{
  "schemaVersion": 1,
  "version": "1.1.0",
  "reviewedAt": "2026-10-14",
  "reviewIntervalDays": 14,
  "reviewer": "Decentralised News editorial research",
  "methodology": "A selective research directory of benchmark designs, product structures and AI value-chain exposure. Inclusion is editorial coverage, not an investment ranking, endorsement or eligibility determination. No live prices, constituent weights, performance series or execution observations are collected. AI categories and diligence questions are DN interpretations of linked primary sources. Review dates describe our source review, not provider release dates. Individual token records identify issuer and reference asset separately. Network labels are documentary evidence, not verified contracts or trading routes; unverified fields remain explicit.",
  "sources": [
    {
      "id": "sp",
      "name": "S&P digital asset index methodology",
      "url": "https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-digital-assets-indices.pdf"
    },
    {
      "id": "cf",
      "name": "CF Broad Cap diversified-weight index",
      "url": "https://www.cfbenchmarks.com/data/indices/CFDBCLDN_RR_TR"
    },
    {
      "id": "cff",
      "name": "CF Broad Cap free-float index",
      "url": "https://www.cfbenchmarks.com/data/indices/CFFBCUS_RR_TR"
    },
    {
      "id": "ondo",
      "name": "Ondo legal and regulatory documentation",
      "url": "https://docs.ondo.finance/ondo-stocks/legal-and-regulatory"
    },
    {
      "id": "ondor",
      "name": "Ondo important notes and restrictions",
      "url": "https://docs.ondo.finance/ondo-stocks/important-notes"
    },
    {
      "id": "xstocks",
      "name": "Kraken explanation of tokenised equity rights",
      "url": "https://www.kraken.com/learn/what-is-tokenization"
    },
    {
      "id": "perps",
      "name": "Kraken xStocks perpetual contract guide",
      "url": "https://www.kraken.com/learn/futures-trading-xstocks-assets"
    },
    {
      "id": "nvidia",
      "name": "NVIDIA financial reports",
      "url": "https://investor.nvidia.com/financial-info/financial-reports/default.aspx"
    },
    {
      "id": "amd",
      "name": "AMD Q2 2026 results",
      "url": "https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results"
    },
    {
      "id": "microsoft",
      "name": "Microsoft investor information and filings",
      "url": "https://www.microsoft.com/en-us/investor/investor-information"
    },
    {
      "id": "alphabet",
      "name": "Alphabet Q2 2026 earnings call",
      "url": "https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx"
    },
    {
      "id": "vertiv",
      "name": "Vertiv AI-ready cooling expansion",
      "url": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Expands-Global-Manufacturing-Capacity-for-AI-Ready-Data-Center-Cooling-Solutions/default.aspx"
    },
    {
      "id": "tsmc",
      "name": "TSMC 2025 annual report",
      "url": "https://investor.tsmc.com/static/annualReports/2025/english/index.html"
    },
    {
      "id": "nvdax",
      "name": "Backed: NVIDIA xStock",
      "url": "https://assets.backed.fi/products/nvidia-xstock"
    },
    {
      "id": "aaplx",
      "name": "Backed: Apple xStock",
      "url": "https://assets.backed.fi/products/apple-xstock"
    },
    {
      "id": "spyx",
      "name": "Backed: SP500 xStock",
      "url": "https://assets.backed.fi/products/sp500-xstock"
    },
    {
      "id": "nvdaon",
      "name": "Ondo: NVIDIA token",
      "url": "https://app.ondo.finance/assets/nvdaon"
    },
    {
      "id": "aaplon",
      "name": "Ondo: Apple token",
      "url": "https://app.ondo.finance/assets/aaplon"
    },
    {
      "id": "spyon",
      "name": "Ondo: SPDR S&P 500 ETF token",
      "url": "https://app.ondo.finance/assets/spyon"
    },
    {
      "id": "xrights",
      "name": "Kraken: xStocks rights and redemption",
      "url": "https://www.kraken.com/legal/xstocks"
    },
    {
      "id": "ondoredeem",
      "name": "Ondo: investing and redeeming",
      "url": "https://docs.ondo.finance/ondo-stocks/investing-and-redeeming"
    },
    {
      "id": "ondoeligibility",
      "name": "Ondo: eligibility",
      "url": "https://docs.ondo.finance/ondo-stocks/eligibility"
    }
  ],
  "crypto-indexes": [
    {
      "id": "sp-btc",
      "name": "S&P Bitcoin Index",
      "category": "Single asset",
      "exposure": "A benchmark tracking Bitcoin, rather than a diversified crypto portfolio.",
      "conditions": "The benchmark is not itself an investment product. Check the relevant close, currency and calculation calendar.",
      "question": "Does the chosen investible wrapper track this exact variant after fees?",
      "sourceIds": [
        "sp"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "sp-eth",
      "name": "S&P Ethereum Index",
      "category": "Single asset",
      "exposure": "A benchmark tracking Ether. Holding an index-linked product need not provide staking income.",
      "conditions": "Price-return methodology and wrapper treatment must be read separately; do not infer yield from the underlying asset.",
      "question": "Is staking income included, excluded or retained by the product provider?",
      "sourceIds": [
        "sp"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "sp-mega",
      "name": "S&P Cryptocurrency MegaCap Index",
      "category": "Multi asset",
      "exposure": "Combines Bitcoin and Ether within the S&P digital-assets methodology.",
      "conditions": "Two assets are not broad sector coverage. Current weights and index levels are not reproduced here.",
      "question": "How much of the portfolio is driven by its largest constituent?",
      "sourceIds": [
        "sp"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "cf-div",
      "name": "CF Broad Cap \u00b7 Diversified Weight \u00b7 London",
      "category": "Multi asset",
      "exposure": "Targets broad investible digital-asset exposure with weighting designed to reduce dominance.",
      "conditions": "The provider targets 99% of investible market capitalisation. That is a methodology objective, not coverage of every token.",
      "question": "What caps, exclusions and rebalances change the exposure?",
      "sourceIds": [
        "cf"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "cf-float",
      "name": "CF Broad Cap \u00b7 Free Float \u00b7 US",
      "category": "Multi asset",
      "exposure": "Weights eligible digital assets by free-float market capitalisation.",
      "conditions": "The provider describes quarterly reconstitution and rebalancing. US and London variants are distinct benchmarks.",
      "question": "How does free float differ from circulating supply in the proposed mandate?",
      "sourceIds": [
        "cff"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    }
  ],
  "tokenised-stocks": [
    {
      "id": "ondo-stocks",
      "name": "Ondo tokenised stocks",
      "category": "Tokenised exposure",
      "exposure": "Issuer-linked exposure to underlying assets with documented redemption rights.",
      "conditions": "Ondo describes redemption for then-value and a security interest, but no underlying shareholder voting or information rights. Access restrictions apply.",
      "question": "Identify issuer, instrument terms, redemption eligibility, asset segregation and insolvency treatment.",
      "sourceIds": [
        "ondo",
        "ondor"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "xstocks-spot",
      "name": "xStocks \u00b7 tokenised equities",
      "category": "Tokenised exposure",
      "exposure": "Tokenised exposure whose rights differ from direct ownership of the referenced stock.",
      "conditions": "Kraken describes no direct shareholder voting rights and possible rebasing treatment of dividends. Verify the exact instrument and venue terms.",
      "question": "Check issuer documents, contract address, units per token and how distributions affect the token balance.",
      "sourceIds": [
        "xstocks"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "xstocks-perps",
      "name": "xStocks \u00b7 perpetual contracts",
      "category": "Derivative",
      "exposure": "A derivative referencing an equity-related price, rather than the underlying share.",
      "conditions": "The reviewed Kraken guide describes cash-settled price exposure without shareholder or dividend entitlement. This is separate from a spot token.",
      "question": "Check contract specification, financing, margin, oracle and liquidation rules before comparing with a spot token.",
      "sourceIds": [
        "perps"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    }
  ],
  "ai-stocks": [
    {
      "id": "nvda",
      "name": "NVIDIA \u00b7 NVDA",
      "category": "Compute",
      "exposure": "Accelerated-computing and data-centre infrastructure exposure.",
      "conditions": "DN classification of the business, not a measured percentage of AI revenue or a valuation judgement.",
      "question": "Separate demand growth from customer concentration, supply commitments and capital-cycle exposure.",
      "sourceIds": [
        "nvidia"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "amd",
      "name": "AMD \u00b7 AMD",
      "category": "Compute",
      "exposure": "Data-centre CPUs and AI accelerators alongside other computing businesses.",
      "conditions": "Data Center segment revenue is not an AI-only revenue measure.",
      "question": "How much growth comes from CPUs, accelerators, pricing and shipment timing?",
      "sourceIds": [
        "amd"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "msft",
      "name": "Microsoft \u00b7 MSFT",
      "category": "Cloud & software",
      "exposure": "Cloud infrastructure and software distribution provide different paths to AI monetisation.",
      "conditions": "Consolidated or cloud revenue should not be labelled pure AI revenue.",
      "question": "Do usage, pricing and margins support the capital expenditure and depreciation burden?",
      "sourceIds": [
        "microsoft"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "googl",
      "name": "Alphabet \u00b7 GOOGL",
      "category": "Cloud & software",
      "exposure": "AI infrastructure, cloud services and application distribution sit within a broader business.",
      "conditions": "Search, advertising and Cloud exposure are not a single AI revenue line.",
      "question": "How do infrastructure investment and AI product adoption affect monetisation and margins?",
      "sourceIds": [
        "alphabet"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "tsm",
      "name": "TSMC \u00b7 TSM / 2330",
      "category": "Manufacturing",
      "exposure": "Advanced manufacturing and packaging support customers building AI hardware.",
      "conditions": "The ADR and Taiwan-listed share are different instruments. Currency, depositary terms and market hours require separate checks.",
      "question": "What capacity, packaging, customer and geopolitical dependencies matter to the mandate?",
      "sourceIds": [
        "tsmc"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    },
    {
      "id": "vrt",
      "name": "Vertiv \u00b7 VRT",
      "category": "Power & cooling",
      "exposure": "Power and thermal infrastructure serve data centres, including AI workloads.",
      "conditions": "A capacity expansion or order pipeline is not recognised AI revenue.",
      "question": "How do orders convert to revenue and cash, and what capacity or execution constraints remain?",
      "sourceIds": [
        "vertiv"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Provider documentation",
      "marketData": "Not collected"
    }
  ],
  "diligence": [
    {
      "id": "mandate",
      "label": "Mandate and instrument identity",
      "ask": "Record the legal instrument, issuer, identifier and permitted investment mandate."
    },
    {
      "id": "rights",
      "label": "Rights and enforceability",
      "ask": "Obtain governing terms for ownership, distributions, redemption and insolvency claims."
    },
    {
      "id": "access",
      "label": "Jurisdiction and client eligibility",
      "ask": "Document entity-specific access and the applicable legal review. An IP location is not an eligibility decision."
    },
    {
      "id": "custody",
      "label": "Custody and asset segregation",
      "ask": "Identify custodians, omnibus arrangements, segregation and independent assurance scope."
    },
    {
      "id": "liquidity",
      "label": "Liquidity and exit process",
      "ask": "Record executable size, spreads, redemption windows, suspension rights and settlement path."
    },
    {
      "id": "pricing",
      "label": "Pricing and valuation",
      "ask": "Record source, timestamp, currency, units, market session and stale-price handling."
    },
    {
      "id": "operations",
      "label": "Operational controls",
      "ask": "Document permissions, recovery, reconciliation, incident escalation and counterparty dependencies."
    },
    {
      "id": "data",
      "label": "Data rights and maintenance",
      "ask": "Confirm redistribution licences, source provenance, review owner and expiry or update triggers."
    }
  ],
  "instrumentProfiles": [
    {
      "id": "xstocks",
      "name": "xStocks",
      "issuer": "Backed Assets (JE) Limited",
      "structure": "Tracker certificate",
      "rights": "Economic exposure to the reference asset; no underlying shareholder voting or information rights.",
      "redemption": "Issuer redemption with Backed is distinct from selling on a venue. Fees, onboarding and the applicable product terms must be checked.",
      "restrictions": "US persons and US distribution are excluded. Further country and investor restrictions depend on the issuer and access venue; this directory does not determine eligibility.",
      "unitBasis": "Do not assume a wallet balance, wrapped token or corporate-action adjustment represents one unchanged share.",
      "sourceIds": [
        "xrights",
        "nvdax"
      ]
    },
    {
      "id": "ondo",
      "name": "Ondo Stocks",
      "issuer": "Ondo Global Markets (BVI) Limited",
      "structure": "Structured note",
      "rights": "Debt claim linked to the reference asset, with a security interest held for tokenholders; no underlying shareholder voting or information rights.",
      "redemption": "Issuer onboarding is required. The documentation describes USDon or USDC redemption; USDC settlement depends on swapper liquidity. Check current terms and market availability.",
      "restrictions": "US persons and US-originating orders are excluded, with additional jurisdiction and investor restrictions. Check the issuer eligibility policy; this directory does not determine eligibility.",
      "unitBasis": "Total-return tracking can change the reference units represented by one token over time.",
      "sourceIds": [
        "ondo",
        "ondoredeem",
        "ondoeligibility"
      ]
    }
  ],
  "instruments": [
    {
      "id": "nvdax",
      "ticker": "NVDAx",
      "name": "NVIDIA xStock",
      "profileId": "xstocks",
      "underlying": "NVIDIA Corporation",
      "referenceTicker": "NVDA",
      "referenceType": "Company share",
      "networks": [
        "Ethereum",
        "Solana"
      ],
      "networkEvidence": "Named in the issuer product page. Other deployments and contract addresses have not been verified by DN.",
      "sourceIds": [
        "nvdax"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    },
    {
      "id": "nvdaon",
      "ticker": "NVDAon",
      "name": "NVIDIA (Ondo Tokenized)",
      "profileId": "ondo",
      "underlying": "NVIDIA Corporation",
      "referenceTicker": "NVDA",
      "referenceType": "Company share",
      "networks": [],
      "networkEvidence": "Not verified per instrument in this review. Confirm the exact chain and contract in issuer documentation before use.",
      "sourceIds": [
        "nvdaon"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    },
    {
      "id": "aaplx",
      "ticker": "AAPLx",
      "name": "Apple xStock",
      "profileId": "xstocks",
      "underlying": "Apple Inc.",
      "referenceTicker": "AAPL",
      "referenceType": "Company share",
      "networks": [
        "Ethereum",
        "Solana"
      ],
      "networkEvidence": "Named in the issuer product page. Other deployments and contract addresses have not been verified by DN.",
      "sourceIds": [
        "aaplx"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    },
    {
      "id": "aaplon",
      "ticker": "AAPLon",
      "name": "Apple (Ondo Tokenized)",
      "profileId": "ondo",
      "underlying": "Apple Inc.",
      "referenceTicker": "AAPL",
      "referenceType": "Company share",
      "networks": [],
      "networkEvidence": "Not verified per instrument in this review. Confirm the exact chain and contract in issuer documentation before use.",
      "sourceIds": [
        "aaplon"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    },
    {
      "id": "spyx",
      "ticker": "SPYx",
      "name": "SPDR S&P 500 ETF xStock",
      "profileId": "xstocks",
      "underlying": "SPDR S&P 500 ETF Trust",
      "referenceTicker": "SPY",
      "referenceType": "ETF",
      "networks": [
        "Ethereum",
        "Solana"
      ],
      "networkEvidence": "Named in the issuer product page. Other deployments and contract addresses have not been verified by DN.",
      "sourceIds": [
        "spyx"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    },
    {
      "id": "spyon",
      "ticker": "SPYon",
      "name": "SPDR S&P 500 ETF (Ondo Tokenized)",
      "profileId": "ondo",
      "underlying": "SPDR S&P 500 ETF Trust",
      "referenceTicker": "SPY",
      "referenceType": "ETF",
      "networks": [],
      "networkEvidence": "Not verified per instrument in this review. Confirm the exact chain and contract in issuer documentation before use.",
      "sourceIds": [
        "spyon"
      ],
      "reviewedAt": "2026-10-14",
      "evidence": "Issuer documentation",
      "marketData": "Not collected",
      "contractVerification": "Not performed",
      "referenceUnitsPerToken": null
    }
  ]
}