21Shares Short Bitcoin ETP (SBTC)/  CH0514065058  /

This product is a non-interest bearing bond under Swiss law that is fully secured by holdings of the inverse daily performance of Bitcoin (BTC) or other assets denominated therein. This product"s primary listing is SIX Swiss Exchange but it may be listed on additional exchanges and MTFs. Typically, those products are known as exchange traded products (ETPs). SBTC is designed to provide exposure to the daily inverse performance of Bitcoin (BTC) (the underlying asset(s)). Price data (in USD) from CryptoCompare (https://www.cryptocompare.com/) is used to calculate the price of the reference asset. This product rebalances once per day in order to track the daily return. Holding this product for more than one day is likely to result in a return which is different to -1 times the return of the Benchmark over that holding period. This difference, called the ''Compounding Effect'', is caused by the product's daily rebalancing, and is magnified by longer holding periods. Compounding may have a positive or negative impact on the product's return, but tends to have a negative impact the higher the volatility of the Benchmark. The securities are only issued directly to authorised participants (who are generally regulated financial institutions) in return for delivery of USD. All assets relating to the securities are secured by way of a pledge to a collateral agent acting on behalf of investors.

This product is a non-interest bearing bond under Swiss law that is fully secured by holdings of the inverse daily performance of Bitcoin (BTC) or other assets denominated therein. This product"s primary listing is SIX Swiss Exchange but it may be listed on additional exchanges and MTFs. Typically, those products are known as exchange traded products (ETPs).