IQ

CAGE Calamos Autocallable Growth ETF

Share ▾
Share on XDownload as PDF
$29.35
+0.7% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Since launch in Apr 2026, CAGE paid no cash and returned 17.4% in total, against 10.6% for SPY.

Why did CAGE return +10.7% against SPY’s +7.0%?What can CAGE’s first months tell me?What does CAGE cost to hold and to trade?
Autocallable on SPYCalamos ↗Expense ratio 0.74%Fund assets $106m net assets, latest filing (Jul 31, 2026)First traded Apr 16, 2026Benchmark S&P 500 (SPY)SEC filings ↗Every Calamos fund ETFIQ covers

Promise check: Not measuredIt paid no cash over a year, or since a launch at least six months back.

Compare with…Trading costsPut to the committeeaskIQ about CAGEAdd to portfolioFlowsAlerts

CAGE risk and return scorecard

vs SPY · Apr 2026 to Oct 2026 · 26 weekly returns · dividend-adjusted

Short history · 6 months
CAGE +10.7%, SPY +7.0%, Apr 2026 to Oct 2026, distributions reinvested.

26 weekly returns: annualized numbers and ratios need 52.

Return
MeasureCAGESPYEdge
Total return+10.7%+7.0%CAGE
Price return+10.7%+6.4%CAGE
Risk
MeasureCAGESPYEdge
Max drawdown−5.2%−3.4%SPY
Alpha vs SPY
MeasureCAGESPYEdge
Beta to SPY1.651.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
Since Apr 2026
+$104m
askIQ: what do these flows mean? ↗

What you earned

CAGE +2.0%, SPY +0.9%: total return over one month to Oct 28, 2026.
CAGE+2.0%
SPY+0.9%
Paid 0.0% in cash. Price +2.0%.
CAGE +10.4%, SPY +6.1%: total return over three months to Oct 28, 2026.
CAGE+10.4%
SPY+6.1%
Paid 0.0% in cash. Price +10.4%.
CAGE +14.4%, SPY +9.1%: total return over six months to Oct 28, 2026.
CAGE+14.4%
SPY+9.1%
Paid 0.0% in cash. Price +14.4%.
CAGE +17.4%, SPY +10.6%: total return since launch to Oct 28, 2026.
CAGE+17.4%
SPY+10.6%
Paid 0.0% in cash. Price +17.4%.
askIQ: why did CAGE return +17.4% against SPY’s +10.6%? ↗

What can be shown yet

First traded Apr 16, 2026
0.0%
Cash paid, since launch, on its starting price
Report
+17.4%
Total return, since launch
Report
+6.8 pts
Against SPY
Report
not published
Latest payout, annualized on today’s price
CAGE has traded for 195 days. Numbers that need a year of prices are not shown yet.
Shown now
BenchmarkS&P 500 (SPY)
Net assets$106m
Expense ratio0.74%
First tradedApr 16, 2026
Not yet
One-year returnfrom Apr 16, 2027
Three-year returnfrom Apr 16, 2029
askIQ: what can CAGE’s first months tell me? ↗

More on CAGE

Every number below is on this page. Open what you need.

The week's ETF fund flows, by email on Sundays.

One-click unsubscribe. See Privacy.

Price since launch, Apr 16, 2026

$29.35+0.7%1 day, priceClose, Oct 28, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

CAGE returns by window: total return, cash paid and price change
WindowTotal returnCash paidPriceSPYAhead or behind
1M Sep 28 – Oct 28, 2026+2.0%0.0%+2.0%+0.9%+1.1 pts
3M Jul 29 – Oct 28, 2026+10.4%0.0%+10.4%+6.1%+4.3 pts
6M Apr 29 – Oct 28, 2026+14.4%0.0%+14.4%+9.1%+5.3 pts
Since launch Apr 16 – Oct 28, 2026+17.4%0.0%+17.4%+10.6%+6.8 pts

Total returns, distributions reinvested. Listed Apr 2026: no year to date, 1 year and 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where the return came from
Price change +2.0%Cash paid 0.0%, reinvested+1.1 pts vs SPY
Price change +10.4%Cash paid 0.0%, reinvested+4.3 pts vs SPY
Price change +14.4%Cash paid 0.0%, reinvested+5.3 pts vs SPY
Price change +17.4%Cash paid 0.0%, reinvested+6.8 pts vs SPY

Money in and out

Monthly data · as of Jul 31, 2026

CAGE: in the month to Jul 31, 2026, net $45.5m came in, by its SEC filing.

Since Apr 2026
+$104m
Apr 1, 2026 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions CAGE files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for CAGE, back to Apr 2026, is in its flows file. Flows across every fund · How these flows are computed · Compare CAGE with other funds in the flows tool

Month by month, money in and money outApr 2026 to Jul 2026

CAGE, money in and money out each month from Apr 2026 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from CAGE’s SEC filings (N-PORT item B.6). Of the 4 months listed, money came in on net in 4 and went out in 0.

Every bar is from CAGE’s SEC filings (N-PORT item B.6). Of the 4 months listed, money came in on net in 4 and went out in 0.

MonthInOutNet
Jul 2026 SEC Form N-PORT+$45.5m$0+$45.5m
Jun 2026 SEC Form N-PORT+$21.2m−$2.0m+$19.2m
May 2026 SEC Form N-PORT+$26.3m$0+$26.3m
Apr 2026 SEC Form N-PORT+$13.3m$0+$13.3m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

CAGE key stats

High since Apr 16, 2026, daily closes to Oct 28, 2026 (ETFIQ)$29.95 on Oct 6, 2026
Low since Apr 16, 2026, daily closes to Oct 28, 2026 (ETFIQ)$25.01 on Apr 16, 2026
Close on Oct 28, 2026, within that range (ETFIQ)$29.35, 88% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

CAGE return of capital and tax

Options it writes (holdings as of Jul 31, 2026)Option exposure through swaps or notes, not listed options
Rule 19a-1 noticesnot read by ETFIQ
Not tax advice. What a 19a-1 estimate is · Income ETFs by return of capital

Trading

as of Oct 28, 2026
Trading · CAGEas of Oct 28, 2026
·
Not scored0 of 6 measured · Oct 28, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

About CAGE

Strategyautocallable
BenchmarkS&P 500 (SPY)Report
How the benchmark is set (ETFIQ)Its prospectus says its options are written on the S&P 500 (prospectus, Form 485BPOS, accession 0001104659-26-041829, filed 2026-04-10); SPY tracks that index.
Paysnot established
Net assets (SEC filing, whole fund, as filed for Jul 31, 2026)$106mReport
Latest payout, annualized (ETFIQ)not published
Expense ratio (497 XBRL, Apr 15, 2026)0.74%Report
Cash paid, since launch, Apr 16, 2026, over today’s price (ETFIQ)0.0%
First tradedApr 16, 2026
How we measure
Every number is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. Method
IQ Investment Committee on CAGE

12 seats on CAGE, as of Oct 28, 2026: 1 Supports, 4 Challenges, 6 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyDoes not apply
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put CAGE to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about CAGE

How much has CAGE paid since it launched?
Over the period from its first trade on Apr 16, 2026 to Oct 28, 2026, CAGE paid 0.0% of its starting price in cash distributions, while the price rose 17.4%.
Is CAGE ahead of SPY?
Over the period from its first trade on Apr 16, 2026 to Oct 28, 2026, with every distribution reinvested, CAGE returned +17.4% against +10.6% for S&P 500 (SPY), so a holder was ahead of it by 6.8 points.
What does CAGE cost?
The prospectus expense ratio is 0.74% a year.
Sources and dates
Prices, CAGE and SPYTiingo end-of-day · Oct 28, 2026
Fee, 0.74%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $106mSEC filing, whole fund · Jul 31, 2026
All fund filingsFund filings on SEC EDGAR ↗
IssuerCalamos website ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, CAGE, income ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/cage

The payout bar for CAGE, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Total return
Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.
Autocallable
A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.
Barrier
The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.
Full definitions: income ETFs vocabulary page. →
Embed this chart

Free to use with the credit link. Paste this where the chart should go; it updates every trading night.

CAGE: CAGE since launch: paid 0.0%, price +17.4%, total +17.4%, SPY +10.6%, +6.8 pts. Data to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/cage"><img src="https://etfiq.com/assistant/api/embed/income/cage.svg" alt="CAGE: CAGE since launch: paid 0.0%, price +17.4%, total +17.4%, SPY +10.6%, +6.8 pts. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">CAGE: CAGE since launch: paid 0.0%, price +17.4%, total +17.4%, SPY +10.6%, +6.8 pts. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/cage">ETFIQ</a></figcaption>
</figure>

How to embed ETFIQ charts

Get the ETFIQ Daily

The day's ETF flows, a comparison and one number. Every trading morning. About the Daily

The ETFIQ Daily and our other emails. Unsubscribe from any one in a click. See Privacy.

Snapshot, Oct 28, 2026. More on the tabs above.