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.
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.
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.
Our programme for the issuance of ETIs is a real “all of Europe” offering.
The public offer is not only allowed to qualified investors in Switzerland and the European Union but also in 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. And our ETI program is filed under Reg S in the USA.
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.
We offer our clients customised solutions. Public Retail Offering ETIs get listed at the MTF of the Vienna 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.
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.
The issuer uses independent directors and an external auditor. The trustee function is carried out by the Intertrust Group.
There is no legal minimum AuM to launch an ETI. However, it becomes cost-efficient at CHF 1 million upwards.
We offer some of the most cost-efficient Actively Managed Certificates on the market. The cheapest version is CHF 10’000 and 0.10% from the AuM per year. For instance, with CHF 2 million that would be 0.60% per year + management fee from the asset manager.
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