TOBAM is an asset management company offering innovative investment capabilities designed to increase diversification. The inability of the Custodian to operate because of a failure of hardware, software or personnel or an inability to access the Ethereum Network e. The Ethereum foundation declined to comment to Forbes, the first network to report on the story.

Ethereum Considerations

Such a restriction could result in the termination and liquidation of the Trust at a time that is disadvantageous to the holders of Shares, or may adversely affect an investment in the Shares.

Bank Secrecy Act or licensing or other registration of the Trust as a money transmitter or equivalent designation under state law in any state in which the Trust operates, compliance with these requirements would result in extraordinary expenses to the Trust or the termination of the Trust.

Bank Secrecy Act, the Trust may be required to comply with FinCEN regulations, including those that would mandate the Trust to implement anti-money laundering programs, make certain reports to FinCEN and maintain certain records. In numerous other states, including Connecticut, North Carolina, New Hampshire and New Jersey, legislation is being proposed or has been introduced regarding the treatment of Digital Assets.

Such additional federal or state regulatory obligations may cause the Trust to incur extraordinary expenses, possibly affecting an investment in the Shares in a material and adverse manner. Furthermore, the Trust and its service providers may not be capable of complying with certain federal or state regulatory obligations applicable to MSBs and MTs.

If the Sponsor is deemed to be subject to and determines not to comply with such additional regulatory and registration requirements, the Sponsor will act to dissolve and liquidate the Trust. Current and future legislation, CFTC and SEC rulemaking and other regulatory developments, including interpretations released by a regulatory authority, may impact the manner in which ether is treated for classification and clearing purposes.

As of the date of this Prospectus, the Sponsor is not aware of any proposals to regulate ether as commodity futures or securities. The Sponsor and the Trust cannot be certain as to how future regulatory developments will impact the treatment of ether under the law.

To the extent that ether is deemed to fall within the definition of a commodity future pursuant to subsequent rulemaking by the CFTC, the Trust and the Sponsor may be required to register and comply with additional regulation under the CEA, including additional periodic report and disclosure standards and requirements.

Moreover, the Sponsor may be required to register as a commodity pool operator and to register the Trust as a commodity pool with the CFTC through the National Futures Association. Such additional registrations may result in extraordinary expenses of the Trust, and adversely impact the value of the Shares. If the Sponsor determined not to comply with such additional regulatory and registration requirements, the Sponsor would dissolve and liquidate the Trust.

To the extent that ether is deemed to fall within the definition of a security pursuant to subsequent rulemaking by the SEC, the Trust and the Sponsor may be required to register and comply with additional regulation under the Investment Company Act, including additional periodic reporting and disclosure standards and requirements and the registration of the Trust as an investment company.

Moreover, the Sponsor may be required to register as an investment adviser under the Investment Advisers Act of If federal or state legislatures or agencies initiate or release tax determinations that change the classification of ether as property for tax purposes in the context of when such ether is held as an investment , such determination could have negative tax consequences for the Trust or the holders of the Shares.

Current IRS guidance treats and taxes Digital Assets such as ether as property, and treats transactions involving the payment of Digital Assets for goods and services as barter transactions. While this treatment creates a potential tax reporting requirement in any circumstance where the ownership of ether passes from one person to another, usually by means of ether transactions, it allows for the possibility of capital gains treatment.

A number of states have issued their own guidance regarding the tax treatment of Digital Assets for state income or sales tax purposes. The agency determined that New York State would follow IRS guidance with respect to the treatment of Digital Assets such as ether for state income tax purposes.

If a state adopts a different treatment, such treatment may have negative consequences for investors in ether, including the potential imposition of a greater tax burden on investors in ether or the potential imposition of greater costs on the acquisition and disposition of ether. In either case, such different tax treatment may potentially have a negative effect on prices in the Ether Exchange Market and a negative impact on the value of the Shares.

To the extent a foreign jurisdiction with a significant share of the market of ether users imposes onerous tax burdens on ether users, or imposes sales or value added tax on purchases and sales of ether for fiat currency, such actions could result in decreased demand for ether in such jurisdiction, which could impact the price of ether and negatively impact an investment in the Shares.

Accounting standards may also change, creating an obligation to accrue for a tax liability that was not previously required to be accrued for or in situations where it is not expected that will directly or indirectly be ultimately subject to such tax liability. Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.

The Sponsor will manage the business and affairs of the Trust. Conflicts of interest may arise among the Sponsor and its affiliates , on the one hand, and the Trust and holders of the Shares, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. These potential conflicts include, among others, the following: By investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement.

Shareholders cannot be assured that the Sponsor will be willing or able to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust and a substitute sponsor has not been appointed, the Administrator would terminate the Trust and liquidate the ether held by the Trust.

Because a substitute sponsor may have no experience managing a Digital Asset ETP, a substitute sponsor may not have the experience, knowledge or expertise required to ensure that the Trust will operate successfully or to continue to operate at all. Therefore, the appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the Administrator may determine to terminate the Trust. Holders of Shares may be adversely affected by the lack of independent advisers representing investors in the Trust.

The Sponsor has consulted with counsel, accountants and other advisers regarding the formation and operation of the Trust. No counsel has been appointed to represent an investor in connection with the offering of the Shares. Accordingly, an investor should consult his, her, or its own legal, tax and financial advisers regarding the desirability of an investment in the Shares. Lack of such consultation may lead to an undesirable investment decision with respect to investment in the Shares.

Holders of Shares have no voting rights. Under the Trust Agreement, Shareholders have no voting rights, and the Trust will not have regular Shareholder meetings. Shareholders only vote on such matters and at such times as determined by the Sponsor. Accordingly, Shareholders do not have the right to authorize actions, appoint service providers or take other actions as may be taken by shareholders of other trusts or companies where shares carry such rights.

The Sponsor may take actions in the operation of the Trust that may be adverse to the interests of Shareholders. Proceeds received by the Trust from the issuance and sale of Baskets will consist of cash, and in some instances, may consist partially or wholly of ether.

Cash proceeds will be received by the Cash Custodian and transferred to the Sponsor to purchase ether for the Trust. Introduction to Ether and the Ethereum Network. Ether is a Digital Asset that is issued by, and transmitted through, the decentralized, open source protocol of the peer-to-peer Ethereum Network. The Ethereum Network is a decentralized network of computers that run applications on a custom built blockchain that enables developers to create markets, store registries of debts or promises, represent the ownership of property, and move funds in accordance with instructions given in the past, all without the involvement of a middle man or counterparty.

The Ethereum Network also allows users to write and put on the network smart contracts—that is, general-purpose code that executes on every computer in the network currently over 6, computers and to create additional virtual currencies.

Operations are executed automatically on the blockchain and cost ether. A beta version of its live blockchain was publicly launched in July , and the initial production version was launched in March Ethers are also created for the miners of a block in the blockchain. Ether is also used to pay for transaction fees and computational services on the Ethereum Network; clients of the platform use ether to pay for the use of the machines executing the requested operations.

It is an incentive designed to ensure that developers write quality applications because wasteful code costs more and that the network remains healthy by compensating people for their contributed resources.

Ether can be used to pay for goods and services, including computational power on the Ethereum Network, or it can be converted to fiat currencies, such as the U. The Ethereum Network software source code includes the protocols that govern the creation of ether and the cryptographic system that secures and verifies ether transactions.

The blockchain records every ether, ether balances, and every ether address associated with a quantity of ether. The Ethereum Network and its software programs determine the exact ether balance, if any, of any public ether address listed in the blockchain as having taken part in a transaction on the Ethereum Network. Mining is the act of using a computer to run computations designed to help build the next block in the Ethereum blockchain. As a computer solves a complex computational calculation related to the building of a block, its owner rewarded with Ether tokens.

Each new block records outstanding ether transactions, and outstanding transactions are settled and validated through such recording, the blockchain represents a complete, transparent and unbroken history of all transactions of the Ethereum Network. Each ether transaction is broadcast to the Ethereum Network and recorded in the blockchain.

The Ethereum Network is decentralized and does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of ether. The value of ether is determined by the supply of and demand for ether on the Ether Exchanges or in private end-user-to-end-user transactions. In order to own, transfer or use ether, a person generally must have internet access to connect to the Ethereum Network.

Ether transactions may be made directly between end-users without the need for a third-party intermediary. To prevent the possibility of double-spending ether, a user must notify the Ethereum Network of the transaction by broadcasting the transaction data to its network peers.

The Ethereum Network provides confirmation against double-spending by memorializing every transaction in the blockchain, which is publicly accessible and transparent. Brief Description of Ether Transfers. Prior to engaging in ether transactions, a user generally must first install on its computer or mobile device an Ethereum Network software program that will allow the user to generate a private and public key pair associated with a ether address analogous to an ether account.

The Ethereum Network software program and the ether address also enable the user to connect to the Ethereum Network and engage in the transfer of ether with other users.

In an ether transaction, the ether recipient must provide its public address, which serves as a routing number for the recipient on the blockchain, to the party initiating the transfer.

The recipient, however, does not make public or provide to the sender its related private key. Therefore, if a user loses his private key, the user permanently loses access to the ether contained in the associated address. Likewise, ether is irretrievably lost if the private key associated with them is deleted and no backup has been made.

Summary of an Ether Transaction. In an ether transaction between two parties, the following circumstances must be in place: Next, the receiving party must provide the spending party with its public address and allow the blockchain to record the sending of ether to that public address.

The number of ether to be sent will typically be agreed upon between the two parties based on a set number of ether or an agreed upon conversion of the value of fiat currency to ether. Since every computation on the Ethereum Network requires the payment of ether, there is a transaction fee involved with the transfer, which is based on computation complexity and not on the value of the transfer.

After the entry of the Ethereum Network address, the number of ether to be sent and the transaction fees, if any, to be paid, the spending party will transmit the transfer. The miner becomes aware of outstanding, unrecorded transactions through the data packet transmission and distribution discussed above.

A smart contract is a collection of code its functions and data its state that resides at a specific address on the Ethereum blockchain. Contract accounts are able to pass messages between themselves as well as doing practically Turing complete computation. Contracts live on the blockchain in a Ethereum-specific binary format called Ethereum Virtual Machine bytecode.

Smart contracts can interact with other contracts, make decisions, store data, and send ether to others. Contracts are defined by their creators, but their execution, and by extension the services they offer, is provided by the Ethereum Network itself.

Creation of New Ether. Initial Creation of Ether. The initial creation of ether was in connection with a crowd funding transaction in in which 60 million ether were pre sold. Another 12 million ether were created to the development fund, most of it going to early contributors and developers and the remaining amount to the Ethereum Foundation.

All additional ether has been and will be created through the mining process. The Ethereum Network is kept running by computers all over the world. In order to reward the computational costs of both processing the contracts and securing the network, there is a reward that is given to the computer that was able to create the latest block on the chain. Every 12 seconds, on average, a new block is added to the blockchain with the latest transactions processed by the network and the computer that generated this block will be awarded 5 ether.

Limits on Ether Supply. According to the terms of the presale, the issuance of ether is capped at 18 million ether per year. The exact method of issuance and which function it will serve is an area of active research, but it is currently expected that 1 the current maximum is considered a ceiling and the new issuance under Casper will not exceed it and is expected to be much less , and 2 whatever method is ultimately picked to issue, it will be a decentralized smart contract that will not give preferential treatment to any particular group of people and whose purpose is to benefit the overall health and security of the network.

The value of ether is determined by the value that various market participants place on ether through their transactions. The most common means of determining the value of an ether is by surveying one or more Ether Exchanges where ether is traded publicly and transparently e. Ether Exchange Public Market Data. On each online Ether Exchange, ether is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.

Dollar or Euro or by the widely used crypto currency bitcoin. Forms of Attack Against the Ethereum Network. Exploitation of Flaws in the Ethereum Network. All networked systems are vulnerable to various kinds of attacks. As with any computer network, the Ethereum Network contains certain flaws. Instead, The DAO was formed as a series of smart contracts using the Ethereum Network for the purpose of making investments based on direct voting from investors and was designed to operate like a venture capital fund empowering its members to fund projects on the Ethereum Network.

While The DAO was in the process of addressing certain public identified vulnerabilities in its system, an unknown hacker diverted 3. The decentralized nature of blockchain systems makes a hard fork upgrade more difficult because hard forks in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.

In creating the hard fork, the intent was to have all users of the Ethereum Network migrate to that new fork, which would result in the ether in the old blockchain held by the hacker being rendered useless. Classic ether is now traded on several crypto currency exchanges.

In addition, the Ethereum Network itself has been subjected to a number of denial of service attacks, which led to temporary delays in block creation and in the transfer of ether. Miners range from ether enthusiasts to professional mining operations that design and build dedicated machines and data centers, including mining pools. Investment and Speculative Sector. This sector includes the investment and trading activities of both private and professional investors and speculators. Historically, larger financial services institutions are publicly reported to have limited involvement in investment and trading in Digital Assets.

While the use of bitcoin to purchase goods and services from commercial or service business is developing, ether has not yet been accepted in the same manner, presumably because of its infancy and because ether has a different purpose than bitcoin.

This sector includes companies that provide a variety of services including the buying, selling, payment processing and storing of ether. Coinbase, the Ether Custodian for the Trust, is a multi-service financial institution that provides digital wallets that store ether for users. As the Ethereum Network continues to grow in acceptance, it is anticipated that service providers will expand the currently available range of services and that additional parties will enter the service sector for the Ethereum Network.

Approximately seven hundred other Digital Assets have been developed since the inception of bitcoin, currently the most developed Digital Asset because of the length of time it has been in existence. While ether has enjoyed success in its limited history, the aggregate value of outstanding ether is much smaller than that of bitcoin and may be eclipsed by the more rapid development of other Digital Assets. Until recently, little or no regulatory attention has been directed toward Digital Assets by U.

As Digital Assets, including bitcoin and ether, have grown in popularity and in market size, the Federal Reserve Board, U. The SEC has not formally asserted regulatory authority over Digital Assets, although it has taken various actions against persons or entities misusing bitcoin in connection with fraudulent schemes i.

Commissioners of the CFTC have expressed the belief that bitcoin meets the definition of a commodity and that the CFTC has regulatory authority over futures and other derivatives based on Digital Assets, subject to facts and circumstances. On September 17, , the CFTC instituted and settled an action against Coinflip, a bitcoin derivatives trading platform.

The Coinflip order found that the respondents i conducted activity related to commodity options transactions without complying with the provisions of the CEA and CFTC regulations, and ii operated a facility for the trading of swaps without registering the facility as a SEF or DCM. The Coinflip order was significant as it is the first time the CFTC determined that virtual currencies are properly defined as commodities under the CEA. The IRS has released guidance treating bitcoin as property that is not currency for U.

Taxing authorities of a number of U. On June 28, , California repealed a provision of its Corporations Code that prohibited corporations from using alternative forms of currency or value. The bill indirectly authorizes the use of bitcoin as an alternative form of money in the state. To the extent that future regulatory actions or policies limit the ability to exchange ether or utilize ether for payments, the demand for ether will be reduced and Authorized Participants may not seek to redeem Baskets in exchange for redemption proceeds in ether.

Furthermore, regulatory actions may limit the ability of end-users to convert ether into fiat currency e. Dollars or use ether to pay for goods and services. Such regulatory actions or policies would result in a reduction of the value of ether and the price of the Shares. Among those for which preliminary guidance has been issued in some form, Canada and Taiwan have labeled bitcoin as a digital or virtual currency, distinct from fiat currency, while Sweden and Norway are among those to categorize bitcoin as a form of virtual asset or commodity.

Since December , China, Iceland, Vietnam and Russia have taken a more restrictive stance toward bitcoin and, thereby, have reduced the rate of expansion of bitcoin use in each country. In May , the Central Bank of Bolivia banned the use of bitcoin as a means of payment.

In the summer and fall of , Ecuador announced plans for its own state-backed electronic money, while passing legislation that prohibits the use of decentralized Digital Assets such as bitcoin.

In April , it was reported that the Russian Finance Ministry is considering proposing regulations that would prohibit the issuance of all Digital Assets or their use in exchange for goods or services in Russia.

Conversely, regulatory bodies in some countries such as India and Switzerland have declined to exercise regulatory authority when afforded the opportunity. In April , the Japanese Cabinet approved proposed legal changes that would reportedly treat bitcoin and other Digital Assets as included in the definition of currency.

These regulations would, among other things, require market participants, including exchanges, to meet certain compliance requirements and be subject to oversight by the Financial Services Agency, a Japanese regulator. These changes were approved by the Japanese Diet in May and are expected to be effective beginning in Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of ether by users, merchants and service providers outside of the United States and may therefore impede the growth of the ether economy.

Not a Regulated Commodity Pool. The Trust will not trade, buy, sell or hold ether derivatives, including ether futures contracts, on any futures exchange. The Trust is authorized solely to take immediate delivery of actual ether.

The Trust will not be operated by a CFTC-regulated commodity pool operator because it will not trade, buy, sell or hold ether derivatives, including ether futures contracts, on any futures exchange. In addition, investors in the Trust will not benefit from the protections afforded to investors in ether futures contracts on regulated futures exchanges. The Trust will not be actively managed. It will not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the market prices of ether.

The investment objective of the Trust is for the Shares to track the price of ether as measured at 4: The Shares are designed for investors seeking a cost-effective and convenient means of gaining investment exposure to ether similar to a direct investment in ether. A substantial direct investment in ether may require expensive and sometimes complicated arrangements in connection with the acquisition, security and safekeeping of ether and may involve the payment of substantial fees to acquire such ether from third-party facilitators through cash payments of U.

Although the Shares will not be the exact equivalent of a direct investment in ether, they provide investors with an alternative that allows them to gain investment exposure to ether.

Strategy Behind the Shares. The Shares are intended to offer investors an opportunity to participate in ether markets through an investment in securities.

On the first day of trading, each Share in the Seed Baskets will have a value equivalent to one ether. The logistics of accepting, transferring and safekeeping of actual ether are dealt with by the Ether Custodian, and the related expenses are built into the price of the Shares.

Therefore, the investor does not have any additional tasks or costs over and above those associated with dealing in any other publicly traded security. The Shares are intended to provide investors with a cost-efficient and convenient means of gaining investment exposure to ether similar to a direct investment in ether.

The Shares offer an investment that is: Eastern time, liquidity in the global ether markets may fluctuate depending upon the volume and availability of larger Ether Exchanges. As a result, during periods in which the Ether Exchanges liquidity is limited or a major Ether Exchange is off-line, trading spreads, and the resulting premium or discount, on the Shares may widen.

Presently, the Sponsor does not intend to waive any of its fees. Upon the receipt of written instructions from the Administrator, the Ether Custodian will transfer ether from the Trust Ether Custody Account to the Trust Expense Account to permit the payment of Trust Expenses not assumed by the Sponsor.

The Administrator will, when directed by the Sponsor, and, in the absence of such direction, may, in its own discretion, instruct the Ether Custodian to transfer the ether needed to pay extraordinary expenses to the Trust Expense Account. Once such ether is in the Trust Expense Account, the Administrator may direct the Ether Custodian to sell, or cause to be sold, such number of ether at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor.

The Ether Custodian will transfer ether from the Trust Ether Custody Account to the Trust Expense Account at such times and in the smallest amounts required to permit such payments as they become due. Extraordinary Expenses of the Trust. The following expenses are paid out of the assets of the Trust: The Trust will not engage in any activity designed to derive a profit from changes in the prices of ether.

New cash deposits used to purchase ether, received in exchange for additional new Baskets issued by the Trust, will not reverse this trend. The table does not show the impact of any expenses not assumed by the Sponsor that the Trust may incur. Any such extraordinary expenses, if and when incurred, will accelerate the decrease in the fractional number of ether represented by each Share. The assets of the Trust consist primarily of ether, and the Trust is expected to issue and redeem Shares from time to time only in one or more whole Baskets.

The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash represented by the net asset value of the Baskets being created or redeemed. The total amount of cash required for the creation of Baskets will be based on the combined net assets represented by the number of Baskets being created or redeemed.

The Trust will not issue or redeem fractions of a Basket. The investment objective of the Trust is for the Shares to track changes in the price of ether, as measured at 4: The Sponsor believes that, for many investors, the Shares will represent a cost-effective and convenient means of gaining investment exposure to ether similar to a direct investment in ether.

The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust. The Trust is passive and not managed like a corporation or an active investment vehicle.

The ether held by the Ether Custodian on behalf of the Trust will only be transferred out of the Trust Ether Custody Account in the following circumstances: Each transfer, delivery or sale of ether by the Trust to pay fees and expenses is a taxable event for Shareholders.

The Sponsor believes that the Trust is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the operation of the Trust.

The Trust is expected to issue or redeem Shares from time to time only in one or more whole Baskets. The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of cash, or at the discretion of the Sponsor ether, represented by the net asset value of the Baskets being created or redeemed.

Only Authorized Participants will be able to create or redeem Baskets. On the first day of trading, each Share in the Seed Baskets will be comprised of one ether, and each Seed Basket will be made up of 10, ether. Baskets may be created or redeemed only by Authorized Participants, who will be required to pay a Transaction Fee to the Trust Agency Service Provider for each order to create or redeem Baskets. Authorized Participants may sell to other investors all or part of the Shares included in the Baskets they purchase from the Trust.

The NAV of the Trust is the asset value of the Trust less its liabilities which include accrued but unpaid fees and expenses divided by the number of outstanding Shares as of 4: Investors may obtain ether pricing information twenty-four 24 hours a day from various financial information sites such as worldcoinindex. Market prices for the Shares will be available from a variety of sources including brokerage firms, information websites and other information service providers.

The Trust has no fixed termination date. The Sponsor is a Delaware limited liability company and was formed on June 15, While the Sponsor will not exercise day-to-day oversight over the Trust, the Sponsor will engage the Administrator and the Custodians to assist in in implementing the creation and redemption process for the Trust.

The Sponsor also has the right to approve any new or additional custodian that the Administrator or Custodians may wish to appoint. Management of the Sponsor. Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents, and its affiliates, including without limitation, the Custodians, and their agents. In their capacities as officers of the Sponsor, the principal executive officer and principal financial officer of the Sponsor may take certain actions and execute certain agreements and certifications for the Sponsor in its capacity as Sponsor of the Trust.

The following is biographical information for the principal executive officer and principal financial officer of the Sponsor. DiPrisco has been involved with crypto currencies such as Bitcoin and Ether through direct investment since Joseph Quintilian, Chief Financial Officer. Axiom Markets LLC provides liquidity in all futures and commodities markets. Quintilian has previously sat on the boards of the Bucknell Alumni Association and the Newmark School Fundraising board.

The Trustee is unaffiliated with the Sponsor. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section a of the DSTA that the Trust have at least one 1 trustee with a principal place of business in the State of Delaware. The duties of the Trustee will be limited to i accepting legal process served on the Trust in the State of Delaware and ii the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under the DSTA.

Coinbase will be the custodian of the ether of the Trust. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. What drives dip in bitcoin mining? Economics of pioneer cryptocurrency. Shedding some light on stimulants of crypto-avenues in through bitcoin ETFs and derivatives. Australian bonds gain on hopes of fewer Fed rate hikes; November retail sales in focus.

Singapore dollar rises gradually against U. EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information.

Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making.

None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage.

In these cases, the dynamic properties can define the fields returned in the output just as the reporting dimensions do in these examples. My name is Andrew Bender, and I am a Milwaukee entrepreneur and software developer with a penchant for overcommitting and pulling all-nighters. Research is still pending on whether those two are related. Currently my days are spent working on that's nearly outgrown the startup moniker, building software to simplify housing assignments at colleges and universities.

When not starting businesses, I enjoy west coast swing dancing, photography, brewing beer, and drinking tea, among other things. Actually, I enjoy that last one while starting businesses as well. Feel free to drop me a line with comments about this blog, general insights about life, or news on Firefly being renewed. Example Schema Consider the following schema for storing book sales: