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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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* 1:100 ETP split as of 01.10.2021

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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, Euronext Amsterdam & Paris as well as Xetra. The product can be bought in USD and EUR. It can be traded via exchange 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 5 publicly distributed index tracker products: 1) BTC/USD tracker 2) BTC/CHF hedged tracker 3) SMETA Index Tracker Certificate 4) SEBAX® Crypto Asset Select Index tracker 5) ETH/USD tracker 6) DOT/USD 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 consists of Avalanche, Bitcoin, Cardano, Ethereum, Litecoin, Polkadot and Solana). 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).

What SEBA Bank clients need to know about The Merge?

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As a client of the bank, you may hold ether (ETH) in your account. With this message we would like to inform you about the upcoming Ethereum merge and what it means for you and your holdings in ETH and ERC20 tokens.

The Merge
Around mid-September (the exact date is not known yet), the Ethereum blockchain will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. This event is called “The Merge”. When The Merge will happen, SEBA Bank will stop deposits and withdrawals for a few hours before and after the event. The reason is to protect client assets in case the blockchain becomes unstable or there is a bug in the new version. We will keep you informed during The Merge.

The Fork?
In the wake of The Merge, a fork may happen. It would be a continuation of the PoW blockchain in parallel to the new PoS chain. At this point, it is impossible to know whether a fork will take place. We will continue to monitor the situation carefully.

Here are the two possible scenarios and the consequences for you:

1. No fork happens
In this scenario, you have nothing to do. The ETH you own will automatically become the new ETH on the PoS chain and it keeps the same name.

2. A fork happens
In this scenario you have nothing to do, but for us, it has consequences. Imagine you own 50 ETH today. The ETH you own will automatically become the new ETH and it keeps the same name (same as scenario 1). In addition, you may receive 50 “forked-ETH”. The forked-ETH will have a different price than ETH. Forked-ETH will not automatically be supported by the community or SEBA Bank. SEBA Bank always puts security and safety first and decides in its own discretion whether the forked chain is deemed secure. If the forked chain proves to be unsecure, SEBA Bank will not support the forked ETH and you would not receive the 50 forked-ETH. You will however still have the 50 ETH on the new PoS chain. If the forked-chain proves to be secure, you will see 50 forked-ETH in a separate account, in addition to the 50 ETH on the new PoS chain. Be aware that it can take some time until you see the forked-ETH line in your account as our systems and wallets need to be updated.

Implications of a Fork on ERC20 tokens
A fork essentially replicates the whole Ethereum ecosystem. The ERC20 tokens (e.g. SNX, UNI, YFI) will fork as well and exist both in the PoS chain and in the forked chain. We don’t know what the value of the forked ERC20 tokens will be and whether they will be sustainable and supported by the community or SEBA bank. Again, we will keep you informed as we know more.
SEBA Gold Token as well as SEBA Equity Token are both ERC20 tokens. SEBA will only support the tokens on the new PoS chain, not on the forked chain.

Does it matter if I hold my ETH hot or cold?
If you hold ETH in hot wallets there is no change.
If you hold ETH in cold wallets, your ETH will be moved for a short period of time in another cold wallet to support the merge. This move happens for security and safety reasons.
All clients holding ETH in cold wallets will be directly contacted in the coming days. You can also contact your relationship manager directly.

Do you have any other questions?
Would you have any other questions, please send an email to [email protected], call the SEBA Bank hotline +41 41 552 4390 or contact your relationship manager directly.

The Merge is transforming Ethereum and preparing it for the future. It makes it energy efficient, reducing energy consumption by 99.95%! The Merge also prepares the ground for scaling upgrades. Ultimately, the new PoS chain will be faster and cheaper to use. We at SEBA Bank welcome The Merge.

For you, ETH holders, new functionalities will become soon available. In particular, you will have the possibility to staking ETH and to receive yield on your holdings.

Do you have any questions?

For more information contact us via email on [email protected] or use our contact form:

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SEBA Bank AG
Kolinplatz 15
6300 Zug
Switzerland

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