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Alaia Capital launches ETF-linked UIT platform


Alaia Capital has launched the Alaia Market Linked Trust, a platform offering outcome-driven structured solutions via unit investment trusts (UITs).

The trust issues UIT series that deliver defined payoffs at maturity linked to particular ETFs, tailoring the risk-return of beta through increased upside capture and/or partial downside protection.
"We're pleased to bring to market the first truly scalable fund solution for outcome-driven structured investments," says Oscar Loynaz, co-founder of Alaia Capital. "Alaia's UITs can effectively lower portfolio variability when compared to instruments with full market exposure."
The first UIT issued under the trust is linked to the SPDR S&P 500 ETF with a maturity of two years and offers twice any increase on the ETF up to a maximum return of 19 per cent, while protecting against the first 10 per cent decrease. 
Outcome-driven investments have been accessed mostly through structured notes, which are generally bank-issued debt securities. Some investor concerns about notes include issuer credit risk, perceived lack of transparency, and best-efforts secondary liquidity.
Alaia Trust UITs have differentiating characteristics: (i) they are registered under the 1940 Act and provide daily liquidity at NAV, (ii) they contain listed options issued by the OCC so there is no bank credit risk, (iii) full disclosure of asset composition and expenses, and (iv) all assets/derivatives are subject to institutional price discovery.

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