 0.34%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CAGE $14,307LQDW $6,932

Year by year

YearCAGELQDWOverpaying
10$1,319$616$703
20$5,015$2,386$2,629
30$14,307$6,932$7,375

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