The TS 6% Secured Income Note (“Note”) is an exchange listed security. The Note provides investors with quarterly coupon payments equating to 6% annually, secured by an underlying portfolio of liquid, diversified, fixed income strategies. The product is structured as a fixed income security, secured against an underlying cash generative asset base.

The product offers investors quarterly redemptions with a 1-year lock-in period, providing a liquid fixed income investment opportunity. The product is quoted on the Wiener Börse exchange and priced monthly.


The primary investment objective of the Note is to deliver 6% per annum in income returns to the investors.

To achieve this, the Note will deploy capital across diversified fixed income strategies to secure the income to meet the coupon payments, subject to strict risk constraints.


The Note employs a dynamic approach to asset allocation across multiple fixed income strategies, optimising investments through thorough risk analysis. Investments range across multiple asset classes with a key focus on US government bonds.

Fixed Income - The Note will leverage returns on newly issued (predominantly) US government backed paper to enhance returns on capital and generate returns to cashmatch the obligations of the Note.

Credit & Asset Backed Finance - This strategy deploys to fixed income and speciality lending opportunities.


Tourbillon Advisory is the manager of the Note. It is run by a team with over 50 year's combined experience, spanning fund management, market making and trading across global markets.

The regulated lead managers have an impressive performance track record, generating 10% annualized returns for its investors since the company was founded in 2018.


ISIN XS2647279368
Base Currency US Dollars
Min Investment USD $100,000
Liquidity Quarterly Redemptions
Issue Date June 2023
Maturity June 2033
Initial Lock-In Period 1 Year
Max Issuance USD $500m
Annual Coupon 6% p.a.
Coupon Payment Quarterly
Issuer Diversified ETP DAC (Alphanotes)
Exchange Listing Wiener Börse (Austria)
Underlying Assets Government backed US Bond, Credit & Asset Backed Finance
Markets US
Trade Duration Short / Medium Term


Issuing Agent Transfer Agent Registrar
Portfolio Manager
Legal Advisors