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CAGE vs KNG

Calamos Autocallable Growth ETF

CAGEBNYSE Arca

FT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF

KNGACboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CAGE0.74%KNG0.74%

Avg volume · 30D

KNG 3.1×the volume

CAGE102KKNG311K

CAGE vs KNG Performance

Jul 31, 2026 – Oct 30, 2026

+3.3%CAGE+3.8%KNG

Jul 31, 2026 to Oct 30, 2026. CAGE +3.3%. KNG +3.8%. Use the arrow keys to read each point.−2.5%0%7.5%Jul 2026Sep 2026Oct 2026
Expense ratio
CAGE 0.74%
KNG 0.74%
Fund size
CAGE $182M
KNG $3.41B
1Y total return
CAGE No data
KNG +16.3%
Yield (12M)
CAGE No data
KNG 8.16%
Holdings
CAGE 4
KNG 70
Avg volume (30D)
CAGE 102K sh
KNG 311K sh, better
NAV per share
CAGE $28.37
KNG $51.65
52W range

ETF.net Grade

CAGE: Cost 63, Risk 66, Mission not scored, Tradability 62, Holdings not scored, Durability 52. KNG: Cost 63, Risk 67, Mission not scored, Tradability 92, Holdings 81, Durability 96.
Pillar letters and Scores for CAGE, KNG, with each pillar’s weight
PillarCAGEKNG
Cost30% weightB63B63
Mission25% weightNot scoredNot scored
Risk15% weightB66B67Higher
Tradability15% weightB62A92Higher
Holdings10% weightNot scoredA81
Durability5% weightC52A96Higher

Rank among Index Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CAGE and KNG are both graded against the same 25 Index Option Income funds, so their Grades compare head to head.

Index Option Income⁠

Category · 25 funds
See all 25 ›

KNG ranks 3rd and CAGE 9th of 25 funds in the Index Option Income Category.

  1. Rank 1ALQDWiShares Investment Grade Corporate Bond BuyWrite Strategy ETFScore 87
  2. Rank 2AEFAAInvesco MSCI EAFE Income Advantage ETFScore 78
  3. Rank 3AKNGFT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETFScore 73
  4. Rank 4BIDUBAptus International Enhanced Yield ETFScore 68
  5. Rank 6BNIHINEOS MSCI EAFE High Income ETFScore 66
  6. Rank 9BCAGECalamos Autocallable Growth ETFScore 62
  7. Rank 9BHOLAJPMorgan International Hedged Equity Laddered Overlay ETFScore 62

Our read on each fund

ETF.net Research

CAGEBCalamos Autocallable Growth ETF

KNGAFT Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF

In short

CAGE Autocallable 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.

KNG Dividend Aristocrats with an income motor bolted on. KNG equal-weights the S&P 500's 25-year dividend raisers, then sells calls on each stock, sized by rule to hit an income target above the index's yield. Monthly payer since 2018.

Stated mandate

CAGE 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.

KNG The Fund seeks to track the price and yield of the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series before fees and expenses.

Why people hold it

  • CAGE 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
  • KNG Base portfolio is the S&P 500 Dividend Aristocrats: roughly 140 companies that have raised dividends for at least 25 straight years, held equal-weighted instead of by market cap.cboe.com
  • The overlay is written stock by stock, not as one index-level call, and the call count floats by rule to chase an income target set against the S&P 500's dividend yield.sec.govcboe.com
  • Calls cover only part of each position, so a slice of every holding stays uncapped. Income lands monthly.sec.gov
  • Running since 2018, well before the covered-call crowd showed up, and one of the stronger implementations in its peer group.

Worth knowing

  • CAGE 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
  • KNG Calls cap the upside on the covered portion of each stock, so in a fast rally those shares can lag the Aristocrats the fund holds outright.sec.gov
  • Coverage floats with option pricing, so how much of the portfolio is written against (and how much upside stays open) shifts over time.cboe.comsec.gov
  • Distributions can include return of capital, which trims your cost basis. At 0.74%, the fee sits about level with the 0.75% cohort median, and it prices like an options strategy.

Full CAGE profile⁠

Full KNG profile⁠

CAGE vs KNG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAGE vs KNG Cost

Same expense ratio

$14,307

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

  • CAGE 0.74%

    $14,307

  • KNG 0.74%

    $14,307

$10,000
30 years

Cost over time

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

Year by year

YearCAGEKNG
10$1,319$1,319
20$5,015$5,015
30$14,307$14,307

Expense ratio

  • 0.74%CAGE
  • 0.74%KNG
  • Middle half of Index Option Income funds
  • Median 0.81%

CAGE 9th cheapest of 25 funds

KNG 9th cheapest of 25 funds

CAGE vs KNG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CAGE No data
KNG 8.16%
Payout (12M)
CAGE None
KNG $4.22
Last payment
CAGE No data
KNG $0.35
Ex-dividend
CAGE No data
KNG Oct 21, 2026
Paid on
CAGE No data
KNG Oct 30, 2026
Frequency
CAGE No data
KNG Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CAGEAll CAGE payments⁠

No distribution history available.

KNGMonthly · 41 paymentsAll KNG payments⁠
One bar per payment. 41 payments from 2023 to 2026 YTD. Mar 24, 2023 $0.51; Jun 27, 2023 $0.51; Aug 22, 2023 $0.55; Sep 22, 2023 $0.38; Oct 24, 2023 $0.36; Nov 21, 2023 $0.36; Dec 22, 2023 $0.38; Jan 23, 2024 $0.37; Feb 21, 2024 $0.37; Mar 21, 2024 $0.38; Apr 23, 2024 $0.37; May 21, 2024 $0.38; Jun 27, 2024 $0.37; Jul 23, 2024 $0.38; Aug 21, 2024 $0.38; Sep 26, 2024 $0.39; Oct 22, 2024 $0.39; Nov 21, 2024 $0.38; Dec 13, 2024 $0.38; Jan 22, 2025 $0.36; Feb 21, 2025 $0.36; Mar 27, 2025 $0.36; Apr 22, 2025 $0.35; May 21, 2025 $0.36; Jun 26, 2025 $0.35; Jul 22, 2025 $0.36; Aug 21, 2025 $0.36; Sep 25, 2025 $0.35; Oct 21, 2025 $0.34; Nov 21, 2025 $0.34; Dec 12, 2025 $0.34; Jan 21, 2026 $0.36; Feb 20, 2026 $0.37; Mar 26, 2026 $0.34; Apr 21, 2026 $0.35; May 21, 2026 $0.34; Jun 25, 2026 $0.35; Jul 21, 2026 $0.36; Aug 21, 2026 $0.36; Sep 24, 2026 $0.34; Oct 21, 2026 $0.35. Use the arrow keys to read each point.$0$0.5020232026YTD

CAGE vs KNG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAGE No dataKNG 12.1%
Return per unit of riskSharpe ratio, 3 years
CAGE No dataKNG 0.64
Worst fallMax drawdown, 5 years
CAGE No dataKNG −18.2%
Market sensitivityBeta, 5 years
CAGE 1.64KNG 0.57

CAGE and KNG in the news

All news⁠

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