Projections for U.S. economic growth next year aren’t necessarily crystal clear, but the picture isn’t looking all too sunny.
Government shutdowns and trade tensions have only added to inflationary pressures and recession fears that have ebbed and flowed throughout the year. Put together, these factors are causing analysts to worry that U.S. growth may slow heading into 2026. However, the exact extent to which growth will slow down remains uncertain.
That being said, there are still some spots of positivity in the U.S. equity market. Policy from the Federal Reserve can help create more favorable conditions for business of all kinds, even if macro headwinds exist elsewhere. Furthermore, many large-cap equities continue to post strong individual earnings reports, even as the overall economy falters.
This leaves U.S. equity investors at an interesting junction. If growth falters, the market could become riskier, but there’s still plenty of reward to be had if you play the right strategy.
Seek Equity Income & Returns Through Autocallables
The Calamos Autocallable Income ETF (CAIE ) could be a good move for advisors and investors anticipating a degree of market volatility. CAIE seeks to provide both monthly income and long-term returns through a laddered portfolio of autocallable yield notes.
These notes are investments that are linked to a particular market index. In CAIE’s case, its autocallables are linked to the MerQube US Large-Cap Vol Advantage Index. From there, each note is assigned a predetermined barrier level.
As long as the note’s index does not drop below its barrier level, the autocallable should deliver income on a continuous basis. For CAIE, the autocallables in its laddered portfolio all have a barrier level of -40%. This allows the fund to provide continuous income, even if the market is down a little bit.
This is what makes CAIE such a potent investment option in the face of a relatively uncertain equity market. CAIE’s perks aren’t just limited to its strong yield potential. The fund still offers strong capital appreciation through the MerQube index’s exposure to the U.S. large-cap market. As of September 30, 2025, CAIE’s NAV has risen 9.99% over the last three months. Given that capital appreciation isn’t even the primary objective of the fund, this can be a significant perk indeed.
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Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) 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(s) can increase during times of significant market volatility. The Fund(s) 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 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.
Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Total return assumes the reinvestment of income. Current performance may be higher or lower than the performance data shown. Yields represented by trailing 12 month yield for: US Equity- S&P 500; U.S High Yield – Bloomberg US Aggregate Corporate High Yield Index; US 10-year – 10-year US Treasury yield; Equity Premium Income: Cboe S&P 500® 2% OTM BuyWrite Index; Autocallable Income: MerQube US Large Cap Vol Advantage Autocallable Index. MerQube US Large Cap Vol Advantage Autocallable Index is not a proxy for Calamos Autocallable Income ETF (CAIE). The results of the MerQube index will differ to those of CAIE. Investors should consider the risks of investing in CAIE and review the prospectus prior to investing. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost.
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.
Weighted Average Coupon: The weighted average coupon of all autocallables as of last operation date
Total return assumes the reinvestment of income. Current performance may be higher or lower than the performance data shown. Yield represented by trailing 12 month yield for: Autocallable Income: MerQube US Large Cap Vol Advantage Autocallable Index. MerQube US Large Cap Vol Advantage Autocallable Index is not a proxy for Calamos Autocallable Income ETF (CAIE). The results of the MerQube index will differ to those of CAIE.
