> For the complete documentation index, see [llms.txt](https://docs.openeden.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.openeden.com/hybond/product-structuring.md).

# Product Structuring

### Product Structuring

#### Issuing Entity

HYBOND is issued by **OpenEden Digital Limited ("OED")**, a Bermuda-registered Segregated Accounts Company ("SAC").

#### Regulatory Status

OED operates under a Digital Assets Business License issued by the **Bermuda Monetary Authority ("BMA")**, permitting it to issue, sell, and redeem virtual coins, tokens, and other forms of digital assets.

| License                  | Status        |
| ------------------------ | ------------- |
| Previous License         | Class M (BMA) |
| Current Upgraded License | Class F (BMA) |

#### Underlying Fund

The underlying asset is the **BNY Global Short-Dated High Yield Bond Fund**, managed by BNY. All fund shares purchased from HYBOND subscriptions are held and custodied directly with BNY.

#### Custody Arrangements

| Function              | Provider                  |
| --------------------- | ------------------------- |
| Fund Custody          | BNY                       |
| Crypto Custody (USDC) | Coinbase (primary), BitGo |


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