A head-to-head comparison of Calamos Autocallable Growth ETF and VegaShares US Equity Autocallable Income ETF covering yield, cost, risk, and income potential.
Updated September 30, 2026
No track record yet. CAGE, VAIE launched within the last six months. Where a fund has not published a payout, the forward distribution rate is left blank.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
CAGE has outpaced VAIE over the shared window since May 2026, posting a 4.84% total return against 2.00%. VAIE has been the steadier holding, though — annualized volatility of 14.5% against 21.4% for CAGE. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since May 2026” measures every fund from May 12, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since May 2026. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since May 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks tax-efficient growth through compounding over time via exposure to a portfolio of autocallables linked to the MerQube US Large Cap Vol Advantage Autocallable Growth Index.
Seeks weekly income by tracking a laddered autocallable index built on U.S. large-cap equities, using a full replication approach.
— Distribution rate, Safety-Adjusted Yield, last dividend, and ex-dividend date are not yet available because CAGE launched April 2026; these fields will populate after the first distribution.
Bottom lineWe won't call this one: CAGE launched April 2026 and VAIE launched May 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer ETF as provisional.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. VAIE generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Calamos Investments is known for developing structured and alternative income strategies that appeal to investors seeking downside protection alongside yield generation. The firm's lineup spans multiple specialized categories including autocallable income products, covered call strategies, closed-end funds, and structured alternative protection vehicles, reflecting a focus on income generation across varying risk profiles and market environments. Calamos maintains a broad portfolio of tickers across these strategies, positioning itself as a niche player in the alternative and structured income ETF space rather than a traditional broad-based fund family.
See our curated list of related YouTube videos on CAGE.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
VegaShares specializes in options-based and thematic ETFs designed to generate income and capitalize on emerging trends. The issuer's lineup spans income-focused strategies, including covered call funds, alongside thematic offerings that target specific market segments and innovation themes. VegaShares serves investors seeking alternative approaches to traditional equity exposure, with a concentrated portfolio of strategically named funds addressing both income generation and sector-specific growth opportunities.
See our curated list of related YouTube videos on VAIE.
CAGE (Calamos Autocallable Growth ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both ETFs, but they take different approaches.
VAIE currently shows a 16.65% distribution yield. CAGE has not yet established a full distribution history, so a comparable yield figure is not available.
They have different reference exposures: CAGE is linked to Autocallables (MerQube US Large Cap Vol Advantage Autocallable Growth Index) while VAIE is linked to NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.
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On a $10,000 investment, CAGE has no reported distribution yield yet, so a cash estimate is not available, while VAIE would produce $32.02 cash per distribution, at current distribution rates.
CAGE yield—
VAIE yield16.65%
Cost & efficiency
Over 10 years on $10,000, CAGE would cost approximately $740 in fees vs $740 for VAIE (simplified, not compounded). Both charge the same expense ratio.
CAGE ER0.74%
VAIE ER0.74%
Strategy & risk
CAGE tracks Autocallables (MerQube US Large Cap Vol Advantage Autocallable Growth Index) with a tax efficient approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an options approach.
Fund details
CAGE is managed by Calamos Investments (launched 04/15/2026) with $159M in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $56.3M in assets.
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Frequently asked questions
Which of CAGE or VAIE pays more dividend income?
VAIE currently reports a distribution yield, while CAGE has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between CAGE and VAIE?
CAGE (Calamos Autocallable Growth ETF) tracks Autocallables (MerQube US Large Cap Vol Advantage Autocallable Growth Index) with a tax efficient approach, while VAIE (VegaShares US Equity Autocallable Income ETF) tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an options approach. They are issued by Calamos Investments and VegaShares respectively.
Can I hold both CAGE and VAIE?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, CAGE or VAIE?
CAGE and VAIE both charge the same expense ratio of 0.74%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.
How much income does $10,000 in CAGE vs VAIE generate?
At current rates, CAGE has not established a distribution history yet, so a cash estimate is not available. The same in VAIE would produce about $32.02 cash per distribution ($1,665.00 annually).
Which has performed better historically, CAGE or VAIE?
CAGE has outpaced VAIE over the shared window since May 2026, posting a 4.84% total return against 2.00%. VAIE has been the steadier holding, though — annualized volatility of 14.5% against 21.4% for CAGE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
CAGE and VAIE are both newly launched ETFs offering exposure to autocallable structured products—financial instruments that combine equity participation with built-in call features. The core difference lies in their stated objectives: growth reinvestment versus frequent income extraction. VAIE prioritizes income generation, distributing 16.65% on a weekly cadence—a dramatically higher payout frequency that changes the cash-flow profile entirely. Both carry a 0.74% expense ratio, but VAIE's $56.3M asset base is less than half CAGE's $159M, suggesting CAGE has attracted more institutional capital since both launched in mid-2026.
Who each is best for
CAGE: Fits investors seeking long-term equity growth with autocallable participation who prefer to defer income recognition and minimize annual tax drag through compounding strategies.
VAIE: Fits investors who want regular cash income from equity exposure and can tolerate the cash-flow demands and tax implications of weekly distributions from a structured-product vehicle.
Key risks to know
Autocallable mechanism and early redemption: Both ETFs hold securities that may be called away ("autocalled") early if underlying equity indices breach predetermined levels, locking in returns and forcing reinvestment at potentially lower market prices. This reduces upside participation and creates reinvestment timing uncertainty.
NAV erosion at high distribution yields:VAIE's 16.65% annualized payout is substantially higher than typical equity ETF yields and may rely on return-of-capital treatment or NAV decay if the underlying autocallable structure cannot sustain payouts from capital appreciation and dividends alone. Monitoring year-over-year NAV performance relative to distributions is essential.
Limited fund history and redemption risk: Both ETFs launched in mid-2026 with modest asset bases.
Derivative counterparty and issuer credit risk: Autocallables are typically issued and managed by major financial institutions; performance depends on the issuer's creditworthiness and adherence to the autocallable terms. Failure or restructuring by the underlying issuer could impair NAV or halt distributions. Both are nascent products with limited operational history, so due diligence on autocallable mechanics and issuer stability is warranted before committing capital.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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