SRP update: SEC sees increase in filings for Structured Retail Products

The Securities and Exchange Commission (SEC) has seen a surge of filings related to crypto assets, particularly in response to the Nasdaq International Securities Exchange’s (ISE) request for a loosened option trading rule on iShares Bitcoin Trust ETF (IBIT). First Trust, in partnership with Vest Financial, has become the 6th ETF provider to introduce or file for autocallable offerings in the last five months. Together, they are gearing up to launch their first autocallable ETF – the FT Vest Autocallable Barrier & High Income ETF, as per an SEC filing.

J.P. Morgan is also in the works to issue a leveraged structured note linked to BlackRock’s iShares Bitcoin Trust ETF (IBIT). Heartland National Life Insurance Co has rolled out a Secure Retirement Fixed Indexed Annuity (FIA) offering two volatility-controlled index accounts in the US, marking the Kansas City-based company’s milestone in index-linked offerings.

Athene USA is preparing to launch Amplify 3.0, a Rila product that provides accumulation potential with a broader range of buffer rate options, excluding the Shiller Barclays CAPE US Mid-Month Sector TR Net Index available in Athene’s Amplify 2.0 Rila. Meanwhile, Sarah LaConte has left Natixis corporate & investment banking (CIB) after less than two years, having dedicated her time to revitalizing the bank’s equity derivatives sales for the US market.

Defined outcome ETFs are expected to see substantial growth over a five-year period, with projections indicating that they could surpass US$334 billion in assets by 2030, according to analysis by Cerulli Associates and Innovator Capital Management. In Europe, Global X has introduced the first ETF monitoring an at-the-money (ATM) covered call strategy on the DAX benchmark, offering systematic exposure to a portfolio of German equities while generating income from selling options.

Leverage Shares has listed triple-leveraged long and short exchange-traded products (ETPs) on Bitcoin and Ethereum on SIX Swiss Exchange, marking their debut as an issuer on the exchange. Van Lanschot Kempen (VLK) has launched the 115% Capped Index Guarantee Note Eurozone 25-32 as a public offer in the Netherlands, targeting clientele unfamiliar with structured products with their first publicly offered capital protection product since February.

Vega Investment Managers (Vega IM) is expanding its reach in the structured funds arena by introducing a new lineup of capital-protected and formula-based solutions that blend conventional protection features with active portfolio management. Notably, investments in express certificates have shown to significantly reduce risk compared to direct investments, according to analysis by Prof. Dr. Christian Koziol from the Eberhard Karls University of Tübingen.

In Asia, the Monetary Authority of Singapore (MAS) has responded to proposals from market participants regarding revisions to the capital treatment of structured products and infrastructure investments for insurers, expected to come into effect on 31 March 2026. The Singapore Exchange has witnessed an uptick in trading activity on its product platforms, with ETFs recording an average daily turnover of S$49.4m (US$37.9m) in October, marking a substantial increase month-on-month and year-on-year.

Taiwan’s KGI Securities has taken a step by issuing over the counter (OTC) equity options, becoming the first domestic firm in the country to enter this sector, aiming to provide retail investors with a hedging tool for their portfolios. BNP Paribas Wealth Management sa continues to make strides in the market, emphasizing a commitment to innovation and sophistication in their offerings.