Physical copper trade finance, tokenised.
ALCUM buys secondary copper, has it refined and sold to industrial buyers, and lets investors take part in those trades through Swiss tracker certificates on Ethereum — valued every day in USDC.
Source: ALCUM. Gross EUR performance before management and performance fees. Certificate returns in USDC also reflect fees and exchange rates. Past performance is not indicative of future results.
A complete copper trade, from purchase to proceeds.
The strategy targets net trading margins: ALCUM sources secondary copper whose quality and recoverable content require specialist assessment, and supplies verified metal to established industrial buyers. Experienced operators manage processing, logistics and settlement through an existing commercial network. A typical trade cycle lasts two to six weeks.
One underlying business, two exposures.
Trading returns plus copper price
Participation in the trading margin together with exposure to copper-price movements over the cycle.
Trading returns, copper price hedged
Hedging is used to reduce copper-price exposure and isolate the trading margin.
Both strategies remain exposed to currency, counterparty and liquidity risks.
Verifiable by design.
The certificates are ERC-20 tokens. The money, the units and the daily valuation leave a trail anyone can check.
- USDC in, USDC outSubscriptions sit in a per-series escrow contract until units are issued; redemptions are paid from the series' own custody.
- Daily NAV, signed and anchoredEach day's valuation is signed by the calculation agent and its hash written to the chain, so a published figure cannot be altered afterwards.
- Multisig custody, no admin override of priceOperations run through Safe multisigs; units are issued only by the escrow, only at the anchored price of the day.
- Allowlisted wallets, your own keysOnly KYC/KYB-cleared wallets can hold the certificates. You connect your own wallet; ALCUM never holds your keys.
Swiss tracker certificates, evergreen.
- Instrument
- Evergreen Swiss tracker certificates (SSPA 1300) issued by ALCUM AG, represented by ERC-20 tokens.
- Valuation & settlement
- Daily NAV and settlement in USDC. Underlying trades generate EUR cash flows.
- Subscriptions
- Weekly, admitted at Friday's approved NAV. Onboarding complete and cleared funds received by 12:00 UTC that Friday.
- Redemptions
- Every second Friday. Notice by 12:00 UTC on the preceding Friday; priced at the processing Friday's NAV, paid within three Zurich banking days. Available cash is allocated pro rata; unfulfilled certificates remain invested.
- Fees
- 1.5% p.a. management, accrued daily. 10% performance on gains above the series high-water mark, after costs and management fees; both crystallise monthly, performance also on redemption.
- Oversight & collateral
- ALCUM approves counterparties and oversees capital deployment and transaction records. Security supports the issuer's obligations, with recourse limited to the relevant assets and proceeds; an independent Collateral Agent holds enforcement rights.
- Eligibility
- Professional and institutional investors, subject to KYC/KYB and issuer approval. U.S. Persons and sanctions-restricted investors are excluded.
- Documents
- PPM, Final Terms and Subscription Agreement — provided after client status under FinSA is confirmed.
TOKEN2049, 7–8 October 2026.
Write to us to book a slot at Marina Bay Sands, or ask for the product documents once your FinSA client status is confirmed. The ALCUM team is at the conference on both days.