Q & A Database

The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.

Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.

The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.

Search by category, status, date range, and/or keyword.

Category

Advertising Aggregate Method Alternative Investments Asset Owner Assimilating Assets Benchmarks Calculation Methodology Carve-Outs Cash Cash Flow Changes to the Standards: 2006 GIPS Client Reporting Client Updates Composite Calculations Composite Changes Composite Construction Consultant Questionnaires Corrections to the 2006 GIPS standards Creation Date Currency Definition of the Firm Disclosures Discretion Dispersion Early Adoption Effective Dates Error Correction Fees FINRA Firm Assets Firm Notification Requirement Fixed Income Fundamentals of Compliance General/Miscellaneous GIPS Reports Inception Date Incubator Funds Information Outside of GIPS Reports Leverage/Derivatives List of Composite Descriptions Lists of Composites and Pooled Funds Minimum Asset Level Model Results New Portfolios/Accounts Non-fee-paying Portfolios Overlay Strategies Partial Period Returns Performance Examinations Performance History/Track Record Pooled Funds Portability Private Equity Providing GIPS Reports Real Estate Recordkeeping Risk Securities Lending Sub-Advised Assets Sub-Advisors Supplemental/Additional Information Terminated Portfolios Total Asset Owner Assets Total Fund Definition Trade-Date Accounting Valuation Verification Wrap Fee Portfolios

Status

Organization Type

Effective

Keyword

1 Result

Archived

Effective: 1 October, 2012 - 31 December, 2019

Categories: Alternative Investments

Source: Guidance Statement on Alternative Investment Strategies and Structures

We market a number of structured products, such as index trackers, CPPI (Constant Proportion Portfolio Insurance), leveraged mini-features, and reverse convertible products. Should these strategies be included in total firm assets?

It is not possible to definitively state which structured products must be included in total firm assets. Each strategy within a firm must be evaluated to determine whether or not it is a managed strategy. If holding the asset does not involve any investment management activity and does not exhibit the features of a managed investment portfolio, it must not be included in total firm assets or any composite.

However, some structured products may be considered managed investment products (e.g., those products where the underlying is represented by a variable actively or passively managed collection of investments) and it may be necessary to include them in the definition of the firm and in an appropriate composite.