The distributor’s approach reflects broader shifts in investor demand, product innovation and the increasing role of AMCs in portfolio construction.

Between October 2024 and October 2025, Strivo launched 206 structured products in Sweden, representing an estimated US$176.7 million in notional value. Among its issuer partners, BNP Paribas led with 68 products, followed by Morgan Stanley (44), Société Générale (19), Barclays (17), and Natixis (15).

Structured products remain underutilised in Sweden compared to other European markets - Olle Gustafsson

In contrast to the broader European trend where autocallables dominate, Strivo’s activity was driven by uncapped participation structures (180 products / US$159.5m) and leverage upside structures (164 products / US$151.6m). The firm sold only 12 autocallable products (US$5.3m), with CLNs complementing the main offering (11 products / US$9.9m). FX exposures were a central focus, with NOK/SEK the most popular (61 products / US$84.1m), followed by USD/SEK (seven products / US$3.4m).

Custom indices and fund-linked structures were also core to Strivo’s offering. Leading exposures included the BNP Paribas Fixed Income Capital Growth Index (13 products / US$12.17m), the MS 16% Risk Control ER Index linked to Listed Private Equity Fund (seven products / US$11m), the OMX Stockholm 30 ESG NTR 5% Decrement Index (nine products / US$9.23m), and Markit iTraxx Europe Crossover (seven products / US$7.82m).

Strivo had 174 products maturing organically or early in 2025 delivering an average return of 7.699% per annum.

Olle Gustafsson (right), head of structuring at Strivo, explained that the firm’s approach is rooted in close collaboration with issuers to create products suited to prevailing market conditions.

“We consistently work with our partners to design the best possible products given the market environment,” he said. “Structured products offer investors an effective way to access different market segments with tailored risk-return characteristics, whether focused on niche exposures or broader market themes. With this mindset, we aim to deliver successful solutions over time with attractive intrinsic risk/reward properties.”

Looking ahead, Gustafsson highlighted the underpenetrated Swedish market as a key growth opportunity. “Structured products remain underutilised in Sweden compared to other European markets,” he noted. “We believe this can and should change, as these products are a compelling component within a diversified portfolio. We see significant growth potential in our actively managed certificate (AMC) offering, both through existing channels and by developing new strategic partnerships with additional investment platforms.”

On market conditions, he said 2025 was shaped by global political uncertainty and FX headwinds. “After a volatile first half due to US trade policy and transatlantic tensions, markets recovered strongly. For Swedish equity investors, the strengthening of the SEK was a notable challenge, which underscored the flexibility structured products provide through exposure without FX risk. Demand for capital-protected products remained strong, and as volatility declined toward year-end, we were able to create highly attractive structures.”

Gustafsson also highlighted emerging themes for 2026. “Heightened geopolitical tensions, rising interest rates, and widening credit spreads have led to renewed investor interest in tranched CLNs. Many view this as an opportunity to re-enter this segment at appealing yield levels,” he said.

Digitalisation and AI are shaping Strivo’s strategic approach. Gustafsson emphasised that AI-driven solutions throughout the distribution chain could improve efficiency, reduce time to market, and allow for greater product customisation.

The firm’s focus on AMCs reflects both product evolution and broad adoption across its distribution network. “AMCs have become an increasingly relevant tool for portfolio construction. Importantly, this growth is not concentrated among a small number of advisors; it is broad-based across our network, indicating scalable, structural interest in flexible and actively managed solutions,” he said.

Gustafsson also pointed to shifts in demand across products and exposures. Fund-linked notes and booster-type products tied to general market indices or thematic trends have been particularly popular. Rising rates and widening credit spreads have recently fueled interest in tranched CLNs, offering investors access to attractive yield levels.

From a regulatory perspective, Strivo has streamlined its processes to integrate governance seamlessly. “We view regulatory alignment not as a constraint but as an opportunity. Our fully digitalised advisory system reduces administrative burden and operational risk while improving transparency and consistency—clear competitive advantages in today’s market,” Gustafsson explained.

Looking to the future, Gustafsson remained cautiously optimistic about the Swedish market. “While challenges remain, the return of some Nordic banks signals higher demand from both distributors and clients. The growing focus on AI across the market could be a game-changer if adapted responsibly and will be fascinating to follow in the coming years.”

 Strivo was named Best Performance Sweden at the SRP Europe 2026 awards. Click the link to view the full list of winners.

Do you have a confidential story, tip or comment you’d like to share? Contact Us | SRP (structuredretailproducts.com)