CAIE
Generally safe
High confidence
ETF Comparison
CAIE vs VAIE: Which Is the Better Pick in 2026?
A head-to-head comparison of Calamos Autocallable Income ETF and VegaShares US Equity Autocallable Income ETF covering yield, cost, risk, and income potential.
Updated November 5, 2026
No track record yet. VAIE launched within the last six months.
How these figures are calculated: methodology.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
VAIE
Unproven
Low confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  CAIE |  VAIE |
|---|---|---|
| Full name | Calamos Autocallable Income ETF | VegaShares US Equity Autocallable Income ETF |
| Issuer | Calamos Investments | VegaShares |
| Underlying index | Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) | NYSE U.S. 500 Adaptive Vol Autocallable Index |
| Last Close | $25.45 as of November 5, 2026 | $21.60 as of November 5, 2026 |
| Distribution rate | 14.93% | 17.09% |
| Trailing 12-month yield | 15.03% | 8.85% |
| Distribution Safety Score™ | 79 | 50 |
| Safety-Adjusted Yield | 11.79% | — |
| Expense ratio | 0.74% | 0.74% |
| AUM | $1.46B | $68.4M |
| Distribution frequency | Monthly | Weekly |
| Objective | Seeks to generate high monthly income while providing reduced downside risk through exposure to a portfolio of autocallables. | Seeks weekly income by tracking a laddered autocallable index built on U.S. large-cap equities, using a full replication approach. |
| Asset class | Equity | Equity |
| Inception date | 06/25/2025 | 05/12/2026 |
| Beta | 0.9238 | — |
| Last dividend | $0.31673 declared, pays 11/09/2026 | $0.071 declared, pays 11/06/2026 |
| Ex-dividend date | 11/02/2026 | 11/05/2026 |
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.
CAIE has outpaced VAIE over the year to date, posting a 7.24% total return against -6.94%. CAIE has been the steadier holding, though — annualized volatility of 11.3% against 21.3% for VAIE. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | Since May 2026 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|
| CAIE | 7.24% | -0.21% | 11.3% | -0.40 | -0.52 | -4.3% |
| VAIE | -6.94% | -6.94% | 21.3% | -0.89 | -1.05 | -12.1% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineWe won't call this one: 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.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs46
Total AUM$4.95B
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 CAIE.
ETFs7
Total AUM$79.0M
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.
Quick verdict
CAIE (Calamos Autocallable Income ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both dividend ETFs, but they take different approaches.
VAIE's latest distribution annualizes to 17.09%, but it has paid 8.85% over the trailing 12 months (it has not paid for a full year yet). With VAIE's two yield figures this far apart, neither settles which fund pays more. Compare the distribution rate and trailing 12-month yield rows in the snapshot below.
They have different reference exposures: CAIE is linked to Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) while VAIE is linked to NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.
CAIE has $1.46B in assets vs $68.4M for VAIE, but VAIE only launched May 2026 — AUM comparisons will become more meaningful as it builds a track record.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
— shared positions
CAIE 0.0% of its top-10 weight
VAIE top-10 holdings unavailable
Top-10 holdings unavailable for VAIE — cannot compute overlap.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, CAIE would pay about $1,493.00 a year (about $124.42 per monthly distribution), while VAIE would pay about $1,709.00 a year (about $32.87 per weekly distribution).
CAIE yield14.93%
VAIE yield17.09%
Cost & efficiency
Over 10 years on $10,000, CAIE would cost approximately $740 in fees vs $740 for VAIE (simplified, not compounded). Both charge the same expense ratio.
CAIE ER0.74%
VAIE ER0.74%
Strategy & risk
CAIE tracks Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) with a downside protection approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an options approach.
CAIE beta0.9238
VAIE beta—
Fund details
CAIE is managed by Calamos Investments (launched 06/25/2025) with $1.46B in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $68.4M in assets.
CAIE AUM$1.46B
VAIE AUM$68.4M
Frequently asked questions
What is the current distribution rate for CAIE and VAIE?
CAIE currently distributes 14.93%; VAIE's latest distribution annualizes to 17.09%, and it has paid 8.85% over the past 12 months, based on fund data updated November 2026. Because the two measures disagree for at least one fund, compare both rows in the snapshot and check the as-of date before relying on either figure.
Is CAIE or VAIE better for dividend income?
It depends on your goals. VAIE's latest distribution annualizes to 17.09%, but it has paid 8.85% over the trailing 12 months (it has not paid for a full year yet). With VAIE's two yield figures this far apart, neither settles which fund pays more. Compare the distribution rate and trailing 12-month yield rows in the snapshot below. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between CAIE and VAIE?
CAIE (Calamos Autocallable Income ETF) tracks Autocallables (MerQube US Large-Cap Vol Advantage Autocallable Index) with a downside protection 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 CAIE 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.
Is CAIE or VAIE safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CAIE scores 79, VAIE scores 50, so CAIE's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, CAIE or VAIE?
CAIE 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 CAIE vs VAIE generate?
At current distribution rates, $10,000 in CAIE would pay about $1,493.00 a year (about $124.42 per monthly distribution). $10,000 in VAIE would pay about $1,709.00 a year (about $32.87 per weekly distribution).
Which has performed better historically, CAIE or VAIE?
CAIE has outpaced VAIE over the year to date, posting a 7.24% total return against -6.94%. CAIE has been the steadier holding, though — annualized volatility of 11.3% against 21.3% for VAIE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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CAIE vs VAIE — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
CAIE and VAIE are both ETFs built on autocallable indexes—structures that generate income through embedded options on U.S. large-cap equities and reset periodically to lock in gains or extend exposure. Both charge 0.74%, but they differ substantially in asset size and time horizon since inception.
How they differ
VAIE's 17.09% yield exceeds CAIE's 14.93% by a 2.16 percentage-point gap. VAIE uses a laddered autocallable index and full replication, while CAIE tracks the MerQube US Large-Cap Vol Advantage Autocallable Index; the laddered approach in VAIE is designed to smooth reset dates and potentially capture more frequent opportunities. CAIE holds $1.46B in assets versus $68.4M for VAIE, a substantial difference that reflects CAIE's larger investor base and longer operating history. Both ETFs carry the 0.74% expense ratio, so fee drag is identical.
Who each is best for
- CAIE: Fits investors seeking a simpler monthly income rhythm from autocallables, with preference for a fund backed by larger asset base and an established operational track record.
- VAIE: Designed for income seekers who value weekly distribution frequency and are comfortable evaluating a newer, smaller-scale fund in exchange for higher stated yield potential from a laddered autocallable structure.
Key risks to know
- Autocallable structure risk: Both funds' returns depend on embedded options that reset periodically. If the underlying index falls significantly between resets, the funds may extend beyond their intended maturity or miss expected income, compressing total returns relative to their high stated yields. This raises the question of whether principal is being consumed through return-of-capital distributions or option decay over longer holding periods, a pattern that can accelerate in volatile or declining markets. Tighter bid-ask spreads and lower trading volume are likely, which can increase transaction costs for larger trades.
- Downside protection limits: Both funds are tagged as offering downside protection, but autocallables typically cap this benefit—they do not insulate holders from steep declines beyond the structure's embedded barrier levels, especially if the underlying index breaches protection thresholds. Both rely on options expiration and reset schedules to deliver their high payouts—a feature that can work well in stable markets but may compress returns in volatile or downward-trending environments. Past performance does not guarantee future results.
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.
These comparisons follow the Dividend Vision methodology.