Top of the Swaps

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If you like derivative-based puns, this is the place for you. Introducing 'Top of the Swaps', a WisdomTree podcast aiming to help multi-asset investors use derivatives to improve client outcomes, brought to you by people from across our team. Prepared for professional investors only. Capital at risk.

Jul 22

Episode 21: The 2026 Structured Product Mid-Year Review

In this episode of Top of the Swaps, Benard Muja, Solutions Associate, sat down with Nick Johal, Head of Solutions, to discuss what's been trending in structured products over the past year, following the release of the 1-year structured product trend report. They explore interest rate disparities, demand growth, and innovative delivery mechanisms, as well as analyse recent market developments and provide insights into future opportunities in the structured products space. This episode was recorded 15 July 2026. Request the report here: Structured Product Trend Report | Atlantic House Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
Jun 19

Episode 20: Understanding the volatility surface and who's driving it

In this World Cup edition of Top of the Swaps, Jack Roberts, fund manager and Ganchi Zhang, Quantitative Researcher, explain the volatility surface: what it is, who's driving it, and what it reveals about investor behaviour across the options market. From zero days to expiry options (0DTEs) to long-dated puts, they explore the structural forces shaping implied volatility today. This episode was recorded 11 June 2026. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
May 11

Episode 19 - A New Era of Disruption: Geopolitics, AI and Market Risks with James Crabtree

In this special edition episode of Top of the Swaps, recorded live from the Atlantic House Annual Investment Conference, our keynote speaker, James Crabtree, explores the shifting geopolitical landscape with Albemarle Street Partner's Head of Investment Research, Frank Talbot, covering US-China relations, the Gulf tensions, Taiwan scenarios, and the rising importance of AI in economics and national security. This episode is insightful, as they delve into how these dynamics affect markets, supply chains, and investment risks, and why investors should factor geopolitics into their strategies. This episode was recorded 6 May 2026. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
Apr 24

Episode 18 - The Inflation Whisperer: Navigating the April 2026 Inflation Landscape

With oil above $100 and Iran closing the Strait of Hormuz, are we heading for another 2022-style crisis? In this Inflation Whisperer episode of Top of the Swaps, Mark Greenwood and Delia Villiers break down why this time looks different, what US inflation and the Fed leadership change mean for markets, and how UK investors should position their portfolios. This episode was recorded 21 April 2026. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
Apr 2

Episode 17 - Interest Rate Volatility: Navigating Uncertainty

In this episode of Top of the Swaps, Fund manager Tom Boyle joins Alex Hale, Atlantic House Solutions, to discuss how the US-Iran war has rattled fixed income markets, and why interest rate volatility has been one of the few places to hide. They cover long-dated vol positions, a structured gilt trade offering a 15% annual coupon, and why the MOVE index doesn't always tell the full story. Whether you're new to rates markets or a seasoned investor, this is a timely and accessible conversation on how to think about interest rate risk in a world of heightened geopolitical uncertainty. This episode was recorded on 31 March 2026. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
Feb 26

Episode 16 - What's been trending in Structured Products?

In this episode of Top of the Swaps, Nick Johal and Benard Muja review five years of structured product issuance (2020–2025), examining why issuance sizes have grown, the enduring popularity of autocalls, and the broadening landscape into access products like dispersion, fixed income strategies, and commodity linked investments. They discuss drivers behind pricing and demand (higher interest rates, volatility dynamics, and maturing investor appetite), and highlight trends toward multi‑index structures, greater use of non‑equity underlyings (including Japan and gilts), and what investors might expect going forward. Request the report here: Structured Product Trend Report 5-year review | Atlantic House Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
Feb 10

Episode 15 - Preparing for the Unexpected: Tail Risk and Portfolio Protection

In this episode of Top of the Swaps, Benard Muja is joined by fund manager Jack Roberts to discuss tail risk and why downside protection is increasingly important for investors. They explore what tail events look like in practice, how put options can be used as portfolio insurance, and the challenges of holding hedging strategies through calm markets. The conversation also covers how Atlantic House evaluates and implements tail risk solutions, including the role of convexity, cost and reliability, and how protection can support portfolio resilience during periods of market stress. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.
12/15/2025

Episode 14 - Defensive Autocalls: The structured product everyone's talking about

In this latest episode of Top of the Swaps, Katie Furniss-Brown and Benard Muja explain defensive autocalls: how defined return structured products function, the role of annual observations and step-down barriers, and the possible outcomes at maturity. They cover why six-year terms are common, how investors use these products in portfolios (equity replacement or an alternatives sleeve), regional and underlying variations, and recent pricing drivers such as interest-rate differentials and fixed-income autocall opportunities. Important information Top of the Swaps is exclusively for professional investors only. Private investors should contact their financial adviser. Past performance is not a guide to future performance. The value of your investments may go down as well as up and investors may not get back the amount originally invested. Capital is at risk. This is a marketing communication. This podcast is issued by Atlantic House Investments Limited and does not constitute or form part of any offer or invitation to buy or sell shares. It should be listened to in conjunction with reading the Fund’s Prospectus, Key Investor Information Document (“KIID”) or offering memorandum. Atlantic House Investments Limited is authorised and regulated by the Financial Conduct Authority FRN 931264. Atlantic House Investments Limited is a Private Limited Company registered in England and Wales, registered number 11962808. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. The contents discussed within this podcast are based upon sources of information believed to be reliable. Atlantic House Investments Limited has taken reasonable care to ensure the information stated is accurate. However, Atlantic House Investments Limited make no representation, guarantee, or warranty that it is wholly accurate and complete. The information provided in this material is confidential and only for use by its recipient. This material may not be disclosed or referred to any third party or distributed, reproduced, or used for any other purposes without the prior written consent of Atlantic House, any data provider and any other third party whose data is included herein and must be returned on request to Atlantic House and any copies thereof in whatever form destroyed.

If you like derivative-based puns, this is the place for you. Introducing 'Top of the Swaps', a WisdomTree podcast aiming to help multi-asset investors use derivatives to improve client outcomes, brought to you by people from across our team. Prepared for professional investors only. Capital at risk.

Creator

WisdomTree
Years Active

2025 - 2026
Episodes

22
Rating

Clean
Copyright

© WisdomTree
Show Website

Top of the Swaps