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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.

Data updated September 4, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

CAIE has outpaced VAIE over the year to date, posting a 9.30% total return against 3.32%. 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.
SymbolYTDSince May 2026Volatility Sharpe Sortino Max drawdown
CAIE9.30%1.75%10.7%0.090.12-3.4%
VAIE3.32%3.32%13.2%0.440.62-4.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2026” measures every fund from May 12, 2026 — the youngest fund's first trading day — 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.
MetricCAIEVAIE
Full nameCalamos Autocallable Income ETFVegaShares US Equity Autocallable Income ETF
IssuerCalamos InvestmentsVegaShares
Underlying indexAutocallables (MerQube US Large-Cap Vol Advantage Autocallable Index)NYSE U.S. 500 Adaptive Vol Autocallable Index
Last Close$26.89 as of September 4, 2026$24.67 as of September 4, 2026
Distribution rate13.98%16.23%
Distribution Safety Score™ 7950
Safety-Adjusted Yield 11.04%—
Expense ratio0.74%0.74%
AUM$1.30B$50.1M
Distribution frequencyMonthlyWeekly
ObjectiveSeeks 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 classEquityEquity
Inception date06/25/202505/12/2026
Beta0.9238—
Last dividend$0.3132 declared, pays 09/09/2026$0.077
Ex-dividend date09/01/202608/27/2026

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

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Calamos Investments
ETFs44
Total AUM$4.29B

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.

See all Calamos Investments ETFs
VegaShares
ETFs5
Total AUM$56.4M

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.

See all VegaShares ETFs

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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 offers the higher yield at 16.23% vs 13.98% for CAIE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

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 $1.30B in assets vs $50.1M for VAIE, but VAIE only launched May 2026 — AUM comparisons will become more meaningful as it builds a track record.

Deep dive

Yield & income

On a $10,000 investment, CAIE would generate roughly $116.50/month, while VAIE would produce $135.25/month, at current distribution rates.

CAIE yield13.98%
VAIE yield16.23%
Monthly diff on $10K$18.75

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 active approach.

CAIE beta0.9238
VAIE beta—

Fund details

CAIE is managed by Calamos Investments (launched 06/25/2025) with $1.30B in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $50.1M in assets.

CAIE AUM$1.30B
VAIE AUM$50.1M
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Frequently asked questions

What is the current distribution rate for CAIE and VAIE?

CAIE currently distributes 13.98% and VAIE 16.23%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is CAIE or VAIE better for dividend income?

It depends on your goals. VAIE currently offers the higher distribution yield, which means more income per dollar invested. 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 active 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 rates, $10,000 in CAIE would generate roughly $116.50 per month ($1,398.00 annually). The same in VAIE would produce about $135.25 per month ($1,623.00 annually).

Which has performed better historically, CAIE or VAIE?

CAIE has outpaced VAIE over the year to date, posting a 9.30% total return against 3.32%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

CAIE vs VAIE — at a glance

Generated September 5, 2026.

large-cap equity performance. Both charge 0.74% in expense ratios, but VAIE is substantially smaller at $50.1M in assets under management compared to CAIE's $1.30B, which may affect liquidity and tracking fidelity. The funds also differ in age—CAIE arrived at 06/25/2025 while VAIE launched 05/12/2026—giving CAIE a longer operational history in a market environment that has already favored autocallable structures.

Who each is best for

  • CAIE: Fits investors seeking a monthly income stream from structured equity exposure with a longer operational history, who value a larger fund with established trading volume and want established operational scale in the autocallable space.
  • VAIE: Fits investors who prioritize high-frequency (weekly) income and can accept a newer, smaller fund structure; suits those who need or prefer weekly reinvestment mechanics and are willing to verify liquidity conditions independently.

Key risks to know

  • NAV erosion at elevated yields. Both funds distribute well above typical equity dividend yields (13.98% and 16.23%), raising the likelihood that distributions rely partly on return of capital. Over extended periods of flat or declining equity markets, NAV erosion may accelerate as coupons drain principal.
  • Autocallable redemption and coupon discontinuation risk. Autocallables can be called early if the underlying equity index hits a barrier, or coupons can be skipped if performance conditions are not met. Unlike traditional dividend-paying stocks, income is not contractually guaranteed; the structure allows the issuer to reduce or halt distributions if markets move adversely.
  • Concentration and liquidity risk in autocallable markets. VAIE's $50.1M makes it a micro-cap ETF in absolute terms; tight secondary-market spreads cannot be assumed. Autocallable markets are less liquid than vanilla equity or bond markets, and rapid outflows could force the fund to liquidate positions at unfavorable prices.
  • Limited downside-protection durability. While both funds label themselves as offering reduced downside protection, autocallable barrier levels are typically set 70–85% below the starting price. In a severe drawdown, that cushion erodes quickly, and investors may face equity-level losses with income disrupted.

Bottom line

If you want an autocallable income vehicle with monthly distributions and greater scale, CAIE's $1.30B in assets and 06/25/2025 inception offer operational visibility. If you prioritize maximum yield and can tolerate weekly rebalancing and a newer, smaller fund structure, VAIE's 16.23% yield may appeal—but verify that higher yield against reinvestment logistics and confirm your broker's liquidity terms. Both carry autocallable-specific risks: distributions can skip, coupons depend on index performance, and NAV erosion is possible if equity markets stagnate. Past performance does not predict 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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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