1
Two-Tier AP Model
Clear separation of roles enables regulatory compliance and operational efficiency
⬤ Tier 1 • ETP-AP

ETP Share Creator

Creates ETP Shares on SIX Swiss Exchange by delivering fiat or physical precious metals to the Swiss SPV.

Accepted Inputs
USD CHF EUR Gold Silver Platinum
ARU ETP Shares (SIX Swiss Exchange)
⬤ Tier 2 • Token-AP

Token Wrapper

Wraps ETP Shares into on-chain ARU Tokens by delivering shares Free of Payment (FoP) to the Issuer.

Accepted Inputs
ARU ETP Shares
ARU Tokens (ERC-20)
💡

Many APs operate both tiers

You can be both an ETP-AP and Token-AP, creating a seamless flow from fiat/metal → ETP → Token in one operation.

2
How Creation Works
From fiat or metal to on-chain token in two steps

Creation Flow (Minting)

1
ETP-AP
Delivers USD/Metal
→
2
Swiss SPV
Receives & Custodies
→
3
SIX Exchange
Issues ETP Shares
→
4
Token-AP
Delivers Shares FoP
→
5
Blockchain
Mints ARU Tokens
Settlement Timeline
T0
AP Delivers
Fiat or Metal
T+1
ETP Settles
Shares Issued
T+1
Token Wrapping
Instant (T+0)
Done
Tokens Live
DeFi Ready
⚠️

Execution Risk Firewall

The Swiss SPV and Liechtenstein Issuer never execute trades or handle speculative positions. All price execution, FX conversion, and market timing risk sits with the APs.

3
Risk & Responsibility Matrix
Clear separation protects all parties
Responsibility Issuer AP Benefit
Price Execution NONE — Never trades Active — Trades the spread Issuer immune to slippage; AP captures arbitrage
FX Conversion NONE — No fiat handling Active — Manages FX No banking bottlenecks for Issuer
Token Settlement Instant (T+0) Receives immediately Tokens available for DeFi immediately
ETP Settlement Issues at NAV T+1 standard Standard securities settlement
KYC/AML Verify AP only Full KYC on clients Clear regulatory separation
4
Reserve Composition
Diversified basket of physical commodities
60%
Precious Metals
Gold, Silver, Platinum, Palladium
28%
Industrial Metals
Cu, Ni, Co, Sn, Mo
12%
Strategic Materials
Ga, In, Hf, W, REE
Risk Caps: Single metal ≤ 25% • Quarterly rebalancing • Daily NAV verification
5
Legal Classification
Structured for regulatory clarity and DeFi compatibility

Digital Document of Title (Liechtenstein TVTG)

ARU is structured as a Commodity Token representing direct proprietary rights (in rem) to underlying physical commodities—not a security, not a stablecoin.

Not a Security Not a Stablecoin Commodity Token MiCA Compliant DEX Compatible CEX Compatible
6
Partner Integration Checklist
What you need to get started
🔗

Dual-Rail Setup

Hold ERC-20 Tokens (Fireblocks/Institutional Custody) AND Swiss Securities (IBKR/Goldman)

🏦

CSD Connectivity

Ability to instruct Free of Payment (FoP) deliveries via SWIFT to SIX SIS

✓

KYB Clearance

Pass Know Your Business checks with Swiss SPV (ETP-AP) and/or Liechtenstein Issuer (Token-AP)

⚡

API Integration (Optional)

Consume Minting/Burning webhooks for automated reconciliation

Why Partner with ARU?

📈

Arbitrage Opportunity

Capture NAV spreads between ETP and token markets with zero issuer competition.

⚡

Instant Token Settlement

T+0 token minting enables immediate DeFi deployment and liquidity provision.

🛡️

Clean Risk Separation

Issuer never trades—execution risk stays with APs who are equipped to manage it.