{
  "schemaVersion": 1,
  "methodology": {
    "assembledAt": "2026-09-22",
    "summary": "Initial fee and incentive map. It records quoted charges, contractual caps, observed token mechanics and gaps separately; it does not calculate an all-in cost, a score, or a legal conclusion.",
    "scopeRule": "A product example is not applied to another product. Missing amountText and payment are null, not zero. Actor alignment and tradeoff text is identified analysis unless a source says otherwise."
  },
  "profiles": [
    {
      "id": "ondo-global-markets", "name": "Ondo Global Markets", "coverage": "initial-review",
      "summary": "Quoted pricing can include an issuer-retained spread and fees; the published pricing method is variable rather than a fixed basis-point schedule.",
      "fees": [
        { "id": "quoted-spread", "stage": "enter", "label": "Quoted price spread and issuer fees", "amountText": null, "kind": "spread", "status": "documented", "payer": "Investor through the quoted transaction price", "payee": "Issuer retains the quoted spread and fees", "scope": { "level": "programme", "products": [], "route": null, "chain": null, "holder": null }, "sourceIds": ["ondo-fees-taxes", "ondo-pricing"], "note": "Variable with quote size, target profit, inventory and proprietary pricing inputs; no fixed bps is recorded." },
        { "id": "exit-quoted-spread", "stage": "exit", "label": "Issuer sale quote spread", "amountText": null, "kind": "spread", "status": "documented", "payer": "Investor through the quoted sale price", "payee": "Issuer retains the price difference and fees", "scope": { "level": "route", "products": [], "route": "issuer quoted sale", "chain": null, "holder": null }, "sourceIds": ["ondo-fees-taxes", "ondo-pricing"], "note": "A sale quote may differ from the underlying execution price. A purchaser-fee cap is not an all-in spread ceiling." },
        { "id": "purchaser-issuance-fee-cap", "stage": "enter", "label": "Purchaser issuance-fee cap in reviewed sales terms", "amountText": "up to 0.1%", "kind": "cap", "status": "documented", "payer": "Purchaser", "payee": "Issuer", "scope": { "level": "route", "products": [], "route": "issuance", "chain": null, "holder": null }, "sourceIds": ["ondo-sales-terms"], "note": "A contractual maximum from the review dated 2026-09-17, not a current all-in quote." },
        { "id": "purchaser-redemption-fee-cap", "stage": "exit", "label": "Purchaser redemption-fee cap in reviewed sales terms", "amountText": "up to 0.1%", "kind": "cap", "status": "documented", "payer": "Purchaser", "payee": "Issuer", "scope": { "level": "route", "products": [], "route": "redemption", "chain": null, "holder": null }, "sourceIds": ["ondo-sales-terms"], "note": "A contractual maximum from the review dated 2026-09-17, not a current all-in quote." },
        { "id": "network-gas", "stage": "transfer", "label": "Network transaction costs", "amountText": null, "kind": "charge", "status": "documented", "payer": "Investor, according to issuer disclosure", "payee": null, "scope": { "level": "route", "products": [], "route": "on-chain transaction", "chain": "Solana", "holder": null }, "sourceIds": ["ondo-fees-taxes"], "note": "The issuer states that investors pay their network costs. This is not issuer revenue; no transaction-specific amount or allocation is recorded." },
        { "id": "secondary-venue-fee", "stage": "exit", "label": "Secondary venue charges", "amountText": null, "kind": "unknown", "status": "unknown", "payer": "Secondary-market user", "payee": null, "scope": { "level": "route", "products": [], "route": "secondary venue", "chain": null, "holder": null }, "sourceIds": ["ondo-fees-taxes"], "note": "Venues may charge separately; no venue or amount is recorded here." },
        { "id": "us-dividend-withholding", "stage": "tax", "label": "Issuer-stated US-company dividend withholding", "amountText": "30% of applicable dividends, not of the investment", "kind": "tax", "status": "documented", "payer": "BVI issuer on dividends received; holder exposure reflects net reinvestment", "payee": "Tax authority through the withholding chain", "scope": { "level": "route", "products": [], "route": "US-company dividend reinvestment", "chain": null, "holder": "BVI issuer receiving US-company dividends" }, "sourceIds": ["ondo-fees-taxes"], "note": "Not an issuer fee or a statement of the token holder's own tax liability. Fixed-income distributions can have exemptions; ADRs and other assets can differ." }
      ],
      "actors": [
        { "role": "issuer", "name": "Ondo Global Markets (BVI) Limited", "payment": "Retains quoted spread and fees where included in pricing", "alignment": "Analysis, not an intent claim: transaction margin can support the issuer's business while a holder may seek the cheapest execution.", "tradeoff": "The pricing inputs are not a published fixed fee schedule.", "status": "documented", "sourceIds": ["ondo-fees-taxes", "ondo-pricing"] },
        { "role": "custody/broker", "name": "Regulated broker-dealers", "payment": null, "alignment": "Analysis: custody and execution arrangements are relevant to the quoted price path.", "tradeoff": "Actual payment allocation is not identified in this fee review.", "status": "unknown", "sourceIds": [] },
        { "role": "security agent", "name": "Ankura Trust Company, LLC", "payment": null, "alignment": "Analysis, not an intent claim: security enforcement and issuer pricing are distinct roles.", "tradeoff": "Its compensation is not identified here.", "status": "documented", "sourceIds": ["ondo-sales-terms"] },
        { "role": "venue/liquidity", "name": "Secondary venues (not identified)", "payment": null, "alignment": "Analysis: venue fees can add to holder cost.", "tradeoff": "No venue-specific fee evidence is recorded.", "status": "unknown", "sourceIds": ["ondo-fees-taxes"] }
      ],
      "gaps": ["No fixed issuer spread or all-in cost is confirmed.", "No payment allocation for named intermediaries is confirmed.", "This is not a fresh legal-rights review."],
      "sources": [
        { "id": "ondo-fees-taxes", "label": "Ondo Stocks fees and taxes", "url": "https://docs.ondo.finance/ondo-stocks/fees-and-taxes", "locator": "Fees and Taxes", "checkedAt": "2026-09-22", "publishedAt": null },
        { "id": "ondo-pricing", "label": "Ondo Stocks token and quote pricing", "url": "https://docs.ondo.finance/ondo-stocks/token-and-quote-pricing", "locator": "Spread and quote-pricing discussion", "checkedAt": "2026-09-22", "publishedAt": null },
        { "id": "ondo-sales-terms", "label": "Ondo Stocks Sales Terms", "url": "https://cdn.sanity.io/files/8k2tqa6n/production/f22c30e6d14a8000abc4e1ad6f62d6cb41dc3da0.pdf", "locator": "p. 18, Purchaser Fees; p. 90, Security Agent appointment", "checkedAt": "2026-09-17", "publishedAt": null }
      ]
    },
    {
      "id": "xstocks-backed", "name": "Kraken xStocks", "coverage": "initial-review",
      "summary": "TSLAx has a dated product-page example; it must not be generalized to other xStocks. Programme documents state higher possible caps, not current charges.",
      "fees": [
        { "id": "tslax-management-current", "stage": "hold", "label": "TSLAx management fee stated on product page", "amountText": "None stated at present", "kind": "charge", "status": "documented", "payer": "TSLAx holder", "payee": "Issuer if a fee is introduced", "scope": { "level": "product", "products": ["TSLAx"], "route": null, "chain": null, "holder": null }, "sourceIds": ["tslax-product"], "note": "Issuer-published claim on a page last updated 2025-06-30, checked 2026-09-22; not an independently measured deduction or a promise of zero future fees." },
        { "id": "tslax-management-cap", "stage": "hold", "label": "TSLAx future management-fee allowance", "amountText": "Up to 0.25% per year", "kind": "cap", "status": "documented", "payer": "TSLAx holder if introduced", "payee": "Issuer", "scope": { "level": "product", "products": ["TSLAx"], "route": null, "chain": null, "holder": null }, "sourceIds": ["tslax-product"], "note": "Product-page allowance, not a current charge; read the governing Final Terms." },
        { "id": "tslax-issuance", "stage": "enter", "label": "TSLAx issuance fee", "amountText": "up to 0.50%", "kind": "cap", "status": "documented", "payer": "TSLAx purchaser", "payee": "Issuer", "scope": { "level": "product", "products": ["TSLAx"], "route": "issuance", "chain": null, "holder": null }, "sourceIds": ["tslax-product"], "note": "TSLAx only." },
        { "id": "tslax-redemption", "stage": "exit", "label": "TSLAx redemption fee", "amountText": "up to 0.50%", "kind": "cap", "status": "documented", "payer": "TSLAx redeemer", "payee": "Issuer", "scope": { "level": "product", "products": ["TSLAx"], "route": "redemption", "chain": null, "holder": null }, "sourceIds": ["tslax-product"], "note": "TSLAx only." },
        { "id": "programme-issuance-cap", "stage": "enter", "label": "Programme issuance-fee cap", "amountText": "up to 5% of underlying market price", "kind": "cap", "status": "documented", "payer": "Investor", "payee": "Issuer", "scope": { "level": "programme", "products": [], "route": "issuance", "chain": null, "holder": null }, "sourceIds": ["xstocks-prospectus"], "note": "Broader programme permission, not an additional fee to add to the product-specific cap and not a current quote." },
        { "id": "programme-transaction-cap", "stage": "exit", "label": "Programme redemption-fee cap", "amountText": "up to 5% of underlying market price", "kind": "cap", "status": "documented", "payer": "Investor", "payee": "Issuer", "scope": { "level": "programme", "products": [], "route": "redemption", "chain": null, "holder": null }, "sourceIds": ["xstocks-prospectus"], "note": "Broader programme permission, not an additional fee to add to the product-specific cap and not a current quote." },
        { "id": "programme-management-cap", "stage": "hold", "label": "Programme management-fee cap", "amountText": "up to 5% p.a.", "kind": "cap", "status": "documented", "payer": null, "payee": "Issuer", "scope": { "level": "programme", "products": [], "route": null, "chain": null, "holder": null }, "sourceIds": ["xstocks-prospectus"], "note": "Permitted programme cap, not recorded as a current charge." },
        { "id": "winddown-costs", "stage": "stress", "label": "Wind-down service costs", "amountText": null, "kind": "unknown", "status": "documented", "payer": "Holders indirectly before distributions", "payee": null, "scope": { "level": "programme", "products": [], "route": "wind-down", "chain": null, "holder": null }, "sourceIds": ["xstocks-prospectus"], "note": "Service costs rank before holder distributions; no rate is recorded." }
      ],
      "actors": [
        { "role": "issuer", "name": "Backed Assets (JE) Ltd", "payment": "Issuer fee recipient where a fee is charged", "alignment": "Analysis, not an intent claim: transaction charges and any future AUM-based management fee can support issuer operations while a holder may seek cheaper execution.", "tradeoff": "A cap does not establish a current charge.", "status": "documented", "sourceIds": ["xstocks-prospectus"] },
        { "role": "sponsor / funding", "name": "Parent and parent investors", "payment": "Funding support; return arrangements not established", "basis": "The reviewed prospectus described the issuer as not profitable and dependent on capital and financing from its parent and the parent's investors.", "alignment": "Analysis: continuity may depend on sponsor support as well as fee income. A low current fee does not by itself establish a self-sustaining business model.", "tradeoff": "This dated disclosure does not establish today's profitability, cash runway or a binding promise of future support.", "status": "documented", "sourceIds": ["xstocks-funding"] },
        { "role": "broker / prime borrower", "name": "Alpaca Securities LLC", "payment": null, "alignment": "Analysis: permitted securities lending introduces another economic relationship, whose benefit to token holders cannot be assessed without the revenue allocation.", "tradeoff": "Lending is subject to Final Terms. Neither actual lent amounts nor lending-income allocation are established here. This is not a finding that lending is currently occurring.", "status": "unknown", "sourceIds": ["xstocks-prospectus"] },
        { "role": "security agent", "name": "Security Agent Services AG", "payment": null, "alignment": "Analysis: paying enforcement costs before holders supports recovery work, but those costs can reduce the amount holders ultimately recover.", "tradeoff": "The review establishes payment priority, not a rate, fixed-fee contract or independence from the issuer.", "status": "documented", "sourceIds": ["xstocks-prospectus"] },
        { "role": "venue/liquidity", "name": "Liquidity venues (not identified)", "payment": null, "alignment": "Analysis: secondary execution can involve separate venue economics.", "tradeoff": "No venue fee is confirmed here.", "status": "unknown", "sourceIds": [] }
      ],
      "gaps": ["No FGDLx-specific fee is confirmed by the TSLAx page.", "Securities-lending revenue allocation is unknown.", "Current parent-support commitments, cash runway and profitability are not established.", "No current all-in fee or score is calculated."],
      "sources": [
        { "id": "tslax-product", "label": "Tesla xStock product page", "url": "https://assets.backed.fi/products/tesla-xstock", "locator": "Fees", "checkedAt": "2026-09-22", "publishedAt": null, "updatedAt": "2025-06-30" },
        { "id": "xstocks-prospectus", "label": "Backed Assets Base Prospectus (20260727)", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf", "locator": "s.1.3 Investor Fees; s.3.1.1.8 management fee; priority of payments; s.3.14 securities lending", "checkedAt": "2026-09-17", "publishedAt": null, "note": "Saved dossier review reused here; not re-reviewed as a new legal document on 2026-09-22." },
        { "id": "xstocks-funding", "label": "Backed Assets Base Prospectus — issuer business model", "url": "https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf", "locator": "p.30, s.2.3.2.1 Issuer as Special Purpose Vehicle", "checkedAt": "2026-09-17", "publishedAt": null, "note": "Dated prospectus disclosure retained from the issuer dossier; not a current financial statement." }
      ]
    },
    {
      "id": "prestocks", "name": "PreStocks", "coverage": "initial-review",
      "summary": "Observed mints had a 100 bps transfer-fee configuration in epoch 1039. The authority that can set or withdraw fees is not evidence of the legal beneficiary.",
      "fees": [
        { "id": "observed-transfer-fee", "stage": "transfer", "label": "Observed Token-2022 transfer fee", "amountText": "1% (100 basis points)", "kind": "charge", "status": "observed", "payer": "Deducted from the transferred amount; economic burden depends on the route", "payee": null, "scope": { "level": "programme", "products": [], "route": "on-chain transfer", "chain": "Solana", "holder": "Eight mints covered by the saved observation" }, "sourceIds": ["prestocks-chain"], "note": "Fee configuration observed at epoch 1039, not a fresh transaction simulation. Maximum raw fee is u64 max (18446744073709551615); legal beneficiary is unknown. Do not infer this observation for newly issued mints." },
        { "id": "terms-fees", "stage": "exit", "label": "Redemption conditions permit acquisition, management, performance and selling costs", "amountText": null, "kind": "unknown", "status": "documented", "payer": "Redeeming holder under the stated conditions", "payee": null, "scope": { "level": "route", "products": [], "route": "redemption", "chain": null, "holder": null }, "sourceIds": ["prestocks-terms"], "note": "These are permitted pro-rata cost categories in the redemption conditions, not quantified current charges or proof of a recurring holding fee." }
      ],
      "actors": [
        { "role": "issuer", "name": "PreStocks", "payment": null, "alignment": "Analysis, not an intent claim: changeable fee categories can support programme operations while reducing a holder's net proceeds.", "tradeoff": "A current issuer fee and recipient are not quantified.", "status": "unknown", "sourceIds": ["prestocks-terms"] },
        { "role": "protocol role", "name": "Shared multisig transfer-fee authority", "payment": null, "alignment": "Analysis, not an intent claim: observed authority can configure and withdraw transfer fees.", "tradeoff": "Authority does not identify the legal beneficiary.", "status": "observed", "sourceIds": ["prestocks-chain"] }
      ],
      "gaps": ["Legal payee of observed transfer fees is unknown.", "No current terms-based fee amount is confirmed.", "This does not identify every actor or beneficiary."],
      "sources": [
        { "id": "prestocks-chain", "label": "Solana mainnet RPC observations", "url": "https://api.mainnet-beta.solana.com", "locator": "getAccountInfo PresTj4Yc2bAR197Er7wz4UUKSfqt6FryBEdAriBoQB, transferFeeConfig; reviewed eight-mint set in PreStocks issuer dossier", "observedAt": "2026-09-20", "publishedAt": null, "note": "Saved RPC observation, not a new live read. The endpoint requires a JSON-RPC request; see the linked issuer dossier for the recorded evidence." },
        { "id": "prestocks-terms", "label": "PreStocks Terms of Service", "url": "https://url.prestocks.com/terms-of-service", "locator": "Fees; redemption terms", "checkedAt": "2026-09-17", "publishedAt": null, "note": "Uses the saved 2026-09-17 dossier review; the terms could not be freshly retrieved during this economics pass." }
      ]
    },
    {
      "id": "backpack-securities", "name": "Backpack Securities", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Backpack Securities", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "bullish", "name": "Bullish BLSH", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Bullish BLSH", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "remora-markets", "name": "Remora Markets", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Remora Markets", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "republic-mirror", "name": "Republic Mirror", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Republic Mirror", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "securitize", "name": "Securitize SECZ", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Securitize SECZ", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "shift", "name": "Shift leveraged tokens", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Shift leveraged tokens", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "superstate-opening-bell", "name": "Opening Bell by Superstate", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Opening Bell by Superstate", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "tessera", "name": "Tessera", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Tessera", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    },
    {
      "id": "ventuals", "name": "Ventuals Pre-IPO", "coverage": "not-reviewed", "summary": "Economics not reviewed in this initial pass.", "fees": [], "actors": [{ "role": "issuer", "name": "Ventuals Pre-IPO", "payment": null, "alignment": "Analysis not yet performed.", "tradeoff": "Fee recipients and incentives are unknown.", "status": "unknown", "sourceIds": [] }], "gaps": ["No fee or incentive review recorded."], "sources": []
    }
  ]
}