Indicative timing assumes a clean underlying and standard counterparty due diligence. Actual time-to-ISIN depends on structure complexity and case-specific factors.
*Every product carries a Swiss ISIN and can, in principle, be booked through your bank like any other security. Whether a particular bank accepts a given ISIN, especially for non-listed products, is at that bank’s discretion.
"AMC" covers three substantively different products. Helveteq AMCs sit on the same Swiss-law collateralised framework as Helveteq ETPs and nETPs, ring-fenced per product, independent Security Agent. Bank AMCs are unsecured bank-issued certificates carrying full bank issuer credit risk. Offshore AMCs may be collateralised but enforcement and creditor-protection sit outside Swiss law. The column above uses the generic AMC framing; the Collateralisation row makes the distinction explicit.
The four structures, compared in detail.
What each is
- ETP — Swiss-listed, fully collateralised tracker certificate issued under a FinSA prospectus approved by SIX Exchange Regulation.
- nETP — the same structure, unlisted: same collateral, ACA, Security Agent and prospectus; non-recourse (claims limited to the product's collateral pool).
- AMC — actively managed certificate issued on a bank's balance sheet or an offshore SPV; typically unsecured and dependent on issuer credit.
- L-QIF — Swiss fund for qualified investors only; statutory asset segregation and full fund governance.
Licensing
- Regulation is triggered by discretion, not by format.
- Passive (index replication) and rule-based (fully predetermined rules) → no FinIA licence.
- Discretionary management → FinIA asset-management licence required for the manager.
- Issuer ≠ manager.
Collateral & enforcement
- ETP / nETP — Swiss-law pledge + ACA + segregated Swiss custodian accounts; enforcement via an independent Security Agent; non-recourse.
- Bank AMC — no segregation; unsecured; investors rank as unsecured creditors in bank insolvency.
- Offshore AMC — may be collateralised, but enforceability relies on offshore trust law and offshore courts; not supervised under FinSA/FinIA.
nETP → ETP upgrade path
- nETPs use the same prospectus and collateral structure as ETPs.
- Listing possible with minimal adjustments.
- Requires a SIX-eligible underlying.
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