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CAGE

GradeBNew York Stock Exchange Arca

Calamos Autocallable Growth ETF

Option Income · Calamos · Inception 2026-04-16

$29.06−0.38 (−1.29%)

As of Sep 23, 2026, 2:12 PM EDT

History starts Apr 16, 2026.History starts Apr 16, 2026.History starts Apr 16, 2026.
Intraday session: down, 26 prints from 29.44 to 29.06. Range 28.95 to 29.37. Use the arrow keys to read each point.$29.00$29.20$29.4010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$160M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$29.41
52W range
low $25.00high $29.72

The ETF.net CAGE Grade

B

65/ 100

Rank 6 of 25 in Index Option Income⁠

Confidence Medium

Six-pillar profile for CAGE. Scores out of 100: Cost 67, Risk 66, Mission not scored, Tradability 66, Holdings not scored, Durability 50. Strongest: Cost (67). Weakest: Durability (50). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 65 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 67
    Category rank8/25 · top 32%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 66
    Category rank4/23 · top 17%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 66
    Category rank7/25 · top 28%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank19/25 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 9:03 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
TRS RECEIVE MQAUTOCG: MerQube US Large-Cap Vol Adv AUTOCALL GROWTH IDX PAY US SOFR Rate +10bps - JPM50.8%

Geography

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 - JPM50.76%70,075$152M1
002CBOXCalamos Tax-Aware Collateral ETF40.65%1,197,200$122M3
003—United States Treasury Bill8.62%26,146,843$26M10
004—US DOLLAR0.38%1,141,244$1M231

Showing 1–4 of 4 holdings

CAGE Performance

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

CAGE$10,667
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. CAGE $10,667. SPY $10,415. Use the arrow keys to read each point.$9,542$10,183$10,824Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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+2.8%
3 months+6.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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+17.7%

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 Sep 22, 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.
1.68
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.