First Exchange Traded Products (ETPs) Listed On SIX Swiss Exchange

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
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