收益從何而來？
追溯經濟上的支付方。公示 APY 不是保證回報。
- 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
- 一級來源
- 國債利息
- 二級來源
- 未知
- 經濟上的支付方
- Figure Certificate Company, per certificate terms.
- 浮動 / 固定
- 浮動
- 毛收益 / 淨收益
- 未確定
- 帶日期的收益快照
- 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
- 機制
- 利息支付
- 備註
- Monthly interest payments to certificate holders per prospectus terms.
代幣代表什麼？
持有代幣並不自動等於直接擁有底層資產。
- 法律請求權類型
- 債權主張
- 註冊地
- US
面額憑證——依 Figure Certificate Company 於《1940 年投資公司法》下登記的面額憑證公司身分，對該公司享有的債權請求權。
衍生 / 包裝請求權: 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.
官方網站 https://www.sec.gov/Archives/edgar/data/1974395/
發行人、管理人與服務方
- 法律發行人Figure Certificate Company
US — SEC-registered face-amount certificate company under the Investment Company Act of 1940.
- 託管方UMB Bank, N.A.
US — Custodian referenced in the YLDS structure.
- 託管方Flagstar Bank
US — Custodian referenced in the YLDS structure.
底層是什麼？
僅基於一級證據的底層資產與策略。
依其 SEC 登記文件／招募說明書所述，Figure Certificate Company 用以支持其面額憑證義務的資產組合。
- Certificate company assets (composition not itemized this pass)
Composition detail beyond entity-level description not structured this pass.
出問題時會發生什麼？
結構性損失路徑——不是風險評分。未知保護保持 Unknown。
- 誰首先承擔損失
- UNKNOWN — prospectus-level loss allocation/seniority detail beyond 'face-amount certificate' not fully structured this pass.
- 已記錄的保護安排
- 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.
- 投資者敞口
- 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.
如何拿回資金？
一級贖回 ≠ 二級 DEX 流動性。資格是有範圍的。
- 合格投資者
- Per SEC-registered offering terms; specific investor eligibility not itemized this pass.
- 一級贖回
- Certificate redemption per Figure Certificate Company terms in the SEC prospectus.
- 時點
- UNKNOWN
- 結算資產
- UNKNOWN
- 最低額
- UNKNOWN
- 限制
- UNKNOWN
- 二級流動性
- Any secondary market trading is not issuer redemption.
誰持有底層資產？
分別梳理資產託管、現金託管、加密資產託管與代幣控制。
- 資產託管
- UMB Bank, N.A. and Flagstar Bank named as custodians in the certificate structure.
- 現金託管
- UMB Bank, N.A. / Flagstar Bank (per structure).
- 加密資產託管
- 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.
費用
毛收益與淨收益不是一回事。不按 APY 排名。
- Certificate company management/administrative feeUNKNOWN
- Custodian feeUNKNOWN
監管
授權按實體 × 法域 × 工具界定——不是品牌標籤。
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.
- 實體
- Figure Certificate Company
- 法域
- US
- 工具
- Face-amount certificate (1940 Act registered company)
- 授權 / 註冊
- U.S. Securities and Exchange Commission (SEC)
審計 / 鑑證
智慧合約審計不等於基金審計或貸款審計。沒有合併的「已審計」徽章。
本資料包中無結構化鑑證列。
智慧合約 / 代幣控制
營運控制——不是去中心化評分。
- 鑄造
- UNKNOWN — issuance mechanics not itemized in the prospectus excerpt reviewed this pass.
- 銷毀
- UNKNOWN
- 暫停
- UNKNOWN
- 凍結 / 黑名單
- UNKNOWN
- 升級
- UNKNOWN
- 白名單
- Likely restricted to SEC-registered offering purchasers; specific allowlist mechanics UNKNOWN.
代幣化層
- 鏈
- 未知
- 官方所有權紀錄
- Figure Certificate Company / its transfer agent maintains the official register; the token is described as blockchain-integrated per the SEC filing context.
- 轉讓限制
- UNKNOWN
Specific blockchain deployment(s) not itemized in the prospectus excerpt reviewed this pass (UNKNOWN).
研究維度
YLDS 是什麼？
由 Figure Certificate Company 依《1940 年投資公司法》發行、經 SEC 登記的面額憑證，按月支付 SOFR 減碼利差的利息。
若 YLDS 無法支付，法律上由誰負責？
由面額憑證發行人 Figure Certificate Company 負責；本次查閱的招募說明書摘錄並未完整說明具體的債權人優先順序。
YLDS 的利率如何訂定？
依憑證條款，以 SOFR 減去一個利差計算，按月支付——這是一項計算公式，並非固定公佈的年化收益率（APY）。
哪些環節必須持續運轉？
僅列重大依賴。數量不是風險評分。
- 法律發行人Figure Certificate CompanyCertificate issuance
- RegulatorU.S. SEC1940 Act registration / prospectus
- 託管方UMB Bank, N.A.Asset custody
- 託管方Flagstar BankAsset custody
- Rate BenchmarkSOFR benchmarkInterest rate formula
證據域
- Entity / issuer已核驗已結構化
Figure Certificate Company + custodians named
- Legal claim已核驗已結構化
Face-amount certificate debt claim
- Yield source已核驗已結構化
SOFR-minus formula
- Yield waterfall已核驗已結構化
- Loss waterfall已研究未確定
Seniority/loss detail unresolved
- Underlying assets已研究未確定
Asset composition not itemized
- Distribution mechanism已核驗已結構化
Monthly interest payment
- Redemption已研究未確定
Redemption specifics unresolved
- Fees已研究未確定
- Custody已核驗已結構化
UMB / Flagstar named
- Regulation已核驗已結構化
SEC 1940 Act registration
- Assurance / audit未研究
No assurance report identified this pass
- Token control已研究未確定
Issuance mechanics unresolved
- Tokenization / chain已研究未確定
Chain(s) not itemized
- Dependencies已核驗已結構化
- Geographic / eligibility restrictions已研究未確定
Eligibility not itemized
未決缺口
- 支持該憑證的資產組成細節
- 贖回時程／最低金額的具體規定
- 代幣發行／控制權機制
- 尚未逐項列出區塊鏈部署鏈
一級來源
RWA／收益資產情報。無評分。無 APY 排名。未解決狀態保持未解決。