Trading & Fees

Introduction

Actively Managed Certificates (AMCs) are exchange-listed securities and can be bought and sold through standard brokerage accounts. While the investment strategy is managed at portfolio level, investor access to AMCs takes place through established stock exchange trading infrastructure.

This page explains how Actively Managed Certificates are traded, how pricing is formed, what liquidity mechanisms apply, and which cost components may affect investors. Where relevant, iMaps Exchange Traded Instruments (ETIs) are referenced as a practical example of exchange-listed AMC trading.

How Actively Managed Certificates Are Traded

Actively Managed Certificates are admitted to trading on regulated stock exchanges. Once listed, AMC units can be bought or sold during exchange trading hours in the same way as listed equities or exchange-traded products.

Investors access AMCs through their existing bank or broker, without the need for direct interaction with the issuer or investment manager. Orders are executed on the exchange according to prevailing market prices.

This exchange-based trading model distinguishes AMCs from investment funds that rely on subscription and redemption at net asset value.

Exchange Trading and Market Access

Exchange listing provides:

• transparent price formation

• standardised order execution

• accessibility via multiple brokerage platforms

In the case of iMaps ETIs, certificates are listed on the Stuttgart Stock Exchange (EUWAX), the largest exchange-based segment for structured investment products in Europe.

Trading takes place during regular market hours, with prices displayed continuously through the exchange’s trading system.

Pricing and Valuation of AMCs

The price of an Actively Managed Certificate is derived from the value of its underlying reference portfolio.

Key inputs include:

• the net asset value of the reference portfolio

• portfolio composition and asset pricing

• applicable fees and costs

• market supply and demand

During trading hours, AMCs are quoted with bid and ask prices. These prices may differ slightly from the underlying portfolio value due to market conditions, liquidity, and trading dynamics.

Market Making and Liquidity Provision

Liquidity in exchange-listed AMCs is typically supported by designated liquidity providers or market makers.

Their role is to:

• provide bid and ask prices

• facilitate orderly trading

• support price continuity

However, liquidity is not guaranteed. In periods of market stress or low demand, bid-ask spreads may widen and trading volumes may decline.

Settlement and Clearing

Trades in Actively Managed Certificates are settled through established clearing and settlement systems.

Depending on the exchange and product structure, this may involve:

• central securities depositories

• international settlement systems such as Clearstream, Euroclear, or SIX

Settlement processes ensure the delivery of AMC units against payment and support post-trade transparency and reporting.

How Investors Access AMCs via Brokers

Because AMCs are listed securities, investors access them via standard brokerage accounts.

Depending on the listing venue, AMCs may be available through:

• domestic banks

• online brokers

• international platforms such as Interactive Brokers

In practice, investors search for the relevant certificate using identifiers such as ISIN or product name and place orders directly through their broker’s trading interface.

Fee Components in Actively Managed Certificates

The cost structure of Actively Managed Certificates depends on the specific product setup and strategy.

Typical fee components may include:

• management or advisory fees

• performance-related fees (if applicable)

• structuring or issuance-related costs

• trading and brokerage costs within the reference portfolio

Fees are reflected in the value of the certificate rather than charged separately at investor level.

Trading Costs and Bid-Ask Spreads

In addition to product-related fees, investors may incur trading-related costs.

These may include:

• bid-ask spreads on the exchange

• brokerage commissions charged by the investor’s broker

• exchange or settlement fees

Bid-ask spreads vary depending on market conditions, liquidity, and trading volume.

Example: Trading and Fees in iMaps ETIs

In the iMaps ETI framework, certificates are listed on the Stuttgart Stock Exchange (EUWAX) and traded during regular market hours.

Liquidity provision is supported through the exchange framework, while settlement takes place via established clearing systems. Investors can access iMaps ETIs through banks and brokers that support EUWAX trading, including international brokerage platforms.

Fees applicable to iMaps ETIs are defined in the product documentation and reflected in the certificate’s valuation. Portfolio-level trading costs depend on the instruments used and the execution venue of the reference portfolio.

If you would like to learn more about iMaps ETI fee structure - feel free to get in touch!

Transparency and Cost Disclosure

Actively Managed Certificates are issued under a base prospectus and final terms that describe:

• product structure

• applicable fees

• trading characteristics

• risk considerations

These documents provide the primary source of information for understanding cost and trading mechanics.

Investors should review product documentation carefully before investing.

Conclusion

Actively Managed Certificates combine active portfolio management with exchange-based trading, allowing investors to buy and sell units through standard brokerage infrastructure.

Understanding how AMCs are traded, how prices are formed, and which fees and costs apply is essential for evaluating their suitability and total cost of ownership. While exchange listing enhances accessibility and transparency, trading conditions and costs remain subject to market dynamics.

The iMaps reference case demonstrates how trading and fee structures are implemented within an exchange-listed AMC framework, providing a practical illustration of these mechanics in operation.