The Valour Short Bitcoin ETP is intended for experienced investors, who aim to capitalize on short-term fluctuations in the underlying asset's price. This product is not designed for meeting a longterm bearish view on Bitcoin's price, due to the effect of the borrowing cost on its performance.

Due to the relatively high borrowing cost, it is not recommended to hold the product for longer time horizons. Suitable holding periods are short term, where the impact of the borrowing cost is low.

In order to hedge its position, the issuer will borrow the relevant, corresponding digital asset on a 1:1 basis and sell the asset short. When lending Bitcoin, a yearly borrowing cost of 8% is applicable. This cost is subject to the lending market price, and fluctuates in a similar way that flexible interest rates seen in housing loans or savings accounts fluctuates.*The current borrowing cost stands at 8%.

In order to hedge its exposure to the underlying digital asset originating from the sale of the certificates, the issuer will borrow the relevant, corresponding digital asset on a 1:1 basis and sell the asset short. Borrowing Bitcoins will induce a borrowing cost.

Short ETPs present a high level of risk and are most suitable for experienced investors with a robust risk appetite who are prepared to bear potential losses. Variations in the performance of Short ETPs from the underlying asset can arise due to fees and/or borrowing expenses.For detailed information about the risks, see the "Risk" sections of the base prospectus.

The tracking accuracy of Short ETPs may be compromised by various factors, and in the case of Valour Short Bitcoin especially because of the borrowing cost, if the product is held over a long period of time. Consequently, deviations from the desired exposure can occur, impacting investment returns.