The new year may be in full swing, but many advisors and investors are wondering if the winners of 2025 are going to keep pace in 2026. One investment strategy that emerged as a particular victor in 2025 was the autocallable income ETF. These are funds that use autocallable yield notes seeking to provide regular income, long-term principal, and potential risk management, all within one ETF wrapper.
This includes the autocallable income ETFs within the Calamos Investments fund suite. These funds are the Calamos Autocallable Income ETF (CAIE ) and the Calamos Nasdaq Autocallable Income ETF (CAIQ).
The success these funds have seen can first be measured through their flows data. CAIE launched toward the end of July 2025, and already has about $640 million in net assets, as of January 29, 2026. Meanwhile, CAIQ launched near the end of November 2025, and is approaching $85 million in net assets as of January 29, 2026.
Flows aside, the funds themselves are delivering good results. As of January 8, 2026, CAIQ’s MerQube index has a weighted average coupon of 17.89%. Meanwhile, the weighted average coupon for CAIE’s MerQube index sits at 14.23%, as of January 8, 2026.
Autocallables Remain Poised to Perform in 2026
However, the question remains: will the good times continue to roll in 2026? The best way to answer that question is to look at autocallable structure and the way Calamos goes about laddering these funds.
Autocallable yield notes are linked to a particular market index, providing income and eventual principal as long as the index does not pass below a predetermined barrier level. However, the barrier level itself allows the autocallable note to persistently offer results, even if the chosen index is down a bit. Considering how the S&P 500 and Nasdaq-100 may see some negative tilts in response to macroeconomic uncertainty this year, CAIE and CAIQ may still deliver on their investment objective if their indexes stay above their barrier levels.
Furthermore, Calamos Investments pursues exposure to autocallables through a laddered format. Instead of investing in one or even a few of these notes, Calamos invests in a selection of swap agreements that provide exposure to 52 or more of them. This gives CAIE and CAIQ access to a number of different time horizons, a potentially smoother income path, and less tail risk.
As such, CAIE and CAIQ seeks to remain in a good position to deliver on their results as 2026 progresses. Regardless of how clear the market outlook may be, advisors and investors can continue to look to autocallable income funds for a potentially more predictable path to fostering portfolio income.
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Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before Investing.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s Prospectus.
The principal risks of investing in the Calamos Autocallable Income ETF and the Calamos Nasdaq Autocallable Income ETF include: autocallable structure risk, contingent income risk, early redemption risk, barrier risk, authorized participant concentration risk, calculation methodology risk, cash holdings risk, correlation risk, costs of buying and selling fund shares, counterparty risk, credit risk, derivatives risk, equity securities risk, index risk, interest rate risk, investment in a subsidiary, laddered portfolio risk, liquidity risk, market maker risk, market risk, new fund risk, non-diversification risk, premium- discount risk, secondary market trading risk, swap agreement risk, tax risk, trading issues risk, valuation risk, and volatility target index risk.
Autocallable Structure Risk: The Fund’s returns are correlated to the performance of a synthetic portfolio of autocallable notes tracked by the Laddered Autocall Index. Autocallable notes have specific structural features that may be unfamiliar to many investors. Contingent Income Risk: Coupon payments from the Autocalls are not guaranteed and will not be made if the Underlying Index falls below the Coupon Barrier on observation dates. This means the Fund may generate significantly less income than anticipated during market downturns.
Early Redemption Risk: Autocalls in the Portfolio may be called before their scheduled maturity if the Underlying Reference Index reaches or exceeds the Autocall Barrier on observation dates. This automatic early redemption could force reinvestment of that portion of the portfolio at lower rates if market yields have declined.
Barrier Risk: If the Underlying Reference Index falls below the Protection Level Barrier at the maturity of an Autocall in the Portfolio, that portion of the Portfolio will be fully exposed to the negative performance of the Underlying Reference Index from its initial level. This conditional protection creates a binary outcome that can result in sudden, significant losses if barriers are breached.
The MerQube Nasdaq-100 Vol Advantage Autocallable Index is designed to reflect the collective performance of a theoretical portfolio of 52 to 260 synthetic Autocallables arranged in a laddered structure with staggered entry points with similar fixed parameters (the “Parameters”) as described below within the section entitled “Autocallable Index Portfolio Characteristics”.
Nasdaq® is a registered trademark of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and is licensed for use by Calamos Advisors LLC. The Fund has not been passed on by the Corporations as to their legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Calamos Financial Services LLC, Distributor
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