What the record has found
Each finding is dated, quoted from a primary source, and states no one's intent. Where marketing and contract disagree, both are quoted and no conclusion is drawn.
The claim that can lapse
The prospectus behind the 737 xStocks states, twice, that if a holder does not answer an information request within a timeline set by the paying account provider or security agent, "the claim of the Investor lapses". A holder who misses a deadline they may never have seen can lose the claim their token represents.
Backed Assets (JE) Limited base prospectus, dated 8 May 2026, read 26 August 2026. See the issuer record.
Not all stocks are stocks
691 of the 737 xStocks track a single share and charge no ongoing fee. The other 46 track a fund and pass through that fund's costs, stated at 0.03% to 2.38% a year, the highest being a 2x leveraged bitcoin strategy fund. All 737 sit in the same product database, presented the same way.
All 737 product pages read 26 August 2026, zero failures, fee texts quoted per product.
Two queues, not one
Under the same prospectus, investors are paid fourth on ordinary redemption and rank third on insolvency, behind the security agent, custodian and paying account providers together, after realisation costs. Both orders are stated in the same document.
Backed base prospectus, clauses XXI and XXII ii, read 26 August 2026.
The prospectus that does not say what backs the product
One prospectus covers all 737 xStocks, and it does not state what backs any individual one of them: the collateral, its custodian and the governing law of the pledge are blank templates, completed per product by Final Terms. The structure is shared. The backing is not.
Backed base prospectus, read 26 August 2026.
Both statements are true at once
The issuer behind xStocks is registered in Jersey with the JFSC for anti-money-laundering purposes only, and states that it "will operate without supervision by any authority in any jurisdiction". Its prospectus is approved in Liechtenstein by the FMA and passported into 29 EEA states. Where a product is approved and where its issuer sits are different facts, and this record states them together.
Backed base prospectus and registry entries, read 26 August 2026.
The product that left
On 26 August 2026, Backed's product database listed 737 products. On 31 August it listed 736. The product no longer listed is AvalonBay Communities. A record that only reads today's page would never know; this one keeps what was there and when it changed.
Our readings of 26 and 31 August 2026, both archived with content hashes.
One address, two products
On 31 August 2026, the issuer's own product page for its SUI Group token listed the same Ethereum and Solana contract addresses as its page for its Tron Inc. token. The chain answers "TRONx, Tron xStock" at both addresses. The record attributes both to the Tron product on that chain evidence, and records SUI Group's coverage on those two chains as a gap until the issuer's page changes.
Product pages and chain reads of 31 August 2026, archived. See the SUI Group page.
The unnamed agent
Ondo Global Markets states its structure is bankruptcy remote, with a first-priority security interest held by a third-party security agent. No document we could find names the agent or states what a holder recovers on insolvency. The record says "not disclosed", because that is the answer the documents leave a holder with.
Ondo Global Markets documents, read 24 August 2026. See the issuer record.
Corrections
If anything here is wrong, say so through the contact form. Corrections are dated and the original stays visible. Anyone named has a right of reply, published in their own words.
31 August 2026. Pages for Ondo Global Markets instruments previously said "On insolvency, holders are paid first". The source states a first-priority security interest held by a third-party security agent, which ranks the security, not the holders, and no Ondo document we have read states where holders rank or what they recover. The pages now say that ranking is not disclosed. The corrected reading is recorded in the corpus alongside the original, which stays visible.