You are not running a single-asset, single-market book. Maybe you trade equities, options and futures. Maybe your edge is in FX and CFDs. Maybe you have built a crypto strategy that needs institutional-grade execution and custody. Your strategy was built for a specific execution environment. The question is whether your legal and distribution structure was built with the same level of sophistication.
Most investment vehicles are not built for that. A UCITS fund cannot hold most digital assets. The custodian relationships that work for options and futures do not work for CFDs. And building a separate legal wrapper for every strategy you run means multiplying auditors, filings, and annual running costs across each one.
- A multi-strategy book split across FX, equities, and digital assets often means three separate structures, three sets of legal costs, three timelines
- Below €50M in AuM, setting up even one standalone fund (upwards of €100,000 and 12 to 18 months) rarely makes economic sense, let alone three
That is the gap iMaps was built to fill.
One Structure And A Broker Your Strategy Actually Needs.
iMaps operates a two-tier structure. For each strategy, iMaps sets up a dedicated Segregated Portfolio within a Segregated Portfolio Company in the Cayman Islands wholly owned by iMaps ETI AG. That Segregated Portfolio opens a brokerage account with the execution partner your strategy actually needs, you receive Power of Attorney over it via a Delegated Investment Management Agreement (alternatively we offer a Signal Provider setting, and iMaps issues ETI units linked 1:1 to the portfolio’s value, listed on Stuttgart Stock Exchange (EUWAX).
The broker is picked depending on your strategy. The structure around it does not change.
Interactive Brokers: For Traditional and Multi-Asset Strategies
- Suited to equities, options, futures, bonds, and ETFs across global markets
- IB serves 5M+ client accounts with $937B+ in client equity (as of May 2026)
- Gives direct market access to 170+ markets in 29 currencies, across 200+ countries and territories
Vantage Markets: For FX and CFD-Driven Strategies
- Suited to forex, CFDs on indices, commodities, shares, and bonds, including intraday and leveraged strategies
- Vantage operates in 172 countries
- Offers 1,000+ tradable instruments across forex, indices, commodities, shares, ETFs, and bonds
Coinbase: For Digital Asset Strategies
- Suited to crypto portfolios that need institutional-grade custody and execution
- Coinbase Prime holds $350B+ in institutional assets under custody
- Serves as custodian for 80%+ of US spot bitcoin and ether ETF assets (as of April 2026)
Whichever broker your strategy runs on, iMaps wraps it in the same exchange-listed structure: one Segregated Portfolio, one Delegated Investment Management Agreement, one ETI, admitted to trading on Stuttgart Stock Exchange (EUWAX), Europe’s largest exchange segment for structured investment products.
What You Get from Day One
Because iMaps ETIs are issued under an FMA-approved Base Prospectus, your ETI launches with:
- Retail public offering rights across the EEA (you choose 5 countries to start with)
- Public offering rights to professional and qualified investors across the EU, UK, Norway, and Iceland
- Private placement eligibility in Singapore, Hong Kong, Dubai, and most other Asian jurisdictions
- Daily trading on EUWAX from 9am to 5:30pm CET, with EUWAX AG as Quality Liquidity Provider
- No limit on portfolio rebalancing, including intraday, regardless of which broker holds the assets
You do not file a separate prospectus for each strategy. All of it is inherited from iMaps’ existing approved programme, no matter which of the three brokers your Segregated Portfolio trades through.
What Are the Costs?
Ongoing operations are covered by a €1,000 per month fee charged to the Segregated Portfolio. This includes monthly NAV calculations, annual audit by BDO Liechtenstein AG, listing and ISIN maintenance, FMA regulatory fees, and collateralisation. On top of that, you can keep up to 3% p.a. management fee and up to 30% performance fee. iMaps charges 0.20% p.a. on AuM. Total fees across all parties are capped at 4.5% p.a. plus performance for retail-approved products, whether the underlying strategy trades through IB, Vantage, or Coinbase.
A €6,000 deposit is required before issuance. It works as a safety buffer, not a fee: if your ETI reaches average AuM of €300,000 or more over the first six months, the full amount is refunded.
Is It the Right Fit for You?
iMaps is built for investment and asset managers who:
- Run a strategy that needs a specific execution partner, whether that is global multi-asset access, FX and CFDs, or crypto custody
- Are targeting €500,000 to €50M in AuM, the range where a standalone fund per strategy is economically unworkable
- Want investors to access their strategy through an existing bank or broker relationship, with daily exchange liquidity
- Do not yet have a listed, exchange-traded product to offer their investors
With EUR 1B+ across 200+ issuances structured since 2018, the infrastructure to plug any of these three brokers into a single exchange-listed ETI is already running. You bring the strategy and pick the broker it belongs on. iMaps handles the structure around it.
Sources
- Interactive Brokers accounts, client equity, market/currency/country access: interactivebrokers.com fact sheet (as of May 2026)
- Vantage Markets country coverage (172 countries) and instrument range (1,000+): vantagemarkets.com / tradersunion.com
- Coinbase Prime institutional AUC ($350B+) and US spot BTC/ETH ETF custody share (80%+): Coindesk, “Coinbase’s John D’Agostino says crypto platform stands alone as industry’s full-service prime broker,” April 26, 2026
- EUWAX as Europe’s largest exchange segment for structured investment products: Börse Stuttgart Group / boerse-stuttgart.de
- iMaps issuance volume (EUR 1B+, 200+ issuances since 2018): imaps-capital.com / iMaps internal data
- iMaps structure, fees (€1,000/month maintenance, 0.20% issuer fee), €6,000 deposit/refund mechanics: White Label
- ETI term sheets (IB, Vantage, Coinbase Prime editions), Sections 3 & 5
- 4.5% total fee cap, 30% performance fee cap: iMaps ETI AG Base Prospectus 2026, “Fees within Segregated Portfolios”
