# 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                                    |
| --------------- | ----------------------------------------- |
| Current License | Class M (BMA)                             |
| Planned Upgrade | Class F (application targeted early 2026) |

#### 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 |

Coinbase is our preferred crypto custodian as it supports 1:1 USD ↔ USDC conversion.