For advisors who use autocallable strategies, evaluating a structured note versus an autocallable ETF has traditionally meant juggling two separate systems. That is changing with the announcement that Luma Financial Technologies, a Cincinnati-based structured products platform, has added ProShares' Autocallable Income ETF suite to its platform—the first ETFs ever offered on Luma.
The three funds—the ProShares S&P 500 Autocallable Income ETF (ACSP), the Nasdaq-100 Autocallable Income ETF (ACQQ), and the Russell 2000 Autocallable Income ETF (ACRT)—launched on August 14, 2026. With this integration, RIAs and other advisors can now compare these ETFs against traditional autocallable notes within the same evaluation and management workflow.
Solving the comparison problem
Luma has built its business around structured products, helping broker-dealers, RIAs, and private banks manage the full lifecycle of structured notes—from education and pricing to post-trade monitoring. Until now, however, it lacked a way to evaluate an ETF wrapper alongside a note wrapper when both target the same client objective. The autocallable ETF category has grown rapidly since Calamos launched the first such fund in mid-2025, and advisors who previously accessed autocallable strategies exclusively through notes are now fielding products that sit in a different part of their technology stack.
Luma's integration brings that comparison into a single environment. An advisor evaluating income options for a client can now assess a traditional autocallable note and a ProShares ETF against the same income, liquidity, and risk criteria without toggling between platforms. Tim Bonacci, President and CEO of Luma Financial Technologies, said, "Advisors are increasingly encountering different products and wrappers designed to address the same fundamental client needs, including market participation, income and downside mitigation. That makes consistent comparison and ongoing oversight increasingly important."
ETF wrapper expands access
The operational friction of traditional autocallable notes has long been a barrier for a significant portion of the RIA market. Notes typically carry high minimums, limited liquidity, and a reinvestment burden when a note is called early and the advisor must source a replacement. For fee-based advisors specifically, autocallable notes have historically been structured around commission-based distribution, placing them effectively out of reach for much of the independent RIA channel.
The ETF format removes several of those constraints at once. Daily liquidity, single-ticker access, and automated reinvestment when positions mature address the operational objections that kept many fee-based advisors away from autocallable strategies. Industry participants, including GraniteShares CEO Will Rhind, have publicly noted that the fee-based channel represents the most significant growth opportunity for autocallable ETFs—an observation that mirrors what happened when buffered ETFs made defined-outcome strategies accessible to advisors who couldn't use structured notes in fee accounts.
The ProShares funds use a laddered structure, staggering note maturities weekly across each underlying index to diversify timing risk and target consistent monthly distributions. Exposure is obtained through swap agreements rather than direct note ownership. Advisors should be aware that if the underlying index falls below a 35% barrier at a note's maturity, principal is fully exposed to those losses. Each fund can also use leverage of up to 500% when market volatility is low, which amplifies both upside potential and downside risk.
A platform bet on wrapper-agnostic advice
The broader significance of this move isn't the three ETFs; it's what adding them signals about where Luma sees the advisory market heading. Bringing ETFs onto a platform built around structured notes reflects a conviction that advisors increasingly want to make income and defined-outcome decisions based on client objectives, not on which product category they happen to be looking at. The question of whether a note or an ETF better serves a client's liquidity needs, income goals, and risk tolerance is one that, until now, required two separate evaluation processes.
For advisors already using Luma to manage notes, the practical change is immediate: ProShares' autocallable ETFs now sit in the same evaluation and management workflow as the notes they may already hold. This development comes as the broader ETF market continues to evolve, with derivative-heavy funds reshaping the landscape. Meanwhile, private markets CITs are gaining traction in retirement plans, and platforms like Addepar are enhancing risk tools—all pointing to a more integrated, objective-driven advisory environment.
