Calamos Investments marked a major milestone this week by ringing the Closing Bell at the New York Stock Exchange (NYSE) on Thursday, July 10, celebrating the official launch of its latest innovation: the Calamos Autocallable Income ETF (ticker: CAIE). This new exchange-traded fund (ETF) offers investors structured income exposure through a strategy designed to generate monthly distributions, with the potential of enhancing yield in various market environments.
The bell-ringing ceremony at the NYSE served as a symbolic kickoff for the fund, which blends features of structured notes with the liquidity and transparency of an ETF. Representatives from Calamos Investments, including CEO John Koudounis and members of the firm’s ETF and product innovation teams, were present on the trading floor of the NYSE to commemorate the launch.
“Through our heritage of innovation, we’re democratizing access to a premier income strategy that has historically been the exclusive domain of high-net-worth investors,” said Koudounis. “I’m excited to unveil CAIE—a sophisticated autocallable strategy that seeks to deliver consistent, high monthly income to our investors through the efficiencies of an ETF.”
The autocallable strategy of Calamos Investments, which marked a major milestone at the NYSE this past week
The ETF utilizes an autocallable strategy tied to equity indexes, which are like scoreboards for the stock market showing how a group of companies’ stocks are doing overall. These typically provide monthly income as long as certain market conditions are met. If predefined levels are breached, the strategy resets or continues depending on the terms, offering flexibility and risk mitigation.
The structure allows for attractive yield potential while seeking to manage downside risk—features that have drawn increasing interest amid a persistent low-interest-rate and inflation-sensitive environment.
“For those new to autocallables, think of it like a bond whose income and par value depend on the stock market not falling below a protective barrier. For investment professionals already familiar with autocallables, CAIE is simply the ‘easy button,’” said Matt Kaufman, the Head of ETFs at Calamos. “Our laddered approach is designed to diversify exposure, reduce timing risk, and potentially smooth out income, while the ETF structure adds daily liquidity, tax-advantaged distributions, and no minimums.”
A growing demand for structured income
Calamos’ entrance into the autocallable ETF space comes as investors continue to search for income-generating alternatives that balance yield with risk. Structured product ETFs have gained traction, as they combine predictable income streams with risk-defined outcomes, making them an appealing option in both volatile and sideways markets.
The launch of CAIE builds on Calamos’ legacy of active investment management and its strategic expansion into ETFs. The firm has been broadening its product lineup in recent years to include innovative strategies that cater to evolving investor needs.
Industry and market response
Industry experts view the launch as a sign of growing momentum for structured outcome ETFs. Calamos’ move is being closely monitored, as it combines institutional-grade strategies with the accessibility and efficiency of the ETF wrapper.
Market participants also note the timing. With continued economic uncertainty and concerns about interest rate trajectories, income strategies that offer risk-adjusted returns have become increasingly valuable.
Calamos Investments: CEO Koudounis’ interview
In an interview with CNBC, John Koudounis, the CEO of Calamos Investments, shared insight into two of the firm’s latest ETF innovations: the 100 percent protected Bitcoin fund and the Autocallable Income ETF.
On the protected Bitcoin ETF
In regard to the protected Bitcoin, Koudounis said:
“We’ve developed the first Bitcoin-linked fund with 100% downside protection,” said Koudounis. “It’s offered in an ETF format, so it’s highly liquid and accessible to investors. The way it works is simple: if Bitcoin appreciates over the course of the year, you receive a fixed percentage of the upside—in one of our recent series, for example, investors earned 10 percent of Bitcoin’s gains. But if Bitcoin falls in value, your principal is fully protected as long as you hold the fund through its one-year term.”
He added that reception has been quite positive. The firm has also launched options that include 90 percent downside protection with potential returns around the mid-20 percent range. Others with 80 percent protection allow investors to benefit from up to 40 percent or more of Bitcoin’s gains. It is especially designed for those who want exposure to crypto while managing the risks of market swings.
On the Autocallable Income ETF
“Autocallable products are a key part of the structured product market, said Calamos in relation to the Autocallable Income ETF. “Last year alone, over $100 billion was issued in this category, with around $200 billion in total structured products.”
Koudounis added:
“Historically, these instruments required a minimum investment of $250,000, limiting access to institutional and ultra-high-net-worth investors. What we’ve done is democratize access by packaging these into an ETF, the first of its kind. The ETF pays out a monthly coupon—currently yielding 14.7 percent annually—and functions similarly to a bond. The main risk is if the equity market, typically the S&P 500, drops by more than 40 percent. In that case, the coupon may be reduced, and depending on the timing, there could be principal risk.”
According to Koudounis, to help manage risk, the fund was constructed using 52 diversified autocallable notes. Each Friday, these notes are reviewed to check whether the index has fallen beyond the 40 percent threshold. If it hasn’t, the coupon payment continues. The team is collaborating with JP Morgan on elements tied to the custom index that are important in their analytical process, the Calamos Investments CEO said.
Calamos Investments is a diversified global investment firm that offers innovative investment strategies, including alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity.
With more than $41 billion in Assets Under Management (AUM), including more than $19 billion in liquid alternatives assets as of June 16, 2025 the firm offers strategies through ETFs, mutual funds, closed-end funds, interval funds, Undertakings for Collective Investment in Transferable Securities (UCITS), funds, and separately managed portfolios.
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