The Issuer (DigiFT) issues Depository Receipts Tokens to raise funds solely for subscription to Class A Shares of PrimeX. PrimeX will then invest in an intermediate US Fund that holds an indirect economic interest in securities of Space Exploration Technologies Corp. (commonly known as SpaceX) via a Forward Sale Agreement (FSA). The strategy is a passive, buy-and-hold, fund-of-funds approach.
The PrimeX’s investment objective is to achieve capital appreciation by investing all or substantially all of its assets in units or participations in a privately offered vehicle (the Portfolio) which has been established for the primary purpose of investing in SpaceX. PrimeX’s only investment will be in a specific portfolio or vehicle managed by a third party, established with the objective of gaining exposure to SpaceX. The Portfolio, which is externally managed in a recognised fund jurisdiction (USA), will invest directly or indirectly in SpaceX, either through direct shareholdings or through underlying subsidiary entities or holding structures as appropriate.