Utilisation Rate

The utilization rate refers to the ratio of aggregate nominal amount of ETF shares held in the USTY Vault to the aggregate outstanding nominal amount of USTY, expressed as a percentage of the aggregate outstanding nominal amount of the USTY. A higher utilization rate signifies that a greater proportion of USTY are invested into ETF. The utilization rate is targeted at a minimum of 95%. Note, however, that the actual utilization rate may fluctuate due to new deposits, redemptions, and portfolio rebalancing. The actual yield of USTY is dependent on the utilization rate and the NAV of the ETF.