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ETFS Long CNY Short USD (LCNP) is designed to provide investors with exposure to Chinese Renminbi ("CNY") relative to US Dollars ("USD") by tracking the MSFX Long Chinese Renminbi Index (TR) (the "Index"), which aims to reflect the performance of a position in forward contracts which are rolled on a bi-monthly basis. LCNP is an exchange traded currency ("ETC"). Its securities can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company. The ETC allows investors access to CNY, which is restricted from being traded on the foreign exchange. In order to allow hedging and trading by foreign parties in respect of this currency, a market has developed in derivatives that allows parties to receive a US Dollar return on positions in CNY. These derivatives are called non-deliverable forward contracts (Non-Deliverable Forward Contracts or NDFs).