AfricaRhodium ETFs are backed by physical rhodium, stored and insured in secured custodian vaults. Each rhodium ETF will have recourse to
good delivery rhodium bars. The rhodium is segregated, individually identified and allocated in secured vaults.
Africa ETF is not allowed to introduce any outside risks into the rhodium ETFs including leasing of the precious metals. Each rhodium ETF unit
has an entitlement to an amount of rhodium and is referred to as the metal entitlement factor (or asset allocation factor). The metal entitlement
factor changes daily to reflect the ETF’s management fee.