Tradable securities

Exchange-traded products (ETP) are collateralized, non-interest-paying bearer debt securities.

ETP replicate the price trend of an underlying instrument, either unchanged or leveraged (tracker certificate). 

ETP are neither exchange-traded funds (ETF) nor exchange-traded structured funds (ETSF). ETP are not classified as collective investment schemes in the sense of the Federal Act on Collective Investment Schemes of 23 June 2006 (Collective Investment Schemes Act, CISA). ETP are subject to neither the authorisation nor the supervision of the Swiss Financial Market Supervisory Authority (FINMA).