Initial Coin Offering – Equivalent to IPO.

Security Token Offerings - Unlike their utility token counterparts, security tokens are tied to real
securities, which may represent tokenized assets. In certain cases, these tokens can represent
actual equity, acting as “digital shares” of a company. Although not necessarily tied to equity in
all cases, security tokens can be used to fractionalize ownership in a variety of assets ranging
from real estate to fine art. In effect, they can grant token holder an array of rights. This may
mean equity ownership, periodic dividends, cash flows, debt repayments, voting rights and
more.

CFD - A contract for differences (CFD) is an arrangement made in a futures contract

whereby differences in settlement are made through cash payments, rather than by
the delivery of physical goods or securities. This is generally an easier method of
settlement, because both losses and gains are paid in cash. CFDs provide investors
with the all the benefits and risks of owning a security without actually owning it.
ETF – Exchange Traded Fund, An ETF, or exchange-traded fund, is a marketable
security that tracks an index, a commodity, bonds, or a basket of assets like an index
fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange.
ETFs experience price changes throughout the day as they are bought and sold.
ETFs typically have higher daily liquidity and lower fees than mutual fund shares,
making them an attractive alternative for individual investors.

Because it trades like a stock, an ETF does not have its net asset value (NAV)
calculated once at the end of every day like a mutual fund does.

Hedge Funds - Hedge funds are alternative investments using pooled funds that
employ numerous different strategies to earn active return, or alpha, for their
investors. Hedge funds may be aggressively managed or make use
of derivatives and leverage in both domestic and international markets with the goal
of generating high returns (either in an absolute sense or over a specified market
benchmark).

Spot Market - The spot market or cash market is a public financial market in which financial
instruments or commodities are traded for immediate delivery. It contrasts with a futures market, in
which delivery is due at a later date. In a spot market, settlement normally happens in T+2 working
days, i.e., delivery of cash and commodity must be done after two working days of the trade date. A
spot market can be through an exchange or over-the-counter (OTC). Spot markets can operate
wherever the infrastructure exists to conduct the transaction.

NDF - In finance, a non-deliverable forward (NDF) is an outright forward or futures

contract in which counterparties settle the difference between the contracted NDF price
or rate and the prevailing spot price or rate on an agreed notional amount. It is used in
various markets such as foreign exchange and commodities.
Fund of Funds - A fund of funds (FOF) – also referred to as a multi-manager
investment – is an investment strategy in which a fund invests in other types of
funds. This strategy invests in a portfolio that contains different underlying assets
instead of investing directly in bonds, stocks and other types of securities.

SEC – Security and Exchange Commission

Arbitrage - In economics and finance, arbitrage (/ˈɑːrbɪtrɑːʒ/, UK also /-trɪdʒ/) is the practice of
taking advantage of a price difference between two or more markets: striking a combination of
matching deals that capitalize upon the imbalance, the profit being the difference between
the market prices.