Matt Kaufman, Senior Vice President and Global Head of ETFs for Calamos Investments, joined Keith Black, Managing Director of RIA Channel, to discuss innovations that bring autocallable structured note investments to the ETF wrapper.
In June 2025, Calamos launched the Calamos Autocallable Income ETF (CAIE), which reached nearly $300 million by the end of September 2025. Kaufman notes the popularity of derivative income ETFs, which is a $150 billion market. The dominant structured note strategy is the autocallable income note. Autocallable income notes, which are a $100 billion annual market in the US, write long-dated put options on equity markets and cannot be replicated in the listed options market. Calamos built a laddered index of autocallable notes with MerQube and traded that index with JP Morgan through swap contracts. Relative to purchasing individual autocallable notes, the ETF solution offers added liquidity, transparency, and tax efficiency. The CAIE ETF was recognized as the most innovative product at the SRP Americas 2025 Awards, marking the first time the award was presented to a non-bank or structured note issuer.
Many financial advisors use individual autocallable notes in client portfolios. This can be a time-consuming process, as each note must be purchased individually and replaced once it has been called. CAIE offers a simpler, one-ticker, evergreen solution that can be added to model portfolios and deployed across client accounts. Kaufman states that an autocallable note can be thought of like a bond that pays monthly income and returns principal at maturity or the call date. The income is generated from the equity markets and is not derived from duration or credit risk. The Calamos Nasdaq (R) Autocallable Income ETF (CAIQ), launched November 20, 2025, is linked to the Nasdaq 100 Index.
WEBCAST – Seeking to Capture Double-Digit, Stable, Tax-Efficient Income? Introducing Derivative-Powered ETFs
Discover why Calamos is redefining income generation for today’s advisors and their clients. In this session, Matt Kaufman, Global Head of ETFs at Calamos Investments will introduce Autocallable Income ETFs (CAIE and CAIQ) — an innovative approach seeking to deliver high, stable, and tax-efficient income in today’s challenging market. Learn how these ETFs can serve as strategic portfolio building blocks, combining derivative-based income with the simplicity and liquidity of an ETF structure. If you’re seeking alternative income solutions beyond traditional bonds and dividends, this webcast is for you: http://www.calamos.com/autocall/
Learning Objectives:
- Understand the mechanics and benefits of Autocallable Income ETFs and how they differ from traditional income strategies.
- Evaluate the role of derivative-based income in seeking to generate high, stable, and tax-efficient cash flow for client portfolios.
- Identify practical portfolio applications for these ETFs to help enhance diversification and meet client income objectives.
Accepted for 1 CFP® / IWI / CFA CE Credit
Resources:
Democratizing Autocallable Yield Notes Through ETF Innovation