SPY · Fixed term
US Large Cap
Broad exposure to the 500 largest US listed companies through an index fund. The target return is the long-run average of that index over decades and not a promise about any single year.
How the return is generated
Capital allocated to this product accrues at the published target rate from the platform reward pool. Accrual is calculated daily and stops if the pool is not funded — it is not produced by trading your balance, and it is not a share of anything we earn elsewhere. The rate can be changed for new positions; a position that is already open runs on the terms it was opened with.
Terms and fees
- Term
- 365 days
Capital and accrued return are released at maturity.
- Lock-up
- 180 days
Redemption is not possible during the lock-up, except at the early exit fee where one is published.
- Payout
- Compounding
Whether accrued return is paid out or added to the position.
- Minimum
- 0.15 SPY
- Maximum
- 2,000 SPY
- Capacity
- No limit
- Entry fee
- 0.00%
- Exit fee
- 0.00%
- Early exit fee
- 1.00%
Charged on the principal if you exit before maturity.
Risk
Target returns are estimates and are not guaranteed. Fund values follow the markets they track and fall as well as rise. You may get back less than you invested. Past performance is not indicative of future results.
- Market risk
- The value of the underlying asset can fall. A return quoted in an asset is not a return in your home currency: if the asset falls against it, you can hold more of the asset and less value.
- Reward pool risk
- Accrual comes from a funded pool. If the pool is not funded, accrual stops. This is disclosed rather than hidden behind an average.
- Liquidity risk
- During a lock-up your capital is not available. Redemption and the payout that follows take time, and a fixed-term product cannot be shortened by asking.
- Operational and counterparty risk
- The platform is custodial: we hold the assets and you hold a claim on us. That claim depends on our controls, our solvency and the custody arrangements described in the security pages.
Liquidity and redemption
Capital is returned at maturity. Early exit is possible where an early exit fee is published; the fee is charged on the principal and shown before you confirm.