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CAGE vs LQDW

Calamos Autocallable Growth ETF

CAGEBNYSE Arca

iShares Investment Grade Corporate Bond BuyWrite Strategy ETF

LQDWACboe

Overlap

Expense ratio

LQDW −0.40pt a year

CAGE0.74%LQDW0.34%

Avg volume · 30D

LQDW 1.1×the volume

CAGE102KLQDW107K

CAGE vs LQDW Performance

Jul 31, 2026 – Oct 30, 2026

+3.3%CAGE+0.8%LQDW

Jul 31, 2026 to Oct 30, 2026. CAGE +3.3%. LQDW +0.8%. Use the arrow keys to read each point.−2%2%6%8%Jul 2026Sep 2026Oct 2026
Expense ratio
CAGE 0.74%
LQDW 0.34%, better
Fund size
CAGE $182M
LQDW $353M
1Y total return
CAGE No data
LQDW +2.0%
Yield (12M)
CAGE No data
LQDW 12.38%
Holdings
CAGE 4
LQDW 3192
Avg volume (30D)
CAGE 102K sh
LQDW 107K sh, better
NAV per share
CAGE $28.37
LQDW $22.87
52W range

ETF.net Grade

CAGE: Cost 63, Risk 66, Mission not scored, Tradability 62, Holdings not scored, Durability 52. LQDW: Cost 100, Risk 66, Mission 94, Tradability 78, Holdings 100, Durability 82.
Pillar letters and Scores for CAGE, LQDW, with each pillar’s weight
PillarCAGELQDW
Cost30% weightB63A100Higher
Mission25% weightNot scoredA94
Risk15% weightB66B66
Tradability15% weightB62A78Higher
Holdings10% weightNot scoredA100
Durability5% weightC52A82Higher

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 LQDW 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 ›

LQDW ranks 1st 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 6BNIHINEOS MSCI EAFE High Income ETFScore 66
  4. Rank 9BCAGECalamos Autocallable Growth ETFScore 62
  5. Rank 9BHOLAJPMorgan International Hedged Equity Laddered Overlay ETFScore 62

Our read on each fund

ETF.net Research

CAGEBCalamos Autocallable Growth ETF

LQDWAiShares Investment Grade Corporate Bond BuyWrite Strategy 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.

LQDW Covered calls, but on bonds. LQDW owns iShares' flagship investment-grade corporate bond fund and writes monthly calls against it, paying distributions monthly, at less than half the option-income cohort's median fee.

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.

LQDW The fund seeks to track a strategy holding LQD while writing monthly covered calls to generate income.

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
  • LQDW At 0.34%, it undercuts the typical option-income fund by well over half (cohort median 0.75%), so less of the premium collected leaks out as fees.
  • One ticker buys the whole trade: shares of LQD plus a rules-based monthly call overlay. No options approval, no roll dates to babysit.ishares.com
  • A thin niche. Most option-income funds write calls on stock baskets; this one sits on investment-grade corporate credit instead.
  • Distributions land monthly, and since its 2022 launch the fund has stuck closely to its stated strategy, among the tighter 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
  • LQDW Written calls cap the upside. If corporate bonds rally hard, the premium collected is the consolation for price gains handed to the call buyer.
  • Premium cushions, it does not shield. Widening credit spreads or rising rates still hit the underlying bond portfolio.
  • Mid-sized and moderately traded rather than a giant, so spreads can run wider than in the biggest option-income names, especially in fast markets.

Full CAGE profile⁠

Full LQDW profile⁠

CAGE vs LQDW 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 LQDW Cost

Overpaying CAGE vs LQDW

$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%

    $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

Expense ratio

  • 0.74%CAGE
  • 0.34%LQDW, cheaper
  • Middle half of Index Option Income funds
  • Median 0.81%

LQDW cheapest of 25 funds

CAGE 9th cheapest of 25 funds

CAGE vs LQDW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CAGE No data
LQDW 12.38%
Payout (12M)
CAGE None
LQDW $2.83
Last payment
CAGE No data
LQDW $0.38
Ex-dividend
CAGE No data
LQDW Oct 2, 2026
Paid on
CAGE No data
LQDW Oct 7, 2026
Frequency
CAGE No data
LQDW Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CAGEAll CAGE payments⁠

No distribution history available.

LQDWMonthly · 45 paymentsAll LQDW payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 2, 2023 $0.61; Mar 2, 2023 $0.47; Apr 4, 2023 $0.55; May 2, 2023 $0.45; Jun 2, 2023 $0.42; Jul 5, 2023 $0.62; Aug 2, 2023 $0.23; Sep 5, 2023 $0.39; Oct 3, 2023 $0.40; Nov 2, 2023 $0.42; Dec 4, 2023 $0.56; Dec 22, 2023 $0.62; Feb 2, 2024 $0.41; Mar 4, 2024 $0.47; Apr 2, 2024 $0.25; May 2, 2024 $0.36; Jun 4, 2024 $0.26; Jul 2, 2024 $0.32; Aug 2, 2024 $0.30; Sep 4, 2024 $0.34; Oct 2, 2024 $0.35; Nov 4, 2024 $0.23; Dec 3, 2024 $0.31; Dec 20, 2024 $0.53; Feb 4, 2025 $0.43; Mar 4, 2025 $0.26; Apr 2, 2025 $0.27; May 2, 2025 $0.56; Jun 3, 2025 $0.45; Jul 2, 2025 $0.29; Aug 4, 2025 $0.31; Sep 3, 2025 $0.24; Oct 2, 2025 $0.24; Nov 4, 2025 $0.34; Dec 2, 2025 $0.27; Dec 23, 2025 $0.27; Feb 3, 2026 $0.22; Mar 3, 2026 $0.16; Apr 2, 2026 $0.30; May 4, 2026 $0.17; Jun 2, 2026 $0.18; Jul 2, 2026 $0.19; Aug 4, 2026 $0.20; Sep 2, 2026 $0.15; Oct 2, 2026 $0.38. Use the arrow keys to read each point.$0$0.5020232026YTD

CAGE vs LQDW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAGE No dataLQDW 4.2%
Return per unit of riskSharpe ratio, 3 years
CAGE No dataLQDW 0.16
Worst fallMax drawdown, 5 years
CAGE No dataLQDW −9.2%since Aug 2022
Market sensitivityBeta, 5 years
CAGE 1.64LQDW 0.59

CAGE and LQDW in the news

All news⁠

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