Which is cheaper, CAGE or MRA?

CAGE charges 0.74% a year and MRA charges 1.07%, so CAGE is cheaper. Fees come from each fund's prospectus.

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CAGE vs MRA: which paid, and which earned it?

CAGE and MRA both write options for income. Calamos Autocallable Growth ETF and GraniteShares Autocallable MARA ETF.

0.0%

CAGE cash paid, since launch

13.7%

MRA cash paid, since launch

+14.4%

CAGE total return, since launch

+4.6%

MRA total return, since launch

CAGE · since launch to Sep 30, 20265.2 pts ahead of SPY

CAGE

+14.4%

SPY

+9.2%

5.2 pts ahead of SPY

CAGE since launch: paid 0.0%, price +14.4%, total +14.4%, SPY +9.2%, +5.2 pts.

SPY

+9.2%

CAGE

+14.4%

5.2 pts ahead of SPY

Total return, distributions reinvested

5.2 pts ahead of SPY

CAGE since launch: paid 0.0%, price +14.4%, total +14.4%, SPY +9.2%, +5.2 pts.

SPY

+9.2%

CAGE

+14.4%

5.2 pts ahead of SPY

0.0% of it arrived as cash. Total return, distributions reinvested. CAGE since launch: paid 0.0%, price +14.4%, total +14.4%, SPY +9.2%, +5.2 pts.

MRA · since launch to Sep 30, 202625.5 pts ahead of MARA

MRA

+4.6%

MARA

−20.9%

25.5 pts ahead of MARA

MRA since launch: paid 13.7%, price −10.4%, total +4.6%, MARA −20.9%, +25.5 pts.

MARA

−20.9%

MRA

+4.6%

13.7% cash

25.5 pts ahead of MARA

Total return, distributions reinvested

25.5 pts ahead of MARA

MRA since launch: paid 13.7%, price −10.4%, total +4.6%, MARA −20.9%, +25.5 pts.

MARA

−20.9%

MRA

+4.6%

25.5 pts ahead of MARA

13.7% of it arrived as cash. Both charts share one scale, 0 to +14.4%. MRA since launch: paid 13.7%, price −10.4%, total +4.6%, MARA −20.9%, +25.5 pts.

Performance, window by window

	Total return		Cash paid		Against the benchmark
Window	CAGE	MRA	CAGE	MRA	CAGE	MRA
3 months	+3.7%	+7.2%	0.0%	7.5%	+1.1 pts	+22.4 pts
Since launch CAGE Apr 2026 · MRA May 2026	+14.4%	+4.6%	0.0%	13.7%	+5.2 pts	+25.5 pts

CAGE and MRA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CAGE

Calamos Autocallable Growth ETF · Autocallable on SPY

MRA

GraniteShares Autocallable MARA ETF · Autocallable on MARA, paying monthly

Issuer Calamos GraniteShares

Strategy autocallable autocallable

Benchmark S&P 500 (SPY), used as a default proxy MARA (MARA)

Pays not established monthly

Payout rate, annualized not published 45.3%

Expense ratio 0.74% 1.07%

Cash paid, 1 year 0.0% (since launch on Apr 16, 2026) 13.7% (since launch on May 27, 2026)

Price change, 1 year +14.4% −10.4%

Total return, 1 year +14.4% (since launch on Apr 16, 2026) +4.6% (since launch on May 27, 2026)

Benchmark return, 1 year +9.2% −20.9%

Ahead or behind +5.2 pts +25.5 pts

Return of capital, latest estimate not published not published

Age 167 days 126 days

Net assets $14m $1m

CAGE and MRA on the same fields, as of Sep 30, 2026. Source: ETFIQ.

CAGE in plain words

Over the period since launch on Apr 16, 2026 to Sep 30, 2026, CAGE paid 0.0% of its starting value in cash distributions while its price rose 14.4%. With every distribution reinvested, the fund returned +14.4%. S&P 500 (SPY), used as a default proxy returned +9.2% over the same days, so a holder was ahead by 5.2 pts.

MRA in plain words

Over the period since launch on May 27, 2026 to Sep 30, 2026, MRA paid 13.7% of its starting value in cash distributions while its price fell 10.4%. With every distribution reinvested, the fund returned +4.6%. MARA (MARA) returned −20.9% over the same days, so a holder was ahead by 25.5 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 45.3%, paid monthly.

Questions people ask

Which is cheaper, CAGE or MRA?: CAGE charges 0.74% a year and MRA charges 1.07%, so CAGE is cheaper. Fees come from each fund's prospectus.

Other comparisons

CAGE vs JULJ CAGE vs MSR CAGE vs OCTH CAGE vs OCTJ MRA vs MSR MRA vs OCTH MRA vs OCTJ MRA vs PLA

S&P 500 (SPY) →CAGE on its own →MRA on its own →How every figure is computed →Standards and sources →

Where these figures came from

CAGE filings on SEC EDGAR ↗CAGE prospectus with the expense ratio (SEC) ↗Calamos website ↗MRA filings on SEC EDGAR ↗MRA prospectus with the expense ratio (SEC) ↗GraniteShares page for MRA ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CAGE against MRA, data as of Sep 30, 2026. https://etfiq.com/compare/income/cage-vs-mra

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.