Which is cheaper, CAGE or PAYM?

CAGE and PAYM both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

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CAGE vs PAYM: Dividend Yield & Total Return

CAGE and PAYM both write options for income. Net assets on Jul 31, 2026: $106m for Calamos Autocallable Growth ETF and $128m for TrueShares S&P Autocallable Defensive Income ETF.

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Answers cite the figures on this page.

Both cost 0.74% a year; PAYM is 1.2 times larger.

Points (pts) are percentage points.

CAGE vs PAYM: Dividend Yield & Total Return
	CAGE	PAYM
Expense ratio	0.74%	0.74%
Net assets, as of Jul 31, 2026	$106m	$128m
Benchmark	S&P 500, measured through SPY	not published
Holdings in common	0%
Against its benchmark, same days	ahead by 5.7 pts
Price change	rose 15.8% (since Apr 16, 2026)	fell 2.6% (since May 28, 2026)

Holdings in common uses holdings dated Jul 31, 2026.

0.0%

CAGE cash paid, since launch, Apr 16, 2026

4.0%

PAYM cash paid, since launch, May 28, 2026

+15.8%

CAGE total return, since launch, Apr 16, 2026

+1.5%

PAYM total return, since launch, May 28, 2026

CAGE · since launch to Oct 20, 20265.6 pts ahead of SPY

CAGE

+15.8%

SPY

+10.2%

5.6 pts ahead of SPY

CAGE since launch: paid 0.0%, price +15.8%, total +15.8%, SPY +10.2%, +5.6 pts. Figures to Oct 20, 2026.

SPY

+10.2%

CAGE

+15.8%

5.6 pts ahead of SPY

Total return, distributions reinvested

5.6 pts ahead of SPY

CAGE since launch: paid 0.0%, price +15.8%, total +15.8%, SPY +10.2%, +5.6 pts. Figures to Oct 20, 2026.

SPY

+10.2%

CAGE

+15.8%

5.6 pts ahead of SPY

0.0% of it arrived as cash. Total return, distributions reinvested. CAGE since launch: paid 0.0%, price +15.8%, total +15.8%, SPY +10.2%, +5.6 pts. Figures to Oct 20, 2026.

Figures to Oct 20, 2026.

PAYM · since launch to Oct 20, 2026Not measured

PAYM

+1.5%

none

Not measured

PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.

PAYM

+1.5%

Total return, distributions reinvested

Not measured

PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.

PAYM

+1.5%

4.0% of it arrived as cash. Both charts share one scale, with zero at the line. PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.

Figures to Oct 20, 2026.

What they hold in common

By the books each fund has filed, CAGE and PAYM hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

50%

half

0% in common

Positions both hold, largest shared weight first

Holding CAGE PAYM

Only in CAGE

Calamos Tax-Aware Collateral ETF 80.98%

Only in PAYM

Check overlap with more funds →

Performance, window by window

Performance, window by window: CAGE vs PAYM: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CAGE	PAYM	CAGE	PAYM	CAGE	PAYM
3 months	+4.6%	+1.2%	0.0%	2.5%	+1.6 pts	not measured
6 months	+15.0%	–	0.0%	–	+5.2 pts	–
Since launch Not the same days: CAGE Apr 2026 · PAYM May 2026	+15.8%	+1.5%	0.0%	4.0%	+5.7 pts	not measured

Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CAGE

Calamos Autocallable Growth ETF · Autocallable on SPY

PAYM

TrueShares S&P Autocallable Defensive Income ETF · Autocallable, paying monthly

Issuer Calamos TrueShares

Strategy autocallable autocallable

Benchmark S&P 500 (SPY) none

Pays not established monthly

Payout rate, annualized not published 10.0%

Expense ratio 0.74% 0.74%

Cash paid, 1 year 0.0% (since launch, Apr 16, 2026) 4.0% (since launch, May 28, 2026)

Price change, 1 year +15.8% (since launch, Apr 16, 2026) −2.6% (since launch, May 28, 2026)

Total return, 1 year +15.8% (since launch, Apr 16, 2026) +1.5% (since launch, May 28, 2026)

Benchmark return, 1 year +10.2% (since launch, Apr 16, 2026) not published

Ahead or behind +5.6 pts (since launch, Apr 16, 2026) not available

Return of capital, latest estimate not published not published

Age 187 days 145 days

Net assets, as of Jul 31, 2026 $106m $128m

As of Oct 20, 2026. Source: ETFIQ. Cash paid is what the fund distributed over the window, as a share of its price at the start. Payout rate is its latest payment, annualized, over today’s price.

About CAGE

Over the period from its first trade on Apr 16, 2026 to Oct 20, 2026, CAGE paid 0.0% of its starting value in cash distributions while its price rose 15.8%. With every distribution reinvested, the fund returned +15.8%. S&P 500 (SPY) returned +10.2% over the same days, so a holder was ahead by 5.7 pts.

About PAYM

Over the period from its first trade on May 28, 2026 to Oct 20, 2026, PAYM paid 4.0% of its starting value in cash distributions while its price fell 2.6%. With every distribution reinvested, the fund returned +1.5%. At its price on Oct 20, 2026 the latest distribution annualizes to 10.0%, paid monthly.

Questions people ask

Which is cheaper, CAGE or PAYM?: CAGE and PAYM both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

CAGE vs ACII CAGE vs CAIQ CAGE vs PAYH CAGE vs IACL PAYM vs JANH PAYM vs JULH PAYM vs OCTH PAYM vs OCTJ

S&P 500 (SPY) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →CAGE on its own →PAYM on its own →CAGE holdings →PAYM dividend history →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 ↗PAYM filings on SEC EDGAR ↗PAYM prospectus with the expense ratio (SEC) ↗TrueShares website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CAGE against PAYM, data as of Oct 20, 2026. https://etfiq.com/compare/income/cage-vs-paym

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.