Source Ltd and Deutsche Bank db ETC AG list the first products in SIX Swiss Exchange's new ETP segment.
Exchange Traded Products (ETPs) include collateralized Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs). The collateral comprises mainly securities, precious metals or cash that must at least cover the ETP's outstanding amount and be held in custody by a third party independent of the issuer.
ETPs track the price movement of an underlying asset either with or without leverage. Their payoff profile is symmetrical, i.e. the product's performance mirrors that of the underlying asset. From a regulatory perspective, ETPs are collateralized, non-interest-bearing bearer debt securities. As such, ETPs are not investment funds and are not governed by the Swiss Federal Collective Investment Schemes Act (CISA). They must, however, go through a listing procedure with SIX Exchange Regulation, SIX Group's independent supervisory authority; the rules on their admission and on maintaining their listing were approved by the Swiss Financial Market Supervisory Authority FINMA.
Source Ltd is launching 15 products, of which 14 ETPs replicate various commodities indices and one tracks the price of physical gold. db ETC is launching 14 new ETPs, of which ten also replicate various commodities indices and four reflect the price movements of precious metals.
For ETPs, SIX Swiss Exchange is appointing at least one market maker per product to guarantee continuity and liquidity of trading. Market making for Source products will be carried out by Nyenburgh Holding B.V, and for db ETC by Deutsche Bank AG, Frankfurt.
Details of the 29 newly listed ETPs
Product name |
Trading currency |
Security |
Market maker |
S&P GSCI Agriculture TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Copper TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Corn TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Enhanced Crude Oil TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Energy TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Grains TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Indust Metals TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Light TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Natural Gas TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Precious Metal TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Soybeans TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Sugar TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
S&P GSCI Wheat TR T Bill Secured Source ETC |
USD |
US Treasury Bills & Cash |
Nyenburgh Holding B.V. |
Source Physical Gold P-ETC |
USD |
physical gold |
Nyenburgh Holding B.V. |
db S&P GSCI ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Commodity Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db S&P GSCI Agriculture ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Agriculture Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db S&P GSCI Industrial Metals ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Industrial Metals Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db S&P GSCI Energy ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Energy Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Natural Gas Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db WTI Crude Oil Booster ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Physical Gold ETC |
USD |
physical gold |
Deutsche Bank AG, Frankfurt |
db Physical Silver ETC |
USD |
physical silver |
Deutsche Bank AG, Frankfurt |
db Physical Platinum ETC |
USD |
physical platinum |
Deutsche Bank AG, Frankfurt |
db Physical Palladium ETC |
USD |
physical palladium |
Deutsche Bank AG, Frankfurt |
Passive financial products in Switzerland |
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General type |
Structure |
Collateralized |
Term |
Market making |
Exchange |
Payoff structure |
Names on market |
ETFs (Exchange Traded Funds) |
Fund under CISA |
Yes (1) |
Open-end |
Multi market making with obligations (short selling possible) |
SIX Swiss Exchange |
Symmetrical |
Exchange Traded Funds (ETFs) |
ETPs (Exchange Traded Products) |
Debt security |
Yes (2) |
Open-end / long term |
Multi market making with obligations (short selling possible) |
SIX Swiss Exchange |
Symmetrical |
Exchange Traded Notes (ETNs) / Exchange Traded Commodities (ETCs) |
Certificate with COSI |
Debt security |
Yes (3) |
Max. 10 years |
Single market making (as a rule by issuer; intraday short selling only) |
Scoach Switzerland |
Symmetrical & asymmetrical |
Collateral Secured Instruments (COSI) |
Certificate |
Debt security |
No |
Open-end / flexible |
Single market making (as a rule by issuer; intraday short selling only) |
Scoach Switzerland |
Symmetrical & asymmetrical |
According to Swiss Derivative Map |
(1) Segregated pool of assets by law (Collective Investment Schemes Act/CISA) – products subject to regulation by FINMA (2) As a rule by depositing collateral (securities, precious metals) with a third party Collateral deposited with SIX SIS in the form of securities or bank money to minimize issuer risk; independent valuation of the certificate by SIX Telekurs, Derivative Partners Research & European Derivatives Group |