Wave Financial + TQ Tezos: State of Digital Securities

State of Digital Securities
January 2020

01.
02.
03.
04.
Digital Securities Market Overview
Regulatory Landscape
Wave Financial is not a broker-dealer, and will not engage in any activities
requiring registration as such. Wave Financial is not licensed to provide tax,
legal or accounting advice and will not do so. Wave Financial will use its
commercially reasonable efforts to reach the client objectives, but there is no
warranty or guarantee that such can be achieved. Services requiring
advisory registration are provided by Wave Financial LLC.
About Wave Financial and TQ Tezos
Challenges & Opportunities

SECTION ONE:

4
Digital Securities are already impacting current financial systems
The technology associated with this (security token) offering allows us to be a pioneer in providing access to assets
classes that have historically been difficult for global retail investors to access… We are constantly exploring innovative
ways to promote, democratize and encourage the development of financial and capital markets.
Roberto Sallouti, CEO of BTG Pactual
Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital
markets infrastructure systems. The implications for settlement and outdated administrative functions are profound.
Bob Greifeld, Former Nasdaq CEO
This is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is
going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to
bridge the gap between traditional financial services and digital communities.
Jos Dijsselhof, CEO of SIX Swiss Exchange
“
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“
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“
”

5
Executive Summary
● Digitizing securities through blockchain technology can enable cost savings, economic value
creation, and risk reduction
● Despite the initial hype around Security Token Offerings (STOs) as a new form of crowdfunding,
they are simply one aspect of the broader emerging trend of Digital Securities / tokenization
○ Harbor’s recent pivot from an issuance platform to tokenizing existing securities highlights
this underlying market shift of issuance vs. tokenization
● While the Digital Securities ecosystem is quite nascent, early examples from financial
heavyweights like Santander and Franklin Templeton point to the potential benefits around
compliance automation and cost reduction
● This report will explore the early traction, advantages and challenges ahead for Digital Securities

6
Defining Digital Securities
1MIT Digital Currency Initiative report, “Tokenized Securities”
2ASIFMA “Tokenized Securities: A roadmap for market participants and regulators”
A token is a digital representation of rights to any tangible (financial or otherwise) or intangible asset1
● Digital Securities (also referred to as Security Tokens) can be generally thought of as
regulated securities with a digital token wrapper
● Digital Securities share the same legal constructs as traditional securities but by virtue of
being on the blockchain often enable additional technical features, such as automatic
payments and a transparent / immutable record of ownership2
○ Digital Securities are tokens (technology implementation) that act as a security (legal
concept)
● While Digital Securities, Tokenized Securities, Security Tokens, etc. are often used
interchangeably, the report will use Digital Securities throughout

7
Evolution of Digital Securities
Pioneered by Blockchain Capital in 20171 as a regulatory compliant alternative to an ICO, Digital
Securities have evolved into a means to transform new and existing financial assets
1 Source: Smith & Crown Security Token Overview Part 1
April 10, 2017
Blockchain Capital (BCAP)
First sale of security token
completed
September 22, 2017
Science Blockchain (SCI)
Second security token sale
completed
March 1, 2018
Spice VC
Third completed security
token sale
May 1, 2018
Quadrant Biosciences
First sale of tokenized
corporate equity hosted on
a blockchain
June 28, 2018
OpenFinance Network
First security token exchange
opens
January 24, 2019
tZERO
Dedicated securities token
exchange options
August 1, 2018
Aspen Coin
First sale of tokenized real
estate ownership
January 10, 2019
Sharespost
First trade of digital securities
by an ATS and broker dealer
in which the ATS custodied
the digital securities
September 4, 2019
Franklin Templeton
Announces proposed tokenized
money market fund backed by
government securities
2017 2018 2019
August 20, 2019
INX
First security token IPO
registered with the SEC

8
Examples
Fiat Currency
USD, CHF, EUR
Commodity
Gold, Silver, Oil
Real Estate
Funds, Single Property
Art & Collectibles
Paintings, Trading Cards
Intangible Goods
Ownership rights for music
Tokenization Benefits
Fractional ownership: New customer groups get access to previously
unattainable asset classes for investments
Increased liquidity of assets: Tokens have the potential to unlock Illiquid assets to
be traded and transferred 24/7 all over the globe
Faster settlement: Dramatic increase of clearing & settlement speed by
leveraging blockchain technology
Programmability: Smart Contracts enable an efficient management of rights and
corporate actions over the blockchain
Immutable proof of ownership: Blockchain secures traceability of every
transaction and provides a “single point of truth”
Source: Strategy& “ICO / STO - A Strategic Perspective Report”
Digital Securities are blockchain-based representations of real world securities
Financial Instruments
Stocks, Bonds, etc.
Lower costs: As intermediaries (banks, brokers, exchanges) may be removed
from the value chain, related costs are lower or may disappear

9
Benefits of Digital Securities
Issue
iCap Equity, a Seattle based real
estate investment firm,
establishes real estate funds with
an average lock up period of four
to five years
To satisfy investors’ need for
liquidity the firm must facilitate
secondary investor transfers, but
this process is manual, time
consuming, and expensive
Opportunity
To improve this process, iCap
leveraged Harbor’s digitization
platform to tokenize shares in the
fund, enabling liquidity earlier in
the fund’s lifecycle
Smart contracts ensure that only
compliant transfers are made by
investors and brokers, and help
automate the secondary transfer
process while reducing
transaction and legal costs
Value
Proposition
Blockchain Enabled
Features
Cost Savings Dividend distribution
Cap table management
Decreased transaction
costs
Economic Value
Creation Fractionalization
Theoretically increased
liquidity
Risk Reduction
Immutable audit trail
Automated compliance
Source: Harbor [Case Study] iCap Equity

10
Digital Security Infrastructure Stack
ComplianceIssuer Issuance Exchange
Custody
Lifecycle
Management
Distribution
Regulation (Country by Country)
Layer 1 Protocol
Legal

11
Digital Security Stack: Issuers
CustodianExchangeDistributionIssuanceIssuer
Layer 1 Protocol
Legal & Compliance
*the infrastructure stack is constantly evolving, with various new players getting involved

12
Digital Security Stack: Issuance Platforms
Layer 1 Protocol
Legal & Compliance
1Wave Financial has investment interests in Securitize and Vertalo through Wavemaker Genesis Master Fund, Ltd
1
1

13
Layer 1 Protocol
Legal & Compliance
1exchange
Digital Security Stack: Exchanges & Custodians
1exchange
KnØx
*the infrastructure stack is constantly evolving, with various new players getting involved

SECTION TWO:

15
Digital Securities Regulatory Landscape
Framework for evaluating
investment contracts of digital
assets published April 2019.
This document is not a legally
binding document, but rather
offers guidance to past and
future token issuers on what
will be considered a security
by the SEC.
USA
MauritiusLaunches
“Blockchain Law”
in Q1 2019, which
provides clarity on
security token
issuance and
encourages the
tokenization of all
assets.
Liechtenstein
FINMA publishes
guidance that
further qualifies
asset tokens and
their treatment
Switzerlan
d
On March 1, 2019 the FSC’s
regulatory framework to
license digital asset
custodians became effective.
Maritus is first jurisdiction
globally to offer a regulatory
framework for the custody of
digital assets
Japan
The FSA amends the Act on
Settlement of Funds and the
Financial Instruments
Exchange Act to apply to
Digital Securities
Singapore
Monetary Authority of Singapore
(MAS) has established a
regulatory sandbox for Digital
Security businesses (including
issuance platform and exchanges)
Regulator (EFSA) issues
clarifications on Security
Tokens - those which give
investors the right to the
issuer company or is tied
to profits
Estonia
Malaysia
Securities Commision
Malaysia (SC) issued
regulatory framework for
Digital Security ecosystem in
January 2019
Thailand
Established comprehensive
Digital Security legislation to
legalize issuance, trading and
custody of Digital Securities
Hong Kong
Philippines
In March 2019 the Securities
and Futures Commission (SFC)
issues official guidance on the
legal and regulatory
requirements for parties
engaging in Digital Securities
related activities
CEZA (Cagayan Economic
Zone Authority) has provided
licenses for Digital Security
exchanges, issuance, trading
and other-related DS
infrastructure platforms
FSC announces that
it will introduce new
laws regarding Digital
Securities and
momentarily prohibit
equity-like tokens
while research is
underway
Taiwan
The Chamber of Deputies
passes a bill to give
blockchain securities legal
status, and aims to make
their transfer more efficient
Luxembourg
The FCA published final
guidelines outlining the
qualifications of digital
securities and the
applicable regulations
United Kingdom

16
Jurisdictional Digital Securities regulatory guidance
EU: Recent regulations and clarifications regarding Digital Securities
MiFID II: applies in cases
where crypto-assets traded
qualify as financial instruments
- European Securities and
Markets Committee
Other relevant frameworks:
● Prospectus Directive
● Settlement Directive
● Payment Services
Directive
● Electronic Money
Directive
AMLD5: Exchanges and walet
custodians must perform KYC
and AML, register with
authorities, report suspicious
transactions, and provide
information to authorities

17
Switzerland: Following the EU’s lead
February 16, 2018 - FINMA, the finance regulatory body of Switzerland, published guidelines on what outlines the
treatment of asset (security) tokens:
● According to the regulator, asset tokens are considered securities and trading is subject to security law
requirements, as well as civil law requirements according to the Swiss Code of Obligations
● While not part of the European Economic Area, Switzerland has bilateral agreements with the EU and tends to
follow in legislation in order to maintain access to EU capital markets, including with corresponding prospectus
regulation
Asset Tokens
● Represent assets such as participations in real physical underlyings,
companies, or earnings streams, or an entitlement to dividends or interest
payments
● In terms of their economic function, the tokens are analogous to equities,
bonds or derivatives

18
UK: Guidance on Cryptoassets
● In January 2019, the Financial Conduct Authority released a publication titled “Guidance on Cryptoassets” which
provides more clarity into the qualification and treatment for security tokens
● Under this guidance, security tokens are classified as “specified investments” and therefore traders must have the
proper qualifications under the FCA’s approval
● According to the FCA, firms can issue security tokens without needing a regulatory license as is the case with the
issuance of shares. But in instances where the tokens are traded, the advisors and brokers handling the tokens,
and the financial promotions regime, will need authorization
If a token is tradeable on the capital market, the FCA noted that it will
be considered a transferable security under EU MiFID, and will be
subject to resulting regulations as well

19
Japan: 2019 provides regulatory clarity for Digital Securities
Amendment to Act on Settlement of Funds (Act
No. 59 of 2009)
● Previously, cryptoasset custodians (or wallet
vendors) were not subject to regulation
● Now, those involved in managing cryptoassets for
others must maintain proper registrations and
licenses
Amendment to Financial Instruments Exchange
Act (Act No. 25 of 1948)
● Under the amended FIEA, Digital Securities must
adhere to strict disclosure requirements on both
itself and the product
● Requirements involve filing a securities
registration statement and semiannual reports
In May a bill was enacted to amend two pieces of legislation and is expected to come into effect in Apr 2020
Japan STO Association
On October 2nd, six major Japanese brokerages including Nomura and Daiwa announced they had formed the Japan
STO Association - aimed to lobby for, promote and devise guidelines for security token issuance
Security Token Research Consortium (SRC)
On November 6th, Japan’s largest financial group - MUFG - announced that it would lead a research consortia to
develop standards around security tokens. Securitize will be the single issuance platform for the consortia.

20
Singapore: MAS publishes “A Guide to Digital Token Offerings”
● MAS has since granted a recognized market operator (RMO) license to 1exchange, Singapore’s first private
securities exchange that facilitates digital token trading. Singapore’s flagship stock exchange SGX is an
investor in 1exchange
● It’s worth watching if MAS increasingly scrutinizes Digital Security offerings. In January 24, 2019 MAS issued a
warning to an ICO issuer to halt operations after finding it violated securities regulations regarding advertising
and issuing a prospectus
In November 2018, the Monetary Authority of
Singapore (MAS) published “A Guide to Digital Token
Offerings,” which outlines that tokens representing
capital market products, including securities, will be
regulated as such

21
Hong Kong: providing regulatory clarity around investment & management of digital assets
In September 2017, the Hong Kong Securities and
Futures Commission (HK SFC) released a
statement on ICOs stating that, “digital tokens that
are offered or sold may be “securities” as defined in
the Securities and Futures Ordinance (SFO), and
subject to the securities laws of Hong Kong”
In March 2019, the HK SFC released a “Statement on
Security Token Offerings”, reminding operators that any
person who markets and distributes security tokens is
required to be licensed or registered for Type 1 regulated
activity (dealing in securities) under the SFO
2017 2018 2019
Sources: State of Security Token Regulation in Asia and HK SFC Statement on Security Token Offerings
In November 2018, HK SFC published a
statement on the regulatory framework for
digital asset portfolio managers, fund
distributors, and trading platform operators
In November 2019, HK SFC published a position paper
following the November 2018 announcement. The paper
focuses on digital asset exchanges, and outlines that
exchanges trading one or more security tokens must
acquire new licenses similar to those of brokers and can
only sell to professional investors

Challenges & Case Studies
SECTION THREE:

23
Challenges
Early challenges for the Digital Securities ecosystem:
Nascent Infrastructure:
● Lack of liquidity across exchanges due to lockups and limited secondary markets / exchanges
● Investor educational gap (new processes around post-trade activities i.e custody, fund accounting)
Supply and Demand Mismatch:
● Differing risk & return expectations among investor profiles. Per Josh Stein, CEO of Harbor, on their recent pivot:
“The overlap between investors demanding tokens and investors interested in security tokens was zero.”1
● While there have been over 100 security tokens created, investors have been slow to adopt. Successfully funded
Digital Securities often had already sourced investors prior to an offering
Regulatory Uncertainty:
● 63% cited lack of regulatory clarity in the US as the top challenge for Digital Securities (Greenwich Associates)2
● Over 40 pending broker-dealer applications with FINRA as of June 2019 3
1
2
3
1 https://www.coindesk.com/harbor-tokenizes-real-estate-funds-worth-100-million-on-ethereum
2 Greenwich Associates 2019 Blockchain Study
3 https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch

24
Challenges
Despite early challenges, Digital Securities provide significant advantages:
“As a result of a 2013 class-action lawsuit, former Dole
shareholders were entitled to a payout. The problem occurred
when 49 million shares were submitted as eligible for the payout,
while only 37 million shares were outstanding at the time.
Theoretically, this would not have been possible if the shares
were recorded on a blockchain.” - Greenwich Associates1
Exchange infrastructure continues to mature with multiple
exchanges recently launched/planning to launch across next 12-
18 months (tZero, SIX Digital Securities, SharesPost,
SGX/1exchange, INX etc.)
“Because tokens are programmable, compliance with
regulations can be programmed into smart contracts, reducing
and automating the regulatory compliance burden. The smart
contract will be able to execute, regulate and govern the token.”
- ASIFMA2
2 Source: ASIFMA: Tokenized Securities - A Roadmap for Market Participants and Regulators
1

25
Positive developments for Digital Securities in 2019
Case Studies
Banco Santander
Launches first end-to-
end tokenized bond
($20m)
Morningstar
Credit rating agency
announces plans to rate debt
issued on blockchains, and
two security token projects
Vertalo + PrimeTrust
Vertalo tokenizing existing
PrimeTrust cap tables and
connecting to secondary
markets
Fundament
German security token issuer
gains BaFin approval for
tokenized real estate bonds
Fatburger
Cadence is tokenizing $30m
bond offering backed by
FAT Brands franchisee
cashflows
Figure
Originated over $700m
tokenized loans directly
on Provenance
blockchain
Franklin Templeton
Filed preliminary
prospectus to tokenize
money market fund
shares
SDX
The digital arm of swiss
exchange SIX announced it will
issue an Initial Digital Offering in
2020 on the R3 Corda Network
Fluidity
Framework for real world
assets to be pledged as
collateral in decentralized
credit facilities
BTG Pactual
Aiming to tokenize $1B of
assets, ranging from real
estate to global sports clubs
on the Tezos blockchain
Harbor
Tokenizing four existing
real estate funds worth
$100m
Societe Generale
Issued the first covered
bond (EUR 100m) as a
security token on a public
blockchain
HSBC
Announced PoC with SGX
and Temasek to use
blockchain for fixed income
securities
Elevated Returns
After raising $18M for
tokenized real estate resort in
Aspen, plans to issue $1B
more in tokenized real estate
MUFG
Japan’s largest financial group will
lead a 22 member security token
research consortia with Securitize
as the issuance provider
1

26
BTG Pactual and Elevated Returns tokenizing $2B worth of real estate
● BTG Pactual, along with partner Dalma Capital, announced in July 2019 an initiative to tokenize $1B
of investments ranging from real estate to alternative investments including equity and debt interests
in sports clubs - all on the Tezos blockchain
● After tokenizing the St. Regis Resort in Aspen, Elevated Returns announced it will switch from the
Ethereum to Tezos Blockchain and plans to issue $1B of tokenized real estate issuances
● Overstock’s security token platform tZERO and the Tezos Foundation have partnered on a project
that will tokenize £500 million ($643 million) in real estate from U.K based Alliance Investments
● BTG Pactual, Dalma Capital, Elevated Returns and Alliance Investments represent a huge
opportunity for adoption in Latin America, the Middle East, Southeast Asia and the UK respectively
● By supporting $2.5B+ in potential digital securities, Tezos positions itself to become the leader in
asset tokenization and security
Case Studies

27
Harbor tokenizes $100m worth of real estate funds
● Harbor recently pivoted from helping companies issue security tokens to helping them tokenize
existing securities, starting with the issuance of tokens representing the shares of four real estate
funds worth $100 million.
● Harbor outlines the significant benefits of tokenizing Real Estate funds:
○ “Real estate funds are part of the nearly $9 trillion alternative assets market. These private
securities are almost completely illiquid today, in large part because of the transfer cost, legal
process, friction, and escrow delay in the current paper-based transfer processes...
○ … a transition to digital private securities backed by blockchain technology brings efficiencies
and automation to the secondary transfer process, allowing issuers to lift transfer restrictions
while maintaining total compliance with laws and control of the process.”
Case Studies
iCap Equity Unlocks Liquidity for over $100M in Real Estate Debt Funds using Blockchain-Enabled Harbor Platform

28
Santander completes first end-to-end tokenized bond
● On September 12, 2019, the Spanish Banco Santander issued a 20M USD tokenized bond with
one year to maturity. The bond carries a quarterly coupon rate of 1.98%, which will be paid out in
tokens. The bond was purchased by a business unit of the overall Santander group, with other
aspects of the organization acting as custodian, dealer, and tokenization agent
Case Studies
● While this transaction was internal to the
bank, it demonstrates the potential of
tokenization to make financial transactions,
according to Santander, “faster, more
efficient, and simpler”
John Whelan, Head of Digital Investment
Banking, elaborates on the potential impact:

29
Franklin Templeton proposes tokenized money market fund
● Franklin Templeton, a global investment fund with nearly $700B in assets under management,
announced that they will be launching a tokenized money market fund. The token is constructed to
maintain a stable price of $1.00 and invest at least 99.5% of its AUM in government securities,
cash, and repurchase agreements that are fully collateralized by government securities or cash
Case Studies
● This is one of the first true steps into the world of tokenization and lays the groundwork for a
potential swell of asset managers introducing the concept of a “tokenized” security to their large
pool of potential investors. In comparison to Facebook’s Libra, which received significant
regulatory backlash, Franklin Templeton’s has taken a different approach to issuing a stablecoin:
○ “We believe a registered money market fund that is backed by hard assets and registered
with the SEC under the Investment Company Act of 1940, with its shares existing as native
digital assets on a blockchain and held in a digital wallet, can be an ideal stable digital asset
to be used in the new economy.” Franklin Templeton proposes tokenized government money market fund

30
Fluidity introduces Tokenized Asset Portfolio (TAP)
● Fluidity executed a pilot using U.S. Treasury securities as underlying collateral in the MakerDAO’s
multi-collateral Dai system, with the intention of leveraging the same framework for other assets,
like real estate and corporate bonds. At the core of the model is a special purpose vehicle (SPV)
that holds the asset, generating a token that represents a share of the T-Bill collateral. The token
is then used as collateral in a collateralized debt position to generate Dai
Case Studies
● This experiment is one of the first to bridge
legacy finance with the emerging
decentralized financial ecosystem and
introduces an additional form of collateral to
support MakerDAO and the DeFi ecosystem

31
Morningstar announces two products for debt securities
● The credit rating agency Morningstar announced plans to be the first agency to rate blockchain
based debt instruments
● The agency is working on two debt securities related blockchain products - a smart contract oracle
to issue a credit rating on-chain and an on-chain rating model for investors to test the quality of
their own investments
Case Studies
● Blockchain based debt has the potential to make debt issuances more efficient, making it possible
for organizations to issue debt on a smaller scale without sacrificing profit
● As a major player in the credit rating space, Morningstar can bring legitimacy to blockchain based
debt issuances and speed their adoption

32
Fundament secures BaFin approval to tokenize real estate bonds
● Fundament, a German security token issuance platform, received approval from regulatory agency
BaFin to distribute the country’s first tokenized real estate bond
○ The bond will have an issued volume of €250 million, and a minimum investment of €1
● In October 2019, Fundament also announced a partnership with leading German real estate
developer Bauwens to tokenize billions of dollars’ worth of real estate across Germany
● In November the firm announced a partnership with the Tezos Foundation to use the Tezos
blockchain for security token issuance, signalling another large allotment of digital securities to be
represented on the platform
● BaFin has previously approved multiple compliant digital security activities, including BitBond’s
tokenized bonds, demonstrating a potentially friendly environment for digital security innovation
Case Studies

About TQ Tezos and Wave Financial
SECTION FOUR:

34
TQ Tezos (TQ) powers assets & applications in the Tezos ecosystem
TQ Tezos | Overview
TQ Tezos is
a: Institutional-grade blockchain solutions developer
TQ Tezos designs and develops solutions for enterprises, with a
focus on security and durability across technological generations.
Technology expert with end-to-end engineering
capabilities and protocol experience
A core member of the Tezos ecosystem, our software
development team develops the building blocks for the global
ecosystem to thrive.
Global source of protocol intelligence
TQ's integration across global digital securities projects uniquely
positions our team to operate with insight at the core, while
facilitating product development for our partners at global speed
and scale.
TQ supports adoption of Tezos by
partnering with start-ups and
enterprises across a wide variety of
initiatives with blockchain innovation
at the core. The New York-based
team develops institutional-grade
software products based on open-
source infrastructure.
As the entrypoint for Tezos, the TQ
Tezos team enables partners to
efficiently access our vetted network
vendors.
Want to learn more about Tezos? Contact Chris Lawlor at: chris@tqgroup.io

35
Tezos is a blockchain protocol designed to be: Secure. Upgradable. Built to last.
TQ Tezos | About Tezos
Designed with governance in mind to deliver:
Institutional-grade Smart Contracts
Tezos smart contract languages are designed by experts in the
fields of both finance and programming language design
facilitating institutional-grade security through formal verification.
Continuity & Upgradeability
Tezos is architected to remain state-of-the-art — its modular
architecture and formal upgrade mechanism enable continuous
upgradability, allowing it to incorporate new innovations in
computer science.
Open Participation
All stakeholders may participate in network upgrades by
evaluating, proposing, or approving amendments. They help to
secure the network (via baking or delegating) and avoid being
diluted by inflation.
Tezos is an open-source smart
contract platform for assets and
applications backed by a global
community of validators, researchers,
and builders.
Tezos addresses key barriers facing
blockchain adoption to date: smart
contract safety, long-term
upgradability, and open participation.
Want to learn more about Tezos? Contact Chris Lawlor at: chris@tqgroup.io

Hard Asset Funds
Kentucky Whiskey 2020
Investment vehicle providing
exposure to barrelled Kentucky
whiskey in tokenized fund format.
Future roadmap includes Hard
Asset Funds offering exposure to
Japanese race horses, rare art,
and real estate.
Wave Financial is a diversified asset manager built to bridge the gap between institutional capital
and the digital asset markets using liquid, tradeable private funds.
Wave Financial Group | Wave Funds
36
Active Funds
Wavemaker Genesis
Early-stage crypto hedge fund started
by the Founder of Wavemaker
Partners, a ~$400M AUM traditional
VC.
Wavemaker Genesis is a crypto hedge
fund that invests in both equity and
tokens of early stage companies and
invests its dry powder in ‘Large Cap’
cryptocurrencies.
Index Funds
Select 20 Index
Offering exposure to the 20 largest
crypto-assets by market weight in
one convenient tokenized fund.
Wave Index funds offer “Smart
Beta” management, using lending,
staking, registering, and other
crypto-native passive strategies to
drive index-beating returns.
Yield Funds
BTC Income & Growth
Wave pioneered the packaging of
crypto volatility into high-yielding
funds, starting with Bitcoin.
Wave has been approached by
multiple protocols to develop similar
products, and is currently in the
process of creating novel derivatives
markets for a top protocol.
**Wave Financial LLC, a California Registered Investment Adviser is the Investment Manager of the Funds

37PRIVATE & CONFIDENTIAL, NOT FOR
DISTRIBUTION
Lending
Wave employs robust lending
relationships to support “Smart Beta”
across our Index Funds.
These institutional relationships can be
further used to maximize lending yields
for Treasury clients.
Wave Financial Group | Wave Treasury
Wave Financial is a California Registered Investment Advisor (CRD#: 292343)*, offering treasury
management services to a range of clients using bespoke strategies in managed accounts
Cash Management
The Wave team brings a deep
traditional finance expertise to our
clients across all the Wave Funds.
We provide on-demand access
designed for unparalleled cash
management, hedging, and other
investment strategies.
Derivative Strategies
Wave pioneered the use of crypto-
derivatives to generate income in our
line of Yield Funds.
We can offer tailored risk profiles to
high net worth and corporate Treasury
clients utilizing custom derivative
strategies.
*For more information on Wave Financial LLC’s Registered Investment Advisor status, see the SEC website here https://www.adviserinfo.sec.gov/Firm/292343

DAVID SIEMER
CEO
david@wavegp.com
TOM LOMBARDI
Director
tom@wavegp.com
BENJAMIN TSAI
President
ben@wavegp.com
Wave Financial, LLC, a Registered Investment Advisor in the state of California. Registration with the SEC or state authority does not imply a certain level of skill or
training. Additional information about Wave Financial, LLC and licensed associated persons is available on the SEC’s website at www.adviserinfo.sec.gov
ROY LEARNER
Associate
roy@wavegp.com
ANDREW BALLINGER
Analyst
andrew@wavegp.com

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