Shares and ETFs
Long and shortShares, ETFs and depositary receipts, held long and short. This is the channel through which the strategy takes exposure to Nasdaq growth.
L
Growth exposure
S
Short positions permitted
Systematic / Nasdaq / Regime detection / EUR
HERAKLIT Strategy ETI
The growth potential of the Nasdaq, governed by a model that measures when the market is stable and when it is not.
HERAKLIT Strategy ETI is an instrument listed on Börse Stuttgart that tracks a segregated portfolio managed by FRAMONT & Partners Management Ltd. The strategy, developed by Marcus Schmieke, is systematic: a market regime detection model, derived from the Fokker–Planck equation and fed by twelve global data streams, separates stable, investable phases from unstable ones and adjusts exposure accordingly. The result is a rules-based approach that combines the growth potential of the Nasdaq with systematic risk assessment and dynamic portfolio allocation.
The long-term returns shown on this page are backtested simulations, not results achieved by the instrument, which has traded since 26 May 2026. Capital is at risk and you may lose the full amount invested.
12
Global data streams in the model
3/7
Summary risk indicator, per the KID
5yrs
Recommended holding period, per the KID
up to100%
Cash permitted in the portfolio
Systematic
Rules set in advance
Nasdaq growth
Regime detection
Twelve data streams
Dynamic exposure
Listed in Stuttgart
ISIN DE000AMC0D44
MFSA authorised AIFM
Capital at risk
01The strategy
Investing in growth, with a gauge of market stability
HERAKLIT does not try to forecast the next move of the Nasdaq. It measures instead whether the market is in a stable phase, in which exposure to growth is sustainable, or in an unstable phase, in which risk must be reduced. The model turns that reading into defined rules that govern how much the portfolio is exposed.
A model that decides how much to be exposed, not a manager guessing the direction.
Decisions are not discretionary: they follow rules set in advance and empirically calibrated, applied by FRAMONT & Partners Management Ltd in managing the segregated portfolio. The model was calibrated and verified on historical series, which is precisely why the long-term results attached to it are simulations, not realised performance.
01Investment objective
-
a
Participate in Nasdaq growth
Take exposure to the growth potential of Nasdaq-linked securities in the phases the model classifies as stable and investable.
-
b
Reduce exposure in unstable phases
Assess risk systematically and move exposure towards defensive positioning, up to 100% cash, when the detected regime is not favourable.
-
c
Dynamic allocation
Hold no fixed weights: size exposure according to the detected market regime, within the limits of the mandate.
Objectives describe intent. They are not a promise, a target return or a guarantee. The model can misclassify a market phase and the strategy can lose value in any environment, including when the Nasdaq rises.
In brief
- HERAKLIT Strategy ETI is a collateralised Exchange Traded Instrument, issued by iMaps ETI AG and listed on Börse Stuttgart since 26 May 2026 under ISIN DE000AMC0D44, tracking a segregated portfolio 1:1.
- Portfolio management and regulatory responsibility sit with FRAMONT & Partners Management Ltd, an Alternative Investment Fund Manager authorised by the MFSA in Malta and delegated manager appointed by the issuer.
- Marcus Schmieke developed the strategy, inspired by the Architecture of Distinction. He is not the manager of the instrument and does not provide investment advice.
- The strategy is systematic: a regime detection model derived from the Fokker–Planck equation, fed by twelve global data streams, governs a dynamic exposure to Nasdaq growth.
- Per the KID of 26 May 2026, ongoing costs weigh 4.50% a year and the performance fee is 25% above the high-water mark. The summary risk indicator is 3 out of 7 and the recommended holding period is 5 years.
- The long-term figures are backtested simulations, not the instrument's performance. Capital is at risk and the loss can extend to the entire amount invested.
The Key Information Document and the prospectus, published by the issuer and provided by FRAMONT on request, are the only binding sources on costs, risks and instrument identifiers. Compare this instrument with the other products in the comparison table.
02Investment universe
What the portfolio is allowed to hold
The universe is the one accessible through Interactive Brokers and set out in the segregated portfolio terms published by the issuer. The portfolio may replicate long or short positions in shares, ETFs and depositary receipts, long positions in complex or leveraged exchange traded products, and long or short positions in currencies. Up to 100% of the portfolio may be cash. It does not invest in physical commodities or property.
Complex or leveraged ETPs
Long onlyComplex or leveraged exchange traded products, long only. Leverage amplifies losses as well as gains and these products can lose value quickly.
L
Long positions only
Currencies
Long and shortLong or short positions in currencies. The instrument is in euro, while Nasdaq-linked underlyings trade in dollars: the exchange rate affects the result.
L
Long positions
S
Short positions
Cash
DefensiveCash can reach 100% of the portfolio. On the issue date the portfolio was 100% invested in euro cash.
0
Up to 100%
Segregated portfolio restrictions. The sum of the exposures of the components, excluding FX, CFDs and derivatives, may not exceed 300%. The cash weight, net of derivative margin, must always stay above -200%. Whenever cash is below 50%, the portfolio is diversified across at least four assets. Rebalancings may take place at any time, including intraday. The portfolio composition, with its weights, is published monthly on the issuer's website. Source: issuer's Information Summary, 11 May 2026.
03The science behind HERAKLIT
Inspired by the Architecture of Distinction
HERAKLIT Strategy draws its conceptual inspiration from the Architecture of Distinction (AoD), a theoretical framework developed by Marcus Schmieke. At its heart is the Mother Equation, which describes the evolution of complex systems through three fundamental processes: drift, diffusion and circulation. These principles provide a conceptual foundation for understanding market trends, volatility and changing market dynamics.
Three processes, one reading of the market
The Mother Equation breaks the change of a complex system into three components. Applied to markets, they offer a vocabulary to tell apart what is trend, what is noise and what signals a change of regime.
1
Drift
The directional component of movement: the underlying tendency along which the system moves over time.
2
Diffusion
The random dispersion around the tendency: the width of the fluctuations, which in markets reads as volatility.
3
Circulation
The recirculating flows that are neither trend nor noise: the internal dynamics that change the structure of the system and, in markets, the regime.
From theory to rules
HERAKLIT Strategy translates this perspective into a practical, rules-based investment approach, combining the growth potential of the Nasdaq with systematic risk assessment and dynamic portfolio allocation.
The theoretical framework is set out in Marcus Schmieke's book The Architecture of Distinction (2026), which proposes a frame for understanding how patterns, structure and change emerge in complex systems.
A clarification that matters
The investment model is empirically calibrated and historically backtested. It is not mathematically derived directly from the Mother Equation. The theory provides the inspiration and the vocabulary; the rules governing the portfolio are the outcome of a calibration on data, with the limits that any calibration on the past carries.
04The model
Regime detection across twelve data streams
The model applies a market regime detection derived from the Fokker–Planck equation, the physics equation that describes how the probability distribution of a system subject to drift and diffusion evolves over time. Fed by twelve global data streams, it separates stable, investable phases from unstable ones and adjusts the portfolio's exposure systematically.
The question the model answers is not "where is the market going" but "how stable is it right now".
Stable phase
When the data point to a stable regime, the portfolio holds or increases its exposure to Nasdaq growth, within the limits of the mandate.
Unstable phase
When the data point to an unstable regime, exposure is reduced towards defensive positioning, down to cash. The aim is to contain losses, not to avoid them altogether.
Rules, not judgement
The model's signals are translated into predefined rules applied by FRAMONT in managing the portfolio. Parameters are empirically calibrated and may be revised; a revision of the strategy is subject to notice to investors under the issuer's terms.
Twelve global data streams
The model reads twelve global data streams to classify the market regime. The list of streams, their weights and the model's parameters are proprietary and are not published on this page.
Dynamic, not static, exposure
The portfolio does not passively track an index. Exposure changes with the detected regime and may stay reduced for extended periods, even while the Nasdaq rises.
The limits of any model
A model can misclassify a market phase, react late to a regime change or be calibrated on a past that does not repeat. None of these outcomes is excluded, and each can produce losses.
05Simulated results
What the backtests say, and what they do not
The long-term figures available for HERAKLIT are simulations: they show how the model's rules would have behaved on historical series, under the assumptions of the simulation. They are not the performance of the instrument, which has traded since 26 May 2026 and whose price is published by the issuer.
A backtest shows how the rules would have reacted to the past. It says nothing about what the market will do.
36.67%Backtested simulated CAGR, 2016–2026*
11.45%Backtested simulated CAGR, 1999–2026*
26 May 2026First trading day of the instrument on Börse Stuttgart
On requestBacktest documentation, data perimeter and calculation methodology
*Warning on simulated results
The compound annual growth rates shown are calculated retrospectively on historical series, with rules and parameters known after the fact. They may not account for real costs, slippage, liquidity and operating constraints and are exposed to the risk of over-fitting to the past. They do not represent actual trading, are not the performance of the instrument and are not a reliable indicator of future results. The regulatory performance scenarios, calculated under the PRIIPs methodology, are set out in the Key Information Document.
06Structure and roles
Who does what
The separation of roles is the most important point on this page. The person who developed the strategy and the entity accountable for it under regulation are not the same.
01
Strategy development
Marcus Schmieke developed the strategy and the regime detection model it rests on. He is not the manager of the instrument, does not take investment decisions on behalf of the portfolio and does not provide investment advice.
02
Portfolio management
FRAMONT & Partners Management Ltd, authorised by the MFSA as an Alternative Investment Fund Manager, is the delegated manager appointed by iMaps ETI AG, the Master Investment Manager of the segregated portfolio. It sets and updates the portfolio composition by applying the strategy's rules and is responsible for compliance with the investment restrictions.
03
Issuance and collateralisation
The instrument is issued by iMaps ETI AG, Liechtenstein, supervised by the Finanzmarktaufsicht, and is linked 1:1 to HERAKLIT STRATEGY PLN, the segregated portfolio security issued by Pecunia SPC, a wholly owned subsidiary of the issuer. The product is collateralised to protect investors in the event of the issuer's insolvency.
04
Banker and broker
Baader Bank AG is the main banker of the segregated portfolio; Interactive Brokers is the broker and holds part of the assets in custody. Valuation prices are those shown in the broker's and custodian's statements.
05
Listing and transparency
The instrument has been listed on Börse Stuttgart since 26 May 2026, with cash settlement; iMaps ETI AG also acts as market maker. The portfolio composition is published monthly on the issuer's website. The issuer may redeem the product at its discretion giving at least four weeks' notice.
Instrument terms
| Name | HERAKLIT Strategy ETI |
| ISIN | DE000AMC0D44 |
| Type | Collateralised Exchange Traded Instrument, in the form of a derivative security under Irish law |
| Underlying | HERAKLIT STRATEGY PLN, ISIN DE000AMC0FM4, segregated portfolio of Pecunia SPC |
| Issuer and market maker | iMaps ETI AG, Schaan, Liechtenstein |
| Master Investment Manager | iMaps ETI AG |
| Delegated manager | FRAMONT & Partners Management Ltd |
| Currency | EUR |
| Issue price | EUR 100, ratio 1:1 |
| First trading day | 26 May 2026 |
| Listing and settlement | Börse Stuttgart, cash settlement, smallest tradeable unit one unit |
| Maximum exposure | 300%, excluding FX, CFDs and derivatives |
| Rebalancing | At any time, including intraday |
| Term | Open-ended; redeemable at the issuer's discretion with at least four weeks' notice |
Costs and documentation
| Management fee | 1.2% p.a. of the portfolio's gross asset value, in total for the Master Investment Manager and the delegated manager, plus a fixed monthly fee of the Master Investment Manager |
| Performance fee | 25% of the increase in NAV above the high-water mark |
| Ongoing costs, annual impact per the KID | 4.50% p.a.; the total expense ratio is capped at 4.5% p.a. |
| Issuer entry and exit costs | 0% at the date of the KID; the issuer may introduce them in future |
| Trading costs | Per the standard terms of the execution venues, with no mark-up, accounted for within the NAV. The investor's own bank or broker may charge separate costs |
| Binding source | Key Information Document of 26 May 2026, Information Summary of 11 May 2026, base prospectus and Final Terms |
| How to obtain them | On the issuer's website and on request from FRAMONT, before any decision |
Figures are taken from the issuer's documents at the dates shown and may change. The Key Information Document gives the complete and binding representation, including the impact on return, and is the only source to rely on.
07Target market
Who this instrument is built for
According to the Key Information Document, the product is intended for private clients pursuing general asset formation or optimisation, with a medium to long-term investment horizon, advanced knowledge or experience of financial products, able to bear the total loss of the capital invested and attaching no importance to capital protection.
Positive target market
This may fit if you
- Seek exposure to Nasdaq growth governed by a systematic risk control
- Accept that the model will cut exposure, even for extended periods and even when the market rises
- Accept wide fluctuations in the amount invested and the chance of losing the entire amount
- Have a horizon of at least five years, in line with the recommended holding period
- Understand how listed instruments, leveraged products, short positions and currency risk work
- Can tell a backtest from a realised result
- Treat this position as part of a wider portfolio
Negative target market
This is not for you if you
- Need capital protection or a guaranteed return
- Cannot bear the loss of the amount you intend to invest
- Have a short-term horizon or may need the capital soon
- Want a passive, full replication of the Nasdaq
- Read simulated returns as a promise of outcome
- This position would be your only investment
Before deciding
Steps to take first
- Read the Key Information Document in full, published by the issuer and provided by FRAMONT
- Read the base prospectus and the Final Terms, including the cost and risk sections
- Check how this position sits within your overall portfolio
- Consider that the instrument's history is short and that the long-term figures are simulated
- Speak to a licensed independent adviser if anything is unclear
Risk indicator and product governance
The KID places the product in risk class 3 out of 7, assuming a five-year holding period: the actual risk may differ significantly if you exit early. The product includes no protection from future market performance. Under MiFID II product governance rules, the bank or broker checks the instrument against the investor's profile and must make the KID available before accepting a retail order.
08Documentation
Everything binding comes from the issuer and from FRAMONT
This page is a marketing communication. It is not an official source of instrument documentation.
Required reading
Key Information Document
The PRIIPs compliant KID, last revised on 26 May 2026, sets out the nature of the instrument, the summary risk indicator, the performance scenarios and the full cost breakdown. It is published on the issuer's product page and provided by FRAMONT on request.
Issuer's product pageFull terms
Base prospectus, supplements and Final Terms
They cover the structure of the issuance programme, the terms and conditions of the instrument, the risks and the redemption mechanics. They are published by the issuer and provided by FRAMONT on request.
Request from FRAMONTSegregated portfolio
Information Summary and identifiers
The issuer's Information Summary describes the segregated portfolio, the roles of Master Investment Manager and delegated manager, the investment restrictions, the fees, the banker and the broker. ISIN, underlying and listing details are confirmed by FRAMONT.
Contact FRAMONTOfficial source. The KID, the base prospectus, the Final Terms and the Information Summary are published by iMaps ETI AG on the instrument's product page. For documentation, subscription procedures and valuation information, contact FRAMONT & Partners Management Ltd at gianluigi.montagner@framontmanagement.com. To understand the regulated chain behind the instrument, read Structure and safeguards.
09Risk disclosure
Read these before you go further
A summary of the principal risks, not a complete list. The Key Information Document and the prospectus contain the full disclosure. Risks and benefits are given equal prominence on this page.
R1Capital loss
There is no capital protection and no guaranteed return. You can lose part or all of the amount invested.
R2Model risk
The strategy depends on a model that can misclassify the market regime, react late to a change or rely on relationships that stop holding. A model error produces losses or missed gains.
R3Simulated results
The long-term returns are backtests calculated after the fact and subject to over-fitting. They are not the instrument's performance and do not indicate future results.
R4Concentration
Growth exposure is concentrated in Nasdaq-linked and technology securities. A negative phase in that segment directly affects the result.
R5Leverage and complex products
The portfolio may hold leveraged exchange traded products and the mandate allows total exposure of up to 300%. Leverage amplifies losses as well as gains.
R6Short positions
The mandate allows short positions in shares, ETFs and currencies. A short position carries a theoretically unlimited potential loss.
R7Currency risk
The instrument is in euro, but Nasdaq-linked underlyings trade in dollars. Exchange rate moves affect the value, positively or negatively.
R8Reduced exposure phases
When the model cuts exposure, the portfolio may sit out of the market while it rises. The opportunity cost is part of the strategy.
R9Short instrument history
The instrument has traded since 26 May 2026. Its history is too short to draw conclusions about the strategy's behaviour in live conditions.
R10Dependence on the developer and the model
The strategy rests on a proprietary model developed by Marcus Schmieke. The unavailability of the developer, the model or the data feeding it affects the strategy. A change of strategy is subject to notice under the issuer's terms.
R11Liquidity and trading
In unusual market conditions or technical disruptions, buying and selling may be temporarily hindered or impossible and the bid-ask spread may widen.
R12Issuer and early redemption
The instrument is a debt security of the issuer, collateralised but not covered by any deposit protection scheme. The issuer may redeem it at its discretion with notice, including at a time unfavourable to the investor.
R13Conflicts of interest
The performance fee creates an incentive to take risk. The safeguard lies in the mandate limits and in the oversight of the manager and the issuer.
R14Costs
Fees, issuer charges and trading costs reduce the return, and the part not linked to performance is payable in negative periods too. The KID shows their impact.
R15Regulation and tax
Changes in law, regulation or tax treatment can affect the instrument, its structure or the net return to the investor.
Full risk disclosure
The list above is a non-exhaustive summary provided for information. It does not replace the risk disclosure in the Key Information Document and the prospectus, which must be read in full before any decision. If in doubt, speak to a licensed independent adviser.
10Common questions
Questions investors ask about this instrument
What is HERAKLIT Strategy ETI?
It is a collateralised Exchange Traded Instrument, issued by iMaps ETI AG and listed on Börse Stuttgart under ISIN DE000AMC0D44, tracking 1:1 a segregated portfolio managed by FRAMONT & Partners Management Ltd, an MFSA authorised AIFM. The portfolio follows the systematic HERAKLIT strategy, developed by Marcus Schmieke. Capital is at risk.
What does market regime detection mean?
The model does not forecast the direction of the market: it measures whether the market is in a stable phase, in which exposure to growth is sustainable, or in an unstable phase, in which risk must be reduced. The detection is derived from the Fokker–Planck equation and fed by twelve global data streams. The portfolio's exposure is adjusted accordingly under rules set in advance.
Is the strategy systematic or discretionary?
It is systematic. Decisions follow rules set in advance and empirically calibrated, applied by FRAMONT & Partners Management Ltd in managing the segregated portfolio. A model can nonetheless misread a market phase or react late: being systematic does not remove the risk of loss.
How does the strategy relate to the Architecture of Distinction?
HERAKLIT Strategy draws its conceptual inspiration from the Architecture of Distinction, the theoretical framework developed by Marcus Schmieke, and in particular from the Mother Equation, which describes the evolution of complex systems through drift, diffusion and circulation. The investment model, however, is empirically calibrated and historically backtested: it is not mathematically derived directly from the Mother Equation.
Who developed the strategy and who manages the instrument?
The strategy was developed by Marcus Schmieke, a researcher, inventor and author. He is not the manager of the instrument and does not provide investment advice. Management of the segregated portfolio, compliance with the investment restrictions and regulatory responsibility sit with FRAMONT & Partners Management Ltd, the delegated manager appointed by iMaps ETI AG and supervised by the MFSA.
Are the returns shown real results?
No. The compound annual growth rates of 36.67% for 2016–2026 and 11.45% for 1999–2026 are backtested simulations: they show how the model's rules would have behaved on historical series. They do not represent actual trading and are not a reliable indicator of future results. The instrument has traded since 26 May 2026 and its price is published by the issuer.
What are the costs?
Per the KID of 26 May 2026, ongoing costs reduce the return by 4.50% a year and the performance fee is 25%, calculated on the increase in NAV above the high-water mark. The issuer charges no entry or exit costs at the date of the KID. Your bank or broker may charge their own costs. The KID and the prospectus are the binding sources.
How do I buy and sell the instrument?
Through your own bank or broker, entering ISIN DE000AMC0D44, on any trading day of Börse Stuttgart, where iMaps ETI AG also acts as market maker. The smallest tradeable unit is one unit. Before accepting a retail order the intermediary must make the KID available.
Where do I find the official documents?
The KID, the base prospectus, the Final Terms and the Information Summary are published by the issuer on the iMaps ETI AG product page. FRAMONT & Partners Management Ltd provides them on request at gianluigi.montagner@framontmanagement.com, together with the listing details.
Answers are a summary for information only, are not investment advice and do not replace the KID or the prospectus.
11The strategy developer
Marcus Schmieke
Marcus Schmieke, Dr. h.c. (Nobel University, USA), is a German researcher, inventor and author with a background in physics and philosophy. He founded the Existential Consciousness Research Institute (ECR) at Schloss Kränzlin, Germany, where he serves as Head of Research. He was formerly a Visiting Professor at Dev Sanskriti Vishwavidyalaya (DSVV), Haridwar, India.
He developed the TimeWaver technology and has written more than 25 books spanning physics, information, complex systems and interdisciplinary research. His book The Architecture of Distinction (2026) sets out a theoretical framework for understanding how patterns, structure and change emerge in complex systems.
HERAKLIT Strategy reflects his interest in translating a research-inspired perspective on complex systems into a practical, rules-based investment approach.
25+Books published on physics, information and complex systems
ECRExistential Consciousness Research Institute, Schloss Kränzlin, founder and Head of Research
Marcus Schmieke
Strategy developer · Researcher, inventor and author · Dr. h.c.
- Developer of the HERAKLIT strategy and of the regime detection model
- Founder and Head of Research of the Existential Consciousness Research Institute (ECR), Schloss Kränzlin, Germany
- Former Visiting Professor at Dev Sanskriti Vishwavidyalaya (DSVV), Haridwar, India
- Developer of the TimeWaver technology
- Author of more than 25 books on physics, information, complex systems and interdisciplinary research
- Author of The Architecture of Distinction (2026)
- Dr. h.c., Nobel University, USA
- Background in physics and philosophy
Marcus Schmieke developed the strategy. He is not the manager of the instrument. Investment decisions, risk management, oversight and compliance sit with FRAMONT & Partners Management Ltd as MFSA authorised AIFM and delegated manager of the segregated portfolio. He does not provide investment advice.
Roles and communication
The strategy developer provides the model and the rules the strategy rests on. He does not take investment decisions on behalf of the portfolio, does not transmit orders and has no direct relationship with the instrument's investors. Every promotional content about the product, on this page as elsewhere, is subject to FRAMONT's approval before publication.
12The manager
FRAMONT & Partners Management Ltd
FRAMONT brings MFSA authorisation, AIFMD compliance and the operating infrastructure needed to apply a systematic strategy inside a regulated perimeter.
MFSA authorised AIFM
Authorised by the Malta Financial Services Authority as an Alternative Investment Fund Manager under the AIFMD, with full European regulatory standing.
Delegated manager
Appointed by iMaps ETI AG as delegated manager of the segregated portfolio, it sets and updates the portfolio composition by applying the strategy's rules and is accountable for compliance with the investment restrictions.
Compliance and risk
An independent Compliance Officer, a Risk Manager and an Investment Committee provide continuous oversight. Anti money laundering and due diligence obligations, regulatory reporting and internal controls are part of the operating framework.
Operating infrastructure
The issuer's banker, broker, administration and reporting platforms support transparent management of the portfolio.
EU investment vehicles
Beyond this instrument, FRAMONT operates an MFSA authorised platform for AIFs, AMCs and ETIs. More at framontmanagement.com.
Reporting
The issuance programme's transparency standards apply, with monthly publication of the portfolio composition on the issuer's website and cost disclosure through the KID.
Ask for the full documentation
The KID, the prospectus, the Information Summary, the ISIN and the listing details are provided directly by FRAMONT & Partners Management Ltd.
13Contact
Request the documentation
Contact FRAMONT & Partners Management Ltd for the Key Information Document, the prospectus, the ISIN and the listing details.
Investor enquiries
For the KID, the prospectus, the ISIN and trading information. All official documents are published by the issuer and provided by FRAMONT.
gianluigi.montagner@framontmanagement.comDistribution and institutional
For distribution agreements, institutional allocations or information on the FRAMONT platform for EU investment vehicles.
www.framontmanagement.comOffice
Dragonara Business Centre, 5th Floor
Dragonara Road, San Giljan STJ 3141
Malta
+356 20105592
You run your own strategy
If you run a strategy and need a regulated EU wrapper, the MFSA authorised FRAMONT platform covers AIF, AMC and ETI structures.
EU investment vehiclesThis page is a marketing communication produced by FRAMONT & Partners Management Ltd. It is not investment advice, a solicitation or an offer to buy or sell financial instruments. The strategy is systematic, may use leveraged products, short positions and currencies, and the long-term figures are backtested simulations. Capital is at risk. Read the Key Information Document and the prospectus before any decision.