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Winterleaf Growth Note · Listed Distribution Note Nota de Crecimiento Winterleaf · Nota de Distribución Cotizada

Contractual growth, independent of market sensitivity. Crecimiento contractual, independiente de la sensibilidad del mercado.

An audited, exchange-listed structure providing licensed financial professionals access to a USD-denominated, non-correlated asset class — long used by pension funds, reinsurers and family offices to stabilize multi-asset portfolios. Una estructura auditada y cotizada en bolsa que proporciona a los profesionales financieros con licencia acceso a una clase de activos no correlacionada denominada en USD, utilizada desde hace tiempo por fondos de pensiones, reaseguradoras y family offices para estabilizar carteras multiactivos.

Review the NoteRevisar la Nota → Speak with our teamHablar con nuestro equipo →
UnderlyingSubyacente
Life Settlements A / A+ / A++ rated issuersEmisores con calificación A / A+ / A++
Currency · MinDivisa · Mín.
USD · $10,000 Quarterly NAV · Annual auditNAV trimestral · Auditoría anual
InceptionInicio
04 / 2023 Listed · Vienna ExchangeCotizada · Bolsa de Viena
Bank of New York Mellon· Deloitte· NAV Consulting Inc· Ocorian· Pershing· StoneX· Axos· Vienna Exchange· Bank of New York Mellon· Deloitte· NAV Consulting Inc· Ocorian· Pershing· StoneX· Axos· Vienna Exchange·
01 — Why advisors recommend WinterleafPor qué los asesores recomiendan Winterleaf

A stabilizing allocation that protects and differentiates. Una asignación estabilizadora que protege y diferencia.

Most portfolios are sensitive to the same macroeconomic pressures — equities, fixed income and real estate move together when correlations rise. Winterleaf fills that gap with contractual growth that is independent of financial-market sentiment. La mayoría de las carteras son sensibles a las mismas presiones macroeconómicas — la renta variable, la renta fija y el sector inmobiliario se mueven juntos cuando aumentan las correlaciones. Winterleaf llena ese vacío con un crecimiento contractual independiente del sentimiento de los mercados financieros.
I · Risk-adjusted profilePerfil ajustado al riesgo

Attractive risk-adjusted historical profile. Perfil histórico atractivo ajustado al riesgo.

Life settlements have historically shown materially lower volatility than equities, venture capital or other alternative asset classes. Source data is illustrative and not a guarantee of future results. Históricamente, los Life Settlements han mostrado una volatilidad significativamente menor que la renta variable, el capital de riesgo u otras alternativas. Los datos son ilustrativos y no garantizan resultados futuros.

II · Non-correlatedNo correlacionado

Genuinely non-correlated exposure. Exposición genuinamente no correlacionada.

Performance is driven by actuarial maturity outcomes, not market cycles, interest-rate moves or geopolitical risk — providing a true diversifier within a multi-asset portfolio. El rendimiento es impulsado por los resultados actuariales de los vencimientos, no por los ciclos del mercado, los movimientos de las tasas de interés o el riesgo geopolítico — proporcionando un diversificador real dentro de una cartera multiactivos.

III · Institutional infrastructureInfraestructura institucional

Institutional-grade infrastructure. Infraestructura de grado institucional.

A/A+/A++ rated US life insurance issuers, custody at BNY Mellon, NAV verification by NAV Consulting, trustee oversight by Ocorian and annual audit by Deloitte. Aseguradoras estadounidenses con calificación A/A+/A++, custodia en BNY Mellon, verificación NAV por NAV Consulting, supervisión fiduciaria de Ocorian y auditoría anual de Deloitte.

02 — The Winterleaf NoteLa Nota Winterleaf

Listed distribution note, institutional wrapper. Nota de distribución cotizada, envoltura institucional.

An exchange-traded note structure providing access to a diversified portfolio of A-to-A++ rated US life insurance contracts, with rigorous underwriting, actuarial analysis and independent oversight. Subscriptions, redemptions and reporting flow through the same regulated systems used by global institutions. Una estructura de pagaré negociada en bolsa que proporciona acceso a una cartera diversificada de contratos de seguros de vida estadounidenses con calificación A a A++, con suscripción rigurosa, análisis actuarial y supervisión independiente. Las suscripciones, los reembolsos y los informes fluyen a través de los mismos sistemas regulados que utilizan las instituciones mundiales.

Q2 2026 — Series specifications 2T 2026 — Especificaciones de la Serie

The Winterleaf Income Strategy is designed to provide stable annual income, supported by a diversified underlying portfolio of A-to-A++ rated US life insurance policies, with the principal objective of presenting low-volatility, non-correlated exposure independent of equity markets, interest-rate cycles and broader geopolitical risks. La Estrategia de Ingresos de Winterleaf proporciona ingresos anuales estables, respaldados por una cartera subyacente diversificada de pólizas de seguro de vida de Estados Unidos con calificación crediticia entre A y A++, con el objetivo principal de ofrecer a los inversionistas acceso a una exposición diseñada para presentar un potencial de desempeño de baja volatilidad y no correlacionado.

Income DistributionDistribución de Ingresos
7.0% p.a. (illustrative — not guaranteed)(ilustrativo — no garantizado)
Underlying AssetActivo Subyacente
Life Settlements Rated A / A+ / A++Calificación A / A+ / A++
CustodianCustodio
Bank of New York Mellon
AuditorAuditor
Deloitte Annual independent auditAuditoría anual independiente
NAV CalculatorCálculo NAV
NAV Consulting Inc USA · QuarterlyTrimestral
TrusteeFideicomisario
Ocorian UK Ltd
ListingCotización
Vienna ExchangeBolsa de Viena ISIN XS2592020601
InceptionFecha de Inicio
26 April 2023
Currency · MinimumDivisa · Mínimo
USD · $10,000
RedemptionsReembolsos
QuarterlyTrimestral Subject to availability and Offering DocumentsSujeto a disponibilidad y Documentos de Oferta
03 — The asset classLa clase de activo

What Life Settlements are. Qué son los Life Settlements.

A global, legal and highly regulated secondary market in which life insurance contracts no longer needed by individuals over 70 are professionally valued, traded, purchased, owned and held to maturity by leading financial institutions. The asset's appeal centres on its absence of correlation, contractual certainty, and 30+ year track record. Un mercado secundario global, legal y altamente regulado en el que los contratos de seguros de vida que ya no necesitan las personas mayores de 70 años son valorados profesionalmente, negociados, comprados, poseídos y mantenidos hasta su vencimiento por las principales instituciones financieras. El atractivo gira en torno a su ausencia de correlación, su certidumbre contractual y su historial de +30 años.
I

AcquireAdquirir

An existing life insurance contract is acquired by an institution on the regulated secondary market at a discount to what the policy will pay at maturity (e.g. owning a $1M maturity contract for $300,000). Un contrato de un seguro de vida existente es adquirido por una institución en el mercado secundario regulado por un descuento de lo que la póliza pagará al vencimiento (por ejemplo, $1M de vencimiento por $300,000).

II

Hold to maturityMantener al vencimiento

The institution holds the policy until maturity. Future contract costs are pre-paid up to the statistically estimated maturity date; performance is tied to mortality outcomes, not markets. La institución mantiene la póliza hasta su vencimiento. Los costes futuros se pagan por adelantado hasta la fecha estimada estadísticamente; el rendimiento depende de la mortalidad, no de los mercados.

III

SettleLiquidar

The institution receives payment directly from the insurance company at policy maturity. Proceeds are reinvested to acquire and build a diversified portfolio of A/A+/A++ rated contracts. La institución recibe el pago directamente de la compañía de seguros al vencimiento. Los ingresos se reinvierten para construir una cartera diversificada de pólizas con calificación A/A+/A++.

04 — Risk-adjusted comparisonComparación ajustada al riesgo

Asset-class comparison. Comparación entre clases de activo.

Return, volatility and Sharpe ratio data are drawn from 10- and 20-year averages from Cambridge, Morningstar and JPMorgan. Higher Sharpe ratios represent stronger risk-adjusted returns. Past performance is not indicative of future results. Los datos de rentabilidad, volatilidad y Sharpe se basan en medias de 10 y 20 años de Cambridge, Morningstar y JPMorgan. Los ratios de Sharpe más altos representan mejores rendimientos ajustados al riesgo. El rendimiento pasado no garantiza resultados futuros.
Asset ClassClase de Activo Return %Retorno % Volatility %Volatilidad % Sharpe RatioRatio Sharpe
Life SettlementsLife Settlements 11.0 3.0 2.50
Bitcoin (BTC)40.070.00.51
Venture CapitalCapital de Riesgo20.035.00.44
S&P 50011.015.00.43
Private EquityCapital Privado15.025.00.42
High-Yield BondsBonos de Alto Rendimiento8.512.00.33
REITs9.018.00.25
Investment-Grade BondsBonos de Grado de Inversión6.07.00.21
GoldOro7.020.00.13
US TreasuriesBonos del Tesoro de EE.UU.4.56.00.00
Source: Cambridge, Morningstar, JPMorgan · 10–20 year averages · Illustrative only — not a guarantee of future results. Fuente: Cambridge, Morningstar, JPMorgan · Promedios de 10–20 años · Sólo ilustrativo — no garantiza resultados futuros.
05 — Institutional infrastructureInfraestructura institucional

Built around the same institutions trusted globally. Construido en torno a las mismas instituciones de confianza global.

Underlying US insurance contracts are held by an independent issuer under fiduciary supervision, with cash and policy custody at Bank of New York Mellon; the structure is audited by Deloitte and independently valued by NAV Consultants. Note-holder funds may only purchase assets. Los contratos de seguros estadounidenses subyacentes son mantenidos por un emisor independiente bajo supervisión fiduciaria, con custodia y gestión de efectivo en el Bank of New York Mellon; la estructura está auditada por Deloitte y valorada de forma independiente por NAV Consultants. Los fondos del tenedor del pagaré sólo pueden comprar activos.
CustodianCustodio
Bank of New York Mellon
Holds all Series cash accounts and policy custody in segregated trust.Mantiene todas las cuentas de efectivo y custodia de la Serie en fideicomiso segregado.
TrusteeFideicomisario
Ocorian
Maintains continuous oversight and security over Series assets for note-holders.Mantiene la supervisión continua y la seguridad sobre los activos de la Serie para los tenedores de pagarés.
AuditorAuditor
Deloitte
Performs annual independent audits of the entire Series.Realiza auditorías anuales independientes de toda la Serie.
Valuation AgentAgente de Valoración
NAV Consulting Inc
Provides independent NAV verification based on actuarial data — quarterly.Proporciona verificación independiente del valor liquidativo basada en datos actuariales — trimestral.
06 — Top 10 underlying issuersTop 10 emisores subyacentes

A-rated US life issuers, centuries of demonstrated reliability. Aseguradoras estadounidenses con calificación A, siglos de fiabilidad demostrada.

Each underlying asset has an A/A+/A++ rated US life policy with maturity benefit guaranteed by the insurer. Issuer ratings are subject to change and represent the issuer's claims-paying ability — not Winterleaf or any underlying note. Cada activo subyacente tiene una póliza de seguro de vida estadounidense con calificación A/A+/A++ y un beneficio de vencimiento garantizado por el asegurador. Las calificaciones están sujetas a cambios y representan la capacidad de pago de reclamaciones del emisor — no la de Winterleaf ni de ningún pagaré subyacente.
IssuerEmisora Strength ratingCalificación de solidez
New York Life Insurance Co.A++
Mass Mutual Life Insurance Co.A++
Banner Life Insurance Co.A+
Protective Life Insurance Co.A+
Midland National Life Insurance Co.A+
Prudential Life Insurance Co.A+
Lincoln National Life Insurance Co.A+
Columbus Life Insurance Co.A+
Pacific Life Insurance Co.A+
Transamerica Life Insurance Co.A+
07 — Access & liquidityAcceso y liquidez

Institutional access, predictable liquidity. Acceso institucional, liquidez predecible.

Subscriptions, redemptions and reporting flow through the same regulated systems used by global institutions. Available on Pershing, StoneX and Axos. Redemptions processed quarterly subject to Offering Documents. Las suscripciones, los reembolsos y los informes fluyen a través de los mismos sistemas regulados que utilizan las instituciones mundiales. Disponible en Pershing, StoneX y Axos. Reembolsos trimestrales sujetos a los Documentos de Oferta.
PlatformPlataforma
Pershing
PlatformPlataforma
StoneX
PlatformPlataforma
Axos

Available via brokerage account custody. Ask us about account solutions. Disponible a través de la custodia de cuentas de corretaje. Pregúntenos por las soluciones de cuentas.

  • 01USD currency, $10,000 minimum, no US tax obligations for Latin American note-holders under the Irish-US tax treaty structure.Divisa USD, mínimo de $10,000, sin obligaciones fiscales con EE.UU. para los tenedores latinoamericanos bajo la estructura del tratado fiscal Irlanda-EE.UU.
  • 02Quarterly NAV by NAV Consulting and annual audit by Deloitte.NAV trimestral por NAV Consulting y auditoría anual por Deloitte.
  • 03Redemptions are processed quarterly; notes are redeemed at the prevailing NAV.Los reembolsos se procesan trimestralmente; las notas se redimen al NAV vigente.
  • 04No leverage, no secondary-market exposure, no unconventional account configurations required.Sin apalancamiento, sin exposición al mercado secundario y sin configuraciones de cuenta poco convencionales.
  • 05Underlying asset entity Lfeeder DAC (Ireland); promoter Winterleaf Global Advisory LLC (USA); underlying provider Policy Acquisitions LLC (USA).Entidad de activos subyacentes Lfeeder DAC (Irlanda); promotor Winterleaf Global Advisory LLC (USA); proveedor subyacente Policy Acquisitions LLC (USA).
Leadership · ForthcomingLiderazgo · Próximamente

Our team page is being prepared. Nuestra página del equipo está en preparación.

Detailed leadership and advisory profiles will be published here. In the meantime, licensed financial professionals are invited to request a direct introduction with the Winterleaf team. Se publicarán aquí los perfiles detallados del liderazgo y del consejo asesor. Mientras tanto, los profesionales financieros con licencia pueden solicitar una presentación directa con el equipo de Winterleaf.

08 — Request accessSolicitar acceso

Speak with the Winterleaf team. Hablar con el equipo Winterleaf.

Submissions are reviewed for advisor licensing and jurisdiction. We will follow up with the Series Memorandum and onboarding materials. This form is not an offer to sell securities; nothing herein is investment, legal or tax advice. Las solicitudes son revisadas para verificar la licencia y la jurisdicción del asesor. Daremos seguimiento con el Memorando de Serie y los materiales de incorporación. Este formulario no es una oferta de venta de valores; nada de lo aquí contenido constituye asesoramiento de inversión, legal o fiscal.
Encrypted · Reviewed within 2 business days Encriptado · Revisado en 2 días hábiles
Thank you. Your request has been received. A member of the Winterleaf team will follow up to verify licensing and share the Series Memorandum. Gracias. Su solicitud ha sido recibida. Un miembro del equipo Winterleaf le contactará para verificar la licencia y compartir el Memorando de Serie.
Mandatory disclaimer · Read carefullyAviso obligatorio · Léase con atención

For licensed financial professionals only. Not an offer to sell securities. Solo para profesionales financieros con licencia. No es una oferta de venta de valores.

Mandatory Disclaimer (Read Carefully): This document is provided strictly for informational and discussion purposes only and does not constitute, and may not be relied upon as, an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase or sell any securities or investment products in any jurisdiction. This material does not constitute investment, legal, tax, accounting, or other professional advice, and no person should rely on the contents herein as the basis for any investment decision.

No representation or warranty, express or implied, is made as to the accuracy, completeness, or reliability of the information contained herein. All information is subject to change without notice and may be updated, amended, or withdrawn at any time without obligation. Any projections, forecasts, forward-looking statements, or expectations are inherently uncertain, are based on assumptions that may not materialize, and should not be relied upon.

Net Asset Value (NAV) calculations referenced herein are derived using a linear mark-to-model methodology incorporating variable discount rate cash flow appreciation to forecasted policy asset maturity. Such methodologies are inherently subjective, involve significant assumptions, and may not reflect actual realizable value. Investors must refer exclusively to the detailed valuation policy described in the applicable Series Memorandum that are inherently subject to change and variance at any time.

This document is qualified in its entirety by, and must be read in conjunction with, the applicable Series Memorandum and all related offering documents (collectively, the "Offering Documents"), which alone contain the definitive terms, conditions, disclosures, and risk factors. In the event of any inconsistency, the Offering Documents shall control in all respects.

This material is strictly intended for licensed financial professionals located in Latin America. It is not directed to, and must not be distributed to or relied upon by, any person or entity in the United States or in any jurisdiction where such distribution or use would be unlawful or require registration or licensing not obtained. Any unauthorized distribution is strictly prohibited.

Winterleaf acts solely as a supplier and marketer on behalf of the issuer and does not act as a fiduciary, investment advisor, or agent for any investor. No fiduciary duty is owed by Winterleaf to any recipient of this material. Broker-dealers, financial advisors, and intermediaries are solely responsible for all representations made to clients and for ensuring that clients are directed to, and fully understand, all risk disclosures contained in the Offering Documents.

The underlying investment involves life settlement assets. The Series Memorandum permits the acquisition of policies that may have credit ratings or characteristics outside of any general parameters described herein. Such assets carry material risks, including but not limited to longevity risk, credit risk, liquidity risk, valuation risk, regulatory risk, and counterparty risk. Life settlements are complex, illiquid, and inherently risky investments and are not suitable for all investors.

Premium obligations may not be fully prepaid in all cases and, where not prepaid, must be funded on an ongoing basis. Where premium prepayment is utilized, such prepayment is typically limited to the estimated life expectancy of the insured and may prove insufficient, requiring additional capital contributions. Failure to maintain required premium payments may result in partial or total loss of investment.

Any references to income, yield, distributions, or returns are purely illustrative. Annual income payments, coupon payments, cash reserves, investment grade policy ratings, redemptions, and investment returns are not guaranteed, may be delayed, reduced, or eliminated, and are subject to the terms, limitations, and risks described in the Offering Documents.

Early redemptions, where permitted, are subject to restrictions, delays, and potential penalties, including the possibility of receiving less than the invested amount or no proceeds at all. There is no assurance of liquidity. Investors may be required to hold the investment for an indefinite period. Redemption requests may be deferred, suspended, or processed in subsequent periods in accordance with the Offering Documents. The timing and amount of any redemption are uncertain and subject to multiple contingencies.

Past performance, if any, is not indicative of future results. No guarantee is made that any investment objectives will be achieved or that any investor will receive a return of capital. Loss of the entire investment is possible.

By receiving this document, the recipient acknowledges that they are solely responsible for conducting their own independent investigation and due diligence and for obtaining independent advice from qualified legal, tax, financial, and other professional advisors prior to making any investment decision. Reliance on this document is strictly prohibited.