Swiss providers team up for AMC on fund of structured products

Luzerner Kantonalbank (LUKB) and Finanzlab have collaborated for the launch of Booster on Finanzlab Multi Index Fund in Switzerland.

It is quite literally a structured product on a fund of structured products - Vincent Bonnard, Finanzlab

The open-ended certificate offers a leveraged participation of approximately 200% in the underlying Finanzlab Multi Index Fund – an actively managed Swiss investment fund that invests in a diversified portfolio of barrier reverse convertibles (BRCs) linked to international equity indices.

The certificate is issued via LUKB while Finanzlab – in its capacity as the investment advisor – discretionary manages the dynamic underlying basket by regularly adjusting the composition of the portfolio to maintain a target leverage of approximately 200%.

Since it was issued on 24 July, the Booster has generated a return of 1.88%. The Finanzlab Multi Index Fund has delivered an annualised return of more than five percent in CHF since its launch in October 2021, with historically low volatility and a maximum drawdown of only 5.53%.

The actively managed certificate (AMC) is a private placement and will not be listed or admitted to trading on an exchange or trading venue.

^{Booster on Finanzlab Multi Index Fund – performance since issuance}

_{Source: LUKB, 9 September 2026}

According to Vincent Bonnard, founding partner at Finanzlab, the starting point for the AMC were the characteristics of the Finanzlab Multi Index Fund itself.

“For investors looking for a more dynamic risk/return profile, we saw an opportunity to amplify these characteristics without changing the underlying strategy,” Bonnard told SRP

The Booster provides approximately twice the economic exposure to the fund, with the objective of amplifying its historically defensive return profile towards a potential CHF return in the region of eight to 10% pa.

“Naturally, the 2x exposure also amplifies volatility, but given the fund’s historically low volatility, the resulting risk profile can still remain relatively moderate,” said Bonnard adding that the Booster brings together two dimensions of Finanzlab’s expertise.

Thanks to LUKB’s expertise, the AMC could be implemented within only a few days - Vincent Bonnard, Finanzlab

“It is quite literally a structured product on a fund of structured products: the underlying fund uses structured products from a broad range of issuers to build its return profile, while the AMC adds another layer of structuring to provide approximately twice the economic exposure to that same strategy,” he said.

Investment funds and structured products have traditionally been seen as two rather separate worlds, sometimes even as competing investment solutions.

“With the Booster, we bring these two worlds together. For me, it is a good illustration of how structured products can complement, rather than compete with traditional investment funds.”

Finanzlab/LUKB collaboration

For some time, Finanzlab had been exploring how derivatives could broaden the ways investors access their Multi Index Fund.

“One of the solutions we had developed was a USD capital-protected structure providing leveraged participation in the fund’s performance […] the idea of using structured products to offer different risk/return profiles around the same underlying fund was already very much part of our thinking,” said Bonnard (pictured right).

The concrete idea for the Booster, however, came from Claudio Topatigh, head of the structured products competence centre at LUKB.

“Claudio has followed the Finanzlab Multi Index Fund since its early days and had noted the consistency of its performance and its limited drawdowns. He felt that these characteristics made the fund particularly well suited to a product offering approximately double exposure,” Bonnard said.

Both companies immediately liked the idea and the opportunity to develop the project together.

“Thanks to LUKB’s expertise, the AMC could be implemented within only a few days. The collaboration also goes beyond issuance: we are working together on the distribution of the product, with LUKB bringing its sales capabilities and network, which is a major advantage,” said Bonnard.

Listing and innovation

Vincent Bonnard: The fund’s size and its listing on BX Swiss also helped make the concept operationally attractive. The listing is still a relatively unusual feature for a Swiss investment fund of this type, but it becomes particularly valuable in the context of the Booster, as it facilitates efficient subscriptions and redemptions in the underlying fund when investors enter or exit the AMC. This allows us to adjust the exposure efficiently as investors enter or exit the product, supporting smooth and effective liquidity management.

Ultimately, I think the project is a good example of innovation coming not from inventing an entirely new derivative payoff, but from combining existing building blocks in a new way: a diversified Swiss fund investing across the structured-products industry, an exchange listing providing operational efficiency, and an AMC adding capital-efficient leveraged exposure.

Click the link to read the final terms and the product report.

_{Image: Copper/Adobe Stock}

---

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