Warrants cost a fraction of the price of their underlying security and give the buyer the right (but not the obligation) to buy ("Calls") or to sell ("Puts") this underlying security at a predetermined price (the Strike or Exercise Price) on or before a predetermined date (the "Expiry" or "Completion" Date). The underlying securities can be shares, baskets of shares, commodities, international currencies or share price indices. The act of using the right given by the warrant is referred to as "Exercise". Warrants are classified as either American or European style, meaning that they can be exercised at any time during the life of the warrant (American style) or only on the expiry date (European style). Almost all of our warrants are American Style. The warrant investor gains economic exposure to this underlying security without actually owning it.