Risk Indicators6 min read
ETP Structure Types — Physical vs Synthetic
How physical and synthetic ETP structures differ, and how ACI captures them in scoring.
Collateral backing, redemption mechanics, and counterparty exposure differ across ETP structures. Physically-backed products hold the underlying asset directly; synthetic products use derivatives and carry issuer counterparty exposure. ACI captures these structural differences in the product-structure and custody-arrangement criteria of the Digital Asset ETP framework.
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