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A new category of fast-growing exchange-traded funds, known as autocallable ETFs, is offering yields as high as 17.5% by paying bond-like coupons while remaining linked to underlying equity risk. The structure has attracted income-seeking investors amid a search for yield alternatives. Analysts caution that the products carry risks tied to equity market performance that differentiate them from traditional fixed-income instruments, and investors should understand the mechanics before allocating capital to the funds.