iMaps FAQs
Frequently Asked Questions
Here are the most common questions we are asked. Take a look at our FAQs, maybe we can already clarify your question in this way.
What are the requirements to become an Investment Manager of an ETI?
Investment Managers must be legally authorized to provide asset management services. In the European Union that would be a MIFID license. And in Switzerland this can be either a FINMA or an SRO authorization. Other jurisdictions require equivalent approval.
What are the legal requirements for marketing & distribution of ETIs?
Our ETIs are transferable securities. Thus, marketing activities are regulated by the prospectus directive.
With iMaps Capital Markets you can choose to either create an ETI with marketing rights to professional investors only or an ETI with public offering rights even to retail investors.
However, the distribution of financial instruments in the European Union is regulated by the MiFID II directive. Therefore, any marketing must include that investors interested in buying ETIs will have to do so via a MiFID licensed bank or broker.
Can ETIs be offered to the public and in which jurisdictions?
Our programme for the issuance of ETIs is a real “all of Europe” offering.
The public offer is allowed to qualified investors in Switzerland, the European Union, and the United Kingdom. Furthermore, our offering programme is eligible for a public offering to retail investors with a minimum subscription of 1000 Euro in Liechtenstein, Germany, Austria, Italy, Luxembourg, and Ireland.
Last but not least, all our ETIs are eligible for private placement by accredited investors in Singapore and Hong Kong.
Is there a Credit Risk to the Issuer of ETIs?
Other than first-generation AMCs issued by banks the iMaps ETI assets are secured. iMaps pledges the underlying assets to a security trustee who holds the underlying assets for the benefit of the ETI holders. This reduces the issuer risk to nearly zero.
Thus, it is the only true alternative to an investment fund and in our view the only financially reasonable option for the launch and management of an investment vehicle with under EUR 20 million asset under management (AuM). Our advice is to start with a secured ETI and then transform it into a fund as soon as it has more than EUR 50 million AuM. Otherwise you will have a very high TER (total expense ratio) because of all the fix administrative costs of a fund.
Where are ETIs listed and can they be traded on the Exchange?
We offer our clients customised solutions. Public Retail Offering ETIs get listed at the MTF of the Stuttgart Stock Exchange and are available for offering to the public with a minimum investment of just 1000 Euro.
All our ETIs are set up in the major clearing systems and can be traded OTC with our paying agent. They are eligible instruments in SIX, Euroclear and Clearstream.
Do you need an separate Custodian within an ETI?
No, because one of the many advantages of the iMaps Platform is that the prime broker can also take over the function of a custodian. Compared to an alternative investment fund this results in major cost savings. That is, not only the custodian fees but also the trading fees are much lower within an ETI.
Is there an Auditor or any other external third party control?
The issuer uses independent directors and an external auditor. The trustee function is carried out by the Intertrust Group.
Is there a minimum AuM for ETIs?
There is no legal minimum AuM to launch an ETI. However, it becomes cost-efficient at EUR 1 million upwards.
What are Actively Managed Certificates (AMCs)?
Actively Managed Certificates are structured securities that allow fund managers to implement their investment strategies with flexibility and efficiency, including a broad range of assets and leverage options.
How can iMaps Capital Markets help me set up an AMC?
iMaps Capital Markets provides a comprehensive service for setting up Actively Managed Certificates, including structuring, exchange listing, market making, accounting & audit, regulatory filings and ongoing operations.
What are the benefits of listing on EUWAX Stuttgart?
What is a Fund Linked Note?
A Fund Linked Note is a structured security that reflects the performance of an underlying fund, granting it passporting rights for distribution across the EU.
How does a Fund Linked Note benefit my fund?
Fund Linked Notes allow you to market to EU investors, enhancing visibility and credibility while maintaining your original investment strategy.
What is the process for setting up a Fund Linked Note?
Our process includes structuring, exchange listing, market making, accounting & audit, regulatory filings and ongoing operations to ensure compliance and attractiveness to investors.
What are the benefits of iMaps Capital Markets' white label fund services?
Our white label fund services provide regulatory-approved infrastructure, global market access, and comprehensive support, allowing you to focus on asset allocation and distribution.
How does the process of setting up an AMC with iMaps work
We provide a streamlined process including initial consultation, structuring the AMC, listing on EUWAX Stuttgart, and ongoing support to ensure compliance and marketability.
Was your question not answered?
Then do not hesitate and get in touch with us. For more information on how iMaps Capital Markets can help you launch and list your own Actively Managed Certificates.
