CAIQ
Generally safe
Limited data
ETF Comparison
CAIQ vs VAIE: Which Is the Better Pick in 2026?
A head-to-head comparison of Calamos Nasdaq 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 |  CAIQ |  VAIE |
|---|---|---|
| Full name | Calamos Nasdaq Autocallable Income ETF | VegaShares US Equity Autocallable Income ETF |
| Issuer | Calamos Investments | VegaShares |
| Underlying index | Nasdaq-100 | NYSE U.S. 500 Adaptive Vol Autocallable Index |
| Last Close | $22.94 as of November 5, 2026 | $21.60 as of November 5, 2026 |
| Distribution rate | 20.47% | 17.09% |
| Trailing 12-month yield | 18.31% | 8.85% |
| Distribution Safety Score™ | 75 | 50 |
| Safety-Adjusted Yield | 15.35% | — |
| Expense ratio | 0.74% | 0.74% |
| AUM | $401M | $68.4M |
| Distribution frequency | Monthly | Weekly |
| Objective | Seeks to provide monthly income through an autocallable structured product strategy linked to the Nasdaq-100 Index while providing downside protection features. | 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 | 11/20/2025 | 05/12/2026 |
| Beta | 0.9632 | — |
| Last dividend | $0.39127 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.
CAIQ has outpaced VAIE over the year to date, posting a 3.92% total return against -6.94%. CAIQ has been the steadier holding, though — annualized volatility of 14.3% 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 |
|---|---|---|---|---|---|---|
| CAIQ | 3.92% | -6.42% | 14.3% | -1.24 | -1.54 | -11.3% |
| 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 CAIQ.
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
CAIQ (Calamos Nasdaq Autocallable Income ETF) and VAIE (VegaShares US Equity Autocallable Income ETF) are both dividend ETFs, but they take different approaches.
CAIQ offers the higher yield at 20.47% vs 17.09% for VAIE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They have different reference exposures: CAIQ is linked to Nasdaq-100 while VAIE is linked to NYSE U.S. 500 Adaptive Vol Autocallable Index, which means their performance drivers differ.
CAIQ has $401M 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
CAIQ 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, CAIQ would pay about $2,047.00 a year (about $170.58 per monthly distribution), while VAIE would pay about $1,709.00 a year (about $32.87 per weekly distribution).
CAIQ yield20.47%
VAIE yield17.09%
Annual cash diff on $10K$338.00
Cost & efficiency
Over 10 years on $10,000, CAIQ would cost approximately $740 in fees vs $740 for VAIE (simplified, not compounded). Both charge the same expense ratio.
CAIQ ER0.74%
VAIE ER0.74%
Strategy & risk
CAIQ tracks Nasdaq-100 with an autocallable approach, while VAIE tracks NYSE U.S. 500 Adaptive Vol Autocallable Index with an options approach.
CAIQ beta0.9632
VAIE beta—
Fund details
CAIQ is managed by Calamos Investments (launched 11/20/2025) with $401M in assets. VAIE is managed by VegaShares (launched 05/12/2026) with $68.4M in assets.
CAIQ AUM$401M
VAIE AUM$68.4M
Frequently asked questions
What is the current distribution rate for CAIQ and VAIE?
CAIQ currently distributes 20.47% and VAIE 17.09%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is CAIQ or VAIE better for dividend income?
It depends on your goals. CAIQ 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 CAIQ and VAIE?
CAIQ (Calamos Nasdaq Autocallable Income ETF) tracks Nasdaq-100 with an autocallable 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 CAIQ 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 CAIQ 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 — CAIQ scores 75, VAIE scores 50, so CAIQ'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, CAIQ or VAIE?
CAIQ 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 CAIQ vs VAIE generate?
At current distribution rates, $10,000 in CAIQ would pay about $2,047.00 a year (about $170.58 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, CAIQ or VAIE?
CAIQ has outpaced VAIE over the year to date, posting a 3.92% total return against -6.94%. CAIQ has been the steadier holding, though — annualized volatility of 14.3% 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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CAIQ 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
CAIQ and VAIE are both equity ETFs that generate income through autocallable structured products—financial instruments that trigger early redemption if underlying equity indexes hit specified thresholds. Both employ downside protection features and carry identical expense ratios, but they differ materially in payout frequency, yield, and underlying equity exposure. That 3.38 percentage-point gap reflects different autocallable laddering and payout schedules, not a cost difference—both charge 0.74% in fees.
Second, they track different universes. CAIQ's Nasdaq tilt introduces sector concentration risk; VAIE's approach is designed for broader equity market participation.
Who each is best for
CAIQ: Fits investors seeking concentrated exposure to high-growth large-cap technology stocks who want monthly income distribution and can tolerate a growth-tilted equity autocallable structure.
VAIE: Designed for income seekers who prefer weekly distributions, broader large-cap U.S. equity exposure, and a laddered autocallable approach that resets more frequently than monthly payouts.
Key risks to know
- Autocallable redemption risk: If the underlying index breaches a knock-in barrier, the autocallable structure may be called away or the instrument may stop paying income entirely, forcing reinvestment at uncertain conditions or lower rates.
- Yield sustainability via NAV erosion: Both funds distribute yields well above historical equity market returns (20.47% and 17.09% respectively). Distributions above underlying price appreciation likely rely on return-of-capital or NAV decay over time; investors should monitor NAV trends quarterly to assess whether payouts are funded by portfolio gains or principal reduction.
- Sector concentration (CAIQ): CAIQ's Nasdaq 100 weighting concentrates risk in technology and growth equities; a prolonged downturn in those sectors would reduce the underlying asset value more sharply than a broad market decline.
- Limited track record: CAIQ has been operating since 11/20/2025 and VAIE since 05/12/2026. Neither fund has a full market cycle of history; performance during sustained market downturns or rising-rate environments remains untested. If market conditions change sharply between resets, the protection features may not adjust in time, and reinvestment of early-called capital may occur at materially different yields. Both funds carry outsized distribution yields that warrant close monitoring of NAV and underlying price performance over time, since sustained payouts above market returns typically reflect return-of-capital dynamics. Past performance does not predict future results, and autocallable structures can behave unexpectedly during market stress.
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.