Ethena sUSDe Market Neutral
A Swiss tracker certificate providing passive exposure to sUSDe, the staked version of Ethena's synthetic USD (USDe).
Historical performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.36% | +0.28% | +0.16% | +0.22% | +0.21% | −0.11% | - | - | - | - | - | - | +1.12% |
| 2025 | - | - | - | - | - | - | - | - | −0.11% | +0.16% | +0.31% | +0.23% | +0.60% |
As of 30 Jun 2026. Past performance is not an indicator of future results.
Investment strategy · Passive
Provide passive exposure to sUSDe, the staked USDe
The certificate provides passive exposure to sUSDe (staked USDe), held alongside USDe and a USD cash balance. sUSDe captures yield from funding rates in a crypto-derivatives framework. ‘Market neutral’ describes the design of the underlying strategy — it is not a guarantee of return or of capital preservation.
- Total return structure with reinvestment in NAV; no distributions.
- Subscriptions and redemptions process daily on Business Days (Monday to Friday).
- A targeted USD cash buffer is maintained on a best-effort basis to facilitate daily redemptions; a 7-day unstaking period on sUSDe may delay proceeds if the buffer is depleted.
Security and investor protection
The underlying crypto assets are held in segregated wallet custody on behalf of Helveteq AG. The collateral is pledged in favour of an independent Security Agent for the benefit of investors, with the pledge perfected through an Account Control Agreement under Swiss law (Art. 25 FISA). In an issuer default, the Security Agent may enforce the collateral in accordance with the transaction documents. Collateralisation mitigates issuer credit risk but does not eliminate it. The product offers no capital protection. Enforcement and recoveries may take time and amounts recovered may be lower than the outstanding investment.
About the strategy originator
Tritemius DAF, SL · Madrid, Spain
Tritemius is a Spain-based blockchain and Web3 specialist. Through its venture builder, Tritemius co-founds and actively develops Web3 startups. The firm manages the EU-regulated venture capital fund "Tritemius Fund FCRE I" and advises institutional crypto hedge funds. Tritemius combines investment, research, and innovation capabilities under one roof, offering end-to-end consulting and strategic services across the digital asset ecosystem.
KEY DATA
1,000 Securities (with reopening clause)
Total Amount: USD 50,000,000.The Issuer reserves the right to increase the issue size. Any additional issuance will be at the Issuer's discretion and priced by the Calculation Agent. Investors will be informed in accordance with applicable regulations.Best-effort liquidity buffer, no threshold
While a liquidity buffer is maintained on a best-effort basis, redemption proceeds may be delayed if the buffer is depleted, due to the 7-day unstaking period applicable to the underlying sUSDe asset.Documentation
Subscribe through your own bank.
You don't buy from Helveteq. You instruct your own bank or broker to buy the ISIN, like any other security. The steps for this product are laid out for you.
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Investor protection
- Fully collateralised tracker certificate
- Collateral pledged in favour of investors
- Independent Security Agent
- Pledge perfected through Account Control Agreement
- Issuer credit risk mitigated but not eliminated
Regulatory framework
- Base Prospectus approved by SIX Exchange Regulation Ltd., Reviewing Body within the meaning of FinSA
- Annual independent audit; financial statements prepared under IFRS standards
- Not a collective investment scheme under CISA
- Issuer not subject to FINMA supervision
Transparency
- Issued from Helveteq AG balance sheet
- Collateral held in segregated accounts for the benefit of investors
- Total return structure with reinvestment in NAV; no distributions
- Fully Swiss setup, issuer and instruments