# Tokenized-equity issuer-document sweep — 2026-07-31

Raw evidence behind the document-kind rows on `/tokenized/nvda`.

**Scope.** Two wrappers over NVIDIA Corporation (NVDA): the Robinhood Stock Token
issued by Robinhood Europe, UAB, and NVIDIA xStock (NVDAx) issued by Backed
Assets (JE) Limited. Six questions per wrapper, plus the full corporate-action
history and the Solana mint address.

**Access date for every document below: 2026-07-31.**

**Rules this sweep ran under.**

1. A field becomes Verified only with the document's own title, its publisher,
   the date or version printed on it, the section the passage sits under, the
   passage itself, the URL, and the access date. No passage, no verification.
2. If a document was read and did not answer the question, the field stays
   Unknown and its resolver records *which document was read* and *what would be
   needed next*. That is a finding, not a gap in the work.
3. If a document could not be reached, the resolver says so, with the URL and
   the date attempted. Nothing is inferred to fill the hole.
4. Third-party material — blogs, exchange help pages, explorers, aggregators —
   may not verify anything. It is not cited below except as an explicit negative
   (what was *not* used).

---

## 1. Documents reviewed

### Backed Assets (JE) Limited / xStocks

| # | Document | Publisher | Date / version | URL | Reached |
|---|---|---|---|---|---|
| B1 | Final Terms for Product Nr. 19 NVIDIA xStock NVDAx (ISIN: CH1436219195) | Backed Assets (JE) Limited (Jersey) | 17 November 2025, replacing the Final Terms dated 29 August 2025 | `https://cdn.prod.website-files.com/655f3efc4be468487052e35a/69237dca5c7a7cc8f92dc349_Backed%20Assets_Final%20Terms%20Nr%2019%20(NVDAx)_20251117.pdf` | yes (HTTP 200, 1,668,261 bytes) |
| B2 | Base Prospectus for the issuance of tokenized securities of Backed Assets (JE) Limited | Backed Assets (JE) Limited; approved by the Financial Market Authority Liechtenstein | 8 May 2026, valid until 7 May 2027 | `https://cdn.prod.website-files.com/655f3efc4be468487052e35a/69fdfc3d5eeb5d3d2085f97d_Backed%20Assets_Base%20Prospectus_20260508_signed.pdf` | yes (HTTP 200, 1,428,039 bytes) |
| B3 | Securities Note (prospectus update) | Backed Assets (JE) Limited | 8 May 2025 | `https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6823217cc95858ca00c5ca02_Backed%20Assets_Securities%20Note_Prospectus%20Update_Clean_20250506.pdf` | yes (HTTP 200, 1,099,259 bytes) |
| B4 | Legal documentation index | Backed Assets (JE) Limited | live index page | `https://assets.backed.fi/legal-documentation` | yes |
| B5 | NVIDIA xStock (NVDAx) product page — issuer website, **not a prospectus** | Backed Assets (JE) Limited | page states "Last updated on June 30, 2025" | `https://assets.backed.fi/products/nvidia-xstock` | yes |
| B6 | xStocks Docs — Product Legal Overview (issuer documentation site) | Backed Assets (JE) Limited / xStocks | undated page | `https://docs.xstocks.fi/docs/product-legal-overview` | yes by direct request; **the same URL returns HTTP 403 to an automated fetcher**, noted so the discrepancy is on the record |

**Document chain, stated honestly.** B1 (17 November 2025) incorporates the
Registration Document and Securities Note *dated 8 May 2025* — not B2. B2, dated
8 May 2026, is the current programme document and is the successor prospectus
B1 anticipates ("After this date, the public offer will be made on the basis of
one or more Successor Base Prospectus(es)"). B1 reproduces the full Terms and
Conditions inline, and the clauses quoted below appear in identical wording in
both B1 and B2. Programme-level citations on the card point at B2, the current
document; series-level citations point at B1, the only Final Terms this sweep
read.

### Robinhood Europe, UAB

| # | Document | Publisher | Date / version | URL | Reached |
|---|---|---|---|---|---|
| R1 | Key Information Document — US-listed Share / ETP Derivative (PRIIPs KID) | Robinhood Europe, UAB (PRIIP manufacturer, legal entity code 306377915) | "Date of Document Production: 1 July 2026"; document id `20260626-5664125-17985354` | `https://cdn.robinhood.com/assets/robinhood/legal/stock_tokens_kid_eu.pdf` | yes (HTTP 200, 177,536 bytes) |
| R2 | Description of Services, Financial Instruments and Risks | Robinhood Europe, UAB | "applies from 1 July 2026"; document id `20260622-5631134-17836042` | `https://cdn.robinhood.com/assets/robinhood/legal/description_of_services_financial_instruments_and_risks_eu.pdf` | yes (HTTP 200, 280,879 bytes) |
| R3 | Standard Pricing Fee Schedule | Robinhood Europe, UAB | document id `20260622-5628651-17828471` | `https://cdn.robinhood.com/assets/robinhood/legal/fee_schedule_EU.pdf` | yes (HTTP 200, 50,519 bytes) |
| R4 | Key information on the Insurance of Liabilities to Investors | Robinhood Europe, UAB | document id `20260624-5643162-17889778` | `https://cdn.robinhood.com/assets/robinhood/legal/key_information_on_the_liabilities_to_investors_insurance_scheme_eu.pdf` | yes (HTTP 200, 57,479 bytes) |
| R5 | Robinhood Terms & Conditions | Robinhood Markets, Inc. and subsidiaries | document id `20250822-4767855-15024375` | `https://cdn.robinhood.com/assets/robinhood/legal/Robinhood%20Terms%20and%20Conditions.pdf` | yes (HTTP 200, 155,453 bytes) — **reviewed, answers nothing about Stock Token jurisdiction eligibility** |

### Not reached

| Attempted | Date | Result |
|---|---|---|
| `https://cdn.robinhood.com/assets/robinhood/legal/RHEU%20Stock%20Tokens%20Terms%20and%20Conditions.pdf` | 2026-07-31 | HTTP 403 — unavailable |
| `https://robinhood.com/eu/en/support/articles/stock-tokens/` | 2026-07-31 | HTTP 404 — unavailable |

### Explicitly **not** used as evidence

CoinGecko, CoinMarketCap, Solscan, Etherscan, Solflare, Kraken, Bybit, MEXC,
QuickNode, exchange help centres, and every "complete verified list" blog post
that carries the NVDAx mint address. Several of them state the same mint address
that the issuer's own documents state. That is not a reason to cite them.

---

## 2. Per-question findings

Legend: **A** answered by the document · **N** document reviewed, question not
addressed · **U** document unavailable.

| Question | Backed / xStocks (NVDAx) | Robinhood Stock Token |
|---|---|---|
| What does a holder legally own? | **A** — B2 cl. III | **A** — R1 "Objectives" |
| Redemption for underlying shares? | **A** — B2 cl. II + VI.iv/VI.v | **A** — R2 §I, R1 "Objectives" |
| Investor eligibility (category) | **A** — B2 SPB Order notice | **A** — R1 "Intended retail investor" |
| Investor eligibility (jurisdictions) | **A** — B2 General Sales Restrictions + cl. XXV | **N** — R1, R2, R5 all silent; R-terms **U** (403) |
| Bankruptcy / collateral treatment | **A** — B2 cl. IV + cl. XXII | **A** — R1 "unable to pay out" (+ R2 §II, R4 as context) |
| Fees | **A** — B1 §1.1 | **A** — R1 costs table, R3 fee schedule |
| True secondary-market depth | **N** — B1/B2 publish none; B1 records "Market Maker Not applicable." | **A** (negatively) — R2 §I: token is non-transferable, so no secondary market exists |
| Full lifetime corporate-action history | **N** — B1/B2 give the mechanism only | **N** — R1/R2 give the mechanism only |
| Official Solana mint address | **A** — B1 §1.1 lists it; B5 labels it Solana | n/a (Robinhood Chain, already endpoint-verified) |

---

## 3. Passages relied on

### 3.1 Backed / xStocks

**B1, cover page** — product identity and the document's own lineage:

> Final Terms for Product Nr. 19 NVIDIA xStock NVDAx (ISIN: CH1436219195) … of
> Backed Assets (JE) Limited (the "Issuer") a private limited company
> incorporated in Jersey … dated November 17th, 2025 (which replace the Final
> Terms dated August 29th, 2025)

**B1, §1.1 — "Address of smart contract serving as Securities Ledger"** — the
mint address, from the issuer's own filing:

> The address of the smart contracts serving as the Securities Ledger of the
> Product are: 0xc845b2894dbddd03858fd2d643b4ef725fe0849d
> EQCvaOf7acQdU_piADdlcbzsFtA-xJwZoctz8ZOXBdBoaB8 and
> Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh The Issuer will publish a link to
> such record of transaction for each Product on its Website: www.backedassets.fi

Note precisely what this does and does not establish. It establishes that three
securities-ledger addresses belong to Product Nr. 19. It does **not** say which
address is on which network — the words "Solana", "SPL", "Ethereum", "ERC-20"
and "TON" appear nowhere in B1. The network attribution comes from B5:

**B5, "Investment Objective"**:

> NVIDIA xStock (NVDAx) is a tracker certificate issued as Solana SPL and ERC-20
> tokens. NVDAx tracks the price of NVIDIA Corp (the underlying).

**B5, "Product Details" — Smart Contracts network list** (tightly paraphrased,
because the mapping is carried in markup rather than prose): the network entry
labelled `Solana`, linking to `solscan.io/token/`, carries the address
`Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh`; the "Network / Chain" row on the
same page reads "Ethereum (ERC-20) & Solana (SPL)".

So: the mint address is issuer-sourced twice over, and its identification as the
*Solana* one rests on the issuer's product page — an issuer publication, but not
a prospectus. The card says so on the row.

**B2, Terms and Conditions, clause I — Product Type**:

> The Products issued are open-ended (i.e. without predetermined fixed maturity)
> Tracker Certificates tracking the value of the Underlying. … The Products do
> not bear interest.

**B2, clause II — Form and Transferability of Securities**:

> The Issuer hereby securitizes the Products in the form of cryptographic tokens
> as ledger-based securities (Registerwertrechte) according to article 973d CO
> under Swiss law …
>
> Physical delivery of the Underlyings/Underlying Components or any issuers of
> the Collateral or other entities is excluded and Investors' interests are
> settled in FIAT currency and/or cryptocurrencies in the event of a redemption
> or termination.
>
> The smart contract may block interactions with addresses which have been
> flagged as sanctioned in accordance with Sanctions Regulations (such as OFAC
> sanctions) … The Issuer will engage an independent third-party service
> provider, such as Chainalysis, to implement such oracle function.

**B2, clause III — Rights attached to Products**:

> The Investors have a sole claim to the Collateral allocated to the specific
> Product they are holding and no further claim to other Collateral allocated to
> other Products or to the Issuer's assets. The Products are neither insured nor
> guaranteed by any government, regulator or agency. …
>
> Each Investor's rights as creditor do not consist of any shareholders' rights;
> thus, excluding all rights of attendance, dividend payments, other
> participation rights or voting rights at a general assembly of the Issuer or
> any issuers of Underlyings …
>
> The Investors in a Product are not entitled to any rights or claims to the
> Underlying or the Underlying Components or the Collateral

**B2, clause IV — Collateralization**:

> Each Product is secured under the Collateral Agreement and/or the Security
> Agreement … Any Collateral will be held and administered by the Issuer on one
> or several separate Collateral Accounts for each Product … Under the
> Collateral Agreement, the Issuer creates a right of lien (reguläres
> Pfandrecht, Forderungspfandrecht) over the Collateral in favour of (a) the
> Investors represented by the Security Agent …
>
> The security interest(s) created under the Collateral Agreement or Security
> Agreement over the Collateral are only granted to the Investors of the Product
> and to the Security Agent and not to any investors of other products

**B2, clause VI.i / VI.iv / VI.v — Issuance, Investor Put Option, Settlement**:

> The Investors have to go through a proper KYC/AML-procedure … in order to be
> eligible to subscribe for or redeem Products or to receive any cash
> settlements …
>
> Any Investor may either by itself or through its financial intermediary
> maintaining the relevant securities for the Investor exercise its right to
> require the Issuer to redeem a number of securities for any one Product by
> submitting a sell order ("Redemption Order") … Such Redemption Order or
> Investor Put Option can be placed by the Investor at any time
>
> Until the fifth Business Day following the receipt of the Investor's Products
> (i.e. T+5) … the Issuer: … Instructs the Paying Account Provider to pay out
> the redemption amount (minus Investor Fees) to the Investor or Authorized
> Participant and keeps the Investor Fees.

**B2, clause IX.i — Adjustments** (the corporate-action mechanism):

> An Adjustment Event may include, but is not limited to events of capital
> increases, delistings, share splits, special dividends … the Issuer will,
> acting in a commercially reasonable manner and in accordance with established
> market practice determine whether such Adjustment Event has a diluting or
> concentrative effect … and, if so, will make such adjustment as it considers
> appropriate in its duly exercised discretion

**B2, clause XXII — Realization Event and Realization of Collateral**:

> A realization event regarding the Collateral occurs when … the Issuer is
> subject to any form of winding up, administration, receivership, insolvency or
> debt enforcement proceedings …
>
> With first priority, the Security Agent, the Custodian and the Paying Account
> Provider shall be entitled to satisfy its claims against the Issuer … from the
> realization proceeds before any other payments are made. … the remaining
> realization proceeds shall be available for payment to the Investors of the
> Product ("Net Realization Proceeds").

**B2, "IMPORTANT INFORMATION — General Sales Restrictions" and clause XXV**:

> THE PRODUCTS OFFERED UNDER THIS BASE PROSPECTUS ON PRIMARY MARKETS, SECONDARY
> MARKETS AND OTHER PLATFORMS ARE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO
> ANY PERSON OR ADDRESS IN THE U.S. OR IN ANY OTHER JURISDICTION OR TO ANY OTHER
> PERSON TO WHICH A DISTRIBUTION WOULD BE UNLAWFUL.
>
> … not for distribution to any U.S. person or any person or address in the U.S.
> or in any other jurisdiction (i) to which a distribution would be unlawful
> (e.g. being subject to Sanctions Regulations, such as residents of North
> Korea, Syria or Iran), or (ii) which may be classified as high-risk
> jurisdictions subject to a call for action according to the Financial Action
> Task Force ("FATF").

**B2, SPB Order notice** (investor category):

> Pursuant to the SPB Order, the Products may only be issued or allotted
> exclusively to: 1. A person whose ordinary activities involve them acquiring,
> holding, managing or disposing of investments … (a "Professional Investor");
> or 2. A person who has received and acknowledged a warning to the effect that
> (A) the Products are only suitable for acquisition by a person who: (i) has a
> significantly substantial asset base …

**B2, front matter** (the passported EEA states): the issuer requested the FMA to
notify Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovak
Republic, Slovenia, Spain, Sweden and the Netherlands — 29 states.

**B1, §1.1 — fees, size, market maker, minimum**:

> Management Fee Calculated on a daily basis at 12pm (noon) (Coordinated
> Universal Time, UTC): up to 0.25% P/A per amount of one outstanding Security
>
> [Issue Price] … 2) plus Investor Fees of up to 0.5% of the market price of the
> Underlying, but at least USD 100.
>
> [Redemption Amount] … 2) minus Investor Fees of up to 0.5% of the market price
> of the Underlying, but at least USD 100.
>
> The minimum subscription amount is USD 5,000. The maximum subscription amount
> is limited to the total issue volume.
>
> The total issue volume is up to USD 100,000,000.
>
> Market Maker Not applicable.
>
> The Product has a variable denomination following 1:1 the Underlying Price.

**B1, §1.2 — the underlying, dividends, and share lending**:

> The issuer of the Underlying is NVIDIA Corporation, 2788 San Tomas Expressway,
> Santa Clara, CA 95051, USA. LEI: 549300S4KLFTLO7GSQ80.
>
> The ISIN is US67066G1040. Bloomberg Ticker: NVDA
>
> Any dividend and/or interest payments and/or any other income or payments
> accruing from the Underlying shall be accumulated and included, net of taxes,
> in the calculation of the reference value of the Underlying by way of
> Rebasing.
>
> Lending of Underlyings Allowed

**B1, §1.1 — service providers**:

> Custodian(s) … Maerki Baumann & Co. AG … InCore Bank AG … Alpaca Securities
> LLC … The Security Agent is Security Agent Services AG, Baarerstrasse 75, 6300
> Zug, Switzerland. … The tokenizer is the Parent of the Issuer, i.e. Backed
> Finance AG

**B6 — corroboration only** (issuer documentation site, used for the issuer
description and nothing that a prospectus already settles):

> xStocks are issued by Backed Assets (JE) Limited, a Jersey-based special
> purpose vehicle dedicated solely to the issuance and redemption of xStocks. …
> Backed Assets (JE) Limited is registered with the Jersey Financial Services
> Commission (JFSC) and holds the required COBO and CGPO consents to issue
> security tokens.
>
> Each xStock is a bearer debt instrument classified as a tracker certificate.

### 3.2 Robinhood Europe, UAB

**R1, "Product"**:

> Name: US-listed Share / ETP Derivative (the 'Product')
> PRIIP Manufacturer: Robinhood Europe, UAB, a licensed and regulated Lithuanian
> investment firm (legal entity code 306377915) …
> Competent Authority: The Bank of Lithuania, Gedimino pr. 6, LT-01103 Vilnius,
> Lithuania, is responsible for supervising Robinhood Europe regarding this Key
> Information Document
> Date of Document Production: 1 July 2026

**R1, "What is this product? — Type"**:

> The Product is an over-the-counter ('OTC') derivative which gives you direct,
> one-to-one exposure to the market price of the underlying US-listed share or
> US-listed exchange-traded product ('ETP') that you select. … Your rights under
> the Product come from your contract with Robinhood Europe, and are also
> represented by a blockchain-traded token (the 'Token'), issued to you at the
> time of entering into the contract. Each Token represents one underlying share
> or unit in the Underlying Asset

**R1, "What is this product? — Objectives"**:

> Holding the Product does not mean you own any shares or units, or that you
> have any rights to receive shares or units of the Underlying Asset. The
> Product does not allow you to redeem it for shares or units in the Underlying
> Asset or otherwise, and does not offer rights that you would have if you
> bought shares or units in the Underlying Asset directly (such as voting rights
> at shareholders' meetings).

and, on exit:

> You can request that Robinhood Europe buy it back from you at any time at the
> then-quoted price of the Underlying Asset, subject to applicable fees and
> other conditions in each case.

**R1, "What is this product? — Intended retail investor"**:

> The Product is a complex financial instrument suitable only for informed
> retail investors with specific knowledge of and experience trading similar
> products and financial markets. … It is intended for investors who are willing
> and financially able to bear significant losses, including the total loss of
> the invested capital, and who do not expect any capital protection.

**R1, "What happens if Robinhood Europe is unable to pay out?"**:

> The product is not covered by an investor compensation or deposit insurance
> scheme. Robinhood Europe is the sole counterparty to payment claims arising
> from the Product for all Underlying Assets. … you are exposed to the risk that
> we may be unable to fulfil our obligations under these contracts, which could
> result in you losing all or part of your investment (for example, if we become
> insolvent).

**R1, "What are the costs? — Composition of costs"**:

> Entry costs 0.10% of the amount you pay in when entering this investment. This
> is the most you will be charged. … Exit costs 0.10% of your investment before
> it is paid out to you. … Management fees and other administrative or operating
> costs 0.00% of the value of your investment per year. … Transaction costs
> 0.00% … Performance fees: There is no performance fee for this Product.

With the worked example: total costs EUR 20 on EUR 10,000 held one year, "Annual
impact of costs 0.2%". The KID also classifies the Product "7 out of 7, which is
the highest risk class".

**R2, Section I — "What is a derivative contract?"** (corporate actions):

> Derivative contracts shall be amended and tokens rebased in the event of share
> splits and repurchases.

**R2, Section I — difference between a share and a share derivative**:

> Through US Share Derivatives, clients shall have a right to dividend amounts.
> Clients should be advised that dividends are not guaranteed. Whether there
> will be a dividend is fully at the discretion of the issuer.
>
> US Share Derivatives are cash-settled only, meaning that they may not be
> redeemed for the underlying shares or ETPs themselves.

**R2, Section I — "What is tokenisation?"** (this is the one that settles
secondary-market depth):

> When a new US Share Derivative contract is entered into, Robinhood will
> simultaneously issue (mint) a new fungible token over a blockchain. This token
> represents the ownership rights of the client over the US Share Derivative.
> **The token is non-transferable and non-assignable.** When the US Share
> Derivative is closed out, Robinhood burns the tokenised US Share Derivative
> contract from the blockchain.

**R2, Section II — custody of US Share Derivatives**:

> We ensure the safekeeping of US Share Derivatives (also referred to as Share
> Tokens) on behalf of clients by maintaining individual accounts, accurately
> reflecting each client's holdings and ensuring full segregation from other
> clients and our proprietary holdings. … We have no right to use any US Share
> Derivatives belonging to you, except with your explicit consent. We will not
> transfer the custody of US Share Derivatives owned by clients to any third
> parties.

**R3, "Robinhood Classic Stock Tokens — Trading and FX Fees"**:

> Robinhood Europe applies a 0.10% currency conversion fee for each transaction
> based on the value in euros of the executed currency exchange transaction.
> Euros are converted to U.S. dollars when buy orders are executed, and U.S.
> dollars are converted to euros when sell orders are executed. Robinhood Europe
> does not apply any other fees related to the trading of Classic Stock Tokens.

**R4, "Key information on the Insurance of Liabilities to Investors"**:

> Robinhood Europe, UAB is a participant in the Insurance System of Liabilities
> to Investors of Lithuania. … Insurance amount covering liabilities to
> investors (coverage limit): Up to €22,000. … Investment risk, which is defined
> as the probability of incurring a loss due to the investment's
> unprofitability or loss of value, is not covered by insurance of liabilities
> to investors.

---

## 4. Two tensions left standing, not resolved

**(a) Compensation scheme.** R1 says of the Product: "not covered by an investor
compensation or deposit insurance scheme". R4 says of the firm: participant in
Lithuania's Insurance System of Liabilities to Investors, up to EUR 22,000, with
loss of investment value excluded. Both are the issuer's own publications, both
current. Which governs a Stock Token claim is not settled by anything reviewed
here. Both are reproduced on the card (`rights.bankruptcyTreatment` and
`rights.investorInsuranceScheme`) and neither is smoothed over.

**(b) Prospectus lineage.** B1 (November 2025) incorporates the 8 May 2025
Registration Document and Securities Note, whose validity B1 itself says expires
7 May 2026. B2 (8 May 2026) is the successor. No Final Terms for NVDAx dated
after 17 November 2025 was found on B4. The clauses quoted are identical in B1
and B2, so nothing on the card turns on the gap — but the gap is real and the
card's series-level rows cite B1 by its own date.

---

## 5. What stayed Unknown, and why

| Field | Wrapper | Status after the sweep |
|---|---|---|
| `eligibility.investorEligibility` (jurisdictions) | Robinhood | Reviewed R1, R2, R5 — none enumerates permitted countries, none states a US-person restriction for this product. Attempted the Stock Tokens terms PDF — HTTP 403. Needs the Robinhood Europe Stock Token customer agreement. |
| `corporateActions.fullHistory` | Robinhood | Reviewed R1, R2 — mechanism only, no register. The public endpoint returns a short recent window. Needs an issuer corporate-action register, or accumulated dated snapshots. |
| `liquidity.secondaryMarketDepth` | xStocks | Reviewed B1, B2 — no order-book depth or transfer volume is published, by design; B1 records only "Market Maker Not applicable." Unlike the Robinhood token this one is freely transferable, so the question is live. Needs an onchain Solana adapter plus venue order-book data. |
| `corporateActions.currentMultiplier` | xStocks | Reviewed B1, B2 — they fix the denomination basis (variable, 1:1 the underlying price) but publish no observed ratio at any instant, and no proof-of-reserve or attestation report was located. Needs an issuer attestation or an onchain adapter. |
| `corporateActions.fullHistory` | xStocks | Reviewed B1, B2 — clause IX states the adjustment mechanism; no register of adjustments actually made is published. Clause XIX contemplates notices but links to none. |
| `wrapper.assetStatus`, `contract.chainId`, `liquidity.bid/ask/quoteAsOf/halted/underlyingDailyVolume/mintBurnTokenVolume`, `eligibility.tradingCapabilities`, `corporateActions.count/pendingMultiplier` | xStocks | Live state. No adapter reads the rail yet, and issuer documents do not publish live market data. Adapter planned — second rail. |
| All series-level rows for AAPLx, TSLAx, MSFTx, CRWDx | xStocks | This sweep read Final Terms Nr. 19 (NVDAx) only. The programme-level rows (rights, redemption, insolvency, eligibility, adjustment mechanism, legal form) apply to every series and are Verified. The series-level rows are not, and say so. |

---

## 6. Field-count effect

| Wrapper | Before | After |
|---|---|---|
| NVDA · Robinhood Stock Token | 23 Verified / 7 Unknown (30) | 36 Verified / 2 Unknown (38) |
| NVDA · xStocks (NVDAx) | 4 Verified / 23 Unknown (27) | 24 Verified / 14 Unknown (38) |
| AAPL / TSLA / MSFT / CRWD · Robinhood | 23 / 7 (30) each | 36 / 2 (38) each |
| AAPL / TSLA / MSFT / CRWD · xStocks | 4 / 23 (27) each | 8 / 22 (30) each |

The xStocks figure for non-NVDA symbols is the honest one: four rows that were
previously "Verified" against an unsourced statement of product identity have
been *withdrawn* to Unknown, because this sweep did not read the Final Terms for
those series. Eight programme-level rows were verified in their place. A count
going down is the system working.

---

## 7. Reproducing this

Every URL above is public and unauthenticated. To replay:

1. Download B1, B2, R1–R5 with any HTTP client.
2. Extract text (`pdftotext -layout`).
3. Search for the section headings named in section 3 and compare the passages.

The citations themselves live in `lib/tokenized/schema.ts` — in the documentary
table, not in `data/tokenized/*.json` — so `pnpm tokenized:refresh` re-applies
them on every run and cannot overwrite them with API output.

*Read-only verification. Not investment advice. EquityLayer is independent and
not affiliated with Robinhood, Solana, Circle, or Backed.*