SQQQ
ProShares UltraPro Short QQQ · tracks SQQQ · Stock
Who can buy: anyone with a Solana wallet, on a DEX, with no KYC, though the terms bar US persons. Redeeming with the issuer: only holders who pass the issuer’s KYC and are not US persons. Terms →
The five things to know first
Shareholder rights you get
- Dividends: Passed through by the issuer
- Voting: No
- Reports & meetings: Not stated
- Splits: Passed through by the issuer
- Takeovers: Not stated
◐ passed through by the issuer · ✕ no · ? not stated
Why the health checks say: this token caution, programme warning
MarketcautionFailed swaps · 2/6 checks judged; 4 unknown
ControlgoodTrading pause · 2/3 checks judged; 1 unknown
Legal / evidencewarningLegal evidence review · 1/1 checks judged; 0 unknown
DeFi composabilitywarningDeFi enforceability · 1/1 checks judged; 0 unknown
Claim vs observed reality
18 Sep 2026 · caution Marketing says token balances adjust automatically; the binding mechanism changes the conversion ratioThe economic adjustment may still preserve value, but wallets do not necessarily show an automatic balance increase. The legally operative mechanism and the user-facing description are different.
Scope: programme-wide document conflict; on-chain state sampled on SPCX
Published claim
Backpack’s comparison table says corporate actions are automatically reflected through tokenized-share balance adjustments.
Observed reality
The binding Asset Tokenization Terms work a distribution through the deposit/detokenization conversion ratio: token count stays fixed while the units of underlying per token change. The on-chain ScaledUiAmount multiplier remained 1 with no scheduled change when re-read.
- Asset Tokenization Terms · checked
- Solana mainnet RPC · checked
Why it mattersThe economic adjustment may still preserve value, but wallets do not necessarily show an automatic balance increase. The legally operative mechanism and the user-facing description are different.
What resolves itResolved when Backpack’s user-facing description and binding terms state one consistent corporate-action mechanism, with a live transaction or announced test showing which on-chain adjustment is used.
Observed
What you own
- How close to owning the share
- 3 of 4 — a beneficial interest in shares held for holders
- Legal form
- SPV claim redeemable
Evidence
confirmedPursuant to the Instrument, a separate and distinct trust is established or declared by the Company in…
Backpack Securities — Tokenized Securities… ·p. 7, cl. 3.5· read - What the holder owns
- The token is, in the issuer's own words, 'a non-negotiable digital record evidencing a pro rata beneficial…
Evidence
confirmedFor so long as the Tokens are supported by Backpack Exchange, the Company shall record and recognise only…
Backpack Securities — Tokenized Securities… ·p. 5, cl. 1.18 'Tokenholder'· read - Issuing entity
- Trek Nexus Markets Ltd, a British Virgin Islands business company (or one or more of its affiliates), acting…
Evidence
confirmed"Instrument" means the declaration of trust of the Company dated June 6, 2026, by which the Company…
Backpack Securities — Tokenized Securities… ·p. 3, cl. 1.7 'Instrument'· read - Jurisdiction
- British Virgin Islands (token issuer and the recognised beneficiary); New…
Evidence
confirmedBACKPACK SECURITIES GLOBAL LIMITED (9406953) Registered ... TREK LABS BROKERAGE SERVICES LIMITED (from 19 Feb…
NZ Companies Office record for the Introducing… ·company record 9406953, header (name and former…· read - Governing law
- British Virgin Islands law governs the Issuer Terms and Conditions, and…
Evidence
confirmedAny dispute arising out of, or in connection with, these Terms and Conditions, including their existence…
Backpack Securities — Tokenized Securities… ·p. 19, cl. 15.2· read - Regulatory status
- The token side is unregulated and says so: 'The Company and the Tokens are not registered with, endorsed, or…
Evidence
confirmedMSB Registration Number: 31000339714338 Registration Type: Corrected Report, Renewal Legal Name: Trek Labs…
msb.fincen.gov ·FinCEN "MSB Registration Status Information"…· read - Redemption
- yes. Holder, jurisdiction, route and fee conditions are below.
- Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
Evidence
confirmedtransferHook: { authority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a, programId: null }…
Solana mainnet RPC ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· readconfirmedSelf-custodied tokenized securities on Solana with 24/7 trading, wallet-to-wallet transfers, DeFi…
Backpack Support — Tokenized Securities… ·section heading 'Tokenized Securities Issued by…· readconfirmedBackpack Securities isn't available in the United States, the United Kingdom, the United Arab Emirates, or…
Backpack Support — Eligibility & Access (US… ·section 'Supported Regions'· readconfirmedpermanentDelegate.delegate: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
Solana mainnet RPC ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· read - How far the token is the official record
- 0 of 4 — the official record of who owns it is kept off-chain
| Right | For the token holder | Why |
|---|---|---|
| Dividends | Passed through by the issuer | The trustee reinvests dividends into more of the stock; cash payouts are 'not enabled yet'.Source: drive.google.com · Issuer terms p. 9, cl. 3.7 · “to the acquisition of additional units of such Approved Asset” |
| Voting | No | Only Backpack's own registered tokenholder can instruct votes; holder voting is 'still being worked on'.Source: support.backpack.exchange · section 'Voting rights' · “Shareholder voting for certain securities is supported by the underlying brokerage infrastructure and is still being worked on — it isn't enabled yet.” |
| Reports & meetings | Not stated | The terms do not say whether holders receive company reports or meeting materials.Source: drive.google.com · Issuer terms, cl. 3 (trust over the pooled shares) |
| Splits | Passed through by the issuer | Adjusted through the conversion rate you get when you redeem; your token count does not change.Source: support.backpack.exchange · table 'Comparing the Two Ownership Models', row 'Corporate Actions' · “Corporate actions are automatically reflected through tokenized share balance adjustments” |
| Takeovers | Not stated | Neither the terms nor the support pages say what happens in a takeover or merger.Source: support.backpack.exchange · whole page |
Can a holder redeem?
Documented, but not independently observed. Contract terms do not prove that an eligible holder can complete the route today.
- Contractual right
- YesDocumented
- Eligible holder and route
- Unknown
Programme-level term; SQQQ applicability unconfirmed.
Practically: any user with a KYC-verified Backpack Exchange account in a supported region (not US/UK/UAE/Japan, not Backpack EU) can deposit the token and have it converted into a traditional securities holding. 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. No Prohibited Person or U.S. person may be registered as beneficiary or exercise redemption (cl. 4.1(c)).
To convert between tokenized securities (onchain) and a security entitlement (traditional brokerage), you…
Source: Backpack Support — Tokenized Securities… ·section 'Before You Start', the sentence and… - KYC / AML
- YesDocumented
- Minimum
- Unknown
No SQQQ-specific minimum is confirmed; SPCX is a programme example only.
From Backpack's own asset API (https://api.backpack.exchange/api/v1/assets): minimumDeposit 0.004 SPCX, minimumWithdrawal 0.008 SPCX, withdrawalFee 0.004 SPCX. On the brokerage leg every stock order must be worth at least $1; fractional to 0.01 share during regular hours, whole shares only outside them.
- Fees
- Unknown
Programme-level term; SQQQ applicability unconfirmed.
Withdrawal of a tokenized security from Backpack Exchange to Solana: an estimated platform fee of approximately $0.50, paid in the tokenized security being withdrawn, with no additional fees. Deposits (token to traditional securities): no Backpack fee, holder pays the Solana network fee. Stock trading: no separate commission or platform fee; the quoted price is the traded price. Transaction Costs of a redemption are borne by the holder and netted from proceeds; the trustee may also set off amounts owing.
An estimated platform fee of approximately $0.50 applies and is paid in the tokenized security being…
Source: Backpack Support — Tokenized Securities… ·section 'Withdrawal: Moving Securities Onchain'… - Timing and settlement asset
- Unknown
Programme-level term; SQQQ applicability unconfirmed.
Deposit the token from a Solana wallet into a Backpack Exchange account; the token is burned and the position becomes a traditional securities holding (a UCC Article 8 security entitlement) in the same account. The trustee's mechanics are: lock the tokens, burn them, then either transfer the pro rata portion of the pooled shares or — at the trustee's determination — sell them and relay the net cash proceeds ('Redemption Relay', cl. 4.2(iii)-(iv), cl. 4.6), so share delivery is not guaranteed. Onward movement to an outside broker is described as 'ACATS- and DTCC-eligible via the brokerage infrastructure', but Backpack's own support docs state plainly that 'ACATS transfers to other brokerages are still being worked on and are not currently available' and 'Support for external broker-to-broker stock transfers is still under development and is not yet available'.
Eligible tokenized securities can be withdrawn to an external Solana wallet without selling them. If you're…
Source: Backpack Support — Your Holdings, Dividends &… ·hint box under 'Want to move your holdings… - Route currently available
- UnknownUnknown
- Successful redemption independently observed
- UnknownUnknown
- Secondary-market exit
- YesObserved
Markets, premium & holders
Reference & premium
- Reference source
- Ondo’s implied price
- Reference price
- $33.76
- Underlying market
- closed at
- How the reference is derived
- Ondo’s asset registry: market capitalisation divided by shares outstanding. It carries no publish time, so the reference’s age is unknown.
History
Daily observations from RWA Sonar’s snapshots. A gap is a missing measurement, not a zero. Vertical markers are recorded evidence or control changes.
Loading daily history…
When the market is closed
No Solana lending market we track takes this token as collateral (Kamino, Jupiter Lend, Nest and Loopscale checked; Project 0 and Save list no stock token).
Where prices come from
Pyth’s prices for the stock and the token
- Pyth feeds
- Equity.US.SQQQ/USD
f207c5…06ecthe stock - US market (Pyth schedule)
- closed at
- Stock price on Pyth
- no Pyth price account for Equity.US.SQQQ/USD on Solana (shards 0 and 1 read )
Prices read from Solana at slot 450518943, : Pyth’s push-oracle price accounts; publish times are Pyth’s own. Lenders’ price sources: each market’s on-chain oracle settings.
Depth, volume, activity
- Venues
- 1 DEX pair(s) · 0 exchange market(s)
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 20.2% / 61.8% / 78.2%
- Top 1 / 5 / 20, raw
- 20.2% / 54.3% / 78.2%
- Distinct owners in the top 20
- 14
- Frozen accounts in the top 20
- 0
- Supply
- 6,564.06
| Owner | Share |
|---|---|
7F5Tkj…1zxt | 20.18% |
4Sp7gK…6Bs6 | 16.64% |
BcKSMK…bQae | 11.00% |
BjPNDW…jDkH | 3.38% |
2Dgga6…FJep | 3.06% |
Control surface & key governanceFreeze, pause, forced transfer and authority keys
Observed issuer powers
- Mint authority
EzHCq2…KsUE- Freeze authority
2cVYpa…af4a- Permanent delegate
2cVYpa…af4a- Paused right now
- no
- Rebase-authority governance
- Program
Evidence
confirmed"extension":"scaledUiAmountConfig","state":{"authority":"HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ","multip…
Solana mainnet RPC ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· read - Evidence
- Read on SPCX (programme example): rpc:getAccountInfo on SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb and on…
Exact-token protocol supportSource listings, observed markets and proof limits
Evidence available now
Each exact-token integration states whether it is source-listed, market-observed, decoded or simulated. Structural compatibility is assessed separately below.
- An exact-token market was observed: Market-data collection observed this exact-token market. No configuration decoding or read-only execution simulation was performed.
- Reported metrics are not independently executed trades.
Raydium
source-reportedSwap · Provide liquidity
Swap the token or provide liquidity in 1 observed Raydium pool.
$51.9k pool liquidity · $5.67M volume 24 h · 1 pool
- Provide liquidityprotocol custody · smart-contract enforcement
- Swapatomic custody · smart-contract enforcement
An exact-token market was observed. 1/1 published accounts existed; existence only. An activity indicator was observed; its stated basis is volume24Usd, txns24. · Liquidity pool ↗
What could work in DeFi?
DeFi composability
No source-listed collateral route
No checked protocol source currently lists this exact token as programmatic collateral.
A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account.
Technically lockable, not autonomous
The lender can seize the token, not the trust claim
No checked protocol currently lists this exact token as programmatic collateral.
Conditional: issuer redemption requires KYC/AML, so a smart contract cannot redeem on its own.
Observed exact-token pools: Raydium. Pool presence does not guarantee executable liquidation size.
Template: BVI bare-trust entitlement recognised through the Backpack/Trek Forge structure · token-2022 · pausable + clawback + rebase. “Can recover” means the issuer is able to act, with no duty to act.
Open the complete technology + legal template →
Can a protocol account hold and release it?
Technically lockable, not autonomous
A program-controlled token account can hold it and no holder allowlist is active, but a protocol must support Token-2022 pausing and scaled balances. The permanent delegate can transfer or burn the balance without the escrow program's signature.
Can the lender seize and realise value?
The lender can seize the token, not the trust claim
The lending contract can transfer or sell the on-chain balance if transfers are open. The trustee recognises Trek Forge, not the wallet holder, so the lender obtains no direct redemption, distribution or enforcement right merely by taking the token; ordinary exit requires a market buyer or a KYC-eligible Backpack account.
Can the transfer be stopped or reversed?
Issuer intervention is technically possible
The permanent delegate can remove or burn tokens from any token account and the mint can be paused. That may permit recovery after a hack, but no reviewed term obliges the issuer to act for the protocol, and the same power means protocol custody is not final.
Can a stranded balance be recovered?
Recovery depends on the issuer
A permanent delegate can technically extract or burn a balance stranded in an inaccessible program account. Whether Backpack would recognise the claimant and reissue or credit the position is discretionary and not a protocol-enforceable remedy.
Evidence, scenarios & technical detail
Verification
- Strength
- 0 of 5 — none
- Type
- None
Evidence
confirmedThe Company will provide or make available to Tokenholders periodic information or statements regarding their…
Backpack Securities — Tokenized Securities… ·p. 11, cl. 4.8· read - Machine-readable
- no
Venues
DEX pools (DexScreener)
| Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| raydium SOL | $34.88 | $51.9k | $5.67M |
Exchange markets
No exchange market reported.
Trust chain
Thirteen actors sit between you and the company, with nine rights flows between them. Colour shows how well each link is evidenced and line style shows how it was verified; both are derived from the data. A role nobody fills stays on the chart, so the gap is visible. The diagram was drawn from the dossier researched on SPCX, a programme example: a party it names for that product (such as its underlying company) is not SQQQ’s.
Colour: who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure; no source states it
- asserted — recorded once and not re-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 — we cannot verify it
Ownership of the underlyingdocumented · self-reported
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=spv-claim-redeemable…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=none
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteno claim
Issuance and redemptiondocumented · self-reported
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Practically: any user with a…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmed
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=reinvested…
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=For the token: dividends…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · self-reported
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyunverified
Regulatory permission and disclosuredocumented · attested
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=The token side is unregulated…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
What if…
30 documented3 inferred1 unknown4 n/a
Every issuer gets the same 38 questions, so missing answers show as gaps. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel. These answers were researched on SPCX and describe the programme; an answer that names SPCX is marked as that example, not a fact about SQQQ.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing comes back. The issuer states plainly that it cannot recover, replace or reimburse lost tokens, and that a transfer procured by theft or…
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?
Researched on SPCX (programme example): No recourse, and the pre-emptive defence is weak: the issuer disclaims all liability for fraud losses and…
documentedI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
Researched on SPCX (programme example): For a position sitting in a Backpack account there is a real estate route: the account is frozen on evidence…
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
Yes, and the power is pre-wired on both layers. Contractually the Company may blacklist, freeze or restrict transfer and redemption when directed by…
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 lose the exit. No US person may be registered as beneficiary, redeem, receive distributions or require the Company to…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Frozen rather than seized, immediately and without notice, for as long as the designation lasts: the Company may stop dealing with you and your…
Wallet or venue
documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
It depends entirely on which of the three forms you hold, and the issuer says so. A token position recorded only on an exchange's internal ledger…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
Researched on SPCX (programme example): Backpack may suspend or disable the tokenization service for any or all Approved Assets, with or without…
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?
Researched on SPCX (programme example): On broad, self-judged grounds, with notice optional and no appeal published anywhere. The stated triggers are…
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?
It may whenever it judges a transfer incomplete, erroneous or contrary to the terms, or on the compliance grounds in cl. 8.2, and it accepts no…
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?
No document addresses key custody, multisig, rotation or incident response, and the issuer insures nothing. Structurally the exposure is as wide as…
inferredThe 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?
One key decides. The program holding every mint, freeze, pause and delegate authority is BPF-upgradeable with a single upgrade authority, no audit is…
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 party that sets the ratio also disclaims responsibility for getting it wrong, and may correct its own records: no Covered Party or Tokenization…
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?
On paper the shares are trust property held on bare trust in a separate pool per Approved Asset, with no cross-recourse and recourse limited to that…
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 and no redemption window. The Company may change, suspend or discontinue any aspect of the Protocol or token services at any…
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
The trustee can hand the arrangement to someone else on notice alone: no holder consent, no put, and no change-of-control clause anywhere in the five…
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, shared pro rata across that pool, with no top-up obligation, no reserve and no recourse to the Company's own assets or to any…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
You have almost no rights, by design. In the ordinary course you cannot redeem at all: only Trek Forge may submit a request to the trustee, and…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Yes, unilaterally. A materially adverse amendment takes effect at least ten calendar days after posting, and in that window a Tokenholder "may submit…
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?
This is the failure the structure is built around, and the only one that can make you a beneficiary. Backpack's permanent cessation, insolvency, or a…
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
Researched on SPCX (programme example): There is no transfer agent in this structure to fail. SPCX is not a registered share with a book-entry…
Security agent or trustee
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
No security interest exists, so there is no pledge to enforce and no security agent, collateral agent or security trustee that could resign or be…
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?
You carry it. The Risk Disclosure says a custodian's, broker's or venue's insolvency may leave your tokens "worthless, irredeemable or…
unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
Researched on SPCX (programme example): We could not establish whether the SpaceX shares behind SPCX may be lent or rehypothecated. Nothing in the…
Attestor or oracle
n/aThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
Researched on SPCX (programme example): The case cannot arise because nothing is attested. There is no proof-of-reserve feed, no periodic…
Underlying company
inferredThe company is acquired or merged, for cash or for shares. What do I receive, and when?
No document covers a merger of the referenced company. The machinery that exists points one way: anything the pool receives that is not the Approved…
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
On the brokerage leg a delisting leaves you able to close the position and nothing more. For the token there is no termination clause and no…
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
Researched on SPCX (programme example): Because the trustee holds real Class A shares rather than a promise, a SpaceX bankruptcy is passed through…
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)?
Mirroring is by ratio, not by balance: your token count stays the same, the pool's unit count changes, and the redemption rate moves with it — the…
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?
Researched on SPCX (programme example): You never receive a dividend as cash: the trustee must apply it to buying more units of the same asset, so it…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
Withholding happens above you and is never quantified. Dividends are reinvested "net of any applicable fees, expenses, or withholdings", and Backpack…
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?
Researched on SPCX (programme example): SPCX references Space Exploration Technologies Corp. Class A common stock, which has been listed on Nasdaq…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
Researched on SPCX (programme example): No, and there is no proxy path. The trustee votes the pooled shares only on instructions from "the relevant…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
Redemption does not depend on a price at all: the conversion is a pro rata slice of the pool computed in units, so a closed market or a stale oracle…
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?
Researched on SPCX (programme example): Access and redemption can be suspended or cancelled, with no compensation clause and no holder consent. The…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
A reclassification lands on you. The product's stated basis is that the token is not a security or a SIBA "investment" and is distributed outside the…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
Three private forums, each excluding collective redress, and none in your own courts. Against the trustee: confidential BVI IAC arbitration before a…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
Your entitlement survives, your ability to act does not. The record that confers rights is off-chain — the Company's internal register of…
Sources
- https://drive.google.com/file/d/1Bw7oNVFsrqu8SE41-xAIJfPJnhdNnNms/view · archived copy
- https://drive.google.com/file/d/1R1-MTQYGcWj5qk4q9vJcAsMwDwGP5Bok/view · archived copy
- https://drive.google.com/file/d/1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo/view · archived copy
- https://drive.google.com/file/d/1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u/view · archived copy
- https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees · archived copy
- https://support.backpack.exchange/backpack-securities/faqs · archived copy
Full answers, with the quotes, notes and primary-document register, in the issuer dossier
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | not measured | — | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: Ondo’s implied price · reference price: 33.8 · age seconds: — · market open: no · usd price: — | 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: 1 | no venue reports liquidity |
| Organic flow | not measured | — | ≤ 25 trades/trader, whatever the organic share good · > 25 trades/trader with ≥ 10 % organic caution · > 25 trades/trader and < 10 % organic warning | organic share pct: — · trades per trader: — · trades24: — | no 24 h trade count reported, so there is no flow to judge |
| Failed swaps | caution | 32 | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: 4Sp7gK…6Bs6/raydium/50/16 · pools counted: 1 · signatures seen: 50 · failed tx: 16 | 32 % of 50 sampled pool signatures failed across 1 pool |
| Holder concentration | good | 20.2 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 20.2 · top5 share pct excluding labels: 61.8 · top20 share pct excluding labels: 78.2 · top1 share pct: 20.2 · excluded: — · distinct owners top20: 14 | the largest unlabelled wallet holds 20.18 % of supply |
| Legal evidence review | warning | 0 | all required fields sourced and reviewed; reserve strength ≥ 3 good · coverage or review gaps, or reserve strength 1–2 caution · reserve strength 0 warning | custody type: none · machine readable: no · verification label: none · required fields: 46 · sourced fields: 44 · missing required: 2 · unverified claims: 24 · inferential conclusions: 2 · inference reviewed: 2 · inference unreviewed: 0 | 44/46 required fields sourced; reserve-verification strength 0/5 — none; 2 required fields lack evidence; 24 claims await re-checking; 2 reviewed conclusions remain inferential, not source-confirmed |
| DeFi enforceability | warning | — | permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning | template id: backpack-securities--token-2022-pausable-clawback-rebase · escrow: conditional · borrower default: market-only · protocol hack: issuer-may-recover · access loss: discretionary-recovery | A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account. |
| Authority keys | not measured | — | every installed path is a multisig, or a program with evidenced multisig upgrade governance good · a hot key caution | mint: program · freeze: program · pause: — · delegate: program · transfer fee: — · rebase: program | how the authority keys are held has not been recorded |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — · issuer pause reason: — · issuer session: — | 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: 1 | only 1 venue price this token, so there is no spread to measure |