Board/The fear layer/Category

Auto-callable ETFs

Auto-callable ETFs are one of seven categories inside the fear layer, one of 22 market stories StoryVector measures. 34 US ETFs sit in it, with $5.6 billion between them, 4.7% of the narrative’s capital. The largest, ACYN, holds 42.2% of the category.

Part ofThe fear layerWARM level 42.3, 18 of 22Open the narrative →
34ETFs in this category
$5.6 bncapital
4.7%of the narrative’s capital
ACYNlargest ETF, 42.2% of the category
What decides it

Whether a contingent coupon is read as income or as payment for a barrier

The outside variable that changes how this category compares with its alternative. A mechanism, never a direction.

Where it sits in the narrative

The fear layer divides into seven categories by written rules. This one holds 4.7% of its capital.

Buffered and defined-outcome81.0%476 ETFs
Managed futures7.3%12 ETFs
Auto-callable ETFs4.7%34 ETFs
Everything else3.1%32 ETFs
Hedges and tail protection2.6%17 ETFs
Levered and inverse wrappers1.1%5 ETFs
VIX futures0.2%2 ETFs

The six largest auto-callable ETFs

Each ETF’s share of this category’s capital, and its size.

ACYN42.2%$2.4 bn
CAIE24.7%$1.4 bn
ACYS9.5%$0.5 bn
CAIQ6.7%$0.4 bn
CAGE2.9%$0.2 bn
PAYM2.7%$0.1 bn

Companies shared, in the ten largest positions

How many of the same companies two ETFs hold among their ten largest positions. Same category, very different portfolios.

ACYNCAIEACYSCAIQCAGE
CAIE0
ACYS00
CAIQ010
CAGE0000
PAYM00000

Ten largest positions only. The two biggest, ACYN and CAIE, hold no company in common there. CAIE and CAIQ share one, the most of any pair. The category is the same either way.

Published as

Posted on LinkedIn on October 1, 2026. See the post ↗

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Common questions

Which are the largest auto-callable ETFs?

By share of the category’s capital: ACYN (42.2%), CAIE (24.7%) and ACYS (9.5%).

How much is invested in auto-callable ETFs?

$5.6 billion across 34 US ETFs, 4.7% of the capital in the fear layer.

What decides how auto-callable ETFs compare with the alternative?

Whether a contingent coupon is read as income or as payment for a barrier. That is the outside variable that changes how the category compares with its alternative: a mechanism, not a forecast.

Do the largest auto-callable ETFs hold the same companies?

Ten largest positions only. The two biggest, ACYN and CAIE, hold no company in common there. CAIE and CAIQ share one, the most of any pair. The category is the same either way.

Run an ETF in the fear layer? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.

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Every figure on this page is this week’s, from holdings fetched Oct 1. Capital here is each ETF’s full assets, counted in the one narrative it carries as its main one; ownership on the narrative page is exposure weighted, so the two are never added. The level belongs to the narrative, because attention is scored per narrative and not per category. ETFs are listed by measured share; placement cannot be bought. Nothing here is investment advice. How the measurement works →