15. What is a series consolidation?

A series consolidation happens when the issuer consolidates multiple series into one. During the year the series would have been offered at different NAVs. The advantage of doing this is that tokens are immediately issued at the end of the subscription phase at a pre-determined NAV that investors are aware of, instead of the NAV being computed only after an investor has already subscribed / redeemed. To avoid having too many series in issuance, the issuer consolidates them at the end of the fiscal year, or as often as the Fund documents allow.