Last week SRP recorded a slowdown on structured products linked to equity indices in the US market as well as performance updates on a number of funds of structured notes; but also on the monthly survey released by the German association, Marex quarterly performance and structured products activity and the efforts of US index provider IndXX to increase its profile in the structured products market

Forte Pharma Fund, a Luxembourg domiciled Sicav that invests in structured notes linked to underlyings in the global pharmaceutical and biotechnology sectors, delivered a gain of 3.7% in July, driven by strong performance from select Big Pharma holdings and the portfolio’s diversified geographic exposure.

“Strong fundamentals suggest the pharmaceutical sector is well-positioned to extract enhanced yield through structured investments,” Dmitry Reykhart, chairman of the board at Forte Pharma Fund told SRP.

Over at Atlantic House Investments, CEO and CIO Tom May said: “Defined return investments give investors an opportunity to put something in their portfolio that reduces the level of uncertainty and therefore increases the level of predictability.”

The company’s Atlantic House Defined Returns Fund, which manages assets of £2.2 billion, reported an average cover before capital loss of 38.40% end-July 2025.

Sales of structured products linked to equity indices posted double digit declines in the Americas and Emea, whilst remaining stable in Asia-Pacific, according to SRP data.

At SIX Swiss Exchange, some 101,135 products have been listed since the beginning of 2025, an increase of 55.6% compared to the previous year (Jan-Jul 2024: 65,009 new listings). This is the third time that the 100,000 mark is surpassed, after 102,504 in 2023 and 110,792 in 2024.

In Hungary, where structured products are increasingly finding a place in investment portfolios, SPB Investment collaborated with BNP Paribas for the launch of an express certificate linked to three indices: Eurostoxx 50, Nasdaq-100 and Swiss Market Index (SMI).

Kiatnakin Phatra Bank (KKP) is due to issue a 10-year principal-protected note in US dollars, partially linked to the secured overnight financing rate (Sofr) in Thailand.

Products with a knockout feature captured almost 75% market share in the UK during July, stable year-on-year (YoY), according to SRP’s monthly market review while in Germany, results of the August 2025 ‘Trend of the month’ survey conducted by the German association for structured securities (Bundesverband für Strukturierte Wertpapiere or BSW) stated that for almost 40% of investors, the most important demand for the new government regarding the reform of private pension provision is an individual retirement savings account with extensive freedom of choice of investments.

In Q2 2025, revenue of Marex’s structured notes, also referred to as 'financial products', fell 31% from the previous quarter ‘as US tariff announcements in April caused an initial slowdown in client activity which subsequently recovered later in the quarter’, according to the company’s earnings results.

Marex’s outstanding balance of structured notes hit a new quarterly high of US$3.7 billion, up 20.5% from Q1 2025 or a 78.1% increase YoY.

In the retirement products space, Lincoln Financial added a one-year participation account linked to the Nasdaq Priva Index to its Lincoln OptiBlend fixed indexed annuity (FIA) on an exclusive basis, on top of an additional one-year cap lock account linked to the S&P 500.

Meanwhile, Transamerica introduced Triple Edge Advantage, a crediting strategy available for no additional fee featuring two levels of growth opportunities and a protection buffer which is available with the Transamerica Structured Index Advantage Annuity and Transamerica Structured Index Advantage New York.  

Finally, IndXX, which delivers index solutions – ranging from end-to-end indexing services to data and technology products – to the investment management community at large, wants to expand beyond its established expertise in ETFs into structured products.

“Quality is paramount to everything we do, from data to intellectual property and calculations,” said Jan de Smedt, who joined IndXX earlier this year as regional head of sales UK and Europe.

Paul Starkey, chief revenue officer added: “Clients want products with unique stories, something beyond the S&P 500 or FTSE 100 […] thematic indices with narratives resonate better with investors.”

Image: Iamchamp/Adobe Stock.

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