EDUCATION CENTRE
INTRODUCTION AND PROCESS
“Most people never get wealthy simply because they are not trained to
recognize opportunities right in front of them”
Robert Kiyosaki
Understanding Structured Notes
What are structured notes, and how do they work?
A structured note is like a “customised investment contract” that combines a bond with a derivative, offering tailored investment opportunities with varying levels of protection and return potential.
Part of the note acts like a bond, helping protect your capital, while another part is linked to assets such as equities, indices, or sectors. This mix allows investors to capture market opportunities while enjoying defined protection levels. Each note is designed with specific conditions, so you know upfront how your investment can perform in different market scenarios.
How do structured notes compare to bonds?
Bonds offer predictable returns with limited upside, while structured notes provide higher potential income and protection features.
Bonds are straightforward: they pay a fixed coupon and return your capital at maturity if the issuer doesn’t default. Structured notes, in contrast, can offer enhanced yields, conditional capital protection, and flexibility to benefit from market movements. For investors looking beyond traditional bonds, structured notes can add both defensive and growth-oriented elements to a portfolio.
Why should I consider investing in structured products?
Structured products offer a balance between protection and growth by combining the security of a bank-like deposit with the performance potential of equity markets. They provide defined outcomes and can be tailored to suit different goals and risk levels.
Structured products are designed to give investors the best of both worlds — security and opportunity. They can provide capital protection through bond-like features while linking returns to assets such as equities, indices, or commodities. This makes them versatile tools for all types of market conditions.
Each product has a clear purpose — income, growth, capital protection, or a combination. Because of their flexibility, they can be shaped to match different risk profiles and investment horizons. Over the past few years, they have become increasingly popular as investors seek optimised returns without giving up protection.
What types of investors are structured notes best suited for?
They suit investors who want protection and yield in volatile markets.
Structured notes work best for investors who:
- Have a medium-term horizon (3–5 years).
- Want higher yields than bonds can offer.
- Value capital protection features in uncertain markets.
- Are comfortable understanding product mechanics.
How do structured notes fit into my overall investment portfolio?
They can provide balance — delivering yield, protection, and diversification alongside traditional assets.
Structured notes are not meant to replace your whole portfolio but to enhance it. They can complement equities by adding downside protection, outperform bonds in low-rate environments, and diversify your exposure across global markets and sectors. Used thoughtfully, they help smooth portfolio returns and provide peace of mind during volatility.
What am I actually buying when I invest in a structured note?
When you invest in a structured note, you are lending money to the issuing bank, which agrees to pay back your capital plus returns under predefined conditions. You do not own the underlying assets directly.
A common misconception is that investing in a structured note is the same as buying a mutual fund or directly owning the underlying index, commodity, or stock. In reality:
- Your investment is a loan to the issuing bank.
- The bank agrees to repay your capital and any agreed returns according to the terms of the structured note contract.
- Returns depend on the performance of the underlying reference assets, but you never directly own them.
- Functionally, this is similar to a cash deposit, but structured notes offer additional growth or income potential through the contract’s features.
This structure allows investors to access market-linked returns while maintaining defined capital protection and predictable payouts, without holding the underlying securities.
Types of Structured Notes
There are all sorts of ways of putting together products to generate growth or income and different returns, but the basic principles are straightforward.
Products broadly fall into two categories:
- Those that offer capital protection and some stock market exposure, and
- Those that pay a higher return generated at the cost of some risk to the investor’s capital.
Features of Structured Notes
What is an autocall, and how does it benefit me?
An autocall lets your investment mature early if conditions are met, allowing you to lock in profits.
An autocall feature means that if the underlying assets perform at or above a set level on an observation date, the note automatically “calls” (matures/redeems) and pays out your returns. For example, a note with a 12-month autocall might redeem early if the assets are above their starting level at the first anniversary. This can shorten your investment period while still giving you attractive returns, enabling you to reassess your portfolio and take advantage of other opportunities.
What is conditional income in a Structured Note?
Conditional income refers to payments from a Structured Note that depend on the performance of the underlying assets, such as a basket of stocks or other investments.
In a Structured Note, conditional income means that the coupon payments you receive are linked to how the underlying assets perform. For example, if the basket of stocks, index, or other investment-linked assets meets or exceeds specified performance or trigger levels, the note pays out the agreed coupon. If performance falls below those levels, the payment will not be paid. If a Memory Feature has been included, the coupon will be held in memory until such time as the underlying assets meet or exceed the specified performance level at an observation date.
This structure allows investors to participate in market opportunities while defining the conditions under which income is generated. It provides a clear, predictable framework for returns while balancing exposure to the underlying assets’ performance.
What is the memory feature in a Structured Note?
The memory feature ensures that any missed income payments are tracked and paid later once the underlying assets meet the required performance conditions.
In a Structured Note, the inclusion of a memory feature protects investors from losing income when market conditions temporarily fall short. If a scheduled coupon payment is missed because the underlying assets drop below the income protection barrier, the memory feature “remembers” the missed payment. When the assets recover and meet the performance conditions at the next observation date, all previously missed coupons are paid out.
This mechanism provides investors with added reassurance, ensuring that short-term market dips don’t permanently reduce expected income and that potential returns are preserved over the life of the note.
What are the Underlyings in a Structured Note?
Underlyings are the assets, such as stock indices or equities, that are tracked to determine a Structured Note’s performance. Investors do not own the Underlyings.
In a Structured Note, the underlying assets form the basis for returns and payments. These can be one or more stock-market indices, individual equities, or other investment-linked assets. Importantly, investors do not directly own these assets; instead, the note tracks their performance using derivatives such as options.
This approach allows the Structured Note to deliver specific, pre-defined outcomes while giving investors exposure to market movements. By observing the Underlyings rather than holding them directly, the note can provide targeted income, growth, or protection features as designed in the contract.
What does “fixed return” mean in a Structured Note?
It means your potential return is predetermined and capped—you know upfront what you could earn, regardless of how high the Underlyings might go.
One of the defining features of a Structured Note is that the return is fixed in advance. This gives certainty, but it also means investors do not benefit from unlimited growth in the Underlyings.
If the underlying stocks or index rise beyond the agreed level, the investor’s return stays capped at the fixed rate stated in the investment contract.
This trade-off is central to Structured Notes: you exchange unlimited upside for a defined return, often paired with a measure of capital protection.
What is a Snowballing Coupon in structured notes?
A Snowballing Coupon is when coupon payments accrue each period and are paid out once a trigger event occurs.
Snowballing Coupons are related to Growth Notes. In contrast to income notes that pay during the term, the coupons accumulate until a predefined trigger event occurs.
Example:
- Product term: 5 years
- Semi-annual trigger points
- Coupon: 10% per year
If the trigger happens after 6 months, and every six months after that. If the note autocalls at the end of year three, the investor receives their capital plus 6 accumulated coupons (30%).
What is the payment date for structured note coupons?
The payment date is when the coupon is released from Euroclear to your trading platform, after which your platform credits the funds to your account.
Structured note coupons are paid on predefined payment dates. On this date:
- The coupon payment is released via Euroclear to your trading platform
- Your platform then credits the funds to your account, making them accessible to you
Processing can two to five working days, depending on the platform’s internal procedures.
This ensures that all coupon payments are secure, traceable, and delivered through a regulated system, maintaining full transparency and compliance.
What is an observation date in a structured note?
An observation date is when the value of the underlying basket of stocks is measured to determine if a coupon payment, autocall, or capital protection condition is triggered.
Structured notes rely on predefined observation dates to monitor performance:
- On each observation date, the current value of the underlying basket is compared to its starting value
- This comparison determines whether certain features of the note are activated, such as:
- Coupon payments for income notes
- Autocall triggers for early maturity
- Capital protection barriers to safeguard your investment
Observation dates are a key mechanism in structured notes, ensuring that all payouts and protective features occur according to the terms of the contract.
Are the returns from a Structured Note considered interest or dividends?
Returns from Structured Notes are pre-determined interest payments, not dividends, because the note references underlying assets but do not involve direct ownership of the companies.
Structured Notes pay returns as interest, either through a lump sum at maturity (Growth Notes) or periodic coupons (Income Notes). Conditional Income and Fixed Interest Notes fall under this interest category, providing predictable, contractually defined payouts.
Dividends, in contrast, are a share of a company’s profits paid at the discretion of the company’s board and are neither guaranteed nor predictable. In Cashbox Global Structured Notes, the investor owns the note contract, not the underlying companies. The underlying stocks are only referenced to determine performance triggers. Therefore, these notes are legally and contractually unable to distribute dividends, and all returns are received as structured interest according to the terms of the note.
The use of life wrappers or trusts may be used for tax structuring and should be discussed with a qualified tax advisor.
Capital Protection & Risk
Are structured notes safe investments?
They are designed with built-in safeguards, but as with all investments, they carry risks depending on markets and the issuing bank.
Safety comes from features like capital protection barriers, which shield your investment capital up to a certain point (e.g., 50%). However, if markets fall far below that barrier, your capital may be exposed. Another factor is issuer credit risk — whether the bank behind the note can fulfil its obligations. At Cashbox Global, we only partner with major global banks to reduce this risk. Structured notes are not risk-free but are carefully built to balance safety with attractive returns.
How does Cashbox Global protect my capital?
By structuring notes with protection barriers and partnering with top-tier global banks.
Capital protection comes from the bond component of a structured note and the use of barriers. For example, a 50% barrier means your investment is 100% protected unless the underlying asset drops by more than 50%. Cashbox Global also ensures every note is issued by highly regulated, internationally recognised banks. This double safeguard — structural design plus issuer strength — provides investors with a strong layer of protection.
What is a capital protection barrier?
It’s a predefined level that protects your capital unless the market falls beyond that point.
The barrier is essentially a cushion. If a note has a 50% barrier, your capital is safe as long as the underlying assets don’t fall by more than half their starting value. Only if the assets breach the barrier at maturity does your capital become exposed. Barriers help investors participate in markets with more peace of mind, especially during volatility.
How Our Structured Notes Protect Your Capital?
Cashbox Global designs Structured Notes to combine high levels of capital protection with predictable income streams.
We do this by giving up some of the potential upside of the underlying stocks or index in exchange for deep downside protection.
Protection During the Term
- Your investment is backed by the issuing bank’s contractual guarantee.
- The risk during the term is if the bank itself fails.
- To reduce this risk, we only work with A-rated global banks.
Protection at Maturity (the European Barrier)
At the final observation (maturity date), your capital is protected as long as:
- All shares in the basket remain above the capital protection barrier relative to their start price.
- If any share drops below this level, your capital is reduced 1-for-1 with that decline, or otherwise stated.
Example with a 50% Capital Protection Barrier: If the worst-performing stock finishes at –52%, your capital is reduced by the same 52%.
Why not just choose 100% capital protection?
Because total safety usually means very modest returns—often no better than a savings account or fixed-rate bond.
Structured Notes work on a trade-off between risk and reward.
- With 100% capital protection, the “minimum return” is generally quite low, since banks aren’t taking much risk with your money.
- To achieve better-than-cash returns, some flexibility is needed: either accepting a little more risk to capital, or recognising that higher returns may not always pay out.
Cashbox Global’s approach is to balance both sides:
✔️ Provide strong downside protection
✔️ Target returns that are meaningfully above cash and bonds
This balance is what makes Structured Notes attractive in uncertain markets.
Why Stock Selection Matters
Because of the European barrier, the choice of underlying stocks is crucial.
That’s why structurers and investment banks carefully select robust, resilient companies to underpin each note.
What are the key risks of investing in Structured Notes?
The main risks include the creditworthiness of the issuing bank, the performance of the underlying assets, the fixed return structure, and the investment term.
Structured Notes carry several risks that investors should understand. Issuer risk refers to the financial strength of the bank that issues the note—if the bank defaults, your capital could be at risk. Market risk arises from the choice and performance of the underlying assets, which can impact returns and, in some cases, capital protection.
Other factors include the fixed return and investment term: returns are predetermined and may be capped, meaning you could miss out on higher market gains, and the note is typically designed to be held until maturity. Understanding these risks is essential for aligning a Structured Note with your investment objectives and risk tolerance.
Why might my portfolio value on the trading platform show less than my original investment in a Structured Note?
Trading platforms display only the daily pricing of the underlying assets, not the terms of the Structured Note. Your capital is underwritten by the issuing bank and is protected according to the note’s contract, not daily market movements.
Structured Notes use underlying assets, such as stocks or indices, as references for triggering payments and other features—they are not assets you directly own. Trading platforms report daily market prices for these underlying assets, which can make it appear that your portfolio value is lower than the capital you invested.
However, your investment is fully underwritten by the issuing bank. The actual performance of the underlying assets only matters at the final observation date or if an early autocall occurs. At maturity, if the underlying assets remain above the note’s capital protection level, you receive 100% of your capital even if the underlying asset has fallen below its starting price. If any underlying falls below that level, your capital is returned according to the contract’s terms, typically on a 1:1 basis relative to the lowest-performing asset. This ensures that short-term market fluctuations do not affect your protected investment.
Are Structured Note investors protected if the issuing bank fails?
Structured Notes are not covered by bank deposit insurance. However, the level of risk depends on the creditworthiness of the issuing bank, which Cashbox Global selects carefully.
Investing in a Structured Note means your capital is backed by the issuing bank, but it is not insured in the same way as a bank deposit account. If the issuing bank were to fail, repayment of your capital would depend on the bank’s ability to meet its obligations.
Cashbox Global mitigates this risk by partnering only with well-regulated, high-credit-quality international banks. This careful selection ensures that the banks we work with have the financial strength to honour the terms of the Structured Note, giving investors’ confidence in the security of their capital within the designed protection features of the product.
How do Structured Notes provide protection for my investment?
Structured Notes can include built-in capital and income protection, ensuring your initial investment and income payments are partially or fully safeguarded even if markets underperform.
Protection in Structured Notes comes from features such as capital protection barriers and income guarantees. For example, a note may promise 100% of your invested capital at maturity, provided that none of the underlying assets fall below a specified level, such as 50% of their starting value.
These mechanisms mean that even in declining markets, your income payments and principle can remain secure up to the limits defined in the contract. By carefully designing these features, Structured Notes balance the potential for returns with a safety net, helping investors manage risk while still participating in market opportunities.
Returns & Performance
How are returns generated with structured notes?
Returns come from linking the investment to market assets and paying coupons or growth based on performance.
Each structured note specifies how returns are earned. Some pay a fixed coupon (e.g., 12% p.a.) regardless of the performance of the underlying asset, a conditional coupon – as long as the underlying assets stay above an income trigger threshold. Others offer growth participation — your return increases for each observation period that passes until it Autocalls. Many also include autocall features, where your note automatically redeems early if certain performance levels are met, locking in gains sooner.
How do Structured Notes generate returns?
Structured Notes generate returns based on the performance of selected underlying stocks or indices, with payments triggered when predefined performance levels are met.
In a Structured Note, returns are linked to the performance of specific underlying assets, such as stocks or indices. The note is structured so that if these assets reach or exceed predetermined trigger levels, the note activates coupon payments or other features outlined in the contract.
Even if the underlying assets do not experience exceptional growth, the note is designed to deliver returns as long as the conditions specified in the contract are satisfied. This allows investors to benefit from market movements while maintaining predictable, contractually defined outcomes, combining growth potential with structured protection.
How do issuing banks provide protection and returns in Structured Notes?
Issuing banks structure notes by combining lower-risk investments, like bonds, with higher-risk assets, such as equities, to offer both capital protection and the potential for higher returns.
Structured Notes typically blend safer, bond-like components with riskier assets such as equities or indices. The bond portion helps safeguard the investor’s capital, while the equity exposure provides the opportunity for enhanced returns if markets perform well.
By carefully balancing these components, banks can design notes that provide stability and growth potential, ensuring that investors have a degree of protection even in challenging market conditions. This approach allows Structured Notes to deliver predictable outcomes while still participating in market opportunities.
Why Issuing Banks Offer Structured Notes
Structured Notes help banks strengthen their balance sheets, fund new business, and manage profitability, all while providing investors with tailored outcomes.
Banks require strong cash reserves to operate and grow. When investors place funds into a Structured Note, the bank benefits in two main ways: first, it can use the majority of those deposits to finance other clients and business opportunities, ensuring continued growth. Second, with a smaller portion of the funds, the bank purchases and manages derivative options that align with the terms of the Structured Note. These derivatives allow the bank to meet the agreed investor pay-out conditions while also achieving its own profitability goals.
The underlying assets used in these contracts are typically linked to large, stable indices or well-capitalized companies. This structure enables the bank to balance risk, meet investor expectations, and maintain financial strength, making Structured Notes an attractive solution for both the issuing bank and the end investor.
Issuers & Counterparties
Who issues the structured notes that Cashbox Global offers?
Top-tier, regulated international banks.
Cashbox Global partners only with globally recognised, regulated banks that have strong credit ratings. These institutions issue the notes, ensuring they are backed by reputable names in global finance. This reduces counterparty risk and provides investors with confidence that their capital is held within highly regulated frameworks.
Who is the issuer of a Structured Note, and why does it matter?
The issuer is the bank backing the Structured Note. Investors are exposed to its credit risk, so the bank’s financial strength is critical to ensuring capital and payments are honoured.
In a Structured Note, the issuing bank is responsible for making all payments, including principal and returns. If the issuer becomes insolvent or is unable to meet its obligations, investors could lose part or all of their investment. Because Structured Notes are issued off the bank’s balance sheet, the ability of the bank to honour the contract is paramount.
To mitigate this risk, Cashbox Global works exclusively with the world’s strongest, A-rated banks. This careful selection ensures that investors have confidence in the issuer’s creditworthiness and the security of their Structured Note investments.
CASHBOX GLOBAL
Cashbox Global is a Mauritian and South African Registered Financial Services Business specialising in structured notes, providing investors with capital-protected, income-generating, and growth-focused solutions through partnerships with A-rated banks worldwide.
Cashbox Global offers a range of structured investment products designed for investors seeking predictable returns, downside protection, and portfolio diversification. Key features include:
- Access to carefully structured notes linked to global indices and equities
- Partnerships exclusively with A-rated issuing banks for capital security
- Both off-the-shelf and bespoke investment solutions, tailored to individual investor needs
- Transparent investment processes through regulated trading platforms, ensuring funds flow directly between the investor and the structured product
Our mission is to deliver sophisticated investment opportunities that combine safety, income, and growth potential, making institutional level structured notes accessible to private investors globally.
What are bespoke structured products and who are they for?
Bespoke structured products are customised investment solutions designed to meet the specific needs of an individual investor, including capital protection, currency, and return type.
Cashbox Global can create tailored structured notes for a select group of investors. The process begins by understanding your requirements, such as:
- Desired level of capital protection
- Currency preference
- Type of return: income, growth, or a combination
We then design a unique investment solution that aligns with these preferences, working with our network of A-rated issuing banks and carefully selected underlyings.
Minimum Investment Requirement:
Bespoke structured products typically require a minimum investment of USD 500,000 or more. The exact amount depends on:
- Complexity of the product
- Number and type of underlying investment links
- Issuers involved
These products are exclusive and designed to provide a highly personalised investment experience, delivering both tailored returns and structured capital protection.
Trading Platforms
To invest in Cashbox Global structured notes, you’ll need an account with a regulated online trading platform (also called a custodial platform).
These platforms:
- Hold your account in your name only
- Safely store your investments and multiple currencies
- Provide performance and valuation reporting
- Act on your instructions to place investments using the ISIN number we provide
All reporting and fund flows are strictly between you and your platform.
Cashbox Global never holds or touches your money — keeping everything in a highly regulated, controlled environment.
Choosing a Platform
Investors typically consider:
- Ease of use (online access, reporting features)
- Minimum investment levels
- Costs and fees
- Service and support
Cashbox Global is platform agnostic. You’re free to use any regulated platform that holds structured notes that suit you.
What platforms can I use to invest in Structured Notes?
- Ardan https://www.ardan-international.com/
- Capital International Group https://www.capital-iom.com/
- Credo Capital https://www.credogroup.com/
- Exante https://exante.eu/
- FIBI Bank
- Glacier International https://www.glacierinternational.com/
- Hapoalim Bank https://www.bankhapoalim.com/
- Infinox https://www.infinox.com/
- Moventum https://www.moventum.lu/
- Nedbank Private Wealth (Existing accounts only) https://www.nedbankprivatewealth.co.za/
- Ramsay Crookall https://ramseycrookall.com/
- Randswiss https://www.randswiss.com/
- Ravenscroft Group https://www.ravenscroftgroup.com/
- Sanlam Private Wealth https://sanlamprivatewealth.sanlam.com/
- SwissQuote Bank https://en.swissquote.com/trading
- Velocity Trade https://velocitytrade.com/
- Vontobel
Please contact info@cashbox.global should you need assistance.
Why do I need a trading platform to invest in Structured Notes?
A trading platform is required to access Cashbox Global structured notes. It holds your investment in your name, provides reporting, and ensures all funds flow securely between you and the issuing bank.
Structured Notes are accessed through regulated online trading platforms, also called custodial platforms. These platforms act as an intermediary between you and the note:
- Your account is held in your name, your company’s name or in the name of your trust, giving you full legal ownership.
- They are highly regulated, ensuring your funds are secure and transactions are monitored.
- Platforms allow you to invest using the ISIN number provided by Cashbox Global.
- They provide valuation reports, income statements, and transaction confirmations, keeping you fully informed.
- All fund flows occur directly between your account and the structured note; Cashbox Global never handles your money.
Typically, regular banks do not provide access to Cashbox Global structured notes. You need a regulated online trading platform (custodial platform) to hold and transact in these products.
Structured Notes are offered via specialised trading platforms rather than standard bank accounts. These platforms:
- Hold your investment in your name
- Provide regulatory oversight and reporting
- Enable transactions using the ISIN numbers supplied by Cashbox Global
- Ensure that all fund flows go directly between your platform account and the structured note, not through Cashbox Global
While some investors may have access to structured notes through private banking services, in most cases, your regular retail bank cannot transact in these products directly. Using a regulated trading platform ensures your investment is secure, transparent, and fully compliant while giving you access to the full range of structured notes offered.
What is an ISIN number and why is it important?
An ISIN (International Securities Identification Number) is a unique 12-digit code that identifies a specific investment, such as a structured note, bond, or share.
The ISIN is the global standard for identifying securities. Each 12-digit code uniquely distinguishes a specific issue of a financial product, whether it’s a bond, share, or structured note.
For Cashbox Global investments, the ISIN:
- Enables your trading platform to identify and transact in the correct structured note
- Allows for accurate tracking and reporting of your investment
- Ensures your purchase is linked to the exact product and terms you chose
In short, the ISIN acts like a “passport” for your investment, ensuring it is correctly recognized, tracked, and processed across financial systems worldwide.
What if my existing trading platform does not hold structured notes?
If your trading platform does not currently support structured notes and would like to, Cashbox Global can help connect your platform with the relevant parties, provided it has a Legal Entity Identifier (LEI) and a Euroclear code.
Some trading platforms may not initially offer the ability to hold structured notes. If they express that they would like to:
- Ensure your platform has a Legal Entity Identifier (LEI) and a Euroclear code
- Contact Cashbox Global, and we will facilitate communication between your platform and the structured note issuer
- Once connected, your platform can start holding Cashbox Global structured products, enabling you to invest directly through your preferred provider
This process ensures that investors can continue using their chosen platform while accessing structured notes safely and in compliance with all regulatory requirements.
HOW TO INVEST
HOW TO INVEST IN STRUCTURED NOTES WITH CASHBOX GLOBAL
Step 1: Contact Us
Email us at support@cashbox.global to start the process.
Step 2: Choose Your Trading Platform
You’ll need access to a licensed trading platform.
- If you don’t already have one, we can suggest platforms that many of our investors currently use.
Step 3: Select Your Structured Product
Browse the products currently open for investment on our website: www.cashbox.global.
- Once you’ve decided, Cashbox Global will provide you with the unique ISIN number (International Securities Identification Number) for that product.
Step 4: Fund Your Platform
Deposit funds into your trading account.
Step 5: Place Your Investment
Instruct your platform to invest directly into the chosen Structured Note using the ISIN number provided.
Step 6: Receive Payments and Capital
All income payments and capital at maturity will flow directly back into your trading platform account.
Important: Your funds never flow through Cashbox Global — they always move directly between your platform and the issuing bank’s Structured Product.
Fees & Restrictions
What fees are associated with investing in structured products?
Structured product fees are generally embedded in the product price. Cashbox Global receives a contract structuring fee from the issuing bank, not from your invested capital, meaning 100% of your funds go into the investment.
When investing in Cashbox Global structured notes:
- Fees are built into the product structure and do not reduce your principle. This is not always the case with other product providers
- Cashbox Global receives a contract raising or structuring fee from the issuing bank, which covers the design and administration of the product
- Your investment capital is fully allocated to the structured product, so if the product terms specify a 3% quarterly return, you receive that without deductions for fees
- This ensures transparency and predictability of returns, while covering the costs of creating and managing the structured product
Investors can be confident that all fees are accounted for upfront and do not impact on the principal or agreed returns.
The only fee would be charged by your trading platform for the services they render.
Can US Residents Invest in Cashbox Global Structured Notes?
No. Cashbox Global structured notes cannot be offered or sold in the United States or to US residents.
Cashbox Global structured notes are not registered under the U.S. Securities Act of 1933 and are therefore not available for distribution in the United States or its possessions. Key points:
- There is no offer or solicitation to sell these securities in the US
- US residents are prohibited from investing in these products directly or indirectly
- Selling or distributing notes in the US would be unlawful without proper registration or exemption
This restriction ensures that Cashbox Global remains fully compliant with US securities regulations while serving international investors in jurisdictions where the notes are legally available.
“What If” Scenarios
What happens if I need my money back before the end of the investment term?
Structured Notes are designed to be held until maturity. Selling early usually means getting back less than you originally invested.
Each Structured Note has a fixed term (e.g., 3–5 years). If an investor needs to exit early, they must sell on the secondary market. The sale price will depend on market conditions, interest rates, and how the Underlyings are performing at the time.
This means the value could be lower than the original investment, even if the note looks on track at maturity.
For this reason, investors should only commit funds they are comfortable locking in for the full term.
What happens if a stock in the investment basket is acquired or undergoes corporate restructuring?
If a stock in the structured note’s basket is acquired or restructured, the note continues without negative impact. The stock is either removed or replaced, with adjustments made to ensure the investment terms remain fair.
Structured notes track a basket of underlying stocks, but corporate actions can affect these stocks. Here’s how they are handled:
- Stock Fully Acquired and Delisted
- If a stock is bought and removed from public markets, it is removed from the basket.
- The structured note continues with the remaining stocks without negatively impacting your investment.
- Stock Absorbed into a Publicly Listed Company
- If the acquiring company integrates the stock, it replaces the original stock in the basket.
- The strike price for the acquiring company is set at its value on the note’s strike date.
- If the original stock’s value had declined between the strike date and acquisition date, the strike price is adjusted downward proportionally.
This ensures that corporate changes do not unfairly affect your structured note and that the investment continues according to the terms of the contract.
Disclaimer
Cashbox Global is authorised and regulated by the Financial Services Commission (Mauritius), under license number GB19024598. Cashbox Global (Pty) Ltd is an authorised Financial Services Provider, regulated by the Financial Sector Conduct Authority (South Africa), FSP 52958.
Information and documents provided in relation to an investment are provided to assist an investor to make an informed decision. The information and documentation should not be a) regarded as advice and b) considered as a recommendation or an offer to purchase the investment.
Cashbox Global does not furnish investment advice nor does it make any recommendations regarding any investments and/or financial instruments and products. All information should be read and understood by the investor before investing to ascertain the full risks and terms associated with the investment. Investors should obtain independent financial, tax and/or legal advice before making an investment. Investments must be executed via an authorised eligible counterparty.
Past performance of investments with the same issuer, counterparty and/or structured note provider, or investments with the same investment theme or a similar thematic reference basket, is not necessarily an indication of future performance. Investors should not make an investment purely based on the expected return profile of the investment.
Investment in securities such as Structured Notes is not risk free and has risks associated with the investment. Cashbox Global does not make any guarantees with respect to the protection of capital or returns. Investors may lose a part or of all their investment capital when investing in securities such as Structured Notes.
FaiS DISCLOSURE
In terms of the General Code of Conduct of the Financial Advisor and Intermediary Services Act, No. 37 of 2002 (“FAIS Act”), the
purpose of this Disclosure is to furnish all clients, current and potential, with prescribed information and services about Cashbox
Global (Pty) Ltd (“FSP”) and their Representatives.
DETAILS OF THE FINANCIAL SERVICES PROVIDER
The FSP is a Category I Financial Services Provider approved by and registered with the Financial Sector Conduct Authority
(“FSCA”) in terms of the FAIS Act.
| Financial Services Provider | Cashbox Global (Pty) Ltd |
| Registration Number | 2021/117605/07 |
| Legal Status of FSP | Private Company |
| Contact Person | Chad Pope |
| Business Address | 13 Provan Avenue, Modderfontein, Gauteng, South Africa, 1645 |
| Postal Address | P.O. Box 193, Modderfontein, Johannesburg, 1645 |
| Telephone | 087 2655 498 |
| E-mail Address | info@cashbox.global |
| Website | www.cashbox.global |
DETAILS OF THE FINANCIAL SERVICES PROVIDER’S FINANCIAL SECTOR CONDUCT AUTHORITY APPROVAL
| FSP Number | 52958 |
| Date of Authorisation | 17 April 2023 |
| Product Categories | Structured Deposits |
| Financial Services Categories | Intermediary Services – The FSP is not authorised to furnish financial advice |
| Special Conditions | There are no special conditions levied against the FSP by the registrar |
| Intermediary Services Focus | Listed Global Structured Notes: - Thematic idea generation; - Engagement with Structured Note Providers and Issuers during the structuring and pricing of new Structured Notes; - Distribution of Structured Notes; and - Investor facilitation and assistance in terms of the opening and/or funding of client accounts with stock broking firms and monitoring of the timely execution by the stock broking firms of investors’ trade instructions. |
| Status of Representatives | Representative under Supervision in terms of the FSP’s Category I License |
| Fit and Proper Requirements | All Representatives of the FSP are required and currently meet the relevant fit and proper requirements as required by the FAIS Act |
| Acknowledgement of Responsibility | The FSP accepts responsibility for the rendering of intermediary services by and the actions of its Representatives |
| Letter of Authority | The FSP appoints Representatives to render intermediary services on its behalf. The Section 13 Letter of Authority for the FSP’s Representatives is available on request by e-mail to info@cashbox.global. |
| PI Cover | The FSP holds Professional Indemnity Cover |
| Financial Statements | The FSP has to annually produce unaudited annual financial statements to registrar |
DETAILS OF THE FINANCIAL SERVICES PROVIDER’S FINANCIAL SECTOR CONDUCT AUTHORITY APPROVAL
| Name & Surname | Riaan van der Vyver |
| Identity Number | 740413 5067 087 |
| Telephone | (021) 851-1580 |
| E-mail Address | riaan@alphacubecapital.online |
COMPLIANCE OFFICER
| Compliance Company | Complysure CC |
| Compliance Number | CO43 |
| Compliance Officer | Tom Liebenberg |
| Physical Address | Omibloekom, 45 Mossop Street, Onrusriver, 7201 |
| Postal Address | Omibloekom, 45 Mossop Street, Onrusriver, 7201 |
| Telephone | (028) 316-4286 |
| Telefax | (028) 316-4285 |
| E-mail Address | complysure.1@gmail.com |
STRUCTURED NOTE PROVIDERS/STRUCTURED NOTE ISSUERS/STOCK BROKING FIRMS REPRESENTED
| 1. | IDAD Ltd | 2. | IDAD Africa (Pty) Ltd |
STATUTORY DISCLOSURES
| Waiver of Rights | No person may ask a client or offer any inducement to a client to waive any right or benefit conferred on you by or in terms of any provision of the General Code of Conduct of the FAIS Act. |
| Confidentiality | The FSP adheres to the Protection of Personal Information Act, No. 4 of 2013 (“POPI Act”). In terms of the POPI Act, all information obtained or acquired about the client shall be protected and remain confidential unless the FSP or its Representatives are required by law or any other regulatory body to disclose such information. |
| Potential Conflict of Interest | 1. There is currently no foreseen potential conflict of interest between the FSP and any Structured Note Provider, Structured Note Issuer, Structured Note Guarantor, Stock Broking Firm and/or Investment Platform: - The FSP did receive more than 30% of its last year’s revenue from a particular Structured Note Provider. - The FSP doesn’t directly or indirectly have material ownership and/or financial interests in a Structured Note Provider, Structured Note Issuer, Structured Note Guarantor, Stock Broking Firm and/or Investment Platform. - The FSP is not an associated company of a particular Structured Note Provider, Structured Note Issuer, Structured Note Guarantor, Stock Broking Firm and/or Investment Platform. 2. In accordance with legislation: - Should any conflict of interest arise, either in general or specific to a particular client, the FSP is required to disclose in writing to a client any conflict of interest in respect of that client, including the measures taken to avoid or mitigate the conflict, disclose any ownership and/or financial interests, other than immaterial ownership and/or financial interests and explain the nature of any relationship or arrangement with a third party that gives rise to a conflict of interest, in sufficient detail to a client to enable the client to understand the exact nature of the relationship or arrangement and the conflict of interest. 3. The FSP’s Conflict of Interest Management Policy is available on request by e-mail to info@cashbox.global. |
| Complaint Procedure | 1. As a client you have the right to complain should you feel that your rights have been prejudiced, or you have been aggrieved in any way. 2. Please note that prior to lodging a serious complaint with the authorities (listed below) ideally a client should consider lodging a complaint in writing, via e-mail directly to the FSP. 3. The FSP has established an internal complaint resolution system which records complaints. Access to the complaint and a copy of the complaint resolution is available to a client, who laid a complaint, during office hours upon request the client. 4. Should a client have any serious complaint, this must be submitted to the FSP in writing, via email and must contain all relevant information. Copies of all relevant documentation must be attached thereto. 5. The FSP also welcomes any complaint, serious or not, brought to us also telephonically which the FSP will gladly assist in resolving to client satisfaction as best as possible. 6. A copy of the FSP’s complaints’ resolution procedure is available on request by e-mail to info@cashbox.global |
| Contact Details: Ombud for Financial Services | Should confirmation be provided by the FSP that it is unable to resolve a client complaint, you as client are free to pursue the matter further with the relevant Ombud details below. FAIS Ombud P.O. Box 74751, Lynwood Ridge, 0040 Tel: 0860 324 766 / (012) 470-9080 Fax: (012) 348-3447 Website: www.faisombud.co.za |
PRIVACY NOTICE
Who we are
Cashbox Global is committed to protecting the information we hold about you.
This notice provides you with information about how, when, and why we use your personal information and how we keep it secure. It also sets out your rights under law, our responsibilities to you and how you can contact us.
This notice concerns any information that we collect in the following ways:
- Information we receive through our website www.cashbox.global (the ‘Cashbox Global Website’), where applicable. Additional details of the information we receive through the Cashbox Global Website is set out in Part A of this notice; and
- Information we receive as a result of the products and services that we offer, including through our related support, mobile or cloud-based services.
Should you have any questions about who we are, or what we do with your personal information, please contact us using the information provided in Part B
If you provide us with personal information about other people – such as a joint applicant or your dependents – you must show this privacy notice to them, and you must ensure that you have their consent to provide their personal information to us.
A description of the types of personal information about you that we collect, use, process, and share.
Details of information which you give to us, which we gather ourselves and which we seek from third parties.
A description of what we use your personal information for, why we use it and why we are allowed to use it.
An explanation of whether you have to provide personal information to us and what happens if you do not.
Information about third parties that we share your information with.
A notification that your information is transmitted to our structuring partners and platform services providers that are based in South Africa, Mauritius, Isle of Man and/or United Kingdom.
Part A.
Personal Information we hold about you
As with other financial services companies, we collect personal information about you. Most of this information is necessary for legitimate business purposes.
When you apply to become a client or investor, and during the course of our dealings with you, we will collect some personal information about you. This includes what you tell us about yourself and what we learn by having you as a customer. Whether this collection is mandatory, or voluntary, will depend on the reason why we are collecting your personal information. For example, if you want to become a client or investor of ours, we require certain mandatory information from you to be able to add you to the relevant register of the product you subscribe to. If you refuse or fail to supply this information, we will not be able to enter into a business relationship with you. However, if you voluntarily contact us about our funds and you are not a client or investor, you are in control of what information you volunteer, and which is subsequently collected by us.
We have set out below a description of the types of personal information about you which we will collect and process in different situations when you interact with us.
01. Personal information that we generally process regardless of how you contact us, or for whatever reason, includes:
- your title, full name, your contact details, including for instance your email address, home, and mobile telephone numbers; and/or
- your country of residence, home address, correspondence address (where different from your home address).
02. If you submit an application to become a client or investor or are already one, in addition to the above personal information, we may collect the following from you:
- your date of birth and/or age.
- financial information, including your bank account information, the amount you are looking to invest, and any monthly payments you may wish to make, your investment selection(s) and your bank details for any relevant income or redemption payments to be made.
- proof of identification in the form of copies of your passport, driving licence or other identity documents like utilities bills (unless you are a UK resident who has passed our electronic verification checks);
- personal information and contact information which you provide in correspondence with us, whether by email, written letter, or telephone call or through our online enquiry system (this will be information volunteered by you, it could include the reasons why you have decided to invest, or where your investment money has come from, by way of example); and/or
- information relating to your use of our service, any other Cashbox Global products and services you currently have, you have applied for or you have previously held.
03. When you interact with the Cashbox Global Website, in addition to the above personal information, we may collect the following from you:
- where you have a product/products, financial information such as portfolio and account numbers, as well as your login information, including your username and password;
- technical information about the products and services that you use, and how you use them. For more information see ‘Cashbox Global Website’ section.
Where we get your personal information from
We may have information about you that you did not provide to us yourself.
In relation to the categories of personal information described above, we collect personal information in the following ways:
Information that you provide to us.
We typically collect the personal information directly from you as part of our client /investor on-boarding process when you engage and/or complete an investment application. Additionally, we collect personal information from you when you correspond with us (whether by telephone, e-mail, or through the Cashbox Global Website) or complete a request for a product or service. The nature of our relationship with you will determine the kind of personal information we might ask for.
Information that we collect or generate about you.
We will continue to collect additional personal information that we learn about you during the course of providing our products and services, such as:
- the way you use our online services; and/or
- information which you provide in correspondence to us (whether by telephone, e-mail, or through the Cashbox Global Website), including contact history.
Information that we obtain from other sources.
Sometimes we collect additional information about you from third parties. Specifically, we will obtain information about you from:
- a third party who you have appointed to deal with your investments on your behalf (such as an investment advisor or wealth manager)
- a third party that you may use to place your investments.
- a third party that structures the investment products.
How we use your personal information and why
We need to use some personal information to provide you with our service and to fulfil our contract with you.
We mainly use the personal information we hold about you where it is necessary for us to perform our obligations to you and/or to enable us to comply with legal obligations. Your personal information will also be used when it is in our legitimate interest. A legitimate interest is when we (and sometimes third parties) have a business or commercial reason to use your information. But even then, our legitimate interest must not unfairly go against what is right and best for you.
Each of these categories is a ‘legal basis’ that allows us to process your information under data protection law. We have provided further information below about what this means, in terms of how we process, or the purposes for processing your personal information relevant to each legal basis.
We need to use some personal information to provide you with our service and to fulfil our obligation to you
- to communicate with you about your investment(s), product or service (i.e., periodic statements), to verify that your instructions are genuine and to process them accordingly.
- to notify you about changes to your investment(s) (such as a change of name, or amendments to the investment policy of a fund).
- to investigate and deal with service, complaints, or disputes.
- to contact you when we have updated this Privacy Notice and consider that it is necessary to advise you about any changes to the way we are processing your personal information.
- to transfer your personal information to any third party who replaces a Cashbox Global company as a provider of services to you; and/or
- to share your personal information with third parties (such as our service provider who assists us administer or process transactions on our behalf) if required for the management of your product or service.
Use of your information is necessary for us to comply with our legal obligations.
We need to use some personal information to comply with legal obligations.
- to enable a register of investors to be maintained.
- to comply with requests made by you when exercising your legal rights (such as those contained within this Privacy Notice).
Use of your information which is necessary to pursue our ‘legitimate interests’.
We are allowed to use your personal information to pursue our own interests as long as your fundamental interests do not override these.
This will include processing which, on balance, we consider is in our legitimate interests and which do not cause you undue prejudice. Our legitimate interests which are applicable to our processing of your personal information include:
- for management and audit of our business operations including accounting.
- reviewing and improving the information provided on the Cashbox Global Website to ensure is it user friendly and to prevent any potential disruptions or cyber-attacks.
- conducting analysis required to detect malicious data and understand how this may affect your IT system.
- to determine the target market for our existing and future products (e.g., determining whether a product is meeting the needs of investors);
- to contact you when we have updated this Privacy Notice and consider that it is necessary to advise you about any changes to the way we are processing your personal information.
- when, to achieve the above purposes, we share your personal information with the following categories of individuals or organisations:
- members of our Group.
- our legal and other professional advisors, auditors.
- other organisations and businesses who provide services to us under contract such as investor platforms and product structurers, back up and server hosting providers, IT software and maintenance providers, document storage providers and suppliers of other back-office functions.
- (Should you have any questions about the above listed categories of people and/or organisations, please contact us using the contact information provided in this Privacy Notice.)
If you have further questions about the third parties, we share your personal information with, please contact us. The relevant details are set out in Part B.
Use of your personal information with your consent
Where we are relying on your consent to process your personal information, you are entitled to withdraw your consent at any time.
However, as noted above, we are usually processing your personal information based on another reason, in which case withdrawing your consent will not change how we process your personal information.
If you wish to withdraw your consent you may do so by contacting us using the information in Part B.
Unlike the uses described above, sometimes we rely on your consent to use your personal information. We will rely on your consent:
- when you request that we share your personal information with someone else and consent to that (for example if you engage the services of a professional advisor after you have become a client or investor of ours and request that we provide information about your account to that professional advisor).
- where you have opted-in to receiving marketing communications (and have not subsequently opted-out or requested to be removed from any marketing list); and/or
- when you volunteer information to us in correspondence, which information we need in order to respond to your enquiry, and only where lawful to do so.
You have the right to withdraw your consent at any time – the contact information is given in Part B. Please note, if you do withdraw your consent, this will mean that we will stop similar future processing. However, the withdrawal of your consent will not invalidate any processing which we previously undertook before you withdrew your consent.
Please note that, where we rely on another lawful reason to process your personal information which does not require your consent, withdrawing your consent will not affect that processing. This is the case where the processing is necessary for our performing our contract with you, or where we must process your personal information to comply with law, as described above. We will continue to process your personal information for those lawful purposes notwithstanding the fact that you have withdrawn your consent for one of the above listed purposes that requires your consent.
Whether you must provide personal information
If you want to use our services, there is some information which you will be required to provide to us because we need that information to provide our services to you.
We will tell you when the personal information requested is mandatory, or if it is voluntary. If you do not provide that personal information that is mandatory, we will be unable to properly provide you with the services and/or perform all obligations under our agreement with you.
Where you choose not to provide us voluntary personal information this may reduce the quality of service, we are able to provide (for example, if you only provide us your postal address and do not provide us with your e-mail address, we will only be able to contact you by postal mail).
Will we share your personal information with others?
Your personal information will be shared with other businesses.
If you have further questions about the third parties, we share your personal information with, please contact us using the details in Part B.
Yes, there are times when we are either mandated by law to disclose your personal information to third parties (such as Tax authorities). In addition, where we or a fund contracts third parties to help us run our business or fulfil the operation of the fund, we will also disclose your personal information to those third parties, but always subject to appropriate contracts and safeguards.
We will never sell, rent, or trade your personal information.
We will share your information with others who have a duty to keep it secure and confidential, and where we have a lawful reason for doing so, as explained above. The categories of organisations that we will share your information with are:
- our or the structuring or platform service providers, agents and sub-contractors who administer or process information on our behalf.
- professional advisors, such as lawyers, accountants, ; and/or
- anyone we transfer our rights and duties to – e.g., if we restructure or sell our business.
We cannot control all use of your information by third parties (especially where they are not our service providers and under contract with us, for example personal information shared with regulators). As such, where your personal information has been shared with another data controller entity, you will have rights over how that third party handles your personal information and you can and should contact those parties directly if you want to exercise your rights in relation to those third party’s uses of your personal information.
Where we transfer your data
We process your data in the following jurisdictions:
South Africa
Mauritius
Isle of Man
United Kingdom
Where we transfer your personal information, the safeguards that we will use to protect your personal information include contractual obligations imposed on the recipients (as defined in their privacy policies) of your personal information. Those obligations require the recipient to protect your personal information to the standards required. Safeguards also include requiring the recipient to subscribe to ‘international frameworks’ intended to enable secure data sharing and where the framework is the means of protection for the personal information.
How long we will keep your information
Your information may be held for a considerable period after our relationship ends (or indefinitely if anonymised).
If you have further questions about our data retention practices, please contact us using the details in Part B.
We will keep your personal information as long as you are a client of, or investor with, the Cashbox Global Group.
If we anonymise your personal information so that it can no longer be associated with you, it will no longer be considered personal information, and we can use it without further notice to you.
Your rights (‘data subject’ rights)
You have a number of rights over your personal information including a right to object to the processing of your information.
You will not be able to use these rights in all circumstances.
You are also entitled to make a complaint to the regulator.
Under data protection law you have a number of rights (set out below). Please note that these rights are not without limitation, and in some instances may not be available.
Where applicable, you have the right to:
- be informed about our processing of your personal information.
- have inaccurate/incomplete personal information corrected/completed.
- object to the processing of your personal information.
- restrict the processing of your personal information.
- have your personal information erased.
- request access to your personal information and to obtain information about how we process it.
- move, copy, or transfer your personal information digitally.
- object to automated decision making, such as profiling.
To exercise your rights as set out above, please write to us using the details in Part B. There is no fee for making these requests. However, if your request is excessive or unfounded, we can charge a reasonable fee or refuse to comply with it.
You also have the right to lodge a complaint with your local data protection regulator if you think that we have infringed upon any of your rights. Information about your local data protection regulator is set out in Part B.
Pursuant to applicable law, you will not be discriminated against for exercising certain of your rights as set out above.
Cashbox Global Website and other websites
The content of this notice is likely to change over time. We will tell you if it changes.
We will always have the latest version available on the Cashbox Global Website.
If you use the Cashbox Global Website, we may collect technical information through the use of cookies. For example, what pages of the Cashbox Global Website were visited by each user, any documents downloaded and security incidents.
For more information on the cookies used by Cashbox Global, please see our Cookie Policy.
If you use the Cashbox Global Website and follow a link from it to another website different privacy policies may apply. Prior to submitting any personal information to a website, you should read the privacy notice applicable to that website.
Future changes to this privacy notice
We reserve the right to update this privacy notice at any time, and we will notify you when we make any substantial updates.
We will also notify you in other ways from time to time about the processing of your personal information. For example, if you take out a new product with us.
The latest version of this privacy notice can always be found at www.cashbox.global
Part B.
Contact Information
www.cashbox.global
info@cashbox.global
How you can contact us with questions.
Email us: Info@cashbox.global
Write to us:
Cashbox Global
6th Floor, Tower A,
1 CyberCity
Ebene
Mauritius
United States of america Restriction
The Securities Act of 1933, as amended (the Securities Act), regulates offers and sales of securities in the United States. All offers and sales of securities must be made pursuant to a registration statement, except for certain exempt securities and exempt transactions. Every offering needs to be registered or rely on an exemption from registration: it is the specific offering that is registered, not a series or class of securities. If no exemption is applicable, under the central provision of the Securities Act, Section 5, it is unlawful to offer a security unless a registration statement has been filed as to the security, and it is unlawful to sell a security unless a registration statement is in effect as to the security.
A registration statement is a filing with the SEC that includes a base prospectus, which contains general information about the issuer and the securities being registered. Disclosure about the issuer in its annual, quarterly and other periodic reports is typically incorporated by reference into the base prospectus. The SEC is a government agency that is the primary overseer and regulator of the US securities markets. Its mission is ‘protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.
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