The Estee Lauder Companies xStock · tracks EL · Stock
You own a claim secured over collateral — not the underlying share itself.Eligible holders can redeem through the issuer. The issuer or its operator can reclaim, freeze or pause tokens on-chain.
A complete pagination read returned 826 symbol rows while the exact-mint product registry contained 828 products. FGDLx and NWGx were absent; the endpoint is also symbol-keyed rather than bound to an exact Solana mint.
Why it mattersA reserve row cannot be assumed to exist merely because a token is in the issuer’s registry, and the endpoint’s own total cannot be used as its coverage denominator.
Observed
What you own
Claim depth
rung 2 of 4 — secured claim on collateral
Legal form
Tracker certificate§
confirmed
Each xStock is a bearer debt instrument classified as a tracker certificate. It provides economic exposure to…
yes — Investor Put Option exercisable at any time by any Investor, but… · rails: The prospectus Investor Put route is cash settlement in the Settlement… · fees: Per-product (TSLAx product page): issuance/redemption up to 0.50% of…§
confirmed
Any Investor may either by itself or through its financial intermediary maintaining the relevant securities…
Finalized getMultipleAccounts across the issuer's 828-address registry on 2026-09-20 found one shared mint…
Confirmed DeFi use
None confirmed. No exact-mint integration was found in the protocol registries, live pools and asset-specific products checked. This is not proof that private or unindexed contracts do not use the token.
DeFi composability
No confirmed collateral route
No checked protocol currently accepts this exact token as programmatic collateral.
The certificate is transferable and can be held or seized by a protocol, but liquidation is not fully autonomous: the protocol must handle pause, rebase and permanent-delegate risk, while direct cash redemption requires KYC and can be rejected on compliance grounds.
Technical custody
Lockable with extension-aware accounting
Economic control after default
The lender can seize and sell; redemption is gated
Programmatic collateral today
No checked protocol currently lists this exact token as programmatic collateral.
Can seizure become cash?
Conditional — issuer redemption requires KYC/AML and is not an autonomous smart-contract exit.
Autonomous market exit
No exact-token DEX pool is confirmed; an autonomous market exit is not established.
Template: Swiss ledger-based tracker certificate with per-product collateral pledge · token-2022 · pausable + clawback + rebase. “Can recover” means an issuer has the capability, not a duty to act.
No holder allowlist is active, so a program-controlled account can hold the token. The protocol must support scaled balances and pausing, and must accept that the permanent delegate can move or burn the collateral without the escrow's signature.
Borrower defaultconditional
Can the lender seize and realise value?
The lender can seize and sell; redemption is gated
The token is a transferable bearer ledger-based security, so the contract can transfer or sell it after default while the mint is open. Direct redemption for cash is not autonomous: the lender must pass KYC/AML and the issuer may reject a request on negative findings.
Protocol hackedissuer-may-recover
Can the transfer be stopped or reversed?
Clawback may reverse a theft
The permanent delegate and pause authority can technically contain or reverse a hacked transfer. Assistance is discretionary rather than a protocol right, and the same powers can reverse the protocol's own custody or liquidation outcome.
Access or key lossdiscretionary-recovery
Can a stranded balance be recovered?
Issuer action can rescue a stranded token
The permanent delegate can technically move or burn a balance in an inaccessible account. A replacement or redemption still depends on the issuer accepting the claimant, completing compliance checks and exercising that power.
Verification
Strength
4 of 5 — on-chain PoR
Type
Chainlink por§
confirmed
This combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The…
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
documented — the source’s own words, read and quoted
inferred — our reading of the structure, not the source’s words
asserted — written down, nobody has checked since
unknown — nothing found for the fields this link rests on
Line — how it was checked
onchain — read off the ledger
attested — a third party vouches for it
self-reported — only the issuer says so
none — not verifiable from where we stand
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=tracker-certificate…
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Investor Put Option exercisable at any…
redemption.availableconfirmed
redemption.eligibilityconfirmed
redemption.railsconfirmed
redemption.feesconfirmed
redemption.kycconfirmed
redemption.minimumconfirmed
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmed
transferRestrictions.kycToHoldconfirmed
transferRestrictions.mechanismconfirmed
keyGovernance.freezeconfirmed
keyGovernance.delegateunverified
knownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…
dividendsconfirmed
corporateActionsconfirmed
keyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Handled by an on-chain…
corporateActionsconfirmed
keyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · attested
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmed
pricing.arbitrageableconfirmed
custodyVerification.typeconfirmed
custodyVerification.agentconfirmed
custodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Base Prospectus approved by…
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing comes back as of right. The prospectus says that if your private key is lost or compromised neither the network nor the Issuer can restore it, and the…
[1] · p. 107, Terms and Conditions clause II 'Form… · read 18 Sep 2026
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
No recourse from anyone in the chain. The terms exclude the Issuer's and every agent's liability for fraud, theft and cyber-attacks, and let the Redemption…
[1] · p. 123, Terms and Conditions clause XVII… · read 18 Sep 2026
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
No document deals with succession. If your heirs get the keys they can hold and sell the tokens with nobody's permission, because the instrument is bearer and…
[1] · the only mention of a deceased holder is the… · read 18 Sep 2026
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
The issuer can comply and says it will do so only under compulsion: the Registration Agreement contemplates a freeze or burn power exercisable by the Tokenizer…
[1] · p. 108, Terms and Conditions clause II… · read 18 Sep 2026
documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
You keep the token and can still sell it on the secondary market — transferability is unrestricted and the issuer does not police secondary buyers — but you…
[1] · pp. 53-54, s. 2.6.4 'Compliance' · read 18 Sep 2026
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Your tokens become immobile rather than confiscated: the Registration Agreement lets the smart contract block transfers to and from addresses flagged as…
[1] · pp. 106-107, Terms and Conditions clause II… · read 18 Sep 2026
Wallet or venue
documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
You carry the venue's credit risk. Kraken's own disclosure tells you that holding xStocks exposes you to the solvency of Kraken as 'the broker and initial…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
You can leave. Kraken supports withdrawal to self-custody on Solana, Ethereum, TON or Ink and the tokens are freely transferable, so a delisting pushes you to…
[3] · 'Can I withdraw xStocks to a crypto wallet?' · read 18 Sep 2026
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
Two different freezes. Your issuer platform account can be suspended or closed at any time without cause on three days' notice, and immediately for suspected…
[4] · Terms of Service (last updated 18 November… · read 18 Sep 2026
documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
The documents give the issuer no general right to take your tokens: burning is limited to securities the Tokenizer itself holds, and any extension to holders'…
[1] · p. 106, Terms and Conditions clause II… · read 18 Sep 2026
documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
The risk is disclosed and the loss is allocated to you. The prospectus says a bug or breach may cause 'unintended minting' that dilutes holders, and clause…
[1] · p. 34, s. 2.3.5.3 'Software related Risks' · read 18 Sep 2026
documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
The Issuer and its Tokenizer control the code and the ledger: they may update the smart contract, amend or substitute the Securities Ledger and migrate the…
[1] · p. 107, Terms and Conditions clause II… · read 18 Sep 2026
documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
The multiplier is produced by an automated mechanism fed by oracles the Tokenizer operates, expressly 'without involvement of the Issuer', and the issuer's…
[1] · p. 116, Terms and Conditions clause VI. vi… · read 18 Sep 2026
Token issuer
documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
Insolvency is a Realization Event: the Security Agent blocks the issuer from the collateral accounts, liquidates that product's collateral and pays holders a…
[1] · pp. 124-125, Terms and Conditions clause XXII… · read 18 Sep 2026
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
The issuer can terminate an entire product at a date of its choosing for no stated reason, with at least 30 business days' notice — by e-mail only if you…
[1] · pp. 113-114, Terms and Conditions clause VI… · read 18 Sep 2026
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
Your counterparty can be swapped without you. The Issuer may substitute itself as debtor with a new SPV at any time without holder consent, provided the new…
[1] · p. 127, Terms and Conditions clause XXIV… · read 18 Sep 2026
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
A shortfall in the non-share collateral must be cured by the next business day; if it persists for five consecutive business days the products mature…
[1] · p. 125, Terms and Conditions clause XXII. i… · read 18 Sep 2026
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
You have very little. Redemption is conditional on completing the issuer's KYC/AML and the issuer may reject any request on negative findings 'with no…
[1] · pp. 111-112, Terms and Conditions clause VI. i… · read 18 Sep 2026
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Yes, unilaterally, and you get no exit right. The issuer may amend the Final Terms without holder consent to correct manifest errors or clarify uncertainty…
[1] · p. 129, Terms and Conditions clause XXVII… · read 18 Sep 2026
Tokenization provider
documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
The issuer cannot operate the product alone and says so: it has no employees and no independent technical capability and depends on the Payward Group's…
[1] · p. 114, Terms and Conditions clause VI. iii… · read 18 Sep 2026
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
There is no transfer agent in this structure, so the failure cannot arise. The blockchain is the register, and no party — issuer, holder, security agent…
[1] · p. 82, s. 4.1.1 and p. 84, s. 4.1.6 (repeated… · read 18 Sep 2026
Security agent or trustee
documentedThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
You cannot enforce the pledge yourself: by acquiring the product you appoint the Security Agent as your direct representative and may exercise your collateral…
[1] · p. 123, Terms and Conditions clause XVI… · read 18 Sep 2026
Custodian or prime broker
documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
Accounts are meant to be segregated, in the issuer's name and pledged to the Security Agent, but the prospectus says outright that a custodian's insolvency…
[1] · pp. 28-29, s. 2.3.1.2 'Counterparty Risk' · read 18 Sep 2026
documentedThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
Where the Final Terms permit it, your product's shares can be lent to Alpaca Securities as Prime Borrower: they leave the collateral account, are released from…
[1] · p. 76, s. 3.14 'Lending of Underlyings' · read 18 Sep 2026
Attestor or oracle
unknownThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
We could not establish who is liable for a wrong, stale or discontinued reserve attestation, what triggers a re-attestation, or what a holder could do about…
read 18 Sep 2026
Underlying company
documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?
You end up with cash at a value the issuer determines, not with the acquirer's shares. A merger is handled through the Adjustment Event machinery: the issuer…
[1] · p. 118, Terms and Conditions clause IX. i… · read 18 Sep 2026
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
The product is terminated and cashed out at a value the issuer determines. If the underlying ceases to be traded or publicly quoted and is not immediately…
[1] · p. 119, Terms and Conditions clause IX. iii… · read 18 Sep 2026
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You take no part in a shareholder recovery. The token carries no claim to the shares and no right to any surplus on liquidation of the underlying company; what…
[1] · pp. 108-109, Terms and Conditions clause III… · read 18 Sep 2026
documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
Splits, reverse splits and reinvested dividends are mirrored by a multiplier applied automatically to every wallet, published on-chain before the event takes…
[1] · p. 116, Terms and Conditions clause VI. vi… · read 18 Sep 2026
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
You never receive cash: the custodian collects the dividend and it is reinvested into more of the same share, net of withholding tax, appearing as a multiplier…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
Tax is withheld upstream and you cannot reclaim it. Dividends are reinvested net of withholding — Kraken states the rebase is computed on the net dividend…
[1] · p. 122, Terms and Conditions clause XII… · read 18 Sep 2026
n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
This case cannot arise for xStocks as constituted: every underlying is an already-listed equity or ETF, so there is no pre-IPO holding, no liquidity-event…
[1] · p. 90, s. 4.6 'Information concerning the… · read 18 Sep 2026
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
You cannot vote and you get no shareholder information. The prospectus excludes all shareholder rights, and the issuer's docs and Kraken's disclosure repeat…
[1] · p. 83, s. 4.1.6 'Rights attached to the… · read 18 Sep 2026
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
The issuer decides. A suspension or limitation of trading that prevents the price being determined is a Market Disruption Event: the valuation day is…
[1] · p. 117, Terms and Conditions clause VII. iii… · read 18 Sep 2026
Law, regulator and courts
documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
Regulatory action is a termination trigger, not a protection. The issuer may exercise a 'Regulatory Call' and redeem an entire product if performing it becomes…
[1] · p. 114, Terms and Conditions clause VI. iii… · read 18 Sep 2026
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
Reclassification or illegality is the issuer's exit, not yours: it may terminate the whole product under the Regulatory Call and cash you out, and the…
[1] · p. 32, s. 2.3.3.1 'Changes of the Regulatory… · read 18 Sep 2026
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
Jersey law and the non-exclusive jurisdiction of the Jersey courts, against an SPV with £100 of share capital that the prospectus says is not profitable and…
[1] · p. 129, Terms and Conditions clause XXVIII… · read 18 Sep 2026
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
Deadlines move and the issuer decides. A suspension that stops the price being determined postpones the valuation day, the Tokenizer may pause all transfers…
[1] · p. 119, Terms and Conditions clause IX. ii… · read 18 Sep 2026
permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning
The certificate is transferable and can be held or seized by a protocol, but liquidation is not fully autonomous: the protocol must handle pause, rebase and permanent-delegate risk, while direct cash redemption requires KYC and can be rejected on compliance grounds.