Defined outcome solutions empower advisors to build investments with pre-defined return and risk profiles. Available as individual structured notes, market-linked CDs, yield-based separately managed accounts (SMAs) and ’40-Act funds, these solutions include features such as principal protection, increased yield, and enhanced return, allowing for use across a wide range of investors and investment objectives.
Menu of Defined Outcome Solutions
STRUCTURED PRODUCTS
Axio from iCapital works with the largest assortment of investment grade banks to create a wide range of customizable structured notes and certificates of deposit designed to help financial advisors customize investments to best align with market views and meet specific needs in client portfolios.
SEPARATELY MANAGED ACCOUNTS (SMAs)
Our defined outcome strategies SMAs provide professionally managed, diversified exposure to income-focused structured notes without requiring single product purchases or life cycle management. This allows advisors to better scale structured notes across a wider array of clients without worrying about the investment and operational complexities that come with individual notes. Our SMA solution won Structured Retail Products’ “Most Innovative Product” for North and South America in 2021.
m+ funds
Our defined outcome ’40-Act funds provide daily liquidity at NAV and are offered on both a monthly and customized basis without credit risk. These funds can provide enhanced upside participation, buffered downside, or partial or full principal protection at maturity with greater certainty of investment results.
Compare Defined Outcome Solutions
| Structured Products | SMAs | m+ funds (UITs) | |
|---|---|---|---|
| Investment Minimum | $1,000 | $100,000 | None |
| Portfolio Management | NA | Active | Passive |
| Fiduciary | No | Yes | Yes |
| Term | Defined maturity | Continuous | Defined maturity |
| Liquidity | Secondary market provided by issuing bank or third-party provider. | Secondary market provided by issuing bank or third-party provider. | Daily at NAV. Not exchange listed. |
| Transparency of Fees & Assets | Low | High | High |
| Market Risk | Yes | Yes | Yes |
| Issuer Credit Risk | Yes | Yes, but diversified among multiple issuers. | No |
| Publicly Available NAVs or Values | No* | No* | Yes |
* Structured notes and SMAs provide publicly available secondary values that appear daily on client statements.
| Structured Products | |
|---|---|
| Investment Minimum | $1,000 |
| Portfolio Management | NA |
| Fiduciary | No |
| Term | Defined maturity |
| Liquidity | Secondary market provided by issuing bank or third-party provider. |
| Transparency of Fees & Assets | Low |
| Market Risk | Yes |
| Issuer Credit Risk | Yes |
| Publicly Available NAVs or Values | No* |
* Structured notes and SMAs provide publicly available secondary values that appear daily on client statements.
| SMAs | |
|---|---|
| Investment Minimum | $100,000 |
| Portfolio Management | Active |
| Fiduciary | Yes |
| Term | Continuous |
| Liquidity | Secondary market provided by issuing bank or third-party provider. |
| Transparency of Fees & Assets | High |
| Market Risk | Yes |
| Issuer Credit Risk | Yes, but diversified among multiple issuers. |
| Publicly Available NAVs or Values | No* |
* Structured notes and SMAs provide publicly available secondary values that appear daily on client statements.
| m+ funds (UITs) | |
|---|---|
| Investment Minimum | None |
| Portfolio Management | Passive |
| Fiduciary | Yes |
| Term | Defined maturity |
| Liquidity | Daily at NAV. Not exchange listed. |
| Transparency of Fees & Assets | High |
| Market Risk | Yes |
| Issuer Credit Risk | No |
| Publicly Available NAVs or Values | Yes |
* Structured notes and SMAs provide publicly available secondary values that appear daily on client statements.
To learn more about Axio from iCapital defined outcome solutions:
Alternative investment products and services offered by iCapital Securites, LLC, a registered broker-dealer, member of FINRA and SIPC, and subsidiary of iCapital, Inc. Defined Outcome Solution products and services offered by Axio Financial LLC, a registered broker-dealer, member of FINRA and SIPC, and subsidiary of iCapital, Inc.
Join the iCapital team
Pursue your passion at iCapital. We’ve been named one of America’s best startup employers by Forbes for a third consecutive year.
Powering the Global Alternatives Marketplace
The world’s premier Asset Management Firms, Banks and Wirehouses accelerate their alternative distribution efforts with iCapital’s digital technology.
Powering Financial Advisors’ Access to Alternatives
Many of the industry’s top fund managers rely on iCapital’s distribution to scale their fundraising on our Flagship Platform.
Powering Wealth Management’s Growth
Leveraging iCapital’s technology platform helps top wealth managers deliver high-quality alternatives investment opportunities to their clients with efficiency and ease.
Insights & Education | See All
A non-traded REIT is a company that owns, operates, and/or finances primarily income-producing real estate assets. They are not traded on an open exchange and are available to investors that…
A Fresh Perspective The end of summer brought with it a respite from the hectic day-to-day pace of the year, and a reset in the financial markets. The S&P 500…
One of the main attractions of private equity is its ability to outperform public equity markets. As shown in Exhibit 1, private equity has outperformed the MSCI AWCI index by…
Investors who develop real estate or fund businesses in these QOZs are eligible for tax incentives — which has led to the advent of private investment vehicles known as Qualified…
WELCOME TO OUR MONTHLY NEWSLETTER. 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 Our monthly newsletter is designed to serve as your primary source for navigating the world of alternative investments. This month, we published our .…
What Is Direct Lending? Direct lending refers to privately negotiated loans or credit (oftentimes senior in the capital structure) made by non-bank lenders to privately-owned companies, many of which are…
