Cube

Terms & Conditions

Important Notice

This website is maintained by CET Capital Limited which is a limited company registered in England. Its registered offices are at Kemp House, 152-160 City Road, London, EC1V 2DW. CET is authorised and regulated by the Financial Conduct Authority no. 446267.

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to CET internal approvals. No transaction or service related thereto is contemplated without CET subsequent formal agreement.

This website contains indicative summaries of the terms and conditions of the securities/transactions described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction and any related security will be set out in full in the applicable transaction confirmation, offering document(s), pricing supplement or binding transaction document(s).

CET does not guarantee the accuracy or completeness of information which is contained in this website and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this website is not intended to predict actual results and no assurances are given with respect thereto.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you.

Parts of this website are being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA 2000 {Financial Promotion Order) 2005. Any investments to which the contents of these parts relates to will be entered into only with such persons. Clients should contract and execute transactions through a broker in their home jurisdiction unless local regulations permit otherwise. The materials contained in these parts of website are not for distribution to retail customers.

CET does not provide, and has not provided, any investment advice or recommendation to you in relation to the transaction and/or any related securities described herein. You may not rely on any communication (written or oral) from CET as investment advice or as a recommendation to enter into any transaction. Accordingly CET is under no obligation to, and shall not, determine the suitability for you of the transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms and conditions and risks of the transaction described herein. You must also satisfy yourself that you are capable of assuming, and assume, the risks of any such transaction. CET accepts no liability whatsoever for any losses arising from the use of this website or its content or reliance on the information contained herein, even if CET knew of the possibility of those losses.

Retail Investors

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than ***. This includes any Prospectus. *** is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, *** shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any ETP Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on the website and should be read prior to making any investment.

Risk Warnings

You should always bear in mind that;

  • You already hold other retail investments like funds, investment trusts or structured products
  • You would consider yourself to be a knowledgeable and informed investor
  • You understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • You realize that you are not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • You are prepared to invest into products where your capital is at risk
  • You have sufficient financial resources to be able to accept a loss on investments you make
  • You understand that the investment return and any coupon that you receive from structured products will depend on the performance of the underlying assets, and so you may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets. You understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than you paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. You understand that if you sell a product before the maturity date you will not get the defined value, and the amount that you receive may be less than the amount that you invested.
  • You understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that you will not receive the defined value and will loose some or all of the money you have invested
  • You understand that there are charges built into structured products.
  • You understand the personal tax implications associated with investing in structured products

United States Persons

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions.

Persons accessing this website in the European Economic Area.

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than CET Capital Limited. This includes any Prospectus. CET Capital Limited is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, CET Capital Limited shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on request and should be read prior to making any investment.

Risk Warnings

Investments of the type described therein may involve a high degree of risk, and the value of such instruments may be highly volatile. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default and risk of liquidity. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transaction before investing or transacting. You should always bear in mind that;

  • The investment performance of any security referred to on this website can be volatile and can go up or down and you can lose your entire investment.
  • Past performance is not an indication of future performance.
  • Rates of exchange may affect the value of investments.
  • Applications to invest in securities referred to on this website must only be made on the basis of the relevant Prospectus.

Cookies

CET Capital Limited may collect data about your computer, including, where available, your IP address, operating system and browser type, for system administration and other similar purposes. These are statistical data about users' browsing actions and patterns, and they do not identify any individual user of the website. This is achieved by the use of cookies. A cookie is a small file of letters and numbers that is put on your computer if you agree to accept it. By clicking 'I agree' below you are consenting to the use of cookies as described here. These cookies allow you to be distinguished from other users of the website, which helps CET Capital Limited provide you with a better experience when you browse the website and also allows the website to be improved from time to time. Please note that you can adjust your browser settings to delete or block cookies, but you may not be able to access parts of our website without them.

In the event that you on-sell any investment described herein, you agree to disclose, to the full extent required by any regulations applicable to such sale, any fees or inducements received by you from CET in connection with such investment. CET, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein.

NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON CET OR ANY OF ITS AFFILIATES. THIS WEBSITE DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS WEBSITE IS NOT A PROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT PROSPECTUS (WHICH HAS BEEN OR WILL BE PUBLISHED AND MAY BE OBTAINED FROM CET), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN.

CET Investing is a trading division of CET Capital Ltd, Registered in England No. 04986900. CET Capital Ltd is regulated by the Financial Conduct Authority No. 446267. This website is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of CET.

(1) I HAVE READ UNDERSTOOD AND ACCEPT THIS DISCLAIMER AND

(2) I CONFIRM THAT I AM NOT A RESIDENT OF THE UNITED STATES AND UNDERSTAND (A) THAT THE INFORMATION THAT FOLLOWS IS ONLY BEING OFFERED TO AND IS ONLY INTENDED TO BE AVAILABLE TO PERSONS WHO ARE NOT RESIDENTS OF THE UNITED STATES AND (B) THAT CET AND ITS AFFILIATES WILL RELY ON THE ACCURACY OF THIS INFORMATION

Please read and agree to the following statements

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

  • I already hold other retail investments like funds, investment trusts or structured products
  • I consider myself to be a knowledgeable and informed investor
  • I understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • I realize that I am not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • I am prepared to invest into products where my capital is at risk
  • I have sufficient financial resources to be able to accept a loss on investments I make
  • I understand that the investment return and any coupon that I receive from structured products will depend on the performance of the underlying assets, and so I may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets.
  • I understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than I paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. I understand that if I sell a product before the maturity date I will not get the defined value, and the amount that I receive may be less than the amount that I invested.
  • I understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that I will not receive the defined value and will lose some or all of the money I have invested
  • I understand that there are charges built into structured products.
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Structured Product Review Service

Structured Product Review Service

Our structured product review service allows advisers and investors to monitor structured products over time and work out if they remain suitable and appropriate for the investor.  

To access the service please register here.

CUBE RANKING
We have developed a simple ranking system so it is easy to identify the products that may not be suitable and appropriate anymore. Each product is given a Cube score for risk and return and an issuer score.

RETURN
Our score is based on the average return investors can expect if they hold the product to the maturity date:

  • A if the expected return is higher than 4%
  • B if the expected return is between 0% and 4% per annum
  • C if the expected return is negative

RISK 
Our score is based on the expected volatility of returns so the risk score can be mapped against most of the common attitude to risk scales:

  • 1 if volatility is less than 10% (SRRI score 1 to 4)
  • 2 if volatility is between 10% and 25% (SRRI score 5 and 6)
  • 3 if volatility is higher than 25% (SRRI score 7)


ISSUER SCORE
Our score is based on the Credit Default Spread (CDS) of the issuer and the recent change in the share price and the level of the CDS:

  • We have a score from A to F based on the CDS. A score of F indicates that the issuers CDS is higher than 2% per annum  
  • The first +/- is based on the recent change in the issuers CDS. A + score indicates that the CDS is falling, a – score indicates that the CDS is increasing  
  • The second +/- is based on the recent change in the issuers share price. A + score indicates that the share price is rising, a – score indicates that the share price is falling

 CREATING YOUR REPORT

All we need to create your report is a list of the products your clients hold with the following details:

  • Plan manager
  • Plan Name, we need the full name including the version  

You can add products to your report at any time, simply send us the details of the additional products. 

YOUR REPORT
Once we have the details of the products you hold we will create a list of your products. We will send you spreadsheet with the risk and returns scores for each product each quarter or more frequently as required.  

We will send you a link that you can use to download the risk and return rating of each product directly from the internet. You can use the link in an Excel sheet as well. Our ranking is updated every week for every product so you can access the analysis when you need it.

The basic report will give you the following information:

  • Plan Manager
  • Product Name
  • Issuer
  • Maturity Date
  • Price
  • Issuer Score
  • Risk Rating
  • Return rating

DETAILED REPORT
If you want more information than we show on the basic report we can create a bespoke report for you. The bespoke report can include the following information:

A timetable of income and capital events
The timetable means you can keep on top of what is happening. We show the probability of each event so you can focus on the things that are most likely to happen. 

Fair Value
We calculate the fair value of most products. This can be particularly important if you have clients that want to sell a product before the maturity date. You can use our estimate of the fair value to check that your client receives a reasonable price for the product they sell. 

Return
We show the detail behind our return score:

  • Expected return
  • Arithmetic return
  • IRR
  • Chance and scale of a gain.

 Comparison with other products 
Compare the expected return with the Benchmark Return, this is a combination of FTSE and cash with the same level of risk.

Attitude to risk
We can show the detail behind our risk score :

  • Volatility of returns
  • SRRI risk score

Capacity for Loss

  • We show the chance and scale of loss
  • We show the chance of a large loss (we define this as a return lower than -10% per annum)  
  • We show the “worst case” value. This is the average of the worst 10% of the results from our stress test. 

WHY REVIEW PRODUCTS?
Most structured products are sold as buy-and-hold products where the investor is not expected to look at a product after they have invested until it matures. But this is not always the best thing to do. All product providers offer an ability to sell a product before the maturity date, and this can be a useful feature for investors. There are several good reasons to sell a product before the maturity date.

  • Because of the rise in the level of the underlying market, the price of many products has increased significantly. Thus, the return from now to the maturity date may be very low, investors may get a better return selling the product they own and reinvesting in a new investment.
  • When markets fall, the volatility of a structured product can increase. If the expected volatility rises significantly the product may no longer match the investors attitude to risk.
  • When markets fall, the chance of a large loss when the product matures can increase significantly. Is this level of risk consistent with the investors capacity for loss? Even though the price of the product may be less than the investor paid, selling the product they hold, and buying a new, less risky product may be appropriate.
  • Most investors are aware of the risk that the issuer may default. Although this is a very rare event a default can be catastrophic. If the credit quality of the issuer has deteriorated increasing the risk of default investors may want to sell and eliminate their exposure to the issuer defaulting. 
To access the service please register here.