Talk Your Book: Autocallable Income

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 7 July 2025

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Matt Kaufman, Senior Vice President and Head of ETFs at Calamos to discuss the Calamos Autocallable Income ETF (CAIE), a first-of-its-kind fund bringing institutional-style structured notes to the ETF world. They explore what makes CAIE structurally unique compared to traditional autocallable notes, including how its laddered structure offers investors a differentiated income strategy. Find complete show notes on our blogs... Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠ Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits Talk Your Book is brought to you by Calamos. Go to calamos.com to learn more about their brand new Calamos auto-callable income ETF. It's ticker C-A-I-E, Calamos.com to learn more.
0:15.1	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben Carlson
0:21.1	as they talk about what they're reading, writing, and watching.
0:24.5	All opinions expressed by Michael and Ben are solely their own opinion
0:27.6	and do not reflect the opinion of Ridholt's wealth management.
0:30.8	This podcast is for informational purposes only
0:33.1	and should not be relied upon for any investment decisions.
0:36.6	Clients of Ridholt's wealth management may maintain positions in the securities discussed in this podcast.
0:44.8	Welcome to Animal Spirits with Michael and Ben.
0:48.1	Michael, I got to be honest.
0:49.1	A lot of times when we have these talk your book segments, sometimes we'll do a little bit of research.
0:55.8	But most of the time, if I've never heard of a strategy, I want to go in kind of blind because I want it to seem like we're going to do it
1:00.1	live.
1:00.9	Yeah, well, I want to, I want us to be the eyes and the ears of the audience in terms of learning.
1:05.6	And a lot of times we're learning on the fly.
1:07.7	And sometimes it's because these strategies are all so new. I've got to be honest.
1:12.6	I didn't know what an auto callable was coming into this. Did you? I did, only because of our
1:18.0	previous dive down this rabbit hole. Okay. Just not something that I'm completely familiar with as we
1:24.2	move these like structured note products into the ETF sphere and a lot of the structured note stuff that we've talked about in the
1:33.2	past is more low octane right we're putting guardrails so the downside is defined
1:40.4	but it also caps your upside you have certain certain levels you pick. But there are also ways
1:46.7	in the structure of Node arena to have a little bit more juice and more volatility. And so I'd say
	...

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