Disclaimer
Pascal Capital Investment is the sponsor of both The Bitcoin Investment Note (the “BTCNOTE”) and the Ethereum Investment Note (the “ETHNOTE”).
ETNs (Exchange Traded Notes) represent speculative investments and involve high degrees of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment.
ETNs are sophisticated investments; the purchase of which involves substantial risks. Any investor investing in the Notes should fully consider, understand and appreciate those risks.
Risks
Risks involved with trading
About Risk
Financial investments come with risks. Before you decide to invest in a financial product, you should learn about the instrument and underlying asset before making the investment. Apart from carefully reading the information provided on this website, potential investors should read our prospectus and final terms which can be found in the “Product” section of this site.
Credit Risk
The products are issued by Pascal Capital.
Pascal Capital is the investor’s counterparty for the instrument, which means that Pascal Capital is liable to pay the final settlement amount according to the terms of the instrument.Pascal Capital is always fully hedged in terms of market risk, which means that the company always owns the full amount of Bitcoins necessary to cover all outstanding liabilities.
Liquidity Risk
The instruments are listed in Europe where Pascal Capital will issue the instruments and provide a secondary market for trading. Pascal Capital has appointed Price Waterhouse & Coopers LTD as auditor, and Bank of New York Mellon as issuer and paying agent. Pascal Capital Provider is aiming to attract additional liquidity providers to the order books going forward, in order to complement the natural flow of orders, with the goal of offering a liquid market with a small spread and making the instruments attractive for all type of investors.
Market risk
The return of the underlying assets, Bitcoin & Ether, are crucial for the result of the investment. How the price of Bitcoin in U.S. dollars will develop depends on a large number of factors including:
- To what degree and with what speed Bitcoin will gain acceptance in the mainstream global economy.
- Political and regulation risks.
- The success of competing technologies and cryptocurrencies.
Pricing
As the prices of the currencies are updated every 10 minutes, we do not recommend that our clients base investment decisions on these sometimes volatile values. Calculated values on the site are only indicative, and price information on the underlying exchanges should be considered.
Additional Information for Potential Investors:
- ETNs represent a speculative investment and involve a high degree of risk. Investors stand to lose all or a substantial portion of their investment. Investors must have the financial ability, sophistication, experience and willingness to bear the risks of an investment in the notes.
- An investment in ETNs should be made with discretionary capital set aside strictly for speculative purposes.
- The Notes have limited operating history or performance. The sponsor of each ETN has total authority over the ETN and consequently, shareholders’ rights are limited.
- An investment in ETNs is not suitable or desirable for all investors.
- ETNs sponsor has total authority over the ETN and shareholders' rights are limited.
- The notes and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be fully disclosed to investors.
- The ETNs may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
- The above summary is not a complete list of the risks and other important disclosures involved in investing in the ETNs and is subject to more complete disclosures contained in the ETNs Annual Reports on www.pascal.capital, which must be reviewed carefully.