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Legally: only Trek Forge Ltd (or its nominee/custodian) may submit a redemption request to the trustee; 'on-chain holders and holders of Exchange Account Entitlements have no entitlement to access Redemption or burning functionalities in the ordinary course' (cl. 4.1(a)). Direct redemption against the trustee is available only after a Direct Redemption Contingency and then only subject to the trustee's KYC/KYT, proof of entitlement and express register update. 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