> Interesting. Do you have a link? I guess they are operating a 100% reserve system? https://structuredproducts-ch.leonteq.com/valor/36663487 https://structure

> Interesting. Do you have a link? I guess they are operating a 100% reserve system? https://structuredproducts-ch.leonteq.com/valor/36663487 https://structuredproducts-ch.leonteq.com/valor/36663487 They claim that the underlying is 100% in custody, yes, but as with all paper, who's to really know in the end... They certainly don't provide any sort of crypto verification mechanism so the bearer can verify that the underlying actually exist and is uniquely bound to the paper. [edit]: nevermind. now that I actually look at it, it's cash-settled.