Northern Trust backs Calamos autocallable ETF launch in Europe

Northern Trust supported the launch of the Calamos Autocallable Income UCITS sub-fund by providing fund administration, depositary and custody services through Waystone’s Irish-domiciled ETF ICAV. Managed by Calamos Investments, the fund is listed on Xetra and the London Stock Exchange.

The UCITS uses a derivatives-based synthetic strategy designed to track a benchmark index that represents a diversified portfolio of synthetic autocallable notes. The structure aims to deliver equity-linked exposure with potential regular coupon income and predefined downside thresholds that affect payoff profiles and principal return.

Autocallables are market-linked instruments that typically pay coupons and may return principal at maturity or on earlier call dates if the underlying equity index meets set conditions. The sub-fund places that payoff profile inside an ETF wrapper that complies with UCITS rules and can be distributed across multiple markets.

Northern Trust provided the operational functions required under UCITS through its servicing relationship with the Waystone ETF ICAV, supplying fund administration, depositary and custody. Waystone operates a white-label, multi-manager ETF platform domiciled in Ireland that allows managers to use an established vehicle to reach European investors.

Calamos, based in Naperville, Illinois, reported $47.2 billion in assets under management as of March 31, 2026. The listings on Xetra and the London Stock Exchange establish exchange trading venues for the fund and align it with standard trading and reporting requirements.

Melíosa O’Caoimh, Northern Trust’s Ireland country head, congratulated Calamos and Waystone and commented: “Our ETF servicing capabilities and technology support the full lifecycle of products and fund structures — helping managers bring innovation to market, efficiently scale and operate their funds, and capitalize on growing industry-wide interest in use of these products to reach investors.” Paul Heffernan, CEO of Waystone ETFs, added: “Partnering with Calamos and Northern Trust on the first UCITS autocallable fund is a clear example of how managers are using white-label platforms to expand into new regions while ensuring governance, capital markets access and distribution are in place. The ability to list widely across Europe and Latin America from launch highlights the importance of having the right infrastructure.”