The performance of each ETC Security is linked to specified reference indices comprised of futures contracts (“Futures Contracts”) in respect of major global carbon allowances. Each reference index is designed to measure the performance of a portfolio of liquid carbon credit futures that require “physical delivery” of emission allowances issued under cap and trade programs. An emission allowance or carbon credit is a unit of emissions (typically one ton of CO2) that the owner of the allowance or credit is permitted to emit (a “Carbon Allowance”). A cap and trade program seeks to gradually reduce such emission allowances or carbon credits over time to incentivise companies to reduce greenhouse gas emissions in an effort to curb climate change