> 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 ***Class F Digital Asset 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                                | Issuer                           |
| -------------------------------------- | -------------------------------- |
| Class F Digital Asset Business License | Bermuda Monetary Authority (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      |
| Prime Broker | Coinbase |