Glossary
Every term the record uses, in plain English. None of this is advice; it is what the words mean.
The one idea
A token called AAPL is not Apple stock. It is a claim against a legal structure, and the structure decides everything: whether you can redeem, whether you receive the dividend, whether you can vote, and where you stand if the company that issued the token fails. The record exists to state those answers from the documents, with the supporting sentence.
What you hold
Direct title. You own the share itself, registered to you. This is what most people assume they are buying, and in this market it is rare.
Secured creditor of the issuer. You do not own the share. You hold a claim against the company that issued the token, and specific assets have been set aside to back that claim. If the issuer fails, you queue with its other secured creditors and are paid from those assets, in the order the documents set.
Unsecured creditor of the issuer. You hold a claim against the issuer with nothing specific set aside to back it. If the issuer fails, every secured creditor is paid before you.
Shareholder in a fund. You own a share in a fund, and the fund owns the asset. There is a layer between you and the asset, and the fund's own ongoing costs apply beneath the token.
No claim. The token gives you no claim on the underlying at all. What it does give you, if anything, is whatever the issuer's own terms say.
Not disclosed. We looked, and no public document states the answer. This is different from us not having looked yet, and the record keeps the two apart. Not disclosed is often the most important line on a page.
The machinery
Wrapper. The legal structure between you and the asset: the company, trust or note programme that issues the token and writes the rules. One wrapper usually covers hundreds of tokens, which is why the record reads wrappers rather than tickers.
Issuer. The legal entity that stands behind the token. It is often not the company whose brand is on the platform, and it is almost never the company whose stock is being tracked.
Redemption. Exchanging the token for the underlying asset, or its cash value, with the issuer. Many wrappers restrict who can redeem; a holder outside the restriction exits by selling the token to someone else.
Insolvency ranking. The queue if the issuer fails. Documents set out who is paid first from what is left; "holders are paid third" means two groups stand in front of you.
Chain. The blockchain a particular token lives on. The same product is often issued on several chains, and each deployment is its own contract at its own address.
Seen, not yet read. A token our systems have observed on a chain whose legal structure this record has not yet read. It counts in the numbers on every page and never presents as covered.
Where the answers come from
Every answer on this site is taken from an issuer's own documents or read directly from a chain, and carries the date it was read. Where a page shows a supporting sentence, that is the document's own words. How corrections work, and what the record will never do, is on the governance page.