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ETFS Long JPY Short USD (JPYP) is designed to provide investors with exposure to Japanese Yen ("JPY") relative to US Dollars ("USD") by tracking the MSFX Long Japanese Yen Index (TR) (the "Index"), which aims to reflect the performance of a position in forward contracts which are rolled on a daily basis. JPYP 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 obtains exposure to the Index by entering into unfunded swaps with a counterparty. There is no upfront cash payment by the Issuer to the counterparty when an unfunded swap is created. However, daily cash payments are made between the Issuer and the counterparty to reflect the daily movements in the value of the Index.