Calamos Launches World's First Autocallable Growth ETF

CAGE Targets Long-Term Tax-Efficient Capital Growth, Democratizing Access to $40 Billion Autocallable Market

Apr. 15, 2026 at 6:37pm

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An extreme close-up of a complex, gear-driven financial mechanism in shades of steel grey and gunmetal, conceptually representing the secure, powerful infrastructure of institutional banking and wealth management.CAGE ETF launch signals the arrival of sophisticated autocallable growth strategies in the retail investment market.Chicago Today

Calamos, a leading alternatives manager, has announced the launch of the Calamos Autocallable Growth ETF (CAGE), the first ETF to deliver the popular autocallable growth category. CAGE is intended for investors focused on wealth accumulation, offering efficient access to a portfolio of laddered growth autocallables that automatically reinvest coupons, compounding growth in a tax-deferred manner.

Why it matters

Autocallables have historically been reserved for high net worth and institutional investors, but CAGE brings this powerful growth vehicle to the ETF market. By democratizing access, CAGE could enable lower equity allocations or amplify growth exposure for investors, making growth sleeves more efficient.

The details

CAGE is based on a laddered autocallable index tied to large-cap U.S. stocks, with a historical annualized return of 23.75%. The ETF features a "coupon memory" function, whereby coupons are not lost in down markets but stored and paid in full when markets recover, creating a long-term compounding growth engine. J.P. Morgan will serve as the primary swap counterparty, MerQube as the index provider, and Calamos as the issuer and portfolio manager.

  • CAGE will launch on April 16, 2026.

The players

Calamos

A diversified global investment firm headquartered in the Chicago metropolitan area, offering innovative investment strategies including alternatives, multi-asset, and sustainable equity. Calamos has over $47 billion in AUM as of March 31, 2026.

John Koudounis

President and CEO of Calamos.

Matt Kaufman

SVP, Head of ETFs at Calamos.

J.P. Morgan

The primary swap counterparty for CAGE.

MerQube

The index provider for the MerQube Large-Cap Vol Advantage Autocallable Growth Index, which CAGE is based on.

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What they’re saying

“Today, we are bringing the future of growth investing into the ETF market with CAGE.”

— John Koudounis, President and CEO of Calamos

“Many know autocallables as a powerful vehicle for high income, but they can be a tremendous engine for growth, too.”

— Matt Kaufman, SVP, Head of ETFs at Calamos

What’s next

CAGE will begin trading on the NYSE on April 16, 2026.

The takeaway

CAGE democratizes access to the powerful autocallable growth category, potentially enabling more efficient growth exposure for investors focused on long-term capital appreciation.