Tokenized stocks · Shift leveraged tokens
SPCX2S
Shift SpaceX 2x Short · tracks SPCX · Leveraged
What you own
- Claim depth
- rung 0 of 4 — synthetic exposure
- Legal form
- Derivative
§
confirmedSHIFT does not synthesize leverage. SHIFT acquires the leveraged ETF 1:1 the ETF issuer (e.g. Direxion)…
shiftrwa.gitbook.io ·section heading 'Series Tokens'· read - What the holder owns
- On paper: a membership interest in a designated Series of SHIFT DAO LLC whose sole purpose is to "acquire…
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confirmedA person becomes a Member by obtaining at least one (1) TSLA Short SHFT Token, created from and constricted…
2992791489-files.gitbook.io ·p. 3, Art. III.1 'Member Eligibility'· read - Issuing entity
- SHIFT DAO LLC, a for-profit series DAO limited liability company. Each product is a separate designated…
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confirmedThis Series Operating Agreement (the “Agreement”) relates to S&P 500 X3 SHIFT (“Series 17”), a designated…
2992791489-files.gitbook.io ·p. 1, preamble· read - Jurisdiction
- Republic of the Marshall Islands. Formed under the Decentralized…
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confirmedthe Series 17 Members shall have limited liability company interests with separate and distinct rights…
2992791489-files.gitbook.io ·p. 1, recitals· read - Governing law
- Laws of the Republic of the Marshall Islands, stated in both the Terms of…
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confirmedIn accordance with §111 of the DAO Act, except for relevant government officials with reasonable grounds to…
2992791489-files.gitbook.io ·p. 6, Art. VI.2 'No Separate Rights to Access…· read - Regulatory status
- Unregistered and self-disclaiming, on top of a real company-law registration. The site-wide legal notice…
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confirmedThe Token issuer is not registered or authorized as an investment company under the U.S. Investment Company…
shift-rwa.vercel.app ·site-wide legal notice at the foot of the page· read - Redemption
- yes — Contradicted between primary documents. Each Series Operating Agreement… · rails: Documented retail path: internal membership-interest repurchase settled… · fees: Primary market: "The per-token purchase price shall equal the executed…
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confirmedRedemption. If a Member wishes to transfer their token back to the Series in exchange for funds, this is an…
2992791489-files.gitbook.io ·p. 4, Art. III.1 'Redemption'· readconfirmedCitizens, residents, and entities located in the United States and the United Kingdom are explicitly excluded…
shiftrwa.gitbook.io ·section heading 'Jurisdictional restrictions…· readconfirmedBacking operations (ETF purchases) run 24/5, in line with U.S. trading hours. User-facing trading on Jupiter…
shiftrwa.gitbook.io ·section heading 'Mint hours'· readconfirmedextensions: confidentialTransferMint, defaultAccountState, metadataPointer, pausableConfig…
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mints…· read - Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
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confirmeddefaultAccountState.accountState: initialized; transferHook.programId: null (all 8 mints)
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mints…· readconfirmedWallet-native: SPL tokens held in any Solana wallet. No exchange custody.
shiftrwa.gitbook.io ·section heading 'Key properties'· readconfirmedAny attempt by a U.S. or U.K. person to bypass these restrictions — including the use of VPNs or proxy…
shiftrwa.gitbook.io ·section heading 'Jurisdictional restrictions…· readconfirmedpermanentDelegate.delegate equals the mint's own single authority on all 8 mints (e.g. SPX3L…
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mints…· read - Dividends
- none
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confirmedMembership interests represent a limited economic interest in the Assets of the Series 17 treasury and do not…
2992791489-files.gitbook.io ·p. 4, Art. IV· read - Voting
- none
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confirmedA Series membership grants you an exclusive economic interest in the assets held by the Series treasury, but…
shiftrwa.gitbook.io ·section heading 'Do I get voting rights if I…· read - Ledger maturity
- Level 2 · score 2
Reference & premium
- On-chain price (Jupiter)
- $8.22
- How the reference is derived
- leveraged; no 1:1 reference
After-hours premium
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
Depth, volume, activity
- Volume 24 h
- $5.95
- Organic share
- 100.0% of $5.95
- Flow 24 h
- 1 trades · 1 traders · 1.0 per trader
- Venues
- 0 DEX pair(s) · 0 exchange market(s)
- Holders
- 116
- Market cap
- $3.3k
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 54.6% / 92.9% / 98.3%
- Top 1 / 5 / 20, raw
- 54.6% / 92.9% / 98.3%
- Distinct owners in the top 20
- 20
- Frozen accounts in the top 20
- 0
- Supply
- 395.72
| Owner | Share |
|---|---|
GTQv6A…yrqu | 54.65% |
4JxdC7…zBNa | 31.77% |
HPwRDn…V7Xn | 2.99% |
8JtBcG…VdbX | 2.06% |
2ZibvT…nV6N | 1.44% |
Control surface & key governance
- Clawback
- yes
- Freeze authority
4mU3jH…ToaK- Pausable
- yes
- Paused right now
- no
- Allowlist
- no
- Transfer hook
- no
- Mint authority
- Hot key
§
confirmedmintAuthority equals freezeAuthority equals permanentDelegate equals pausableConfig.authority equals…
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mints· read - Freeze authority held by
- Hot key
§
confirmedgetMultipleAccounts returns null for all eight authority addresses
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mint…· read - Permanent delegate
- Hot key
§
confirmedpermanentDelegate.delegate equals the same single per-mint key that holds mintAuthority, freezeAuthority…
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts on the 8 Shift mints…· read - Rebase authority
- Hot key
§
confirmed"extension":"scaledUiAmountConfig","state":{"authority":"76ThePy3xFjiAvEn2dxymehQJBGoD2vywfYVNgXGVJVA","multip…
api.mainnet-beta.solana.com ·rpc:getAccountInfo 7GoxZQ7gCh1mg1b3AUqd7cyPqiUp4…· read - Evidence
- Verified 2026-09-16 by RPC. Each mint has its own single authority address that simultaneously holds…
Verification
- Strength
- 1 of 5 — issuer
- Type
- Issuer statement
§
confirmedChainlink PoR runs continuously, verifying that every Series Token in circulation is backed 1:1 by the…
shiftrwa.gitbook.io ·section heading 'Chainlink Proof-of-Reserves'· read - Agent
- Chainlink Proof-of-Reserves is claimed as the verification agent; no feed…
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confirmedOracle risk: SHIFT uses Chainlink Proof-of-Reserves to verify backing on-chain. Oracle failure or…
shiftrwa.gitbook.io ·section heading 'Smart contract and oracle risk'· read - Frequency
- claimed continuous - "The feed publishes the verified reserve state…
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confirmedThe feed publishes the verified reserve state on-chain, every block.
shiftrwa.gitbook.io ·section heading 'Chainlink Proof-of-Reserves'· read - Machine-readable
- no
- Evidence
- shiftrwa.gitbook.io/shift_education/shift_learn-4
Venues
DEX pools
No DEX pool reported.
Exchange markets
No exchange market reported.
Trust chain
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 · self-reported
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=derivative…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.holder=none - no charge, pledge, lien or…
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteunverified
Issuance and redemptiondocumented · onchain
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Contradicted between primary…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycunverifiedredemption.minimumunverified
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=none…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · self-reported
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=Nothing is passed through…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · self-reported
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=platform-mark…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Unregistered and…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
The fields behind each grade, with their values, on the issuer panel
What if…
25 documented8 inferred3 unknown2 n/a
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 can be recovered and nothing is offered. The Risk Disclosure makes the private key the whole of your title and the Terms of Use say SHIFT DAO LLC…
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 of any kind is offered, and the issuer’s own defence against impostor tokens is incomplete. The Terms of Use disclaim any ability to reverse a…
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
Your heirs inherit whatever the keys can reach and nothing else. No Shift document mentions death, probate, heirs or a beneficiary; membership is defined…
inferredA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
The power exists and is unaccountable, but no clause governs it. Every mint carries a permanent delegate, a freeze authority and a global pause under one…
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?
If you become a U.S. or U.K. person the marketed policy is that you lose the position outright: the Risk Disclosure makes any bypass "a material breach" that…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Membership ends by itself and you are paid nothing. Becoming a Restricted Person - UN-listed, or resident in Iran, Syria, Cuba, North Korea or…
Wallet or venue
inferredThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
There is normally no venue holding your tokens to go bankrupt: the marketed route is a non-custodial RFQ swap on Jupiter into your own wallet, and Shift calls…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
You are on your own, and the issuer says so: "The Series makes no representation regarding the availability, depth, or liquidity of any secondary market" and…
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?
One key per product can freeze your account or pause the whole token, and the only published ground comes with the words "without recourse". The Risk…
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 issuer can take the tokens and owes you nothing for them. Every mint carries a permanent delegate - the same single key that mints, freezes, pauses and…
inferredThe 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?
A single stolen keypair per product would be total: whoever holds it can mint unbacked supply, freeze or pause every transfer, claw back any balance and…
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?
You carry the risk and there is no upgrade to control, because there is no Shift program: the documentation describes a "SHIFT Solana program" that mints…
inferredThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
Whoever holds that mint’s single key sets the multiplier, and nothing published governs a mistake: no Shift document mentions the scaled-UI multiplier at all…
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?
Your Series is meant to survive the issuer, but the ring-fence is asserted rather than evidenced and the decision is the issuer’s alone. On a "Master…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
You get no notice period, no redemption window and, if the Series is kept alive, the bill. The Series agreement gives the Master DAO the whole decision and…
inferredThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
Your terms can be rewritten without you and you get no put. No change-of-control clause exists anywhere, but the structure settles the outcome: the Series…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
The loss is yours, pro rata, with nobody obliged to top it up. The Risk Disclosure frames reconciliation between token supply and off-chain assets as the…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
The two primary documents contradict each other, and the one that favours you has no implementation. Each executed Series agreement grants a member an internal…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Yes, unilaterally, with no notice and no exit. The Series agreement may be amended "pursuant to Article V" - the Master DAO’s exclusive administrative…
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 discloses the dependency and names nobody. The Risk Management page lists "Tokenizer risk: All assets held by the Series are tokenized by a third…
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 and no share register for one to keep. Your interest is the Token-2022 balance itself: membership begins on…
Security agent or trustee
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
There is no security agent, trustee, pledge, charge or lien anywhere in this structure, so none can fail or be conflicted. The Series is documented as owning…
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?
The issuer concedes you may lose everything: on custodian insolvency, operational failure or mismanagement "access to the Series Asset may be delayed or…
unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
We could not establish whether the backing ETFs can be lent, pledged or rehypothecated, or what would back your token if a borrower defaulted. No Shift…
Attestor or oracle
documentedThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
The attestation is not merely capable of being wrong - it does not exist, and the issuer has already allocated the loss to you. The docs claim Chainlink…
Underlying company
inferredThe company is acquired or merged, for cash or for shares. What do I receive, and when?
Nothing is passed through to you and nothing is promised: what the Series holds is a third party’s daily-reset leveraged ETF, so a merger of the referenced…
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
The token does not terminate and no final value is struck; the issuer’s own words are that trading suspensions or restrictions "could impair a Series’ ability…
inferredThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You take no part in any shareholder recovery: you hold a membership interest in a Series whose treasury holds a leveraged ETF, and the issuer’s own notice says…
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)?
Nothing is mirrored, because Shift never touches the exposure: "SHIFT does not perform rebalancing … SHIFT simply tokenizes the ETF position 1:1. Nothing…
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?
There is no dividend to miss: the executed Series agreement says membership interests "represent a limited economic interest in the Assets of the Series 17…
unknownWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
We could not establish who withholds, at what rate, or whether any treaty claim is possible. The Risk Disclosure lists withholding tax among possible…
unknownFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
The private-company case does arise here - two live mints, SPCX2L and SPCX2S, reference SpaceX - and for exactly those two we could establish nothing: no…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
You cannot vote anything and you receive no information. Each Series agreement grants "treasury ownership only", with "no voting rights, management rights, or…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
When the U.S. market is shut there is no price the issuer stands behind, only a market maker’s quote widening to about 3-5% depending on which Shift page you…
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?
The consequences land on you and the issuer says so: regulatory delays or deficiencies "may limit the token’s functionality, increase operational costs, or…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
Reclassification is your problem and the issuer says so twice: your rights and remedies "are subject to different standards", "legal protections available in…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
You cannot go to court at all: after 30 days’ notice the Series agreement sends every dispute to a sole ICDR arbitrator seated in the Marshall Islands, final…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
A Solana halt or fork is your risk and no deadline is protected, because there are no deadlines: the Terms make you assume all risk of "network congestion…
Sources
- https://shiftrwa.gitbook.io/shift_education/legal/trade/risk-disclosure · archived copy
- https://shiftrwa.gitbook.io/shift_education/legal/terms-of-use · archived copy
- https://2992791489-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F5s1bCAlEtOtNyqYLZJvW%2Fuploads%2F9Ie91L86G2zJX49fJSOs… · archived copy
- https://api.mainnet-beta.solana.com
- https://shiftrwa.gitbook.io/shift_education/shift_learn/product-overview · archived copy
- https://shiftrwa.gitbook.io/shift_education/shift_learn-1 · archived copy
- https://shift-rwa.vercel.app/markets · archived copy
- https://shiftrwa.gitbook.io/shift_education/shift_learn-2 · archived copy
- https://shiftrwa.gitbook.io/shift_education/legal/trade/operating-agreements · archived copy
Full answers, with the quotes, the notes and where we looked, on the issuer panel
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | not measured | — | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: — · reference price: — · age seconds: — · market open: — · usd price: 8.22 | no reference price for the underlying share, so the premium cannot be measured |
| Pool liquidity | not measured | — | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: — · dex pairs: 0 | no venue reports liquidity |
| Organic flow | good | 100 | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: 100 · trades per trader: 1 · trades24: 1 | 100 % organic share and 1 trades per trader over 1 trades |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | warning | 54.6 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 54.6 · top5 share pct excluding labels: 92.9 · top20 share pct excluding labels: 98.3 · top1 share pct: 54.6 · excluded: — · distinct owners top20: 20 | the largest unlabelled wallet holds 54.65 % of supply |
| Reserve verification | caution | 1 | strength ≥ 3 good · strength 1–2 caution · strength 0 warning | custody type: issuer-statement · machine readable: no · verification label: issuer | verification strength 1/5 — issuer |
| Authority keys | caution | — | a multisig or a program good · a hot key caution | mint: hot-key · freeze: hot-key · delegate: hot-key · rebase: hot-key | mint, freeze, delegate, rebase authority held by a hot key |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 0 | only 0 venue prices this token, so there is no spread to measure |