Northern Trust Supports Launch of Europe’s First Autocallable ETF on Waystone’s ETF ICAV platform
Northern Trust Supports Launch of Europe’s First Autocallable ETF on Waystone’s ETF ICAV platform
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Key Terms
autocallablefinancial
An autocallable is a structured investment that automatically ends early and returns your principal plus a preset payout if the underlying asset (like a stock or index) reaches a specified level on scheduled observation dates; if it doesn’t, the investment continues and may pay regular fixed amounts. It matters to investors because the automatic early exit can lock in gains or cut future income like a sprinkler that shuts off when a sensor trips, while also often capping upside and exposing you to loss if the underlying falls sharply.
ucitsregulatory
UCITS is a European regulatory standard for pooled investment funds that sets common rules on how they are run, what they can invest in, and how they protect individual investors. Think of it like a certified recipe and passport for retail funds: it assures basic safeguards such as diversification, liquidity and clear reporting, which helps investors compare options, reduces risk of surprise practices, and makes funds easier to buy across borders.
icavregulatory
An ICAV (Irish Collective Asset-management Vehicle) is a legal structure established in Ireland for running pooled investment funds; think of it as the organizational shell that holds and manages a group of investors’ money. It matters to investors because the ICAV defines legal protections, tax treatment and reporting rules, which affect how easily the fund operates, how transparent it is, and how returns and risks are passed through to shareholders—similar to how a company’s bylaws shape how a business runs.
derivatives-basedfinancial
Derivatives-based describes a fund, investment or trading strategy that relies mainly on derivatives—contracts whose price is tied to something else, such as a stock, bond, index, commodity or currency. It matters to investors because these instruments can magnify returns and losses, change exposure to risk without buying the underlying asset, or reduce costs; think of them like leverage or insurance that can make small moves in the underlying produce large effects.
synthetic autocallable notesfinancial
Synthetic autocallable notes are engineered investment products that pay periodic high-interest coupons and can automatically redeem early if the linked stock, index or basket reaches a preset level; “synthetic” means the payoff is constructed from contracts rather than a simple loan. They matter to investors because they can deliver higher returns than plain bonds but also expose you to market moves, possible loss of principal, early shutdown of future payments, and the issuer’s credit risk—think of them like a timed coupon-bearing gadget whose behavior depends on a tracked price.
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ETF Servicing Solutions Support Launch of Calamos Investments’ Strategy for European Investors
DUBLIN--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) today announced it has supported the launch of a new exchange‑traded fund (ETF) on the Waystone ETF ICAV, Waystone’s Irish‑domiciled white‑label multi‑manager ETF platform.
The launch of the Calamos Autocallable Income UCITS sub fund introduces U.S. asset manager Calamos Investments (Calamos) onto the platform and marks the first autocallable ETF in Europe.1 Calamos is headquartered in Naperville, Illinois, and has $47.2 billion in assets under management (as of 31 March 2026).
This derivatives‑based, synthetic investment strategy seeks to deliver returns that reflect the performance of a benchmark index designed to track a diversified portfolio of synthetic autocallable notes. The strategy provides equity-linked exposure with the potential for regular coupon income while incorporating predefined downside thresholds. Autocallables are market-linked investments which offer regular coupons and return principal at maturity, contingent on the performance of an underlying equity index.
Waystone is a leading asset-servicing solutions provider of institutional governance, administration, risk and compliance services to the global asset management industry. The new fund, listed on the Xetra and London Stock Exchanges, is being supported through Northern Trust’s servicing relationship with the Waystone ETF ICAV – to which it provides fund administration, depositary and custody services. This relationship has provided Calamos with an established and efficient route to market in Europe.
“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,” said Melíosa O’Caoimh, Ireland Country Head, Northern Trust. “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, said: “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.”
Northern Trust’s Global Fund Services provides a complete suite of asset servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions – supporting a range of complex investment strategies across the full spectrum of asset classes.
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
