Calamos is doubling down on one of 2025’s most in-demand income themes, structured-note-style payouts delivered through an ETF, with the rollout of the Calamos Nasdaq Autocallable Income ETF (NASDAQ:CAIQ). The fund started trading on Nov 20, becoming the first autocallable income ETF tied to a Nasdaq-100–based index and is launching with a striking 17.98% weighted average coupon.
The launch follows the strong early success of the firm’s first Autocallable Income ETF (NYSE:CAIE), launched in June. Monthly distributions averaging 14.96% annually have set CAIE apart in a crowded income landscape. Preliminary net flows from Morningstar rank the fund as a leader in the Derivative Income category among all products launched this year, reflecting strong investor interest in equity-linked income strategies despite recent market volatility.
Leadership at the firm has suggested that CAIQ is intended to build on this momentum. Executives described the new ETF as part of a broader effort to establish a full autocallable income platform rather than follow existing market trends. The firm has framed CAIQ as an extension of what it considers a new category within the ETF ecosystem.
The Nasdaq connection adds a notable angle. CAIQ taps into the Nasdaq-100’s growth-heavy profile while deploying the autocallable structure to generate elevated income and potential tax efficiencies. The idea is to give investors exposure to the technology-driven equity universe without forcing them to time megacap moves—something the structured payoff aims to handle automatically.
The ETF team at Calamos has framed the strategy as a reflection of a changing landscape in how investors can access tax-efficient equity income, and has positioned CAIQ as the natural next step in the evolution for those seeking Nasdaq-linked income opportunities.
The launch arrives as ETF issuers ramp up their competition to reinvent products generating income. Buffered ETFs, options-based strategies, synthetic structures, and now autocallables are fighting for attention as expectations of rate cuts wobble and bond yields flatten. With the Nasdaq tie-in for CAIQ and a double-digit coupon profile, Calamos seems to want to stake its claim in this segment ahead of any potential entrants that may push this structure closer to the mainstream.
Read next:
Photo: Shutterstock