2026 may only still be in its nascent days, but the market is already seeing plenty of indicators of looming uncertainty. Similar to that of last year’s macroeconomic picture, this uncertainty is coming from multiple fronts. For instance, part of the market doubts are stemming from ongoing U.S. foreign policy risks. Tensions are continuing to mount between the Trump Administration and different world leaders from across the globe.
Some, but not all, of these tensions are coming through threats of escalated tariffs. As 2025 showcased, back-and-forth tariff headlines can potentially damage the outlooks for many tried-and-true U.S. companies, along with the macroeconomic outlook itself.
Foreign policy isn’t the only problem that advisors and investors need to keep an eye on, either. Concerns over the independence of the Federal Reserve certainly don’t seem to be going away any time soon. With the Fed receiving subpoenas from the Department of Justice earlier this year, many remain worried over how independent the central bank will remain in the months to come.
All these independence worries are coming at a crucial time for the central bank, too. Many key leadership positions are going to be shifting in the early parts of 2026, including the top position of Chairman. Put together, this can greatly affect the frequency and intensity of the Fed’s interest rate cutting regimen.
Laddered Autocallable ETFs May Offer a Compelling Solution
Headwinds could certainly create some bumps in the road for the equity market in the days to come. Prudent advisors and investors may want to look toward ETFs that could provide solutions to potential volatility down the line.
Autocallable Income ETFs might be more well-geared to handle a bumpy market than a traditional equity ETF. These funds invest in autocallable yield notes — market-linked investments that generate yield and principal as long as their chosen index does not drop below a predetermined barrier level. Essentially, autocallables can help a portfolio accrue income and principal tied to the equity market, even if the chosen market is seeing a bit of volatility.
The Calamos suite of Autocallable Income ETFs offers exposure to these autocallable notes through the advantageous laddered format. The Calamos Autocallable Income ETF (CAIE) provides S&P 500 exposure, while the Calamos Nasdaq Autocallable Income ETF (CAIQ) engages with the Nasdaq-100.
A laddered portfolio, like what CAIE and CAIQ offer, along with the autocallable structure itself, could serve as a valuable balm to 2026’s early headwinds. Both funds invest in more than 52 autocallables each, offering exposure to a number of different time horizons and reducing overall timing risk. Furthermore, the autocallable barrier format allows the funds’ underlying notes to potentially generate compelling income, even if their chosen index is seeing moderate underperformance.
Looking ahead, it’s far too difficult to predict where U.S. foreign policy and the fate of the Fed will go from here. Instead, it may prove more opportunistic to use that time to dial in to strategies that offer a compelling method for navigating the chaos.
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An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.
The principal risks of investing in the Calamos Autocallable Income ETF and the Calamos Nasdaq Autcallable Income ETF include: autocallable structure risk, contingent income risk, early redemption risk, barrier risk, authorized participant concentration risk, calculation methodology risk, cash holdings risk, correlation risk, costs of buying and selling fund shares, counterparty risk, credit risk, derivatives risk, equity securities risk, index risk, interest rate risk, investment in a subsidiary, laddered portfolio risk, liquidity risk, market maker risk, market risk, new fund risk, non-diversification risk, premium-discount risk, secondary market trading risk, swap agreement risk, tax risk, trading issues risk, valuation risk, and volatility target index risk.
Autocallable Structure Risk: The Fund’s returns are correlated to the performance of a synthetic portfolio of autocallable notes tracked by the Laddered Autocall Index. Autocallable notes have specific structural features that may be unfamiliar to many investors.
Contingent Income Risk: Coupon payments from the Autocalls are not guaranteed and will not be made if the Underlying Index falls below the Coupon Barrier on observation dates. This means the Fund may generate significantly less income than anticipated during market downturns.
Early Redemption Risk: Autocalls in the Portfolio may be called before their scheduled maturity if the Underlying Reference Index reaches or exceeds the Autocall Barrier on observation dates. This automatic early redemption could force reinvestment of that portion of the portfolio at lower rates if market yields have declined.
Barrier Risk: If the Underlying Reference Index falls below the Protection Level Barrier at the maturity of an Autocall in the Portfolio, that portion of the Portfolio will be fully exposed to the negative performance of the Underlying Reference Index from its initial level. This conditional protection creates a binary outcome that can result in sudden, significant losses if barriers are breached.
The MerQube Nasdaq-100 Vol Advantage Autocallable Index is designed to reflect the collective performance of a theoretical portfolio of 52 to 260 synthetic Autocallables arranged in a laddered structure with staggered entry points with similar fixed parameters (the “Parameters”) as described below within the section entitled “Autocallable Index Portfolio Characteristics”.
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