Pledge
Locks your units in favour of a beneficiary: they stay yours and keep accruing (unless you route the income to the beneficiary), they cannot be transferred, and the beneficiary may release at any time — or take them, if exercisable.
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Your encumbrances
none on your positions
Release
As the beneficiary, or as the holder once the holder-release-after time has passed.
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Exercise
As the beneficiary of an exercisable pledge: take units (the policy is checked on you).
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