Who issues it, who manages it, where it trades
Every instrument on Framont Access sits inside a chain of separately regulated parties: an issuer that owes the investor repayment, a venue where the instrument trades, a portfolio manager that takes the investment decisions, and post-trade agents that settle and pay. Portfolio management for every referenced instrument is performed by Framont & Partners Management Ltd, an AIFM authorised by the Malta Financial Services Authority; strategy developers supply the underlying strategy only and do not hold investor money.
Every instrument on this platform sits inside a regulated chain — issuer, venue, portfolio manager, post-trade agents. Each chain is drawn out one stop at a time, with the licences behind the platform set out at the end.
Why the chain matters
Reading a product summary tells you what a strategy intends to do. Reading its chain tells you who you are actually exposed to if something fails. The two are different questions, and only the second is answered by naming the parties. An instrument can have an excellent strategy and an issuer you would not lend to; the chain is where that shows up.
A listed security with a segregated strategy
The exchange traded instruments are issued by iMaps ETI AG and bought like any other listed security, through the investor's own bank or broker.
| Step | Role | Entity | Detail |
|---|---|---|---|
| 1 | Investor | Your bank or broker | Buy order placed by ISIN, settlement T+2, from €100 |
| 2 | Venue | Börse Stuttgart Open market segment | Daily trading during market hours, on the Regulated Unofficial Market (Freiverkehr) |
| 3 | Issuer and market maker | iMaps ETI AG | Liechtenstein. Issue price EUR 100, segregated portfolio per instrument |
| 4 | Portfolio manager | Framont & Partners Management Ltd MFSA-authorised AIFM | Malta. Takes every investment decision inside the instrument |
| 5 | Strategy developer | One per instrument | Providers of the underlying strategy only |
A certificate issued through a protected cell
Noctiluca Capital and Zalphyx Yield Strategies are issued through protected cells on the GenTwo platform. Each cell is ring-fenced from the others, and post-trade sits with regulated agents.
| Step | Role | Entity | Detail |
|---|---|---|---|
| 1 | Investor | Private placement | Subscription from €10,000, professional investors |
| 2 | Issuer | Expand2 Issuer PCC Limited | Guernsey. One protected cell per product, ring-fenced from the others |
| 3 | Securitisation platform | GenTwo | Switzerland. Structuring and lifecycle of the certificate |
| 4 | Strategy manager | Framont & Partners Management Ltd MFSA-authorised AIFM | Malta. Manages the strategy the certificate references |
| 5 | Post-trade | InCore Bank AG · TradeStation Europe B.V. | Paying agent in Switzerland, custody and brokerage in the Netherlands |
A fund managed under the AIFMD
Nine funds: six Italian reserved AIFs and three Malta-domiciled Notified AIFs, with Framont & Partners Management Ltd as the appointed management company and AIFM.
| Step | Role | Entity | Detail |
|---|---|---|---|
| 1 | Investor | Professional and eligible | Eligibility verified before subscription; minimums set in the fund documentation |
| 2 | Vehicle | Reserved AIF · Notified AIF | Six Italian reserved funds; three Malta-domiciled Notified AIFs |
| 3 | Management company and AIFM | Framont & Partners Management Ltd MFSA-authorised AIFM | Malta. Appointed manager of every fund in the range |
| 4 | Depositary | Appointed under the AIFMD | A depositary is appointed for each fund as the AIFMD requires; the appointed entity is named in that fund's documentation |
| 5 | Documentation | Fund Rules · Offering Supplement | Strategy, terms and risk factors, on request from the management company |
The licences behind the platform
- Malta Financial Services Authority. Framont & Partners Management Ltd is licensed by the MFSA under the Investment Services Act, 1994 (Chapter 370 of the Laws of Malta). A copy of the licence is available on the MFSA website and on request.
- AIFMD and UCITS. The company qualifies as a UCITS Management Company under the UCITS Directive and as an Alternative Investment Fund Manager under the AIFMD, the framework under which every fund in the range is managed.
- PRIIPs and MiFID II. Listed instruments carry a Key Information Document under the PRIIPs Regulation; distribution and suitability follow MiFID II. Read the KID and the prospectus or final terms before investing.
- Roles, kept separate. Strategy developers provide the underlying strategy only. Portfolio management of every referenced instrument is performed by Framont & Partners Management Ltd.
Where the listed products trade
Each listed instrument trades under its own ISIN. The issuer's product page carries the current price and the Key Information Document, so the price can be checked without taking our word for it.
- HERAKLIT Strategy ETI — ISIN DE000AMC0D44 · Börse Stuttgart
- Tech Megatrend Tactical ETI — ISIN DE000AMC0D85 · Börse Stuttgart
- Snow White — Value Edge ETI — ISIN DE000AMC0BZ5 · Börse Stuttgart
Last reviewed 28 August 2026 · Editorial and review policy
Related
- Product comparison — Every product open to subscription, side by side.
- Glossary — Every term used across these pages, in plain language.
- What is an ETI? — How exchange traded instruments are issued and what to verify before buying one.