Digital Investment Solutions Investment Solutions

Structured Products

Investment management specializing in cryptocurrencies and digital assets. Structuring access via financial products, fully embedded in your existing banking setup, and can be bought through your local bank.

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SEBAX®

SEBA Digital Asset Select Index

The objective of SEBAX® is to provide an investable index for the most secure, reliable and tradable crypto assets. The selection of the constituents is monitored on an ongoing basis.

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FAQ

What is the counterparty risk of SEBA's structured products offering?

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There is virtually no counterparty risk as the investment is 100% physically replicated (full collateralization). The products are structured as a note. The issuer of the product is SA1 Issuer Limited – a Guernsey domiciled SPV. All assets are physically held by the SPV SA1 at SEBA Bank. Since the assets are ring-fenced from SEBA's balance sheet the investor does not face any SEBA bankruptcy risk.

Who is custodian for the underlying coins?

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SEBA Bank acts as custodian for the products. SEBA has one of the most advanced institutional grade custody solution for which has received the ISAE-3402 certification from PwC. The majority of coins are held in cold storage.

How can I buy and sell the products?

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Buy or sell orders can be conveniently placed with any bank or broker. If the ISIN has not yet been opened, the bank will open it with the first order placed. Usually, this is a straightforward process.

Is the product listed?

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The product is listed on SIX. It can be traded via SIX or via the paying agent ISP. We offer a secondary market at daily fixing (NAV). Cutoff is 15:00 CET for 16:00 NAV trading. For large trades we recommend using the paying agent. Prices are disseminated via SIX (Telekurs), Bloomberg, and also on the SEBA website under https://www.seba.swiss/digital-investment-solutions/structured-products/

What products are available?

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• We currently offer 3 publicly distributed index tracker products: 1) BTC/USD tracker 2) BTC/CHF hedged tracker 3) SEBAX® Crypto Asset Select Index tracker

What distinguishes SEBA's Bitcoin tracker from other Bitcoin trackers?

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Apart from one of the safest custody solution, our Bitcoin trackers have significantly lower fees than comparable products. Due to the low management fee and the highly efficient execution via SEBA trading desk, the product has one of the lowest tracking errors in the market, hence mirrors the movement of Bitcoin particularly well.

What is special about the BTC/CHF (hedged) tracker?

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The BTC/CHF (hedged) tracker is the world's first currency-hedged Bitcoin tracker. The USD/CHF currency risk is hedged via FX forwards on a regular basis to largely eliminate the effects of USD/CHF movements for the tracker investor

What is the SEBAX® Crypto Asset Select Index?

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SEBAX is a 2nd generation crypto index that employs a unique weighting methodology. Most cryptocurrency indices simply weight coins according to their market capitalization (1st generation). Market cap weighting is not efficient in crypto-currency markets as you end up with a high concentration of coins (currently roughly 70% Bitcoin, 20% Ethereum, 10% others). SEBAX employs – in addition to market cap weighting – a risk optimization approach which weights cryptocurrencies in inverse proportion to their risk (“risk parity”). Maximum exposure to a coin is capped at 50%. The SEBAX index aims to outperform the broad crypto-market over a full market cycle which it has done in the past (in terms of product after costs since end of 2019 and in terms of index since end of 2015).

Do you have any questions?

For more information contact us via email on investmentsolutions@seba.swiss or use our contact form:

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SEBA Bank AG
Kolinplatz 15
6300 Zug
Switzerland

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