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The Digital Securities, the underlying crypto-assets in respect of the Digital Securities and Certificates are highly speculative and involve a high degree of risk, including the risk of a total loss of all capital invested. Crypto-assets, which are the reference assets for Digital Securities and Certificates, represent both novel technologies as well as a new asset class. As a result, they may include risks that investors generally do not expect from other types of assets and commodities.

To gain a more comprehensive understanding of the risks involved, we strongly recommend referring to the "Risk Factors" section of the Prospectuses for CoinShares Physical and XBT Provider products. The Prospectuses provide detailed information regarding the specific risks associated with investing in these products, and it can be accessed in the ETP documents section.