The US asset manager is bringing its NYSE-listed flagship autocallable income ETF strategy to Europe across multiple exchanges.
The Calamos Autocallable Income Ucits ETF is going live today (27 April) on Deutsche Börse’s Xetra platform.
The structured note market is enormous and ripe for new ideas on efficiency and accessibility - John Koudounis
The launch marks the first autocallable exchange-traded-fund (ETF) in Europe. It is built on the Calamos Autocallable Income ETF (CAIE) listed on NYSE since June.
The fund will also start trading on London Stock Exchange (LSE) tomorrow, followed by another listing on Six Swiss Exchange (SIX) next month. Additional Ucits mutual fund share classes (A, N and I) are to be made available.
Calamos Investments (Calamos) filed for the Ucits (undertakings for collective investment in transferable securities) ETF to the Central Bank of Ireland for approval in January, in collaboration with Waystone Fund Management, the white label Ucits ETF platform based in Dublin.
The fund is registered in Germany, Ireland and the UK, and offers accumulating and distributing share classes with a total expense ratio of 0.74%. Listing currencies include GBP, EUR, USD and CHF across all the four bourses, according to the Chicago-based provider with US$47 billion in total assets.
Like CAIE, the Calamos Autocallable Income Ucits ETF tracks the MerQube US Large Cap Vol Advantage Autocallable TR Index (MQAUTOCL) through a swap agreement hedged by J.P. Morgan. Jordan Rosenfeld and Shaheen Iqubal, portfolio managers of CAIE, will also oversee the European offering.
As of Friday, CAIE had US$849.6m in net assets and delivered a year-to-date return of 4.33%.
With a current annualized weighted average coupon of 14% in the autocallable index, the Ucits ETF is designed to provide high, stable, monthly income through exposure to a laddered portfolio of autocallables (currently 61).
Due in five years, those autocallables have a coupon and maturity barrier set at 60% of their initial level and a one-year non-call period.
‘We are proud of our great success in the U.S. with our autocallable ETF lineup and excited to bring this innovation to investors around the world,’ said John Koudounis (pictured), president and CEO. ‘Our mission at Calamos is to deliver sophisticated, yet easily accessible solutions for all types of clients. The structured note market is enormous and ripe for new ideas on efficiency and accessibility.’
Share classes & exchange listing of the Calamos Autocallable Income Ucits ETF
| Share Class | Ticker | ISIN | Listing currency | Exchange |
| CAKE | IE000DHZXD61 | USD | LSE | |
| Accumulating | CAKS | IE000DHZXD61 | GBP | LSE |
| Ucits ETF | CAKE | IE000DHZXD61 | EUR | XETRA |
| Coming Soon | IE000DHZXD61 | CHF | SIX | |
| Share Class | Ticker | ISIN | Listing currency | Exchange |
| CAKD | IE000ZDPZL69 | USD | LSE | |
| Distributing | CAKG | IE000ZDPZL69 | GBP | LSE |
| Ucits ETF | CAKD | IE000ZDPZL69 | EUR | XETRA |
| Coming Soon | IE000ZDPZL69 | CHF | SIX |
Source: Calamos
In the US market, a dozen autocallable ETFs have been introduced over the past year following CAIE’s debut, with Janus Henderson the latest entrant.
According to SRP data, the global autocallable and callable structured notes market saw 529,399 issues with approximately US$830 billion in total notional in 2025. Europe and US accounted for US$238 billion and US$139 billion, respectively.
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