Calamos Autocallable Growth ETF (CAGE)
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CAGE Chart
The Autocallable Advantage: Outpace Bonds With Total Return
Back on June 25, 2025, Calamos Investments released the Calamos Autocallable Income ETF (CAIE). CAIE, which provides regular income and eventual principal through exposure to a laddered collection of autocallable yield notes, certainly turned more than a few heads when it first came to market.
Curious if Autocallable Growth Works? Use the Rule of 72
Broadly speaking, most investors and advisors who have been trading for a while are well aware of the Rule of 72. The easy formula helps individuals estimate roughly how long it will take for their investment to double in value.
Calamos Autocallable Growth ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 50,521 | $1.4M | $1.48M | $79,820.09 | 5.7% |
| BR Bill Reuther SILVER OAK SECURITIES Inc.ORPORATED | 18,151 | $502,964.21 | $531,642.79 | $28,678.58 | 5.7% |
| MFA Millington Financial Advisors LLC Millington Financial Advisors LLC | 18,709 | $514,872 | $547,986.61 | $33,114.61 | 6.43% |
| DWM Diversify Wealth Management LLC DIVERSIFY WEALTH MANAGEMENT, LLC | 20,779 | $563,734 | $574,123.77 | $10,389.77 | 1.84% |
 Scott M. Freund Family Office Research LLC | 8,276 | $229,320 | $228,665.88 | -$654.12 | -0.29% |
Calamos Autocallable Growth ETF (CAGE) FAQ
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Calamos Autocallable Growth ETF Profile
| ARCA Exchange | US Country |
Overview
CAGE is a financial service provider that offers investors access to a diversified portfolio through a series of synthetic autocallable notes. The strategy is designed to provide enhanced exposure to U.S. large-cap stocks while offering principal protection against significant market downturns. The portfolio is actively managed, featuring a mix of unfunded total return swaps and Exchange-Traded Funds (ETFs) to optimize risk and return. CAGE implements a weekly rebalance of the portfolio, reinvesting any generated coupons to maximize growth and yield for its investors.
Products and Services
- Synthetic Autocallable Notes:
This product allows investors to participate in market performance through contingent coupon payments and principal protection. The autocallable notes are linked to an underlying index, primarily reflecting the performance of U.S. large-cap stocks, and feature an annual observation date for the autocall mechanism.
- Total Return Swaps:
As part of the portfolio strategy, unfunded total return swaps provide investors exposure to the returns of specific assets without requiring immediate capital outlay. This alternative investment strategy allows for increased leverage while managing overall exposure.
- Exchange-Traded Funds (ETFs):
The ETFs included in the CAGE portfolio provide a diversified and liquid means of investment. With a 5-year stated maturity and an initial 1-year non-callable period, these ETFs offer principal protection, provided the underlying index performance meets the maturity barrier of -50% at maturity.
- Portfolio Rebalancing:
The CAGE portfolio is rebalanced weekly to ensure that the investment mix remains aligned with market trends and risk profiles. This strategy helps in managing performance and optimizing returns over time.
- Coupon Payments and Aggregation:
Coupon payments from the autocallable notes are distributed based on the performance of the underlying index. If the index exceeds 100% during annual observation dates, these coupons are paid, and any unpaid coupons over the period are aggregated and payable upon maturity or early call.
- Principal Protection Mechanism:
Investors benefit from a safeguard against downside risk through principal protection. As long as the underlying index stays above a threshold of -50% at the time of maturity, the investment capital is protected from significant losses.
- Options Trading Strategies:
CAGE utilizes advanced trading techniques, including box spreads and FLEX options, to enhance portfolio management and optimize returns. These strategies are essential in managing risk while allowing for potential upside in varied market conditions.
- Cayman Island Subsidiary:
The use of a Cayman Island subsidiary allows for tax efficiency and regulatory advantages, enhancing the overall return potential for investors. This structure supports the strategic management of the fund's investments.
