Calamos Unveils CAGE To Bring Autocallable Growth Strategies To Mainstream Investors
Calamos is expanding its structured ETF lineup with the launch of the Calamos Autocallable Growth ETF (NYSE:CAGE), marking what it calls the first ETF to bring autocallable growth strategies into a liquid, tax-efficient wrapper.
The fund is designed for long-term wealth accumulation and is built on a laddered autocallable index tied to large-cap U.S. equities, with coupons automatically reinvested to enhance compounding.
According to the firm, the underlying strategy has delivered a historical annualized return of 23.75%, underscoring the growing appeal of structured growth products beyond traditional income-focused autocallables.
The launch builds on the success of Calamos' earlier income-focused offerings, such as the Calamos Autocallable Income ETF (NYSE:CAIE) and Calamos Autocallable Income ETF (NYSE:CAIQ), as demand for structured note exposure continues to rise.
Autocallables accounted for roughly $120 billion in issuance in 2025, with growth-oriented variants making up about a third of the market. By packaging these strategies into an ETF, Calamos aims to democratize access to instruments historically limited to institutional and high-net-worth investors, while introducing features like "coupon memory," which allows missed payouts during downturns to accrue and be paid when markets recover.
Key CAGE Features
- Strategy: Exposure to 52+ laddered autocallable notes, staggered weekly for diversification
- Objective: Amplified long-term capital appreciation through reinvested coupons
- Structure: Synthetic autocallables with built-in compounding and tax deferral benefits
- Index provider: MerQube (tracking a large-cap volatility-managed autocallable index)
- Expense ratio: 0.74%
Underlying Autocallable Characteristics
- Maturity: 5 years
- Coupon barrier: 0%
- Principal protection barrier: -50%
- Observation frequency: Annual
With CAGE, Calamos is effectively positioning autocallable growth strategies as a core portfolio allocation tool—offering a hybrid between structured products and equity exposure, but in a more accessible ETF format.