December 2025

Marketing Material

Stablecoins

The AtonRâ Stablecoin is a long-only, USD-based, actively-managed certificate focused on stablecoins as the next global payment and settlement rail. Following the GENIUS Act, the regulatory and infrastructure stack is being deployed, unlocking mass adoption by financial institutions, corporates, and payment platforms.

Stablecoins disrupt the payment industry by removing intermediaries, settling transactions in seconds, and materially reducing costs. They represent the first true “killer application” of blockchain technology and are set to become the settlement layer for tokenized assets, the next major blockchain use case.

The investment universe includes stablecoin issuers, payment networks, crypto exchanges, blockchain infrastructure providers, and financial institutions positioned to benefit from the shift toward stablecoin-based payment rails.

Main Features
Asset Class Equity
Legal Structure Actively Managed Certificate
Investment Index Long
Launch date 2018-11-02
Currency USD
Type of Return Total return
Ticker JMLNARMP
isin XS1668108845
Issuer JP Morgan
Issue Price 100
Last Price 81.50
Sharpe Ratio -0.16
Correlation 0.81
Beta 1.47
Reference Index MSCI ACWI Net TR (USD)
Liquidity Daily
# Holdings 24
Management Fees 1.30%
Issuer Fees 0.20%
Performance Fees 15.00%
ALL TIME HIGH ALL TIME LOW
PRICE: 199.9 PRICE: 57.1
DATE: 2021-02-16 DATE: 2023-10-27

Stablecoins

The AtonRâ Stablecoin is a long-only, USD-based, actively-managed certificate focused on stablecoins as the next global payment and settlement rail. Following the GENIUS Act, the regulatory and infrastructure stack is being deployed, unlocking mass adoption by financial institutions, corporates, and payment platforms.

Stablecoins disrupt the payment industry by removing intermediaries, settling transactions in seconds, and materially reducing costs. They represent the first true “killer application” of blockchain technology and are set to become the settlement layer for tokenized assets, the next major blockchain use case.

The investment universe includes stablecoin issuers, payment networks, crypto exchanges, blockchain infrastructure providers, and financial institutions positioned to benefit from the shift toward stablecoin-based payment rails.

Monthly Returns $

(Net of fees)

* Estimated
* Actual

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2025 4.2% -9.3% -9.8% 0.9% 10.2% 7.7% -3.1% 2.7% -2.4% -1.7% -4.5% -1.0% -7.7%
2024 -4.2% 7.2% -0.6% -9.8% -2.9% -1.8% 2.1% 7.2% 1.8% 4.7% 20.9% -7.8% 14.2%
2023 16.0% -6.3% 3.3% -3.9% -3.9% 5.4% 4.8% -11.2% -8.9% -9.2% 21.0% 11.0% 13.0%
2022 -14.6% -10.0% 3.6% -17.7% -1.3% -14.3% 7.5% -2.5% -11.7% 6.9% -0.8% -1.7% -46.5%
2021 -4.2% 5.4% -7.5% 7.3% -3.7% 5.7% -1.7% 3.0% -10.7% -4.1% -15.2% -4.4% -28.3%
2020 3.6% -4.6% -18.2% 18.8% 15.7% 6.2% 8.5% 6.3% -1.9% -4.2% 17.2% 6.2% 59.2%
2019 14.1% 3.5% 5.0% 4.6% -4.9% 7.7% 2.8% -3.4% -4.7% 0.9% 5.0% 1.3% 34.8%
2018 -8.1% -9.7% -17.0%
Industry Exposure

Top Holdings
  • FIGURE TECHNOLOGY SOLUTIONS INC
  • CIRCLE INTERNET GROUP INC
  • BLOCK
Top 3 Contributors
  • FIGURE TECHNOLOGY SOLUTIONS INC
  • CUSTOMERS BANCORP
  • BLOCK
Worst 3 Contributors
  • COINBASE
  • FORWARD INDUSTRIES INC
  • SOFI
Geographical
Breakdown
Currency
Exposure
Asset
Allocation
Equity Market Cap
Distribution
Equity
Liquidity*

*On average 3 Months daily trading volume

Risk
Scale

6


The actual risk can vary significantly if you cash in at an early stage and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back

Industry Exposure