Swiss ledger-based tracker certificate with per-product collateral pledge

What this analysis covers

176 current token addresses across 176 underlyings inherit this analysis.

• AAPLxAAPL
• ABBVxABBV
• ABNBxABNB
• ABTxABT
• ACNxACN
• ADBExADBE
• ADSKxADSK
• AMATxAMAT
• AMBRxAMBR
• AMDxAMD
• AMZNxAMZN
• ANETxANET
• APPxAPP
• ARMKxARMK
• ARMxARM
• ASMLxASML
• ASTSxASTS
• AVGOxAVGO
• AZNxAZN
• BACxBAC
• BAMxBAM
• BAxBA
• BExBE
• BITXxBITX
• BMNRxBMNR
• BMYxBMY
• BRK.BxBRK.B
• BSPxBSP
• BTBTxBTBT
• CEGxCEG
• CMCSAxCMCSA
• CMGxCMG
• COINxCOIN
• CRCLxCRCL
• CRMxCRM
• CRWDxCRWD
• CRWVxCRWV
• CSCOxCSCO
• CVXxCVX
• DALxDAL

136 more inherit the same template; use the app’s issuer filter for the complete mint list.

Exceptions: none recorded. An asset-specific conclusion must be shown here before it overrides the inherited template.

Traceable conclusions

Each conclusion carries its classification, exact supporting words, source authority, location, governing law, holder scope and review date. A document saying something is not the same as an independently observed outcome.

Evidence confidence

Confidence is stated per conclusion type. It is not collapsed into one score.

Complete claim chain

Possessing the token is only the first link. Each intermediary can add a separate contract, governing law and failure dependency.

Parties that can interrupt or enforce the chain

Jurisdiction and holder eligibility

A wallet may be technically able to receive a token while its owner is contractually ineligible, unable to redeem, or excluded from rights under the governing documents.

Insolvency and enforcement

Bankruptcy remote

—

Security interest

yes

Security holder

Security Agent Services AG, Baarerstrasse 75, 6300 Zug, Switzerland, acting as direct representative (direkter Stellvertreter) of the Investors; may be replaced by the Issuer at its sole discretion

Recorded priority

first

Collateral ratio

1:1+buffer

Collateral composition

may-include-other

Rehypothecation

permitted

On-loan amount disclosed

yes

Segregation / trust evidence

—

Omnibus / commingling evidence

Custodian — Alpaca Crypto LLC, a FinCEN-registered money services business in San Mateo, California, which may hold Investor cryptocurrency in omnibus accounts and delegate custody functions to sub-custodians at its own discretion.

Perfection / priority evidence

—

Custodian lien / set-off evidence

Per product Final Terms, the current Base Prospectus names as Custodians: InCore Bank AG (Swiss custodian; contractually barred from securities lending or proprietary transactions with the Underlyings and from asserting liens), Maerki Baumann & Co.

Who can enforce

Security Agent Services AG, Baarerstrasse 75, 6300 Zug, Switzerland, acting as direct representative (direkter Stellvertreter) of the Investors; may be replaced by the Issuer at its sole discretion is the recorded security holder or enforcement representative; the tokenholder depends on that agent and the operative security documents.

Holder standing

The holder owns a bearer debt instrument classified as a tracker certificate — a ledger-based security (Registerwertrecht) giving a claim against the Issuer for a cash Redemption Amount tracking one share of the underlying. The holder has a sole claim to the Collateral allocated to that specific Product (via a pledge held by a Security Agent) and no claim to other Products' collateral or to the Issuer's other assets; no shareholder, dividend, participation or voting rights, and physical delivery of the underlying is expressly excluded.

A contractual label such as “segregated”, “trust” or “first priority” is not treated as a court-tested insolvency result unless the dossier records that authority.

Corporate actions

Issuer or contract mediated

Dividends

reinvested

Voting

none

Other corporate actions

Handled by an on-chain rebasing multiplier. Cash dividends are reinvested into additional shares of the same stock, net of applicable withholding taxes, and the multiplier increases; splits increase and reverse splits decrease the multiplier proportionally. On Solana the multiplier lives in the Token-2022 scaledUiAmountConfig extension (verified on-chain: AAPLx multiplier 1.0026642075893797 with a scheduled newMultiplier 1.0032690125398187) rather than by minting/burning supply. Delisting is not addressed in the public docs pages but IS addressed in the Base Prospectus: a delisting is an Adjustment Event under Terms and Conditions clause IX.i, and if the Underlying ceases to be traded or publicly quoted and is not immediately re-quoted this is a Termination Event at the Issuer's sole discretion under clause IX.iii, whereupon the Product is terminated and the Issuer pays what it alone determines is the fair market value. Mergers are never named; clause IX.v extends the same rules mutatis mutandis to any event that 'in the sole opinion of the Issuer' has an equivalent effect. Under clause IX.vi the consent of Investors is not required for any of these changes.

Economic equivalence may be delivered by cash, balance adjustment or issuer calculation; it is not assumed to reproduce the underlying shareholder right.

Redemption path

Available

yes

Eligibility

Investor Put Option exercisable at any time by any Investor, but acceptance is conditional on successfully completing the Issuer's KYC/AML procedures, and the Issuer may reject a redemption request on negative findings. Primary-market access requires onboarding with the issuer and only whitelisted wallets may interact with the platform. Qualified Professional Investors may subscribe directly; all investor segments may go through an Authorized Participant.

Route

Cash settlement in the Settlement Currency (optionally other fiat or cryptocurrencies at the Issuer's sole discretion) by T+5 from receipt of the tokens; tokens are de-activated by the Tokenizer and collateral liquidated. Physical delivery of the Underlying/Collateral is expressly excluded. xStocks docs describe three primary flows (atomic-rfq-xchange, market-flow, in-kind-flow-xport).

KYC

yes

Minimum

USD 5,000 per transaction when issuing or redeeming directly with the Issuer (xStocks FAQ), retail users included; no minimum is imposed by the Issuer on secondary markets. The Base Prospectus itself sets no size floor — fractional ledger-based securities are possible, the Redemption Amount must be at least the smallest denomination of the Settlement Currency, and excess rounding amounts are kept by the Issuer — so the 5,000 floor exists only in the FAQ.

Fees

Per-product (TSLAx product page): issuance/redemption up to 0.50% of investment value; management fee up to 0.25% p.a. (currently none). The Base Prospectus caps are an order of magnitude higher: Investor Fees for issuance and redemption 'of up to 5% of the market price of the Underlying' (s.1.3 definitions), and a surcharge on issue and redemption price that 'shall not exceed 5% of the redemption price and/or a Management Fee, which shall not exceed 5% p.a.' (s.3.1.1.8). The product-page figures are current values, not ceilings.

Timing / SLA

—

Notes

—

Source authority and precedence

The conclusion follows the highest-authority source applicable to the specific product, holder and issue. A technical capability cannot create a legal right, and marketing cannot override operative terms.

1. 1
   Mandatory law, court orders and official registers

   These can override private terms and determine legal title, perfection, insolvency priority or eligibility.

2. 2
   Product-specific final terms and operative agreements

   The document governing this product or series controls over a general description, subject to mandatory law.

3. 3
   Base prospectus and binding programme terms

   These govern the programme except where valid product-specific terms supplement or disapply them.

4. 4
   On-chain state

   Authoritative for what the program and current keys can technically do, but not by itself for legal ownership or enforceability.

5. 5
   Official operating documentation and attestations

   Evidence of process or reserves; it cannot silently enlarge rights excluded by the controlling legal documents.

6. 6
   Marketing, press and third-party descriptions

   Useful context only. A conflict is resolved in favour of the higher-authority source and remains visibly recorded.

Recorded conflicts and corrections

• chains · contradicted-corrected

  CORRECTION: the dossier listed 15 chains, merging the issuer's xStocks list with its separate bTokens product line and adding Optimism. The issuer's own legal-documentation page splits the two: xStocks runs on 9 chains (Ethereum, Solana, Arbitrum, Mantle, Ink, BNB Smart Chain, TRON, TON, X Layer). Gnosis, Polygon, Avalanche, Fantom and Base are bTokens chains; Optimism appears on neither list. chains reduced to the 9 xStocks chains.

  source ↗
• underlyingCustodian · contradicted-corrected

  CORRECTION: the dossier named 'Alpaca Securities LLC (US broker, SEC Rule 15c3-3, and also Prime Borrower under the securities lending agreement)' in the custodian list and did not mention Alpaca Crypto LLC at all. The current prospectus names Alpaca Crypto LLC — a FinCEN-registered money services business, not a broker-dealer and not bank-regulated — as the U.S. Custodian, under a Cryptocurrency Services Agreement of 28 March 2025 (California law) that permits omnibus wallets and delegation of custody functions to sub-custodians at Alpaca Crypto's discretion. The TSLAx product page still lists Alpaca Securities under 'Custodian'; that discrepancy is now stated in the field and claimed separately.

  source ↗
• redemption.fees · contradicted-corrected

  CORRECTION: the dossier gave only the TSLAx product-page figures (0.50% issuance/redemption, up to 0.25% p.a. management) as if they were the ceiling. The prospectus permits far more: Investor Fees up to 5% of the market price of the Underlying, and (p. 57, s. 3.1.1.8) a surcharge on issue and redemption price that 'shall not exceed 5% of the redemption price and/or a Management Fee, which shall not exceed 5% p.a.'. Field updated to state both the current per-product figures and the prospectus caps.

  source ↗
• redemption.minimum · contradicted-corrected

  CORRECTION: the dossier said 'unknown — fractional ledger-based securities are possible; Redemption Amount must be at least the smallest denomination of the Settlement Currency; excess rounding amounts are kept by the Issuer'. The xStocks FAQ states a USD 5,000 minimum for direct issuance or redemption with the issuer, and repeats it for retail under 'Can retail users redeem directly with the issuer?': 'Retail users are legally permitted to redeem directly with the issuer, subject to KYC requirements and the $5,000 minimum transaction size.' The FAQ also states there is no issuer-imposed minimum on secondary markets. The prospectus remains silent on size, so the floor rests on the FAQ alone.

  source ↗
• corporateActions · contradicted-corrected

  CORRECTION: the dossier said 'Mergers and delistings are not addressed in the public docs.' That is true of the docs.xstocks.fi pages but false of the prospectus, which the dossier already cites. Clause IX.i names 'capital increases, delistings, share splits, special dividends' as Adjustment Events the Issuer determines and adjusts for 'without the consent of Investors'; clause IX.iii (quoted) turns a cessation of quotation into an issuer-discretion Termination Event settled at the Issuer's own fair-market-value determination; clause IX.v extends the same rules 'mutatis mutandis' to any event that 'in the sole opinion of the Issuer' has an equivalent effect, which is the only machinery a merger would run through — mergers are never named. Clause IX.vi confirms Investor consent is not required.

  source ↗
• parties.custodians · contradicted-corrected

  CORRECTION: the list read 'Alpaca Securities' with role 'custodian', identifier 'SEC Rule 15c3-3 broker-dealer', jurisdiction 'New York, USA'. Alpaca Crypto LLC (San Mateo, California; FinCEN money services business) is the U.S. Custodian in the prospectus, and has been added with role custodian. Alpaca Securities LLC is kept in the list but its role is now broker: the prospectus names it U.S. Broker (p. 70) and Prime Borrower (p. 76), and its recorded jurisdiction is corrected from New York to Wilmington, North Carolina as the prospectus states. The TSLAx product page's 'Custodian Alpaca Securities LLC' row is the other side of the discrepancy and is claimed above.

  source ↗

Document register

“Not structured” is a visible evidence gap: a date in a title is not silently promoted into metadata.

Open questions

• Does Backed actually publish the amount of Lent Underlyings 'on a regular basis on their website' as the prospectus promises? Not found on the product pages or the PoR dashboard — and whether lending is enabled per-Product is set in each product's Final Terms, which could not be downloaded (the product page's document links are unpopulated placeholders).
• Are the per-ticker Chainlink Proof of Reserve feeds live on Solana specifically, and what are their feed account addresses? Only the marketing claim and the SPA dashboard were verifiable.
• Are there signed periodic attestation reports (AICPA examination or agreed-upon-procedures) from The Network Firm for xStocks, or only the live API feeding Chainlink? No report PDFs were found.
• Which product Final Terms name which custodian, and what share of collateral sits in the US structure (Alpaca) versus Swiss (InCore, Maerki Baumann) versus UK (GTN Europe)?
• Is the structure genuinely bankruptcy-remote? The prospectus never uses the phrase — it describes an SPV plus a per-product pledge and account control agreement. The xStocks docs page claims bankruptcy-remoteness. Treated here as null pending a legal opinion.
• Has the Kraken/Payward acquisition changed the mint/freeze/permanent-delegate key custody, and who controls 5aMNNLQ... and JDq14BW...?
• Do xStocks docs' 'in-kind-flow-xport' primary flow and the prospectus's exclusion of physical delivery conflict, or does 'in-kind' there mean token-for-token rather than token-for-share?
• Has Backed's custody arrangement actually been amended to bind it to follow token-holder voting instructions? A secondary report (crypto.news, https://crypto.news/kraken-xstocks-tokenized-equity-voting-rights/, article footer 'Published August 6, 2026' and cited elsewhere in this dossier as 7 August 2026) says the contractual terms of Backed Assets (JE) Limited's custody arrangement were updated to create a binding obligation to vote the underlying shares per instructions submitted through Kraken accounts and aggregated on Ink. No primary source for it was found: the FMA-approved Base Prospectus, the xStocks docs, the xStocks FAQ, Kraken's live risk disclosure and Kraken's support FAQ all still say the tokens confer no voting rights as at 2026-09-18. The dossier's voting: "none" stands until a primary source appears; if one does, voting, holderClaim and the titleDeed/attestation wording all change.