Cube

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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.
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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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News

14
Nov

Retail Product Matrix

Retail Product Matrix

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30
Oct

Structured Issuer Ranking

One of the main problems facing investors in structured products is to determine which issuer to use. In order to help investors identify which banks are offering the best "value" we use our fair value calculations to rank the active issuers in the market based on the published prices of existing products.

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17
Oct

IPR Timeline: Structured Product Timelines: Opportunity Not a Fret

The Investment Product Research Timeline tool allows you to easily see future events in your structured product portfolio helping you to manage your products better and stay on top of upcoming issues and opportunities.

Read more »
13
Oct

Cube Issuers

As a structured product specialist CUBE works with many different issuers. Working with a range of issuers allows us to offer investors a choice of issuers for each product that they are considering. This note summarizes the capabilities of each of the issuers that we work with, and their credit rating.

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01
Aug

Complexity

Investment advisers are required to ensure that products are suitable for each client. One element of this assessment is to match the complexity of a product against the financial sophistication of each client. The complexity score is a way of grading each product. Our complexity rating is a simple additive score. We have defined a value for each feature a product may have. The complexity score is a sum of the values.

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17
Jul

Ideas for solid returns with solid protection

It's hard to find hard capital protection these days. Interest rates are low. So, if you try to build a structured product that protects capital at maturity, the portion that's required to be held in cash is high. Looking at the list of current retail products, only Investec appears to have enough funding to offers structured deposits and life companies that try to offer capital guarantees such as MetLife, are finding it increasingly difficult.

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20
Mar

Accelerating Autocalls

A variation for cautious investors

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21
Feb

Structured products have had a very good year

Investors in structured products will have noticed that the value of their investments has increased sharply over the last 12 months.

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27
Jan

Manage risk and enhance returns using collateral and diversified credit exposure

Investors in structured investments are acutely aware of the risk that they face if the issuer of a product defaults.

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18
Jan

Structured investment maturity analysis

85% of matured products offer higher return than underlying assets

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08
Dec

Higher returns from new indices

Most structured products are linked to the performance of the main equity market indices. These offer liquidity and benefit from a high level of visibility, but there can be drawbacks.

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07
Nov

Investing in a low return market

It can be difficult to know what to invest in when the returns from equities and bonds are expected to be low. Structured products are one type of investment that can generate a good return when markets move sideways.

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03
Nov

Mitigating strike risk

Many investors have been concerned about investing in new structured products because of the level of markets. The current correction is blowing the froth off the index, and so perhaps this is a better time to invest.

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28
Oct

Structured product VS the Index

Detailed analysis of annualised returns from structured products versus the annualised return from a FTSE tracker illustrates significant benefits of structured products in a low return market.

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04
Oct

Risk/return analysis of structured products that helps select the best product for your clients

Every week we run our analysis on all of the structured products available to retail investors through IFA's. We aim to provide answers to three simple but important questions: - What return might an investor receive? - What risks do they face? - What is the product worth?

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28
Sep

Do structured products offer the returns that investors really want?

Most investors want a decent chance of a good return with an element of protection. Our analysis of the current crop of retail structured products shows that looking at all of the retail products available now that there is about a 66% chance that the annual return will be between 5% and 10%, and that there is less than a 1% chance of a loss.

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13
Jun

It's amazing what you can learn from your KIDS

New European regulation will require that all structured products available to retail investors have a Key Information Document. This is a document that describes the risks investors face, the returns that they may receive and the effect of costs on the return investors receive.

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06
Jun

IPR - A description of calculations

Investment Product Research offers clear and fair quantitative research on retail structured products. Our primary aim is to give advisers and investors an indication of the risk and return that a product offers. Our analysis allows products to be filtered to identify a short list of products that may be suitable, and then ranked.

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04
May

UK Equity Autocall Portfolio

CUBE Research UK Equity Autocall Portfolio, a hypothetical portfolio that tracks the performance of Autocall Structured Products linked to large cap UK Equities outperformed its benchmark year to date.

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04
May

Three reasons you should be looking at structured products now

Investors that have used structured products linked to the main equity market indices have every right to feel pretty happy with themselves. Their structured product investments will probably have delivered a higher return than equities or bonds with less volatility.

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19
Apr

PRIIPS stress testing solution available now from Cube and Investment Product Research

Cube Investing's research partner, Investment Product Research (IPR) has been offering analysis of structured products since the FSA (as was) first raised the requirement for structured products to be stress-tested in 2012. The FCA reiterated the requirements for stress testing of structured products in the 2015 Thematic review, but has never been specific about how this should be done.

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04
Apr

Comparing Structured Products to a FTSE Tracker and cash

One of the problems that advisers can have when recommending a structured product is to demonstrate that the product is “better” than other alternatives. Our analysis offers a quantitative assessment of the returns that an investor may receive and the risks that they face.

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31
Mar

Product Manufacturing for Wealth Managers

One of the consequences of the FCA investigation into structured products is an increased focus on “product manufacturing”.

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24
Mar

Super defensive products for a dystopian future

Despite the first quarter rally that we have experienced, many of the investors and investment managers we speak to are decreasing equity exposure and preparing for much lower returns in the future.

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29
Feb

New FTSE Autocall is relatively good value

For some time now we have been making the case for an increased allocation to Enhanced Return products (Autocalls, Synthetic Zero’s and equivalent) in portfolios. We argue that these assets are likely to offer better returns than equities and bonds in the months and years ahead, particularly if the headwinds holding back markets mean that total returns from conventional assets are modest.

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24
Feb

Value hiding in plain sight

Sometimes the hunt for cheap assets can prove exhausting and the object of the search can be illusive. At other times the benefits of the familiar can be overlooked. Structured products are an example of this.

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13
Nov

Structured Products VS Tracker

This analysis looks forward and uses our stress-testing engine to compare the possible performance of FTSE linked structured products to the performance of a FTSE Tracker fund. Our conclusions are broadly the same. Our analysis shows that structured products with capital at risk are expected to offer better returns than the FTSE Tracker.

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20
Oct

Analysis of FTSE Autocall returns versus FTSE TR

Our analysis shows that FTSE100-linked autocalls have delivered better returns than an in investment in the underlying tracker fund with less volatility. They have specifically offered better returns than the FTSE100 when the UK index's total return have been less than 6%. This will not be news to investors that have been using this sort of product, but will be interesting to investors that cast doubt on the benefits of structured products as part of a portfolio.

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23
Sep

Providing Retirement Income With Structured Products

The new freedoms that investors have to invest their pension assets means that many investors are looking for assets that offer a regular income. Structured products are one investment choice that can meet this need.

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14
Jul

Stress testing, don’t bank on it

The FCA’s Thematic Review lays out the regulator’s expectations for stress testing and modelling for anyone developing structured products. It makes clear that products should be stress tested in a ‘real world’ model.

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13
Jul

Events Likely to Occur (13 July - 07 August)

Events Likely to Occur (13 July - 07 August)

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11
May

Implied Volatility and Structured Capital at Risk Products

Implied Volatility and Structured Capital at Risk Products

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11
May

Products Closing This Week - 11th May to 15th May

Products Closing This Week - 11th May to 15th May

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27
Mar

Trade of the decade? 10-Year Notes

Trade of the decade? 10-Year Notes

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16
Mar

Pre-Strike Income Products (Capital at Risk) 18 March

Pre-Strike Income Products (Capital at Risk) 18 March

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01
Mar

Pre-Strike Income Products (Capital at Risk) 02 March

Pre-Strike Income Products (Capital at Risk) 02 March

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13
Jan

Pre-Strike Multi-Index Autocall Notes

Please click here for an analysis of current market products (12 January 2015).

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01
Oct

Cube Reports 2.0: risk three ways

The latest iteration of the Cube Report has been deployed for the Dual Defensive Boosted Kick Out. It conveys more information about the potential rewards and risks that clients face and presents the analysis from InvestmentProductResearch.com in a way that will allow investors to understand structured investments with unprecedented clarity.

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18
Sep

Buying a Structured Security: Easy as 1-2-3

A number of advisers that Cube has spoken to over the summer have been asking whether it really is as easy as we say to buy unbundled structured products as opposed to plans.

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10
Sep

Fine-tuning kick outs to maximise returns

Most investors in kick out (autocallable) investments are expecting them to deliver a defined coupon and typically they expect this to happen before maturity. The Cube Dual Defensive Boosted Kick-Out has been developed to maximize the return investors will receive if it kicks out at the second anniversary

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02
Sep

Inside CUBE’s Dual Defensive Boosted Kick Out October 2020

We explain here how CUBE developed its latest Kick Out product with a number of innovative features including payment of a market-leading 26% potential return on the second anniversary, the date on which research shows it is most likely to kick out...

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15
Aug

Supertracking: Surfing the Tail Risk

Amid the prevailing currents of risk-on risk-off, Cube has been looking at launching investments which offer model portfolio managers reliable risk reduction in bearish market scenarios as well as looking at different ways to benefit from any rally in major market equities.

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23
Jul

Understanding risk in 3D

The latest Cube Reports on the Citi Autocall Fund and the Rainbow Supertracker are now available. These reports, which are updated weekly, allow you to look at risk in three different ways

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18
Jul

Europe this summer?

Eurostoxx Supertracker with Cap - With markets coming off a bit, this could be a good time to look at a European participation product.

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18
Jul

What fees are included in the structured products you are buying?

It’s a simple question but not many people will give you a simple answer. Cube hopes to bring clarity to all the investments we work with and so we will always be candid and clear as to what fees we charge.

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02
Jul

Introduction To The UK Autocall Fund Class A2 (GBP)

The UK Autocall Fund is a UCITS IV fund that offers an autocall return. The fund is an open-ended collective investment scheme, with daily trading and has no maturity date. It is collateralised with government bonds, which are held by the fund custodian JP Morgan.

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16
Jun

Cube Return: How is it Calculated?

CUBE Research offers a number of different measures of return that you can use to compare one product with another. Our Cube Return score is the measure that we think is the best measure to use overall to compare one product with another.

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16
Jun

An Introduction to Cube Return

One of the main outputs of Cube Research is our Cube Return Score. Our Return Score is a measure of the average returns that a product may offer in the future. We calculate this as an annualised percentage return.

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27
May

Cube For Discretionary Managers

Cube products are unbundled securities. They will be London or Irish Stock Exchange listed and Crest settled securities. Our standard process will be to have a 6-week pre-strike offer period through which investors can buy the notes.

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23
May

Stress Testing Process

Cube Research offers clear and fair quantitative research on retail structured products. Our primary aim is to give advisers and investors an indication of the risk and return that each product offers.

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19
May

Cube Risk

Our Risk Score is a value that allows you to compare the risk of a structured product with the risk of another structured product, or with a fund or other investment.

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19
May

Introduction to Cube

Cube create and distribute new investments that will be bought and held by investors via wraps, platforms and brokerage accounts, we also offer research on retail and professional products.

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