The product provides the opportunity to participate in the underlying’s performance in a transparent way and with a single transaction. The securities are only issued directly to authorized participants (who are generally regulated financial institutions) in return for delivery of the underlying asset(s) which must be newly minted or sourced from a defined list of crypto currency exchanges. All assets relating to the securities are secured by way of a pledge to a collateral agent for the benefit of the investors. Retail investors are expected to purchase and sell securities in the secondary markets on normal stock exchanges. You may also request a redemption of the securities from the issuer on any business day on or after the issue date, subject to 35 calendar days notice on the last trading day of the month, being the dates on which you may exercise its right to redeem the securities.