Calamos Autocallable Growth ETF (CAGE)

The Calamos Autocallable Growth ETF (CAGE) is a fund from Calamos Investments that seeks returns linked to a portfolio of autocallable notes, a type of structured product that pays a set return if an underlying equity index stays above certain levels and is automatically called when conditions are met.

Rather than buying individual notes, the fund gains exposure to a laddered set of hypothetical autocallables, typically through swaps or other derivatives, with the remainder in short-term high-quality instruments. The growth-oriented version emphasizes accumulation of return rather than regular income distributions.

Calamos, based in Naperville, Illinois, offers several autocallable ETFs alongside its structured protection and options-based fund lineup.