Institutional Investor FAQ
Decision-relevant context on structure, market mechanics, risk drivers and regulatory perimeter.
What are structured products?
Structured products are securitized claims with contract-defined payoff logic. For robust assessment, separate three layers: (1) economic exposure (e.g., delta/gamma/basis), (2) legal terms (triggers, fallbacks, adjustment mechanics), and (3) issuer/counterparty credit. They are therefore not simply “underlying exposure” and may be unsuitable for certain investors.
How is the AMC structured and where do I find ISIN/Valor/WKN?
An Actively Managed Certificate (AMC) is a structured product whose underlying exposure is managed through a strategy (rules-based and/or discretionary). Key IC diligence points include strategy universe, rebalancing and risk gates, valuation/NAV mechanics, fees, and roles (issuer, calculation agent, custody/collateral setup). ISIN, Valor and, where applicable, WKN are published in Final Terms and binding issuance documentation; the latest valid document set is authoritative.
Why can not every investor access the platform?
Access gating is a regulatory control, not a marketing filter. Distribution rules, documentation duties and product eligibility vary by jurisdiction and client category; accordingly, we target qualified investors in CH and professional investors in EU/EEA. The gate helps ensure cross-border communication and document access remain within the permitted perimeter.
What is a carry trade?
Carry monetizes recurring financing or basis differentials rather than primarily directional beta. In a delta-neutral setup, return concentration shifts to funding/basis; IC-relevant residual risks remain in regime shifts, rebalance drift, liquidity costs, and the possibility of temporarily negative carry.
How is the funding fee formed for perpetual futures?
Funding is a periodic transfer mechanism designed to anchor perpetual prices to spot. Sign and magnitude are driven by basis, positioning imbalance, liquidity and venue-specific formula design. Funding is therefore microstructure-dependent and can flip quickly in stress regimes.
Why is funding different across venues?
Funding dispersion across venues is structurally expected. Drivers include liquidity depth, participant mix, margin regime, risk-engine design, fee stack and sampling windows. IC monitoring should prioritize distribution, persistence and mean-reversion properties over isolated point observations.
What does Off-Exchange with Copper mean and what are the benefits?
Off-Exchange with Copper refers to a setup where collateral governance is functionally separated from execution venues to reduce concentration risk. Potential benefits include controlled collateral workflows, clearer segregation and audit-ready governance. IC validation still requires diligence on legal structure, collateral mechanics, SLAs, and default/transfer processes.
Which key risks should I understand?
Material risks include adverse funding regimes, basis/slippage, counterparty/venue exposure, margin-liquidation dynamics, operational failure modes and model/data risk. Historical paths are non-predictive. This content is marketing material and not legal, tax or investment advice, nor a binding offer.