收益从何而来？
追溯经济上的支付方。公示 APY 不是保证回报。
- Company holds certificate-backing assets
Per prospectus
- SOFR-minus-spread rate computed each period
Formula, not a fixed number
- Interest accrues to outstanding certificates
- Monthly interest payment to YLDS holders
- Custodians hold assets supporting obligations
UMB Bank / Flagstar Bank
- Certificate holder claim is against the Company
Not a claim on a specific segregated asset pool
- 一级来源
- 国债利息
- 二级来源
- 未知
- 经济上的支付方
- Figure Certificate Company, per certificate terms.
- 浮动 / 固定
- 浮动
- 毛收益 / 净收益
- 未确定
- 带日期的收益快照
- 未知
Interest rate is set as SOFR minus a spread (a formula, variable and reset per certificate terms), paid monthly. Support for interest payments derives from Figure Certificate Company's asset portfolio per prospectus.
收益如何分配
- 机制
- 利息支付
- 备注
- Monthly interest payments to certificate holders per prospectus terms.
代币代表什么？
持有代币并不自动等于直接拥有底层资产。
- 法律请求权类型
- 债权主张
- 注册地
- US
面额凭证——依 Figure Certificate Company 于《1940 年投资公司法》下登记的面额凭证公司身分，对该公司享有的债权请求权。
衍生 / 包装请求权: YLDS is the base SEC-registered certificate. wYLDS (used by Hastra AUTO/PRIME) is a separate staking wrapper not issued by Figure Certificate Company — do not conflate the two.
官方网站 https://www.sec.gov/Archives/edgar/data/1974395/
发行人、管理人与服务方
- 法律发行人Figure Certificate Company
US — SEC-registered face-amount certificate company under the Investment Company Act of 1940.
- 托管方UMB Bank, N.A.
US — Custodian referenced in the YLDS structure.
- 托管方Flagstar Bank
US — Custodian referenced in the YLDS structure.
底层是什么？
仅基于一级证据的底层资产与策略。
依其 SEC 登记文件／招募说明书所述，Figure Certificate Company 用以支持其面额凭证义务的资产组合。
- Certificate company assets (composition not itemized this pass)
Composition detail beyond entity-level description not structured this pass.
出问题时会发生什么？
结构性损失路径——不是风险评分。未知保护保持 Unknown。
- 谁首先承担损失
- UNKNOWN — prospectus-level loss allocation/seniority detail beyond 'face-amount certificate' not fully structured this pass.
- 已记录的保护安排
- Face-amount certificate structure is a direct debt claim against Figure Certificate Company under 1940 Act registration; specific credit-enhancement mechanics not structured this pass.
- 投资者敞口
- Certificate holders are creditors of Figure Certificate Company absent further prospectus detail extracted this pass.
This is a securities-law debt claim, not an FDIC-insured bank deposit.
如何拿回资金？
一级赎回 ≠ 二级 DEX 流动性。资格是有范围的。
- 合格投资者
- Per SEC-registered offering terms; specific investor eligibility not itemized this pass.
- 一级赎回
- Certificate redemption per Figure Certificate Company terms in the SEC prospectus.
- 时点
- UNKNOWN
- 结算资产
- UNKNOWN
- 最低额
- UNKNOWN
- 限制
- UNKNOWN
- 二级流动性
- Any secondary market trading is not issuer redemption.
谁持有底层资产？
分别梳理资产托管、现金托管、加密资产托管与代币控制。
- 资产托管
- UMB Bank, N.A. and Flagstar Bank named as custodians in the certificate structure.
- 现金托管
- UMB Bank, N.A. / Flagstar Bank (per structure).
- 加密资产托管
- Blockchain-recorded representation of certificate ownership; specific chain(s) not itemized in the source excerpt reviewed this pass.
See tokenization block; specific mint/burn mechanics not itemized this pass.
费用
毛收益与净收益不是一回事。不按 APY 排名。
- Certificate company management/administrative feeUNKNOWN
- Custodian feeUNKNOWN
监管
授权按实体 × 法域 × 工具界定——不是品牌标签。
YLDS is issued by Figure Certificate Company, an SEC-registered face-amount certificate company under the Investment Company Act of 1940, offered via an SEC-registered prospectus.
- 实体
- Figure Certificate Company
- 法域
- US
- 工具
- Face-amount certificate (1940 Act registered company)
- 授权 / 注册
- U.S. Securities and Exchange Commission (SEC)
审计 / 鉴证
智能合约审计不等于基金审计或贷款审计。没有合并的「已审计」徽章。
本资料包中无结构化鉴证行。
智能合约 / 代币控制
运营控制——不是去中心化评分。
- 铸造
- UNKNOWN — issuance mechanics not itemized in the prospectus excerpt reviewed this pass.
- 销毁
- UNKNOWN
- 暂停
- UNKNOWN
- 冻结 / 黑名单
- UNKNOWN
- 升级
- UNKNOWN
- 白名单
- Likely restricted to SEC-registered offering purchasers; specific allowlist mechanics UNKNOWN.
代币化层
- 链
- 未知
- 官方所有权记录
- Figure Certificate Company / its transfer agent maintains the official register; the token is described as blockchain-integrated per the SEC filing context.
- 转让限制
- UNKNOWN
Specific blockchain deployment(s) not itemized in the prospectus excerpt reviewed this pass (UNKNOWN).
研究维度
YLDS 是什么？
由 Figure Certificate Company 依《1940 年投资公司法》发行、经 SEC 登记的面额凭证，按月支付 SOFR 减码利差的利息。
若 YLDS 无法支付，法律上由谁负责？
由面额凭证发行人 Figure Certificate Company 负责；本次查阅的招募说明书摘录并未完整说明具体的债权人优先顺序。
YLDS 的利率如何订定？
依凭证条款，以 SOFR 减去一个利差计算，按月支付——这是一项计算公式，并非固定公布的年化收益率（APY）。
哪些环节必须持续运转？
仅列重大依赖。数量不是风险评分。
- 法律发行人Figure Certificate CompanyCertificate issuance
- RegulatorU.S. SEC1940 Act registration / prospectus
- 托管方UMB Bank, N.A.Asset custody
- 托管方Flagstar BankAsset custody
- Rate BenchmarkSOFR benchmarkInterest rate formula
证据域
- Entity / issuer已核验已结构化
Figure Certificate Company + custodians named
- Legal claim已核验已结构化
Face-amount certificate debt claim
- Yield source已核验已结构化
SOFR-minus formula
- Yield waterfall已核验已结构化
- Loss waterfall已研究未确定
Seniority/loss detail unresolved
- Underlying assets已研究未确定
Asset composition not itemized
- Distribution mechanism已核验已结构化
Monthly interest payment
- Redemption已研究未确定
Redemption specifics unresolved
- Fees已研究未确定
- Custody已核验已结构化
UMB / Flagstar named
- Regulation已核验已结构化
SEC 1940 Act registration
- Assurance / audit未研究
No assurance report identified this pass
- Token control已研究未确定
Issuance mechanics unresolved
- Tokenization / chain已研究未确定
Chain(s) not itemized
- Dependencies已核验已结构化
- Geographic / eligibility restrictions已研究未确定
Eligibility not itemized
未决缺口
- 支持该凭证的资产组成细节
- 赎回时程／最低金额的具体规定
- 代币发行／控制权机制
- 尚未逐项列出区块链部署链
一级来源
RWA／收益资产情报。无评分。无 APY 排名。未解决状态保持未解决。