Calamos Nasdaq Autocallable Income ETF
CAIQ
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- Calamos Nasdaq Autocallable Income ETF (CAIQ) is an actively managed exchange-traded fund that seeks high monthly income with reduced downside risk through exposure to a diversified laddered portfolio of synthetic autocallables linked to the MerQube Nasdaq-100 Volatility Advantage Autocallable Index; it employs unfunded total return swaps with J.P. Morgan as counterparty, collateralized by U.S. Treasuries, cash equivalents, box spreads on SPY options, and money market instruments. The fund targets a weighted average coupon of approximately 18%, with current metrics showing 17.95% weighted average coupon, 100% of autocallables paying coupons, 53 live autocallables, 100.54% weighted average mark-to-market premium, and 0% autocallables near maturity with principal at risk; distributions occur monthly, with an expense ratio of 0.74%. Launched on November 20, 2025, as the first ETF delivering an autocallable income strategy on a Nasdaq-100 based index, CAIQ extends Calamos Investments' pioneering autocallable ETF franchise following the June 2025 debut and SRP Americas 2025 "Most Innovative Product" award for its sister fund CAIE; the product democratizes access to sophisticated structured notes via a tax-efficient ETF wrapper, emphasizing equity-tied income over credit or duration risk. Calamos Investments LLC, founded in 1977 and headquartered in Naperville, Illinois, serves as investment adviser through Calamos ETF Trust, a diversified global firm with approximately $40 billion in assets under management across equity, fixed income, alternatives, and ETF strategies; the firm operates from offices in Chicago, New York, San Francisco, Milwaukee, and Miami, targeting institutional, advisor, and individual investors seeking innovative income solutions.