Crypto Leaders ETN

• Cryptocurrencies are usually needed to use the network which creates a continuous demand for that currency. The transaction fees are paid out to those who help validate transactions. Cryptocurrency is the highway, the transaction fee is the toll.
• Additionally, cryptocurrency owners can earn yield through staking programs by providing infrastructure to network users.
• The value of the cryptocurrency is the discounted value of its future cash flows.

• Just like gold, currencies or other assets, cryptocurrencies can be retrieved and exchanged in the future, hence conserving value over the long term.
• Unlike gold, cryptocurrencies have a capped supply which suggests that they may be a better store of value than gold.
• In times of (hyper-)inflation, cryptocurrencies may become a safe-haven. Evidence of this can be found in countries currently suffering from inflation.

• In Proof-of-stake based cryptocurrencies, the native token represents ownership of the network. Token holders may participate in governance by voting for proposals and guiding the path of the network.
• Ownership rights can be exercised, delegated or capitalized on by governance mechanisms built on the network. Active participation is usually rewarded, which incentivizes a strong community to be formed.

• The model behind cryptocurrencies allows for anything that can be owned by a single person, both digitally and physically, can now be owned by a larger number of people.
• The token represents a claim on fractional ownership, revenue or interest that the object generates.
• Tokenisation allows liquidity to flow into industries that suffer from liquidity problems enabling new opportunities of growth for those industries.

• Cryptocurrencies have the potential, without the need of intermediaries, central banks or traditional fiat currency, to become a universal reserve currency.
• Cryptocurrencies posses qualities that enable faster settlement even in a cross-border and cross-currency environment.
• Cryptocurrencies have a predictable and transparent monetary policy controlled by the protocol and not by central banks.
• The ability to provide cash-like privacy in a digital form on global scale without censorship.

The trading prices of many digital assets have experienced extreme volatility in recent periods and may well continue to do so. Digital assets were only introduced within the past decade and regulatory clarity remains elusive in many jurisdictions. Digital assets' value depends on such regulation remaining favorable, as well with the technological capabilities, the development of protocol networks, competition from other digital asset networks and from forks. Volatility can be strongly amplified by transactions from speculative investors, hedge funds and other large investors. You may experience losses if you need to sell your Shares at a time when the price of the underlying digital asset is lower than it was when you made your prior investment. Even if you are able to hold Shares for the long-term, your Shares may never generate a profit. This is a risk factor to take into account before investing in a Crypto Leaders ETN.

If the currency of the Product differs from the currency you invest in, your final return depends on the exchange rate between your investment currency and the currency of the Product. That is another factor to consider when investing in a Crypto Leaders ETN.

Trading venues and systems used by market participants to trade crypto assets may be subject to hacking and could result in loss of crypto assets. This is a further risk factor to consider before investing in a Crypto Leaders ETN.