CAGE vs SCA: which paid, and which earned it?
CAGE and SCA both write options for income. Calamos Autocallable Growth ETF and GraniteShares Autocallable SMCI ETF.
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.
10.3 pts ahead of SMCI
SCA since launch: paid 12.8%, price +2.9%, total +17.8%, SMCI +7.5%, +10.3 pts.
SMCI
+7.5%
SCA
+17.8%
12.8% of it arrived as cash
10.3 pts ahead of SMCI
Total return, distributions reinvested
10.3 pts ahead of SMCI
SCA since launch: paid 12.8%, price +2.9%, total +17.8%, SMCI +7.5%, +10.3 pts.
SMCI
+7.5%
SCA
+17.8%
12.8% as cash
10.3 pts ahead of SMCI
12.8% of it arrived as cash. Both charts share one scale, 0 to +17.8%. SCA since launch: paid 12.8%, price +2.9%, total +17.8%, SMCI +7.5%, +10.3 pts.
Performance, window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | CAGE | SCA | CAGE | SCA | CAGE | SCA |
| 3 months | +3.7% | +38.2% | 0.0% | 8.0% | +1.1 pts | −10.4 pts |
| Since launch CAGE Apr 2026 · SCA May 2026 | +14.4% | +17.8% | 0.0% | 12.8% | +5.2 pts | +10.3 pts |
CAGE and SCA 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 and SCA 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.
SCA in plain words
Over the period since launch on May 27, 2026 to Sep 30, 2026, SCA paid 12.8% of its starting value in cash distributions while its price rose 2.9%. With every distribution reinvested, the fund returned +17.8%. Super Micro (SMCI) returned +7.5% over the same days, so a holder was ahead by 10.3 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 36.6%, paid monthly. GraniteShares estimates that 29% of the distribution paid Sep 11, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
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ETFIQ, CAGE against SCA, data as of Sep 30, 2026. https://etfiq.com/compare/income/cage-vs-sca
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CAGE against SCA, data as of Sep 30, 2026. https://etfiq.com/compare/income/cage-vs-sca Free to use with attribution; the underlying files are at Open data.
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- ETFIQ, CAGE against SCA, data as of Sep 30, 2026. https://etfiq.com/compare/income/cage-vs-sca
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- ETFIQ. (Sep 30, 2026). CAGE against SCA. Retrieved from https://etfiq.com/compare/income/cage-vs-sca
- Markdown
- [CAGE against SCA (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/income/cage-vs-sca)