MV Index Solutions (MVIS) - MVIS CryptoCompare Digital Assets Indices June 2021 - MVIS Indices

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MV Index Solutions (MVIS) - MVIS CryptoCompare Digital Assets Indices June 2021 - MVIS Indices
June 2021

MV Index Solutions (MVIS®)
MVIS® CryptoCompare Digital Assets Indices
MV Index Solutions (MVIS) - MVIS CryptoCompare Digital Assets Indices June 2021 - MVIS Indices
Contents

           Accelerating innovation in financial index design

               Types of Digital
                                          Index Concept
                   Assets

                                           Indices in the
              MVIS Index Family
                                             spotlight

2
MV Index Solutions
    Accelerating innovation in financial index design and                           AUM for Licensed Prodcuts by % of Index Category
    adoption since its launch in 2011
                                                                                                                              2.85%
                                                                                                         2.12%
        Moving beyond common categories, MVIS is a leading provider of
         blue-chip indices built on three key factors: pure-play exposure,
                                                                                         15.55%
         component liquidity, and index diversification. In combination,
         these factors ensure best practices in index design, optimized for
         the future of ETPs.                                                                                                                  41.69%

        MVIS specializes in indices that capture specific potential
         investment themes ranging from hard assets, international equities               37.79%
         with a strong focus on emerging markets, digital assets, fixed
         income, and disruptive sectors.

        MVIS is registered as a benchmark administrator under the
         European Benchmarks Regulation since July 2019 and its Index                           Hard Asset Indices                    Sector Indices
         methodology and operational process adheres to IOSCO                                   Country Indices                       Bond Indices
         guidelines.                                                                            Digital Assets Indices

        August 2020, MVIS acquires BlueStar Indexes, a New York-                                             AUM for Licensed        Count of     Count of
         based research-driven provider of indices and financial data,              Index Category               Products             Licensed      Index
         increasing the range of indices and global business.                                                    (USD mn)               Index      (Family)

                                                                                 Bond Indices                          670                5             9
        MVIS deploys a highly customizable product and paradigm-
                                                                                 Country Indices                     4,097               10            40
         based index methodology that enables investors to express views
                                                                                 Digital Asset Indices               2,370                6            30
         beyond the limitations of traditional broad or sector benchmarks.
                                                                                 Hard Asset Indices                 11,416               10            11
        MVIS leverages its Index Advisory Committee, a governance               Sector Indices                     14,272               38            50
         body of industry and thematic experts, to oversee the
                                                                                 Customised Indices                     30                1            11
         maintenance of its indexes, ensuring that they reflect their stated
                                                                                 Total                              32,855               70            151
         objectives and implement best practices into their construction.

                                                                               Source: MV Index Solutions. Data as end of June 2021

3
Types of Digital Assets
There is currently no standard definition of digital assets types, as there are for securities in various jurisdictions. Drawing distinctions
between different types of digital assets is important because the regulatory treatment of a particular digital asset depends in large part on
whether or not it is a “security”. Types of digital assets underlying MVIS Indices fall under the following categories:

                      Currencies                                  Platforms                                Applications

            • Cryptocurrencies, like                   • Platforms serve as a base                • Applications are specific use
              traditional currencies, are                layer that underlie and enable             cases that enable the tracking
              meant to be a store of value               a wide variety of applications             of ownership, allocating
            • Bitcoin (BTC) is the most                • Ethereum (ETH), for example,               resources or meet a specific
              widely recognized                          is a platform with 30+ “product”           utility
              cryptocurrency, and has                    applications being developed             • For example, IOTA is an
              become known as a form of                  on it                                      application-based digital asset
              “digital gold”                           • Platforms protocols are often              that is used to track internet of
            • Not all cryptocurrencies are               called “fat protocols” relative to         things devices and measures
              currently an effective means to            “thin applications” to describe            communication traffic
              transact value                             where most of the value lies in          • Applications are predominantly
                                                         public blockchains                         ICO-funded

4
Growth of Digital Assets & MVIS Milestones
                                                                                                                                                     Apr: Licensing of the MVIS
                                                                                                                                                     CryptoCompare Ethereum Benchmark
                                                                                                                                                     Rate (EBR) and the MVIS
                                                                                                                                                     CryptoCompare Bitcoin Benchmark Rate
                                                                                                                                                     (BBR) to 3iQ Corp for ETFs in Canada
$ 1,884mn                                                                                                                                                                                   6750

                                                                                                              Nov: 21Shares lists the
                                                                                                              world’s first crypto basket
                                                                                                              ETP (HODL) on the Swiss
                                                                                                              SIX Exchange
$ 1,414mn                                                                                                                                                                                   5120

                                                                                                                                               Jul: Licensing of the
                                                                                                                                               MVIS CryptoCompare
                                                                             Nov: First major index                                            Bitcoin Index (MVBTC)                        3490
 $ 944mn
                                                                             provider to offer                                                 to Arrano Capital in
                                                                             Digital Asset Indices                                             Hong Kong

 $ 474mn                                                                                                                                                                                    1860

      $ 4mn                                                                                                                                                                                 230
              12/14       06/15          12/15             06/16   12/16     06/17           12/17    06/18          12/18           06/19   12/19       06/20         12/20        06/21
                                                                       Market Capitalisation            Count of Digital Assets

   Source: MV Index Solutions. Data as end of June 2021.

  5
Digital Asset Investment Risks

The primary or main risks related to digital assets include the following:
         Liquidity risk: illiquid and fragmented market structures; difficult to exit market or transfer value.
         Volatility risk: non-transparent valuation and pricing leading to high price volatility.
         Counterparty risk: risks arising from crypto-asset brokers, crypto trading platforms, wallet providers and other intermediaries; may be difficult to
          identify and/or locate counter-party or intermediary; it may also be difficult to determine relevant jurisdiction laws.
         Investment risk: the capital invested is not guaranteed, and the risks associated with the investment may not be clearly stated in the documentation
          published by the issuer.
         Risk of insufficient information disclosure: information may be missing, inaccurate, incomplete and unclear; documents may be highly technical and
          require sophisticate; unintentional coding error knowledge.
         Project risk: immaturity/extreme early stage of many applications; the project might not be realized, which would ultimately make the crypto-asset
          worthless
         Technical and operational risks: cyber-security risk and hacking of trading platforms and participants in the life cycle of a trade (usually social
          engineering); encryption vulnerability; developments in quantum computing (which would increase success of private key hacking; custody risk;
          loss of access code.
         Ecosystem design flaws: can miners and developers “run” the “core” software? (Linux is a good example for successful open execution); will
          payments continue to sustain processing and verification activities?
         Risk of fraud: lack of transparency and decentralized systems can mask underlying activity.
         Governance shortfall: lack of appropriate regulation or changing regulation; lack of appropriate investor protection.

6
Top Ten Digital Assets By Market Capitalization

                                                         Market Cap      Price              Mon. Avg. Vol. (1 Mon)
                                         Name                                      Symbol
                                                        (in mln USD)   (in USD)                 (in mlnUSD)

         1                  Bitcoin                          647,013   34,522.07    BTC                    12,702

         2                  Ethereum                         234,261    2,012.09    ETH                     8,586

         3                  Tether                            62,645        1.00   USDT                    32,948

         4                  Binance Coin                      47,886     312.10     BNB                     1,497

         5                  Cardano                           44,437        1.39    ADA                     1,256

         6                  Dogecoin                          31,735        0.24   DOGE                     1,711

         7                  USD Coin                          25,537        1.00   USDC                      190

         8                  Polkadot                          15,563      16.30     DOT                     1,004

         9                  HEX                               13,769        0.08    HEX                        21

         10                 Uniswap Protocol Token            10,445      18.16     UNI                      348

Source: MV Index Solutions. Data as end of June 2021.

7
Top Digital Asset Exchanges

                    Bitcoin Value Traded                                                                        Bitcoin Market Share

                                                                                                  gemini                                     cex.io       exmo
                                                         Total Value Traded                        6%                                         1%           0%
                Top Exchanges
                                                           last 3mo (USD)
         Coinbase                                                    4,105,088.26           bitstamp
                                                                                               11%
         Bitfinex                                                    2,148,800.03

         Kraken                                                      1,260,442.03

         Bitstamp                                                    1,029,194.13

         Gemini                                                         534,629.73          kraken
                                                                                             14%                                                                   coinbase
         Cex.io                                                          56,008.67                                                                                   45%

         Exmo                                                            32,292.54
                                                                                                       bitfinex
                                                                                                        23%

                                                                                                     coinbase     bitfinex   kraken   bitstamp   gemini   cex.io   exmo

Source: MVIS Resarch, CryptoCompare and data.bitcoinity.org. Data as of end of June 2021.

8
Designing an Investable Digital Asset Index

      Seven Attributes of a ‘Good Index’*                                                                                     Challenges for Digital Assets
                                                                                                             Digital Asset Products Have Unique Challenges Some of the distinct
                                                                                                             characteristics of digital assets make it harder to launch financial products. De
                                                                                                             facto corporate events such as

                          COST
                                                                                                                       Measuring liquidity and benchmarking price is difficult. MVIS Solution:
                        EFFECTIVE                             ACCURATE                                                  liquidity-weighted tape
                     low turnover and                        complete data                                             Complicated events like hard forks require a robust methodology. A fork is
                        low costs
                                                                                                                        defined as an event that splits the existing blockchain protocol into two or
                                                                                                                        more versions using a different set of rules and features. Exposure to a
                                                                                                                        single digital asset necessitates exposure to subsequent forks and future
                                                                                                                        evolutions. Blockchain “actions” require extensive research.
                                                                               UNAMBIGUOUS                              MVIS Solution: index that includes forks
                                          INVESTABLE                            clear rules and
      AVAILABILE
    linked to products
                                             liquid and                           transparent                           Understanding custody and safekeeping risks is critical. Counterparty risk
                                             tradeable                            governance                            of trading platforms (along with potential conflicts of interest, front running,
                                                                                    structure
                                                                                                                        lack of transparency) can be opaque. High human/key person risk,
                                                                                                                        dependency on trusting individuals at custody providers.

                                                                                                                        MVIS Solution: using exchange traded instruments and best practices
                                                                                                                        around custody
                      ACCEPTANCE                              COMPLETE
                    captures investor                         Reflects the
                        demand                               opportunity set

*Schoenfeld, Steven A. "Perfection Impossible - Best Practices for Index Construction”, Chapter 6, Active Index Investing (Wiley Finance, 2004)

9
Price: Developing a Fair and Liquidity-Driven Global Price

MVIS’s methodology
      Prices compiled from multiple global digital asset trading platforms

      Trading platform weights established based on liquidity
            – Prices are checked real-time on multiple trading platforms, covering
              >90% of global trading volume (ex OTC)
            – Availability every second, over 80,000 times a day
            – More liquid trading platform receives a higher weight
            – Exchanges are weighted by 24 hour volume
            – Intraday liquidity is taken into account by liquidity penalty factor

    Important notice: The calculated prices may not be achieved by investors as the calculated price is based on prices from different trading platforms. As not all trading platforms may be used by the investor the actual
    price may differ and be much less than the calculated price referred to on this slide.

10
7/22/2021

        Setting industry standards

        MVIS universe:                                                                                                      Partnership with CryptoCompare:
                   The index universe of the MVIS CryptoCompare index family                                                        In 2017, MV Index Solutions (MVIS) in partnership with CryptoCompare -
                    includes all crypto currencies (excl. security tokens and financial                                               an established London-based digital assets data provider - launched a
                    instruments) covered by CryptoCompare in their Crypto Coin                                                        series of digital assets indices designed to most accurately track the
                    Comparison Aggregated Index (‘CCCAGG’). A detailed list of these                                                  performance of the otherwise fragmented global digital assets markets.
                    crypto currencies is available on request.
                                                                                                                                     The MVIS CryptoCompare Indices are the first to meet investment
                   Additional platforms can be added/current platforms can be replaced                                               industry benchmarking standards by providing a public rulebook for fork
                    by decision of the index owner.                                                                                   treatments and other events, industry-wide data distribution, proper
                                                                                                                                      identifiers and further standard index governance requirements that are
                                                                                                                                      expected from a regulated, unaffiliated, major benchmark provider.

        MVIS applies strict and demanding liquidity screening to digital                                                             CryptoCompare offers the most complete pricing and transaction data
        assets:                                                                                                                       collected from digital asset exchanges. It provides data to a broad range
                                                                                                                                      of digital asset natives, wallets, apps, traders and researchers, as well as
                   One month average daily trading volumes of at least USD1 million at                                               helps its community of over 330,000 users track their portfolio, stay up to
                    review date                                                                                                       date and discuss the latest news
                   Liquidity criteria applies to the blue chips (5, 10, 25 component
                    indices) - not for the 100 component index (broad benchmark used as
                    a universe).

            Important notice: The calculated prices may not be achieved by investors as the calculated price is based on prices from different trading platforms. As not all trading platforms may be used by the investor the actual
            price may differ and be much less than the calculated price referred to on this slide.

        11
Providing Diversification
 Most MVIS CryptoCompare Digital Assets indices use cap-factors to ensure diversification and avoid overweighting. Please refer
  to the individual index description in section 4 of the Index Guide for the capping scheme used.
 Index components and weightings are reviewed on a monthly basis.
 Weighting schemes
     — MVIS CryptoCompare Digital Assets 5 Index: 35% maximum weight per constituent
     — MVIS CryptoCompare Digital Assets 10 Index: 30% maximum weight per constituent
     — MVIS CryptoCompare Digital Assets 25 Index: 20%
       (capping factors are staggered from a maximum weight of 20% down to 4.5%)

                                                        MVIS CryptoCompare Digital Assets 10 Index

                                         Digital Asset                    Uncapped Weight            Weight
                    Bitcoin                                                        61.16%             30%
                    Ethereum                                                       22.14%             30%
                    Binance Coin                                                    4.53%             11%
                    Cardano                                                         4.20%             10%
                    Dogecoin                                                        3.00%              7%
                    Polkadot                                                        1.47%              2%
                    Uniswap Protocol Token                                          0.99%              2%
                    Bitcoin Cash                                                    0.87%              2%
                    Litecoin                                                        0.86%              2%
                    Chainlink                                                       0.79%              2%

Source: MV Index Solutions. Data as end of June 2021.

12
Treatment of Hard Forks*

 A forked digital asset of an index constituent can be eligible for the index if it fulfills some rigorous
  requirements that ensure quality:
     — The fork should trade in at least one of the top tier exchanges.
     — It should ensure accountability: Open source code, public developers engaged in project, premine information
       as well as an announcement significantly prior to activation are among factors that ensure seriousness of the
       fork.                                                                                                                                                                                         BCH
 If eligible, a forked digital asset of an index constituent is added to the index as soon as the fork
  becomes effective. The price of the forked asset is determined as follows:
     — If the main net is available and the fork trades on at least one trading platform (not by futures), the (composite)                                                                                    BTG
       price is used.
     — Otherwise the price is 0.                                                                                                                                                  BTC
 As soon as a price is available, the first available close (5:00 pm GMT) is used.                                                                                                                          BTCP
     — In the multi component indices, the smallest coin by market capitalization will be deleted.
     — In the single component indices, the forked coin will be deleted. Only in exceptional cases (e.g., no acceptance
       for the old chain), MVIS may decide to keep the new chain and delete the old.                                                                                                                BCD
     — In all instances, the market capitalization of the deleted coin is reinvested in the index.

 The new index composition is implemented after the second close after the first price is available.

 *A hard fork occurs when a blockchain protocol is radically changed, such that it becomes incompatible with older versions. In effect, participants taking part in transactions on the old blockchain must upgrade to the
 new one in order to continue validating transactions. However, participants that do not upgrade may continue to support and validate transactions on the older blockchain protocol separately. The result of this is that a
 blockchain splits into two - hence the name ‘hard fork’. If there are nodes permanently supporting the new chain, then the two chains will co-exist. Users that once held digital assets on an older blockchain before the
 protocol change at a pre-specified blockchain length will now also hold an amount of new coins on the altered blockchain. This new asset has essentially been derived from an older token as well as its associated
 blockchain’s transaction history

13
Treatment of Initial Coin Offerings (ICOs)

Definition
ICOs are a means to raise capital for a company’s business or project.
In an ICO campaign, a percentage of the underlying digital asset (i.e., the initial coin) is sold to investors in exchange for
U.S. Dollars or digital assets. Importantly, ICOs do not necessarily provide ownership in the company or the underlying
venture or project

MVIS’s Treatment of ICOs
ICOs and non-component digital assets are added to the indices at the next review, provided they trade for at least ten
days, and meet index selection and liquidity criteria set forth in the MVIS index rulebook

14
MVIS Index Family – licensed* products
   Type                                Underlying Index                                 AUM* (USD)

               MVIS CryptoCompare Bitcoin Benchmark Rate                                        825.52

               MVIS CryptoCompare Institutional Bitcoin                                         774.99

               MVIS CryptoCompare Institutional Ethereum                                        391.33
  Assets
  Digital

               MVIS CryptoCompare Ethereum Benchmark Rate                                       173.83

               MVIS CryptoCompare Bitcoin VWAP Close                                            147.06

               MVIS CryptoCompare Ethereum VWAP Close                                            56.81

Source: MV Index Solutions. Data as end of June 2021. * in mln USD
*A licence agreement is required to use indices, index data or trademarks for any commercial purpose, or for research and analysis, or for the issuance, launch, promotion or marketing of financial products such as exchange-
traded products, mutual funds, certificates, derivatives, swaps, bonds or OTC products linked to or based on MVIS Indices. The information provided here reflects the list of licensed indices with publically available assets
under management.

15
MVIS Extended Index Family - calculated
Type                  Underlying Index                                  Type       Underlying Index
                      MVIS CryptoCompare Bitcoin                                   MVIS CryptoCompare XRP

                                                                         Assets
                                                                         Digital
                      MVIS CryptoCompare Bitcoin Benchmark Rate                    MVIS CryptoCompare Zcash
                      MVIS CryptoCompare Bitcoin Cash                              Weiss MVIS Top Tech Adoption Rating
                      MVIS CryptoCompare Bitcoin VWAP Close

                      MVIS CryptoCompare Dash
                      MVIS CryptoCompare DeFi 20
                      MVIS CryptoCompare Digital Assets 10
                      MVIS CryptoCompare Digital Assets 100
                      MVIS CryptoCompare Digital Assets 100 Large-Cap
                      MVIS CryptoCompare Digital Assets 100 Mid-Cap
     Digital Assets

                      MVIS CryptoCompare Digital Assets 100 Small-Cap
                      MVIS CryptoCompare Digital Assets 25
                      MVIS CryptoCompare Digital Assets 5
                      MVIS CryptoCompare Ethereum
                      MVIS CryptoCompare Ethereum Benchmark Rate
                      MVIS CryptoCompare IOTA
                      MVIS CryptoCompare LiteCoin
                      MVIS CryptoCompare Monero
                      MVIS CryptoCompare NEM
                      MVIS CryptoCompare NEO
                      MVIS CryptoCompare Polkadot VWAP Close
                      MVIS CryptoCompare Solana VWAP Close
                      MVIS CryptoCompare TRON VWAP Close

Source: MV Index Solutions. Data as end of June 2021.

16
MVIS CryptoCompare Digital Assets 100 Index (MVDA)
               A market cap-weighted index                                                                                                    Components
               Tracks the performance of the 100 largest digital assets
                                                                                                                                               Top 5 Components
               Benchmark/universe for the MVIS CryptoCompare Digital Assets Indices                                            Bitcoin                                 48.38%
               Contains three sub-indices (large, mid and small capitalization)                                                Ethereum                                18.51%
                                                                                                                                Tether                                    4.55%
               Index history back to 31 December 2014
                                                                                                                                Binance Coin                              3.29%
               No liquidity screen
                                                                                                                                Cardano                                   3.16%
                                                                                                                                Other                                   22.11%

                                                                                                                                                    Liquidity

                                                                                                               Top 5 Components                Period                                       Volume (USD)
                                                                                                               Average                         1 Month June Review                           569,885,375
                                                                                                               Weighted Average                1 Month June Review                          9,430,159,775
                         20,000

                         15,000
    Index Values (USD)

                                                                                                                                               Fundamental Data
                         10,000
                                                                                                              Index Performance                  Value          Index Records       Value

                                                                                                              Year-to-Date Performance           62.25%         All Time High/Low   18,209 / 50
                          5,000
                                                                                                              1-Year Performance                 324.61%        52-Weeks High/Low 18,209 / 2,336

                                                                                                              Since Inception                    103.18%        Quarter High/Low    18,209 / 6,387
                             0
                             Dec-14   Oct-15   Aug-16   Jun-17   Mar-18   Jan-19   Nov-19   Sep-20   Jun-21                                                     Month High/Low      12,601 / 9,096
                                                                 MVDA
                                                                                                              *Performance since inception is annualized

    Source: MV Index Solutions. Data as end of June 2021.

    17
MVIS CryptoCompare Digital Assets 25 Index (MVDA25)
              Top 25 components of MVIS® CryptoCompare Digital Assets 100 Index by size and                                                    Components
               liquidity (excl. stable/pegged coins)
                                                                                                                                                Top 5 Components
              Investable
                                                                                                                                 Bitcoin                                 23.18%
              20% (capping factors are staggered from a maximum weight of 20% down to 4.5%.)                                    Ethereum                                15.77%
              Liquidity screen: monthly average-daily-trading volume of at least                                                Binance Coin                              5.45%
               USD 1 million at review                                                                                           Cardano                                   5.44%
              Index history back to 31 December 2014                                                                            Dogecoin                                  4.55%
                                                                                                                                 Other                                   45.61%

                                                                                                                                                     Liquidity

                                                                                                                Top 5 Components                Period                                       Volume (USD)
                                                                                                                Average                         1 Month June Review                          1,030,087,621
                                                                                                                Weighted Average                1 Month June Review                          4,782,686,225
                         33,000

                         24,750
    Index Values (USD)

                                                                                                                                                Fundamental Data
                         16,500
                                                                                                               Index Performance                  Value          Index Records       Value

                                                                                                               Year-to-Date Performance           143.10%        All Time High/Low   31,386 / 39
                          8,250
                                                                                                               1-Year Performance                 437.12%        52-Weeks High/Low 31,386 / 2,709

                                                                                                               Since Inception                    115.39%        Quarter High/Low    31,386 / 6,294
                             0
                             Dec-14   Oct-15   Aug-16   Jun-17    Mar-18   Jan-19   Nov-19   Sep-20   Jun-21                                                     Month High/Low      20,978 / 13,141
                                                                 MVDA25                                        *Performance since inception is annualized

    Source: MV Index Solutions. Data as end of June 2021.

    18
MVIS CryptoCompare Digital Assets 10 Index (MVDA10)
                  Top 10 components of MVIS® CryptoCompare Digital Assets 100 Index by size and                                                   Components
                   liquidity (excl. stable/pegged coins)
                                                                                                                                                   Top 5 Components
                  Investable
                                                                                                                                    Bitcoin                                 32.70%
                  30% maximum weight per constituent                                                                               Ethereum                                29.67%
                  Liquidity screen: monthly average-daily-trading volume of at least        USD 1 million at                       Binance Coin                              9.80%
                   review                                                                                                           Cardano                                   9.39%
                  Index history back to 31 December 2014                                                                           Dogecoin                                  7.05%
                                                                                                                                    Other                                   11.39%

                                                                                                                                                        Liquidity

                                                                                                                   Top 5 Components                Period                                       Volume (USD)
                                                                                                                   Average                         1 Month June Review                          2,575,219,054
                                                                                                                   Weighted Average                1 Month June Review                          7,169,870,833
                         36,000

                         27,000
    Index Values (USD)

                                                                                                                                                   Fundamental Data
                         18,000
                                                                                                                  Index Performance                  Value          Index Records       Value

                                                                                                                  Year-to-Date Performance           133.72%        All Time High/Low   35,098 / 39
                          9,000
                                                                                                                  1-Year Performance                 507.20%        52-Weeks High/Low 35,098 / 2,950

                                                                                                                  Since Inception                    122.45%        Quarter High/Low    35,098 / 7,988
                             0
                             Dec-14   Oct-15   Aug-16   Jun-17    Mar-18   Jan-19   Nov-19      Sep-20   Jun-21                                                     Month High/Low      24,439 / 16,308
                                                                 MVDA10
                                                                                                                  *Performance since inception is annualized

    Source: MV Index Solutions. Data as end of June 2021.

    19
MVIS CryptoCompare Digital Assets 5 Index (MVDA5)
                Top 5 components of MVIS® CryptoCompare Digital Assets 100 Index by size and                                                   Components
                 liquidity (excl. stable/pegged coins)
                Investable                                                                                                                     Top 5 Components
                                                                                                                                 Bitcoin                                 37.90%
                35% maximum weight per constituent
                                                                                                                                 Ethereum                                34.39%
                Liquidity screen: monthly average-daily-trading volume of at least      USD 1 million at                        Binance Coin                            13.53%
                 review                                                                                                          Dogecoin                                  9.73%
                Index history back to 31 December 2014                                                                          Litecoin                                  4.46%

                                                                                                                                                     Liquidity

                                                                                                                Top 5 Components                Period                                       Volume (USD)
                                                                                                                Average                         1 Month June Review                          5,099,932,854
                                                                                                                Weighted Average                1 Month June Review                          8,179,530,094
                         42,000

                         31,500
    Index Values (USD)

                                                                                                                                                Fundamental Data
                         21,000
                                                                                                               Index Performance                  Value          Index Records       Value

                                                                                                               Year-to-Date Performance           103.53%        All Time High/Low   39,391 / 47
                         10,500
                                                                                                               1-Year Performance                 452.98%        52-Weeks High/Low 39,391 / 3,567

                                                                                                               Since Inception                    125.73%        Quarter High/Low    39,391 / 10,060
                             0
                             Dec-14   Oct-15   Aug-16   Jun-17    Mar-18   Jan-19   Nov-19   Sep-20   Jun-21                                                     Month High/Low      26,602 / 17,909
                                                                 MVDA5                                         *Performance since inception is annualized

    Source: MV Index Solutions. Data as end of June 2021.

    20
MVIS CryptoCompare Bitcoin Index (MVBTC)
                The MVIS® CryptoCompare Bitcoin Index covers the performance of a digital assets                                                         Component
                 portfolio which invests in Bitcoin
                                                                                                                                         Bitcoin                  100.00%
                Index history back to 31 January 2012
                Bitcoin is a peer-to-peer digital asset and technology that operates with no central
                 authority or banks
                Transactions and the issuing of Bitcoin is carried out collectively by the network                                                           Liquidity
                Bitcoin is the first decentralized digital asset and has spawned tremendous evolution in             Top 5 Components               Period                      Volume (USD)
                 the digital asset space                                                                              Average                        1 Month June Review         6,350,767,524

                                                                                                                                                     Fundamental Data

                                                                                                                 Index Performance           Value                     Index Records             Value
                                                                                                                 Year-to-Date Performance 20.27%                       All Time High/Low         137,631 / 8
                                                                                                                 1-Year Performance          272.06%                   52-Weeks High/Low         137,613 / 19,582
                         140,000
                                                                                                                 Since Inception             157.49%                   Quarter High/Low          137,631 / 63,619
                                                                                                                                                                       Month High/Low            87,089 / 67,739
                         105,000
    Index Values (USD)

                                                                                                                                               Digital Asset Specifications
                          70,000
                                                                                                                  Max Supply                          Algorithm                     Proof Type
                                                                                                                  -                                   SHA-256                       PoW

                          35,000                                                                                  Difficulty Adj.                     BlockRR.                      BlockNo.
                                                                                                                  -                                   -                             -
                                                                                                                  Start Date                          Twitter                       Website
                              0                                                                                   01.01.2001                          -                             -
                              Jan-12   Apr-13   Jun-14   Aug-15    Oct-16   Dec-17   Feb-19   Apr-20    Jun-21    Network H/s                         Current Supply                Block Reward
                                                                  MVBTC                                           -                                   0                             -

                                                                                                                  *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    21
MVIS CryptoCompare Bitcoin Cash Index (MVBCH)
                The MVIS® CryptoCompare Bitcoin Cash Index covers the performance of a digital assets                                                    Component
                 portfolio which invests in Bitcoin Cash.
                                                                                                                                     Bitcoin Cash                              100.00%
                Index history back to 31 August 2017
           Bitcoin Cash (BCH) is a hard forked version of the original Bitcoin. It is similar to Bitcoin
            with regards to its protocol:
            — Proof of Work SHA-256 hashing                                                                                                                Liquidity
            — Max 21 million supply
            — Same block times and reward system                                                                  Top 5 Components               Period                        Volume (USD)
                                                                                                                  Average                        1 Month June Review           288,487,652

                                                                                                                                                 Fundamental Data

                                                                                                             Index Performance           Value                       Index Records             Value
                                                                                                             Year-to-Date Performance 47.52%                         All Time High/Low         6,761 / 181
                                                                                                             1-Year Performance          136.78%                     52-Weeks High/Low         3,785 / 503
                         7,000
                                                                                                             Since Inception             5.97%                       Quarter High/Low          3,785 / 858
                                                                                                                                                                     Month High/Low            1,787 / 1,098
                         5,250
    Index Values (USD)

                                                                                                                                           Digital Asset Specifications
                         3,500
                                                                                                              Max Supply                            Algorithm                     Proof Type
                                                                                                              -                                     X13                           PoW

                         1,750                                                                                Difficulty Adj.                       BlockRR.                      BlockNo.
                                                                                                              -                                     -                             -
                                                                                                              Start Date                            Twitter                       Website
                            0                                                                                 01.01.2001                            -                             -
                            Aug-17   Feb-18   Aug-18   Feb-19   Jul-19   Jan-20   Jul-20   Dec-20   Jun-21
                                                                                                              Network H/s                           Current Supply                Block Reward
                                                                MVBCH                                         -                                     0                             -

                                                                                                              *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    22
MVIS CryptoCompare Dash Index (MVDASH)
                  The MVIS® CryptoCompare Dash Index covers the performance of a digital assets                                                       Component
                   portfolio which invests in Dash
                                                                                                                                       Dash                                 100.00%
                  Index history back to 28 February 2014
                  DigitalCash (Dash) uses a new chained hashing algorithm approach, with many new
                   scientific hashing algorithms for the proof-of-work
                  Dash aims to be the first privacy-centric cryptographic currency with fully encrypted                                                   Liquidity
                   transactions and anonymous block transactions. (PrivateSend)
                                                                                                                    Top 5 Components              Period                      Volume (USD)
                  PrivateSend mixes Dash coins with other users who are also using this feature making             Average                       1 Month June Review         68,661,698
                   transactions untraceable
                  Users can earn DigitalCash rewards by hosting a master node to help maintain the
                   blockchain. One must have a balance of at least 1000 DASH in order to host a Dash                                              Fundamental Data
                   master node. This collateral is required to avoid 51% attacks on the network
                                                                                                               Index Performance          Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 37.41%                      All Time High/Low         25,358 / 9
                                                                                                               1-Year Performance         97.94%                    52-Weeks High/Low         8,076 / 1,175
                         27,000
                                                                                                               Since Inception            112.31%                   Quarter High/Low          8,076 / 1,612
                                                                                                                                                                    Month High/Low            3,853 / 2,209
                         20,250
    Index Values (USD)

                                                                                                                                              Digital Asset Specifications
                         13,500
                                                                                                                Max Supply                         Algorithm                     Proof Type
                                                                                                                -                                  Argon2d                       PoW/PoSe

                          6,750                                                                                 Difficulty Adj.                    BlockRR.                      BlockNo.
                                                                                                                -                                  -                             -
                                                                                                                Start Date                         Twitter                       Website
                             0                                                                                  01.01.2001                         -                             -
                             Feb-14   Jan-15   Dec-15   Nov-16    Oct-17   Sep-18   Aug-19   Jul-20   Jun-21    Network H/s                        Current Supply                Block Reward
                                                                 MVDASH                                         -                                  0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    23
MVIS CryptoCompare Ethereum Index (MVETH)
               The MVIS® CryptoCompare Ethereum Index covers the performance of a digital assets                                                      Component
                portfolio which invests in Ether.
                                                                                                                                       Ethereum                             100.00%
               Index history back to 31 August 2015
               Ethereum is a decentralized platform that runs smart contracts: applications that run
                exactly as programmed without downtime, censorship, fraud or third party interference.
               In the Ethereum protocol and blockchain there is a price for each operation. In order                                                      Liquidity
                transfer or execute data on the network, you have to consume or burn gas.
                                                                                                                    Top 5 Components              Period                      Volume (USD)
               The digital asset underlying the Ethereum network is called Ether and is used to pay for            Average                       1 Month June Review         4,293,041,419
                computation time and for transaction fees.

                                                                                                                                                  Fundamental Data

                                                                                                               Index Performance          Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 189.86%                     All Time High/Low         34,879 / 3
                                                                                                               1-Year Performance         832.71%                   52-Weeks High/Low         34,879 / 1,895
                         36,000
                                                                                                               Since Inception            260.34%                   Quarter High/Low          34,879 / 6,202
                                                                                                                                                                    Month High/Low            23,820 / 14,817
                         27,000
    Index Values (USD)

                                                                                                                                            Digital Asset Specifications
                         18,000
                                                                                                                Max Supply                         Algorithm                     Proof Type
                                                                                                                -                                  ETH Token                     PoW

                          9,000                                                                                 Difficulty Adj.                    BlockRR.                      BlockNo.
                                                                                                                -                                  -                             -
                                                                                                                Start Date                         Twitter                       Website
                             0                                                                                  01.01.2001                         -                             -
                             Aug-15   May-16   Feb-17   Nov-17    Jul-18   Apr-19   Jan-20   Oct-20   Jun-21    Network H/s                        Current Supply                Block Reward
                                                                 MVETH                                          -                                  0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    24
MVIS CryptoCompare IOTA Index (MVIOT)
                 The MVIS® CryptoCompare IOTA Index covers the performance of a digital assets                                                            Component
                  portfolio which invests in IOTA
                                                                                                                                           IOTA                                 100.00%
                 Index history back to 31 July 2017
                 IOTA is an open-source distributed ledger protocol that goes 'beyond blockchain' through
                  its core invention of the blockless ‘Tangle’
                 The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on                                                                   Liquidity
                  transactions, no fixed limit on how many transactions can be confirmed per second in the
                                                                                                                        Top 5 Components              Period                      Volume (USD)
                  network. Throughput grows in conjunction with activity in the network; the more activity,
                  the faster the network.                                                                               Average                       1 Month June Review         37,105,589

                 Unlike blockchain architecture, IOTA has no separation between users and validators.
                  Validation is an intrinsic property of using the ledger, thus avoiding centralization. IOTA is
                                                                                                                                                      Fundamental Data
                  initially focused on serving as the backbone of the emerging Internet-of-Things (IoT).
                                                                                                                   Index Performance          Value                     Index Records             Value
                                                                                                                   Year-to-Date Performance 168.66%                     All Time High/Low         18,929 / 401
                                                                                                                   1-Year Performance         255.75%                   52-Weeks High/Low         9,507 / 846
                         36,000
                                                                                                                   Since Inception            32.46%                    Quarter High/Low          9,507 / 1,117
                                                                                                                                                                        Month High/Low            5,180 / 2,733
                         27,000
    Index Values (USD)

                                                                                                                                                  Digital Asset Specifications
                         18,000
                                                                                                                    Max Supply                         Algorithm                     Proof Type
                                                                                                                    -                                  -                             -

                          9,000                                                                                     Difficulty Adj.                    BlockRR.                      BlockNo.
                                                                                                                    -                                  -                             -
                                                                                                                    Start Date                         Twitter                       Website
                             0                                                                                      00.01.1900                         -                             -
                             Aug-15   May-16   Feb-17   Nov-17    Jul-18   Apr-19   Jan-20    Oct-20    Jun-21      Network H/s                        Current Supply                Block Reward
                                                                 MVETH                                              -                                  -                             -

                                                                                                                    *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    25
MVIS CryptoCompare LiteCoin Index (MVLTC)
                The MVIS® CryptoCompare LiteCoin Index covers the performance of a digital assets                                                      Component
                 portfolio which invests in LiteCoin.
                                                                                                                                       LiteCoin                              100.00%
                Index history back to 30 September 2013
                LiteCoin LTC - provides faster transaction confirmations (2.5 minutes on average) and
                 uses a memory-hard, script-based mining proof-of-work algorithm to target the regular
                 computers and GPUs most people already have - which are its main differences to                                                            Liquidity
                 Bitcoin.
                                                                                                                    Top 5 Components               Period                      Volume (USD)
                The coin was created by a Google employee, Charles Lee. LiteCoin is in second spot to
                 Bitcoin and has spawned numerous clones - however it has solid support and dedicated               Average                        1 Month June Review         424,175,781
                 development team.

                                                                                                                                                   Fundamental Data

                                                                                                               Index Performance           Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 11.62%                       All Time High/Low         15,754 / 43
                                                                                                               1-Year Performance          232.45%                   52-Weeks High/Low         15,754 / 1,631
                         36,000
                                                                                                               Since Inception             67.62%                    Quarter High/Low          15,754 / 4,805
                                                                                                                                                                     Month High/Low            7,671 / 4,805
                         27,000
    Index Values (USD)

                                                                                                                                             Digital Asset Specifications
                         18,000
                                                                                                                Max Supply                          Algorithm                     Proof Type
                                                                                                                -                                   ETH Token                     PoW

                          9,000                                                                                 Difficulty Adj.                     BlockRR.                      BlockNo.
                                                                                                                -                                   -                             -
                                                                                                                Start Date                          Twitter                       Website
                             0                                                                                  01.01.2001                          -                             -
                             Aug-15   May-16   Feb-17   Nov-17    Jul-18   Apr-19   Jan-20   Oct-20   Jun-21    Network H/s                         Current Supply                Block Reward
                                                                 MVETH                                          -                                   0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    26
MVIS CryptoCompare Monero Index (MVXMR)
                  The MVIS® CryptoCompare Monero Index covers the performance of a digital assets                                                     Component
                   portfolio which invests in Monero
                                                                                                                                       Monero                               100.00%
                  Index history back to 31 January 2015
                  Monero (XMR) is a cryptonight algorithm-based alternative digital asset. XMR is based on
                   Proof of Work and has a block reward that varies smoothly.
                  The difficulty retargets every block with a sixty second block target. Monero uses a Ring                                               Liquidity
                   Signature system to protect privacy, allowing users to make untraceable transactions.
                                                                                                                    Top 5 Components              Period                      Volume (USD)
                                                                                                                    Average                       1 Month June Review         79,992,032

                                                                                                                                                  Fundamental Data

                                                                                                               Index Performance          Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 35.13%                      All Time High/Low         16,846 / 8
                                                                                                               1-Year Performance         230.59%                   52-Weeks High/Low         18,846 / 2,134
                         36,000
                                                                                                               Since Inception            179.50%                   Quarter High/Low          16,846 / 4,467
                                                                                                                                                                    Month High/Low            10,446 / 6,668
                         27,000
    Index Values (USD)

                                                                                                                                           Digital Asset Specifications
                         18,000
                                                                                                                Max Supply                         Algorithm                     Proof Type
                                                                                                                -                                  ETH Token                     PoW

                          9,000                                                                                 Difficulty Adj.                    BlockRR.                      BlockNo.
                                                                                                                -                                  -                             -
                                                                                                                Start Date                         Twitter                       Website
                             0                                                                                  01.01.2001                         -                             -
                             Aug-15   May-16   Feb-17   Nov-17    Jul-18   Apr-19   Jan-20   Oct-20   Jun-21    Network H/s                        Current Supply                Block Reward
                                                                 MVETH                                          -                                  0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    27
MVIS CryptoCompare NEM Index (MVXEM)
               The MVIS® CryptoCompare NEM Index covers the performance of a digital assets                                                          Component
                portfolio which invests in NEM
                                                                                                                                       NEM                                 100.00%
               Index history back to 31 March 2015
               NEM (XEM) is a peer-to-peer crypto platform. It is written in Java and JavaScript with
                100% original source code.
               NEM has a stated goal of a wide distribution model and has introduced new features in                                                     Liquidity
                blockchain technology in its proof-of-importance (POI) algorithm.
                                                                                                                    Top 5 Components             Period                      Volume (USD)
               NEM also features an integrated peer-to-peer secure and encrypted messaging system -                Average                      1 Month June Review         15,906,342
                Multisignature accounts and an Eigentrust++ reputation system.

                                                                                                                                                 Fundamental Data

                                                                                                               Index Performance         Value                     Index Records             Value
                                                                                                               Year-to-Date Performance -37.83%                    All Time High/Low         44,710 / 2
                                                                                                               1-Year Performance        183.16%                   52-Weeks High/Low         19,852 / 1,013
                         46,000
                                                                                                               Since Inception           148.52%                   Quarter High/Low          19,852 / 2,480
                                                                                                                                                                   Month High/Low            4,989 / 2,480
                         34,500
    Index Values (USD)

                                                                                                                                             Digital Asset Specifications
                         23,000
                                                                                                                Max Supply                        Algorithm                     Proof Type
                                                                                                                -                                 Argon2                        PoI
                         11,500                                                                                 Difficulty Adj.                   BlockRR.                      BlockNo.
                                                                                                                -                                 -                             -
                                                                                                                Start Date                        Twitter                       Website
                             0                                                                                  01.01.2001                        -                             -
                             Mar-15   Jan-16   Oct-16   Aug-17    May-18   Feb-19   Dec-19   Sep-20   Jun-21
                                                                                                                Network H/s                       Current Supply                Block Reward
                                                                 MVXEM                                          -                                 0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    28
MVIS CryptoCompare NEO Index (MVNEO)
                The MVIS® CryptoCompare NEO Index covers the performance of a digital assets                                                         Component
                 portfolio which invests in NEO
                                                                                                                                       NEO                                 100.00%
                Index history back to 30 September 2016
                NEO is a platform in which users can issue and trade assets. NEO has been rebranded
                 from the original 'Antshares‘.
                NEO tokenizes proof of ownership of an asset and not the asset itself, thus taking into                                                   Liquidity
                 account all of the legal complications and obligations that may come with the transfer of
                                                                                                                    Top 5 Components             Period                      Volume (USD)
                 shares, equity and assets.
                                                                                                                    Average                      1 Month June Review         82,606,377
                NEO represent an ownership of the NEO platform and allows users to buy NEO and to
                 vote on protocol changes on the NEO blockchain. NEOs are 100% pre-mined and issued
                 on the NEO's genesis block.                                                                                                     Fundamental Data

                                                                                                               Index Performance         Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 138.38%                    All Time High/Low         4,598 / 3
                                                                                                               1-Year Performance        234.25%                   52-Weeks High/Low         3,231 / 259
                         46,000
                                                                                                               Since Inception           157.76%                   Quarter High/Low          3,231 / 384
                                                                                                                                                                   Month High/Low            1,630 / 800
                         34,500
    Index Values (USD)

                                                                                                                                             Digital Asset Specifications
                         23,000
                                                                                                                Max Supply                        Algorithm                     Proof Type
                                                                                                                -                                 Scrypt                        N/A

                         11,500                                                                                 Difficulty Adj.                   BlockRR.                      BlockNo.
                                                                                                                -                                 -                             -
                                                                                                                Start Date                        Twitter                       Website
                             0                                                                                  01.01.2001                        -                             -
                             Mar-15   Jan-16   Oct-16   Aug-17    May-18   Feb-19   Dec-19   Sep-20   Jun-21    Network H/s                       Current Supply                Block Reward
                                                                 MVXEM                                          -                                 0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    29
MVIS CryptoCompare XRP Index (MVXRP)
                 The MVIS® CryptoCompare XRP Index covers the performance of a digital assets                                                            Component
                  portfolio which invests in XRP
                                                                                                                                       XRP                                     100.00%
                 Index history back to 31 January 2015
                 Ripple (XRP) is a distributed peer-to-peer network - transactions occur immediately
                  across the network. The network is resilient to systemic risk.
                 XRP is not mined - unlike Bitcoin and others. However, each transaction destroys a small                                                    Liquidity
                  amount of XRP which adds a deflationary measure into the system.
                                                                                                                    Top 5 Components                 Period                      Volume (USD)
                 Currently, there are 40 billion XRP                                                               Average                          1 Month June Review         82,606,377

                                                                                                                                                     Fundamental Data

                                                                                                               Index Performance             Value                     Index Records             Value
                                                                                                               Year-to-Date Performance 204.50%                        All Time High/Low         22,591 / 29
                                                                                                               1-Year Performance            273.48%                   52-Weeks High/Low         12,996 / 1,250
                         24,000
                                                                                                               Since Inception               82.30%                    Quarter High/Low          12,996 / 1,597
                                                                                                                                                                       Month High/Low            7,447 / 4,174
                         18,000
    Index Values (USD)

                                                                                                                                              Digital Asset Specifications
                         12,000
                                                                                                                Max Supply                            Algorithm                     Proof Type
                                                                                                                -                                     ETH Token                     N/A

                          6,000                                                                                 Difficulty Adj.                       BlockRR.                      BlockNo.
                                                                                                                -                                     -                             -
                                                                                                                Start Date                            Twitter                       Website
                             0                                                                                  01.01.2001                            -                             -
                             Jan-15   Nov-15   Sep-16   Jun-17    Apr-18   Jan-19   Nov-19   Sep-20   Jun-21    Network H/s                           Current Supply                Block Reward
                                                                 MVXRP                                          -                                     0                             -

                                                                                                                *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    30
MVIS CryptoCompare Zcash Index (MVZEC)
               The MVIS® CryptoCompare Zcash Index covers the performance of a digital assets portfolio                                                       Component
                which invests in Zcash
               Index history back to 30 November 2016                                                                                       Zcash                                100.00%

               Zcash (ZEC) is a privacy-driven digital asset. It uses the Equihash as an algorithm, which is an
                asymmetric memory-hard Proof of Work algorithm based on the generalized birthday problem.
               It relies on high RAM requirements to bottleneck the generation of proofs and making ASIC                                                        Liquidity
                development unfeasible.
                                                                                                                          Top 5 Components              Period                      Volume (USD)
               Zcash uses zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs)
                to ensure that all information (sender, receiver, amount) is encrypted, without the possibility of        Average                       1 Month June Review         117,457,299
                double-spending.
               The only information that is revealed regarding transactions is the time in which they take
                                                                                                                                                        Fundamental Data
                place.
                                                                                                                     Index Performance          Value                     Index Records             Value
                                                                                                                     Year-to-Date Performance 98.01%                      All Time High/Low         11,981 / 348
                                                                                                                     1-Year Performance         133.88%                   52-Weeks High/Low         5,063 / 741
                         12,500
                                                                                                                     Since Inception            13.55%                    Quarter High/Low          5,063 / 855
                                                                                                                                                                          Month High/Low            2,536 / 1,468
                          9,375
    Index Values (USD)

                                                                                                                                                     Digital Asset Specifications
                          6,250
                                                                                                                      Max Supply                         Algorithm                     Proof Type
                                                                                                                      -                                  X11                           PoW

                          3,125                                                                                       Difficulty Adj.                    BlockRR.                      BlockNo.
                                                                                                                      -                                  -                             -
                                                                                                                      Start Date                         Twitter                       Website
                             0                                                                                        01.01.2001                         -                             -
                             Nov-16   Jun-17   Jan-18   Aug-18    Mar-19   Oct-19    May-20    Dec-20     Jun-21      Network H/s                        Current Supply                Block Reward
                                                                 MVZEC                                                -                                  0                             -

                                                                                                                      *Performance since inception is annualized
    Source: MV Index Solutions. Data as end of June 2021.

    31
Leadership Team

                     Steven Schoenfeld joined MVIS as CEO following its acquisition of BlueStar Indexes in August of 2020. Steven was the Founder and Chief Investment
                     Officer of BlueStar which maintained a family of indexes for Global Technology Stocks and Israeli Equities & Bonds. Steven is a 36-year veteran of the
                     investment management industry, having served in senior fiduciary positions at Northern Trust, where he oversaw more $300 billion in quantitatively-
                     managed global equity and fixed income portfolios, and at Barclays Global Investors (now Blackrock), where he managed more than $70 billion in
                     developed and emerging market stock index fund and ETFs. Previously, he led the team at IFC/World Bank which developed the first investable
                     Emerging Market indexes, and traded Japanese stock index futures on the floor of the Singapore Exchange.

                     Steven is the author of Active Index Investing (Wiley Finance, 2004), co-author of The Pacific-Rim Futures and Options Markets (McGraw-Hill, 1992),
Steven Schoenfeld    and co-founder of IndexUniverse.com (now ETF.com). He has a BA in History and Government from Clark University, was a Fulbright Scholar in
      CEO            Economics at the National University of Singapore, and has an MA from the Johns Hopkins School of Advanced International Studies (SAIS).

                     Thomas Kettner is COO at MV Index Solutions with global responsibility for the company's index business. He is an index expert with more than fifteen
                     years of experience in the development and maintenance of indices, with a focus on the development of indices designed for financial products. He is
                     supported by a team of index specialists with an average of five years of experience in index development, maintenance and marketing. Prior to joining
                     MVIS in 2012, Mr. Kettner held various positions at leading index providers such as Dow Jones Indexes and STOXX Ltd.

                     Mr. Kettner holds a degree in Economics from the University of Konstanz, Germany, and is a CIIA graduate.

 Thomas Kettner
     COO

                    Torsten Hunke joined MV Index Solutions in 2014 to support the firm's index business as the European Legal Counsel and has served as Managing
                    Director since 2016. He has more than 15 years of experience as international banking regulatory and investment fund lawyer. Prior to joining MVIS, Mr.
                    Hunke worked as a Director at Credit Suisse where he was responsible for the EMEA Asset Management Legal Department and for the legal affairs of
                    Credit Suisse's two German investment companies. Earlier career milestones include positions at the Global Depositary Department at Deutsche Bank AG
                    and the investment funds and banking regulatory department at Linklaters in Frankfurt and London.

                    Mr. Hunke is an attorney at law and a member of the German Bar Association. He studied law at the Universities of Hannover, Brandenburg, and Le Havre
 Torsten Hunke      (France).
Managing Director

 32
Global Contacts
                                                                                                                                                                       Map Source: Wikimedia Commons

San Francisco
Joe Levin,
Global Head of Business Development & Strategy

            New York
            Steven Schoenfeld, CEO

            Joshua Kaplan,
            Global Head of Research & Investment Strategy

            Joy Yang,
            Global Head of Index Product Management
                                                                                                       Frankfurt                         Tel Aviv
                                                                                                       Thomas Kettner, COO               Tzlill Keren Blum, EMEA Representative

                                                                                                       Etem Emre Çamlilar,
                                                                                                       Global Head of Index Operations

        Frankfurt Office                          New York Office                     Sales Team                             Support Team                            Media Relations and Marketing
        Kreuznacher Str. 30                       1350 Avenue of the Americas, Fl 2   MVIS-Sales@mvis-indices.com            index-support@mvis-indices.com          Eunjeong Kang,
        60486 Frankfurt am Main                   New York, NY 10019                                                                                                 Marketing/Data Associate
        Germany                                   (646) 380 2500                                                                                                     +49 69 4056 695 38
        +49 (69) 4056 695 55                                                                                                                                         media-enquiries@mvis-indices.com
        info@mvis-indices.com

      33
Important Disclosure
 Copyright © 2021 by MV Index Solutions GmbH (“MVIS”). All rights reserved. MVIS, BlueStar and BlueStar Indexes is a registered trademark of Van Eck Associates Corporation
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 information provided by MVIS is impersonal and not tailored to the needs of any person, entity or group of persons. MVIS receives compensation in connection with licensing its
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