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xStocks review
What you hold with xStocks, where to buy it, what it costs and its limits.
Method: observed. Routes opened and quotes observed by us, with dated screenshots. No transaction made.
Our verdict
A good fit if you want the widest network coverage we document (11 networks) and a wallet route on Solana: Jupiter quotes were observed for AAPLx, NVDAx, TSLAx and SPYx, and a CoW Swap quote for AAPLx on Ethereum. You hold a debt certificate from Backed, not shares.
Suits
- Readers with USDC on Solana or Ethereum who want the tokens in their own wallet.
- Readers on TON or Mantle, where we found xStocks routes only.
Does not suit
- Residents of the United States, the United Kingdom, Canada, Australia and sanctioned countries: the issuer excludes them on every route.
- Readers who want shareholder rights: holders are creditors of the issuer.
Observed on Sep 28, 2026, from Mauritius, without a wallet: Jupiter for the Apple, NVIDIA, Tesla and S&P 500 ETF tokens; Ethereum routes for Apple only. Not a verdict on this program’s other tokens or networks, and a quote does not confirm access from your country.
AAPLx on JupiterNVDAx on JupiterTSLAx on JupiterSPYx on JupiterAAPLx on CoW Swap
What you hold
Issued by Backed Assets (JE) Limited.
Backing
Debt certificate backed by shares
You are
Creditor of the issuer
Youtoken holderholds a claim onIssuerBacked Assets (JE) Limitedholds as collateralUnderlying sharesthe real stock
- Rights
- Creditor of the issuer: no shareholder rights (no voting, no attendance at meetings, no direct dividend right) and no claim on the underlying shares.
- Dividends
- Accumulated net of taxes and reflected in the reference value by Rebasing (reinvestment).
- Redemption
- Investor Put Option: any investor can request redemption from the issuer (KYC/AML), cash payment in the settlement currency (other fiat currencies or crypto at the issuer's discretion), by T+5. Investor Fees up to 0.5%, minimum USD 100. Direct subscription reserved for Qualified Professional Investors (minimum USD 5,000). No physical delivery documented.
Mechanism, custody, reserves, legal framework, risks
- Mechanism
- Ledger-based tracker certificate issued under an FMA Liechtenstein-approved base prospectus (dated 8 May 2026, valid until 7 May 2027). Variable denomination that follows the AAPL price 1:1. Collateral held by the custodians named in the Final Terms, with a security interest held by Security Agent Services AG.
- Custody
- Maerki Baumann & Co. AG and/or InCore Bank AG and/or Alpaca Securities LLC (Final Terms). Kraken names Alpaca as primary custodian and InCore as secondary.
- Reserves
- Proof of reserves exposed via API (GET /public/proof-of-reserves/{symbol}) according to the xStocks docs; Kraken: 'published weekly onchain, verified by third-party auditors' and quarterly ISAE 3000 audits. Auditor not named.
- Legal framework
- Jersey (issuer); base prospectus approved by the FMA Liechtenstein (EU Prospectus Regulation); issued under Jersey law.
- Trading hours
- Secondary market 24/7 depending on the platform; issuance/redemption with the issuer 24/5 on business days when the US market is open.
- Risks
- Credit and structure risk on the Jersey SPV (holder is a creditor, not a shareholder).
- Redemption in cash only, subject to KYC, fees and a T+5 delay.
- Secondary 24/7 price can diverge from the AAPL price outside US market hours.
- Current base prospectus expires on 7 May 2027 (a successor base prospectus is needed to continue the offer).
Documented from the terms of Apple xStock (AAPLx). Other tokens of this program can have different final terms: check the documents of the token you buy.
12 sources, accessed Sep 28, 2026
- issuer, custodian, identifiers, dividends, denomination, fees (opens in a new tab) Confidence: high
- legal form, rights, redemption (Final Terms of 29 August 2025) (opens in a new tab) Confidence: high
- legal overview, JFSC, tracker certificate (opens in a new tab) Confidence: high
- trading hours, proof of reserves (opens in a new tab) Confidence: high
- proof-of-reserves endpoint (opens in a new tab) Confidence: high
- management fee, issuance fee (opens in a new tab) Confidence: high
- custody (Alpaca primary), PoR weekly, ISAE 3000 (opens in a new tab) Confidence: medium
- launch (around 30 June 2025), Kraken acquisition announced 2 December 2025 (opens in a new tab) Confidence: low
- excludedCountries (US, GB, CA, AU, sanctioned) (opens in a new tab) Confidence: high
- excludedPersons (US persons) (opens in a new tab) Confidence: high
- sanctions examples, FATF, secondary markets (opens in a new tab) Confidence: high
- networksClean (deployments per network) (opens in a new tab) Confidence: high
Access: networks, payment, KYC
Every documented buying route for this program, in data order. The issuer excludes residents of United States, United Kingdom, Canada, Australia, North Korea, Syria, Iran on every route.
| Token | Venue | Network | Pay with | KYC | Tokens go to | Our check |
|---|---|---|---|---|---|---|
| Apple xStock (AAPLx) |  KrakenPlatform | Not documented | USD, USDG, USDC +2 | Required | Platform, withdrawable to your wallet | Documentation only |
| Apple xStock (AAPLx) |  BybitPlatform | Not documented | USDT | Not documented | Platform, withdrawable to your wallet | Documentation only |
| Apple xStock (AAPLx) |  GatePlatform | Solana | USDT | Required | Not documented | Documentation only |
| Apple xStock (AAPLx) |  BitgetPlatform | Not documented | Not documented | Required | Not documented | Documentation only |
| Apple xStock (AAPLx) |  JupiterWallet | Solana | USDC, SOL | Not required | Your wallet | Quote obtained for AAPLx on Solana (IP Mauritius) |
| Apple xStock (AAPLx) |  RaydiumWallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| Apple xStock (AAPLx) |  OrcaWallet | Solana | USDC | Not required | Your wallet | Documentation only |
| Apple xStock (AAPLx) |  Bitget WalletWallet | Solana | USDT, USDC, SOL | Not documented | Your wallet | Check blocked, IP Mauritius |
| Apple xStock (AAPLx) |  STON.fiWallet | TON | USDT, TON | Not documented | Your wallet | Check blocked, IP Mauritius |
| Apple xStock (AAPLx) |  PancakeSwapWallet | BNB Chain | USDC | Not required | Your wallet | No usable quote, IP Mauritius |
| Apple xStock (AAPLx) |  CoW SwapWallet | Ethereum | USDC | Not required | Your wallet | Quote obtained for AAPLX on Ethereum (IP Mauritius) |
| Apple xStock (AAPLx) |  1inchWallet | Ethereum | USDC | Not required | Your wallet | Documentation only |
| Apple xStock (AAPLx) |  FluxionWallet | Mantle | Not documented | Not documented | Your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | KrakenPlatform | Not documented | USD, USDG, USDC +2 | Required | Platform, withdrawable to your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | BybitPlatform | Not documented | USDT | Not documented | Platform, withdrawable to your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | GatePlatform | Solana | USDT | Required | Not documented | Documentation only |
| NVIDIA xStock (NVDAx) | BitgetPlatform | Not documented | Not documented | Required | Not documented | Documentation only |
| NVIDIA xStock (NVDAx) | JupiterWallet | Solana | USDC, SOL | Not required | Your wallet | Quote obtained for NVDAx on Solana (IP Mauritius) |
| NVIDIA xStock (NVDAx) | RaydiumWallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | OrcaWallet | Solana | Not documented | Not required | Your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | Bitget WalletWallet | Solana | USDT, USDC, SOL | Not documented | Your wallet | Interface opened |
| NVIDIA xStock (NVDAx) | STON.fiWallet | TON | USDT, TON | Not documented | Your wallet | Interface opened |
| NVIDIA xStock (NVDAx) | PancakeSwapWallet | BNB Chain | USDC | Not required | Your wallet | Link format only |
| NVIDIA xStock (NVDAx) | CoW SwapWallet | Ethereum | USDC | Not required | Your wallet | Link format only |
| NVIDIA xStock (NVDAx) | 1inchWallet | Ethereum | USDC | Not required | Your wallet | Documentation only |
| NVIDIA xStock (NVDAx) | FluxionWallet | Mantle | Not documented | Not documented | Your wallet | Documentation only |
| SP500 xStock (SPYx) | KrakenPlatform | Not documented | USD, USDG, USDC +2 | Required | Platform, withdrawable to your wallet | Documentation only |
| SP500 xStock (SPYx) |  Bitso (Argentina)Platform | Not documented | USDC, USDT | Not documented | Platform account | Documentation only |
| SP500 xStock (SPYx) | JupiterWallet | Solana | USDC, SOL | Not required | Your wallet | Quote obtained for SPYx on Solana (IP Mauritius) |
| SP500 xStock (SPYx) | RaydiumWallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| SP500 xStock (SPYx) | OrcaWallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| SP500 xStock (SPYx) | Bitget WalletWallet | Solana | USDT, USDC, SOL | Not documented | Your wallet | Interface opened |
| SP500 xStock (SPYx) | STON.fiWallet | TON | TON, USDT | Not documented | Your wallet | Interface opened |
| SP500 xStock (SPYx) | PancakeSwap (Solana)Wallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| SP500 xStock (SPYx) | FluxionWallet | Mantle | USDC | Not documented | Your wallet | Documentation only |
| Tesla xStock (TSLAx) | KrakenPlatform | Not documented | USD, USDG, USDC +2 | Required | Platform, withdrawable to your wallet | Documentation only |
| Tesla xStock (TSLAx) | BybitPlatform | Not documented | USDT | Not documented | Platform, withdrawable to your wallet | Documentation only |
| Tesla xStock (TSLAx) | GatePlatform | Solana | USDT | Required | Not documented | Documentation only |
| Tesla xStock (TSLAx) | Bitget (Onchain)Platform | Solana | USDT, USDC | Not documented | Not documented | Documentation only |
| Tesla xStock (TSLAx) | JupiterWallet | Solana | USDC, SOL | Not required | Your wallet | Quote obtained for TSLAx on Solana (IP Mauritius) |
| Tesla xStock (TSLAx) | RaydiumWallet | Solana | USDC, SOL | Not required | Your wallet | Documentation only |
| Tesla xStock (TSLAx) | OrcaWallet | Solana | USDC | Not required | Your wallet | Documentation only |
| Tesla xStock (TSLAx) | Bitget WalletWallet | Solana | USDT, USDC, SOL | Not documented | Your wallet | Interface opened |
| Tesla xStock (TSLAx) | STON.fiWallet | TON | USDT, TON | Not documented | Your wallet | Interface opened |
| Tesla xStock (TSLAx) | PancakeSwapWallet | BNB Chain | USDC | Not required | Your wallet | Link format only |
| Tesla xStock (TSLAx) | CoW SwapWallet | Ethereum | USDC | Not required | Your wallet | Link format only |
| Tesla xStock (TSLAx) | 1inchWallet | Ethereum | USDC | Not required | Your wallet | Documentation only |
| Tesla xStock (TSLAx) | FluxionWallet | Mantle | USDC | Not documented | Your wallet | Documentation only |
Known and variable costs
- Kraken:
- Trading fee, buying with USD or USDG: 0% (spread may apply)
- Kraken Pro, taker: 0.10%
Documented fee only. Spreads, network and deposit costs can still apply.
- Bitget:
- Spot fee, maker or taker: 0.1% (0.08% if paid in BGB)
- Kraken:
- Trading fee, buying with USD or USDG: 0% (spread may apply)
- Kraken Pro, taker: 0.10%
Documented fee only. Spreads, network and deposit costs can still apply.
- Bitget:
- Spot fee, maker or taker: 0.1% (0.08% if paid in BGB)
- Kraken:
- Trading fee, buying with USD or USDG: 0% (spread may apply)
- Kraken Pro, taker: 0.10%
Documented fee only. Spreads, network and deposit costs can still apply.
- Kraken:
- Trading fee, buying with USD or USDG: 0% (spread may apply)
- Kraken Pro, taker: 0.10%
Documented fee only. Spreads, network and deposit costs can still apply.
Variable costs not listed here: the spread, price impact, network fees and, for wallet routes, the swap route chosen by the venue. Only a live quote shows them.
Alternatives
Where to buy each token
Only the tokens documented in our data.
| Token | Underlying | Addresses | Next step |
|---|---|---|---|
| Apple xStock (AAPLx) | Apple Inc. | EVM (chain not specified in the Final Terms; Ethereum/Arbitrum/BNB/Ink according to third parties): 0x9d275685dc284c8eb1c79f6aba7a63dc75ec890a source (opens in a new tab)Solana (inferred from the address format, not labelled in the Final Terms): XsbEhLAtcf6HdfpFZ5xEMdqW8nfAvcsP5bdudRLJzJp source (opens in a new tab)TON (inferred from the address format, not labelled in the Final Terms): EQDsjAwfKo-6FVZv2EYt-1CaZTY_ZL-pfkSId6jeQchNwmdo source (opens in a new tab)Unlabelled (address in Tron format; Tron is not named in the sources): TZ7nsyCuQq1cusCtex6V4qbzWcb3NbibAM source (opens in a new tab) | Where to buy |
| NVIDIA xStock (NVDAx) | NVIDIA Corporation | Ethereum, BNB Chain, Arbitrum, Mantle, HyperEVM, Ink, X Layer, Optimism (same address): 0xc845b2894dbddd03858fd2d643b4ef725fe0849d source (opens in a new tab)Solana: Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh source (opens in a new tab)TON: EQCva-Of7acQdU_piADdlcbzsFtA-xJwZoctz8ZOXBdBoaB8 source (opens in a new tab)Tron: TNMR6r9Z4cL7eWNrNQ4e4sm2XPhhifexZU source (opens in a new tab) | Where to buy |
| SP500 xStock (SPYx) | SPDR S&P 500 ETF Trust | Ethereum: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)BNB Chain: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)Arbitrum: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)Mantle: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)HyperEVM: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)Ink: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)X Layer: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)Optimism: 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 source (opens in a new tab)Solana: XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W source (opens in a new tab)Tron: TKN6A3wSWHdZGanW5wBFkeFq2Yw3rhGqNz source (opens in a new tab)TON: EQB1fyBAA9qQDP6LEGaF3cbU-Xbr-p6ESBZGnqlHkHIHAJZv source (opens in a new tab)EVM wrapper wSPYx v1 (non-rebasing; Ethereum, BNB Chain, Arbitrum, Mantle, Ink): 0xc88fcd8b874fdb3256e8b55b3decb8c24eab4c02 source (opens in a new tab)EVM wrapper wSPYx v2 (non-rebasing; all 8 EVM deployments): 0xe7e553cd128f0011777323a0b44a7b96ea1cb540 source (opens in a new tab) | Where to buy |
| Tesla xStock (TSLAx) | Tesla, Inc. | Ethereum, BNB Chain, Arbitrum, Mantle, HyperEVM, Ink, X Layer, Optimism (same address; listed in the Final Terms without chain labels, chains from the issuer API): 0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0 source (opens in a new tab)Solana: XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB source (opens in a new tab)TON: EQB4IwqWZPUczntdry8vSN2tsJKt-9F7iIb7gEFREYYOB563 source (opens in a new tab)Tron: TTfj39Vm7ATpNJMsfDUWYVzxK8mPPA4yYE source (opens in a new tab) | Where to buy |