DUBLIN — May 7, 2026
Executive Summary
Northern Trust has announced its support for the launch of a new exchange-traded fund on the Waystone ETF ICAV platform, marking the introduction of Europe’s first autocallable ETF within the UCITS framework. The launch brings Calamos Investments onto the Waystone ETF ICAV platform and expands the availability of derivatives-based investment strategies for investors in Europe. The newly launched Calamos Autocallable Income UCITS sub-fund is listed on both the London Stock Exchange and Xetra exchanges and is supported through Northern Trust’s existing servicing relationship with Waystone. Northern Trust is providing fund administration, depositary and custody services for the platform, supporting the fund’s route to market and operational framework in Europe.
Announcement Overview
Northern Trust stated that it has supported the launch of a new ETF on the Waystone ETF ICAV, an Irish-domiciled white-label multi-manager ETF platform operated by Waystone. The launch introduces Calamos Investments as a participating asset manager on the platform and establishes what the companies describe as the first autocallable ETF available in Europe.
According to the announcement, the strategy is structured as a derivatives-based synthetic investment solution designed to provide exposure linked to a diversified portfolio of synthetic autocallable notes. The ETF seeks to provide returns that reflect the performance of a benchmark index tracking those investments while incorporating predefined downside thresholds and coupon income potential.
The launch is being supported through Northern Trust’s servicing capabilities associated with the Waystone ETF ICAV structure. Northern Trust provides the platform with a range of operational services, including custody, fund administration and depositary support, helping facilitate the product’s entry into European markets through an established UCITS framework.
Key Announcement Details
- Announcement Type: ETF launch support and servicing partnership
- Fund Name: Calamos Autocallable Income UCITS sub-fund
- Platform: Waystone ETF ICAV
- Launch Significance: First autocallable ETF launched in Europe
- Asset Manager: Calamos Investments
- ETF Structure: Derivatives-based synthetic investment strategy
- Investment Exposure: Diversified portfolio of synthetic autocallable notes
- Income Feature: Potential regular coupon income
- Risk Structure: Predefined downside thresholds
- Exchange Listings: Xetra and London Stock Exchange
- Northern Trust Services: Fund administration, depositary and custody services
- Platform Type: Irish-domiciled white-label multi-manager ETF platform
- Distribution Scope: Europe and Latin America
- Calamos Headquarters: Naperville, Illinois
- Calamos Assets Under Management: US$47.2 billion as of March 31, 2026
- Northern Trust Business Segment: Global Fund Services
- Waystone Capabilities: Governance, administration, risk and compliance services
- UCITS Framework: European UCITS-compliant ETF structure
- Northern Trust Assets Under Custody/Administration: US$18.6 trillion as of March 31, 2026
- Northern Trust Assets Under Management: US$1.8 trillion as of March 31, 2026
Launch of Europe’s First Autocallable ETF
The launch of the Calamos Autocallable Income UCITS sub-fund represents a significant product introduction within the European ETF market. According to the announcement, the fund is the first autocallable ETF launched in Europe and has been introduced through the Waystone ETF ICAV platform.
The product has been designed to provide investors with exposure to a diversified portfolio of synthetic autocallable notes through a UCITS-compliant ETF structure. The strategy is derivatives-based and synthetic in nature, utilizing benchmark-linked exposure intended to track a portfolio of structured investments.
The announcement noted several structural elements associated with autocallable investments, including:
- Regular coupon income potential
- Equity-linked market exposure
- Predefined downside thresholds
- Principal repayment at maturity contingent on benchmark performance
According to the information provided, autocallables are market-linked investment products that combine exposure to underlying equity indices with defined income and maturity characteristics. The ETF structure is intended to provide access to this strategy through listed exchange-traded fund infrastructure.
The launch also introduces Calamos Investments to the Waystone ETF ICAV platform, expanding the platform’s manager base and adding a U.S.-based asset manager with experience in structured investment strategies and alternative investment solutions.
Calamos Investments and the New UCITS Strategy
Calamos Investments is headquartered in Naperville, Illinois, and reported US$47.2 billion in assets under management as of March 31, 2026. The company has launched the Calamos Autocallable Income UCITS sub-fund as part of its expansion into European ETF distribution through the UCITS framework.
The strategy underlying the ETF is designed to reflect the performance of a benchmark index that tracks synthetic autocallable notes. According to the announcement, the investment approach seeks to provide a combination of:
- Equity-linked investment exposure
- Potential recurring coupon payments
- Defined downside parameters
- Synthetic derivatives-based implementation
The launch through Waystone’s white-label ETF structure provides Calamos with an operational and regulatory route into European markets. The announcement stated that the relationship between Northern Trust and Waystone enabled an established infrastructure framework supporting the launch and distribution process.
The ETF is listed on multiple exchanges, including:
- Xetra
- London Stock Exchange
According to Waystone, the platform structure also supports broader distribution capabilities across Europe and Latin America from launch.
Northern Trust’s Servicing Role and Operational Support
Northern Trust stated that the fund launch was supported through its existing servicing relationship with the Waystone ETF ICAV platform. Under this arrangement, Northern Trust provides several operational and asset servicing functions associated with the platform.
The services being delivered include:
- Fund administration
- Depositary services
- Custody services
According to the company, these services supported the launch process for the Calamos ETF and enabled the establishment of the fund within the UCITS framework.
Northern Trust also noted that its ETF servicing capabilities are designed to support the full lifecycle of ETF products and fund structures. The company indicated that its technology and servicing infrastructure are intended to assist investment managers in:
- Bringing investment products to market
- Scaling ETF operations
- Managing operational complexity
- Supporting product innovation
- Expanding distribution capabilities
The announcement emphasized that the partnership structure allowed Calamos to access an established European ETF infrastructure environment through the Waystone ETF ICAV framework while leveraging Northern Trust’s servicing capabilities.
Northern Trust further stated that its Global Fund Services business provides a broad suite of asset servicing and operational support solutions across multiple investment strategies and asset classes.
Waystone ETF ICAV Platform and Market Access Framework
Waystone operates the Waystone ETF ICAV as an Irish-domiciled white-label multi-manager ETF platform. According to the announcement, the platform provides asset managers with infrastructure and governance support for launching ETF products within Europe.
Waystone described itself as a provider of institutional governance, administration, risk and compliance services to the global asset management industry. The company stated that its platform supports managers seeking to expand into new regions while maintaining operational and regulatory support structures.
The launch of the Calamos ETF through the platform highlights several aspects of the model referenced in the announcement, including:
- White-label ETF infrastructure
- Governance support
- ETF capital markets support
- Distribution framework
- Operational model support
- Cross-border listing capabilities
Waystone stated that the ability to list the fund across Europe and Latin America from launch reflected the importance of having established infrastructure and distribution support in place.
According to the announcement, the platform is designed to help investment managers bring strategies to market efficiently while supporting expansion into additional geographic regions.
Statements From Northern Trust and Waystone Leadership
Melíosa O’Caoimh, Ireland Country Head at Northern Trust, commented on the launch and the role of the servicing relationship supporting the ETF platform.
O’Caoimh stated:
“We congratulate Calamos and Waystone on the launch of this new fund and are delighted to have supported its speed-to-market within the UCITS framework. Our ETF servicing capabilities and technology support the full lifecycle of products and fund structures – helping managers bring innovation to market, to 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, also commented on the launch and broader market demand for globally distributed ETF strategies.
Heffernan stated:
“Partnering with Calamos and Northern Trust on the first UCITS autocallable fund is a strong example of how managers are approaching growth today. Through our white label ETF platform, we enable firms to bring innovative strategies to market efficiently while expanding into new regions with the right governance, ETF capital markets, operating model and distribution in place. The ability to list widely across Europe and Latin America from launch highlights how important it is to have the right infrastructure behind you. As demand for more sophisticated, globally distributed products continues to grow, this is exactly where we support our clients.”
ETF Structure, UCITS Framework and Distribution Strategy
The launch has been structured within the UCITS framework, which is widely used for investment funds distributed across European markets. According to the announcement, the use of the Waystone ETF ICAV structure provided an operational route to market for Calamos Investments.
The ETF structure combines several operational and distribution elements referenced in the announcement, including:
- Irish-domiciled ETF framework
- Multi-manager platform structure
- Cross-border distribution support
- Exchange listings
- Asset servicing infrastructure
- Synthetic investment implementation
The announcement further stated that the fund is listed on both the London Stock Exchange and Xetra, supporting broader investor accessibility through established European trading venues.
Northern Trust’s servicing role within the platform supports operational processes associated with fund administration, custody and depositary obligations, while Waystone provides governance, platform and ETF market support infrastructure.
According to the companies, the launch demonstrates ongoing activity within the ETF sector involving specialized investment structures and globally distributed investment products.
Northern Trust Global Fund Services Capabilities
Northern Trust stated that its Global Fund Services business provides a range of asset servicing solutions across multiple asset classes and investment strategies.
According to the announcement, these services include:
- Fund administration
- Global custody
- Investment operations outsourcing
- Data solutions
The company stated that these capabilities support a range of complex investment structures and operational requirements associated with institutional asset management activities.
Northern Trust also referenced its ETF servicing technology and operational infrastructure as part of the support framework used for the Calamos launch on the Waystone ETF ICAV platform.
The company indicated that its servicing capabilities are designed to support product lifecycle requirements across fund structures, operational scaling and market expansion initiatives within the investment management industry.
About Northern Trust
Northern Trust Corporation is a provider of wealth management, asset servicing, asset management and banking services for institutions, corporations, affluent families and individuals.
Founded in Chicago in 1889, the company operates across:
- 24 U.S. states and Washington, D.C.
- 22 locations across Canada, Europe, the Middle East and Asia-Pacific
As of March 31, 2026, Northern Trust reported:
- US$18.6 trillion in assets under custody/administration
- US$1.8 trillion in assets under management
According to the announcement, Northern Trust has operated for more than 135 years and provides services across multiple financial and institutional market segments.
The company’s head office is located at:
50 South La Salle Street, Chicago, Illinois 60603, United States
Northern Trust also stated that global legal and regulatory information is available through its official website.
Media Contact
For additional information, visit ntrs.com.
Source Attribution
Source: Company announcement
