At a glance
- Whichever of the three index ETFs performs worst over a given observation sets the outcome for that note.
- At least 52 notes means the fund is a series of observations rather than a single one.
- CAYN's barrier is a term on a note; the ETF share is a claim on a pool of them that can be bought and sold during the session rather than held to a maturity date.
Calamos has set an Oct. 26 launch date for CAYN, an ETF that ladders at least 52 autocallable notes tied to the weakest of three index ETFs.
Both barriers named in the launch terms — one for the coupon, one for maturity — sit at -30%, according to our records.
Whichever of the three index ETFs performs worst over a given observation sets the outcome for that note. The stronger two do not lift it. A -30% barrier is therefore measured against that single worst series rather than against an average of the three.
At least 52 notes means the fund is a series of observations rather than a single one. The launch terms do not specify a fee, the three index ETFs, the note issuers or the roll schedule.
CAYN's barrier is a term on a note; the ETF share is a claim on a pool of them that can be bought and sold during the session rather than held to a maturity date.
Fidelity lists two buffer funds the same week
Fidelity International launched two dynamic buffer active ETFs on Borsa Italiana and Xetra on Oct. 21, with a London Stock Exchange listing targeted for Oct. 22 and SIX Swiss Exchange for Oct. 26. Fidelity's two funds are active and carry a buffer in the name; the listing announcements gave venues and dates but not the terms.
Reported by The Tape desk from ETF Trends and ETF Daily tracking. Published . Updated Oct 28, 2026 · 2:57 p.m. ET. Corrections