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Launched

Calamos Autocallable Growth ETF

CAGENYSE ArcaB

$29.90+0.04 (+0.13%)

As of Oct 13, 2026, 3:59 PM

B66/ 100

Rank 7 of 25 in Index Option Income

B66/100Rank 7 of 25inIndex Option Income
Intraday session: up, 39 prints from 29.86 to 29.90. Range 29.75 to 29.95. Use the arrow keys to read each point.29.7529.8029.9510 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$176M
1Y total return
—
Yield · Last 12 months
—
Holdings
4
Avg volume · 30D
0.1M sh
NAV per share
$29.87
52W range
low $25.00high $30.14
Launched

The ETF.net CAGE Grade

Based on 4 of 6 pillars

B

Score 66 out of 100

Category
Index Option Income⁠
Rank
7 of 25
Six-pillar profile for CAGE. Scores out of 100: Cost 67, Risk 70, Mission not scored, Tradability 67, Holdings not scored, Durability 52. Strongest: Risk (70). Weakest: Durability (52). Based on 4 of 6 pillars.

Score 66 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.
    B67 out of 100
    Rank 8 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.
    A70 out of 100
    Rank 3 of 25

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 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 15 of 25

Our read on CAGE

ETF.net Research

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

  1. 01Unusual mandate: a laddered stack of long-dated autocallable growth options on a US large-cap index, held synthetically rather than as shares.calamos.com
  2. 02Fees 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%).
  3. 03Exposure 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

  1. 01Launched in 2026, so there is no multi-cycle record behind it yet and less history to judge the strategy against.
  2. 02You 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
  3. 03Growth-only by design: the fund declares no income target and no distribution schedule, so nothing arrives as cash.calamos.com

CAGE Holdings

As of Oct 12, 2026
Asset class
Other
Holdings
4
Top-10 weight
100%
Largest holding
TRS RECEIVE MQAUTOCG: MerQube US Large-Cap Vol Adv AUTOCALL GROWTH IDX PAY US SOFR Rate +10bps - JPM51.8%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TRS RECEIVE MQAUTOCG: MerQube US Large-Cap Vol Adv AUTOCALL GROWTH IDX PAY US SOFR Rate +10bps - JPM51.83%76,955$175M1
002CBOXCalamos Tax-Aware Collateral ETF39.85%1,320,803$135M3
003—United States Treasury Bill8.43%28,784,843$29M21
004—Us Dollar0.36%1,233,805$1M235

Showing 1–4 of 4 holdings

CAGE Performance

Launched Apr 16, 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$10,570
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. CAGE $10,570. SPY $10,332. Use the arrow keys to read each point.$9,313$10,005$10,697Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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 year—
1 month+4.7%
3 months+5.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, 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+19.4%

Since listing, 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 12, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

CAGE Risk

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.

CAGE Cost

Expense ratio0.74%
  • The middle half of Index Option Income funds
  • Median 0.81%

7 of the 25 Index Option Income funds charge less.

CAGE costs $74.00 a year on $10,000. The median Index Option Income fund costs $81.00.

Other funds in Index Option Income

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