---
title: "Advisors' Inner Circle Fund II files an autocallable tied to the worst of three ETFs"
url: "https://etf.net/news/advisors-inner-circle-fund-ii-files-an-autocallable-tied-to-the-worst-of-three-etfs-2026-10-02"
published_at: "2026-10-02T12:07:01.533Z"
updated_at: "2026-10-02T12:07:01.533Z"
byline: "ETF.net Research"
---

# Advisors' Inner Circle Fund II files an autocallable tied to the worst of three ETFs

Advisors' Inner Circle Fund II filed on Thursday, October 1, to register the Halo Autocallable Accumulator Fund, whose swaps would follow the weakest of three unnamed stock ETFs, while the Calamos Autocallable Growth ETF holds $162.4 million.

By ETF.net Research. Published Oct 2, 2026.

On Thursday, Advisors' Inner Circle Fund II filed to register the Halo Autocallable Accumulator Fund, whose swaps would follow the worst of three U.S. stock ETFs. A miss at the end can cost the full drop in the weakest one. Halo Investment Services would advise the fund, and the shares cannot be sold until the registration is effective.

The growth fund already trading is the Calamos Autocallable Growth ETF, CAGE. It seeks long-term growth from a ladder of autocallable contracts and reinvests what they produce, rather than paying investors each month. As of Friday, October 2, it holds **$162.4 million**.

The filing asks to become effective 75 days after October 1, which would be Tuesday, December 15, unless the SEC sets an earlier date. Shares would list on NYSE Arca.

An autocallable can end early if a market level is high enough on a set date, and can lose principal if that level finishes too far down.

The fund would not own the three ETFs, and the prospectus does not name them. It would own the swaps and hold cash aside as collateral. It would keep what the contracts produce rather than pay investors on a regular schedule, though it would still have to distribute income and locked-in profits at least once a year, if it has any.

It anticipates about 6 to 20 swaps, with maturities of two to five years, started so they do not all come due together. Under normal conditions at least 80% of its assets would be in those contracts, counted at full size rather than at the cash set aside.

The hurdles are still unfilled. The prospectus describes a preset adjustment, an early call, and a principal test at the end, each as a range, and it does not say how many months must pass before a contract can be called.

If the weakest ETF finishes below the principal hurdle, the loss is the full drop in that ETF from the start, not just the slice below the hurdle, and that position can lose its entire starting value. A drop below the hurdle before the end does not, by itself, cause that loss.

If a contract is called, the fund gives up any further gain on it. The filing says the fund may lag those ETFs in a sustained or sharp rise, because the adjustment is set in advance.

The prospectus says Halo, organized in 2023, is owned through Halo Advisor Holdings by Halo Investing and Piton Asset Management. Derivaty Co. would be the sub-adviser. It would choose who stands on the other side of the swaps and manage the cash posted as collateral, under Halo and the fund's board, and Halo would pay its fee.

Dennis Monohan, Halo's head of investment solutions, and Warun Kumar, Derivaty's co-founder and chief investment officer, would run the portfolio. The ticker, the fee table, the date any waiver would end, Derivaty's rate, and both firms' assets are still blank.

## One index swap, or a book of them

CAGE gets its autocallable exposure through one swap linked to a MerQube index. It listed on April 16. This filing would put a second growth fund beside it, one that would hold 6 to 20 swaps instead of one swap on an index.

The Calamos Autocallable Income ETF, CAIE, holds a ladder of autocallable contracts and aims to pay investors each month. That day it held $1.4 billion, and its exposure also comes through one swap on a MerQube index.

Which three ETFs, and where the hurdles land, decide how much room a holder would have before a miss costs the full drop in the weakest one.

Source: etf.net, https://etf.net/news/advisors-inner-circle-fund-ii-files-an-autocallable-tied-to-the-worst-of-three-etfs-2026-10-02. Please cite the page URL.