Obligate Trade Finance Yield (oTFY)
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Obligate Trade Finance Yield (oTFY) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
A tracker certificate of a Luxembourg securitization compartment that follows the value of its trade-finance notes; the holder bears the issuer’s risk.
“The Tracker Certificate (the “eTracker”) replicates the price movements in the Underlying Assets (less any fees, expenses, and taxes, as further specified herein)”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Important Notices, Issuer Information · words found 2026-09-23
- Who may hold it
Non-US persons outside the United States, under Regulation S.
“The eTracker is being offered only to non-US persons outside the United States in transactions exempt under the registration requirements of the US Securities Act in reliance on Regulation S.”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Important Notices, US selling restrictions · words found 2026-09-23
- First purchase minimum
USD 100,000 to subscribe with the issuer.
“USD 100,000”
Obligate: oTFY product page · oTFY Primary Market · words found 2026-09-23
- Account types
Sophisticated and qualified investors.
“It is aimed at sophisticated and/or qualified investors.”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Important Notices, Issuer Information · words found 2026-09-23
- Who it may be transferred to
Transferable on the ledger; the issuer recognizes a holder only after its KYC.
“The eTrackers are transferable. A transfer of an eTracker is only valid if it is effected by transferring the eTracker on the pertinent Securities Ledger to another person, or wallet address, respectively.”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Section 15, Transfer · words found 2026-09-23
- How a holder redeems
Weekly, on seven days’ notice, with possible pro rata scale-back and deferral.
“Eligible Redemption Valuation Dates shall be weekly, starting seven (7) calendar days after the First Issuance Date and at weekly intervals thereafter.”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Section 9.3, Redemptions Upon Request of Holders · words found 2026-09-23
- Who keeps the official record
The wallet addresses in the on-chain securities ledger are the holders.
“Investors indicated by way of their wallet address in the Securities Ledger are the holders (the “Holders”) of the eTracker tokens (the “Tokens”).”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Important Notices, Binding Agreement · words found 2026-09-23
- What the issuer says it can freeze or take back
The memorandum says the ledger gives holders power over their rights and gives the issuer none. One key still holds the mint’s freeze authority.
“It uses technological processes to give the creditors, but not the obligor, power of disposal over their rights;”
oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · Section 11, Choice and Functioning of Securities Ledger · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Solana | Yes | No | No | No | No | A single key can freeze a holder. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Solana | Mint authority | mint new tokens | a single key | A1dZei…V2qm |
| Solana | Freeze authority | freeze a holder | a single key | A1dZei…V2qm |
Solana: 2 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm
- freezeAuthority=A1dZeiEE1oTf9FZEZn8sBdsmk6CQHphnHJ5HhYxYV2qm
Where it trades
| Venue | Kind |
|---|---|
| Obligate platform (issuer subscriptions and redemptions) | issuer primary |
| Kamino swap on Solana | dex |
Redemption
| Route | Settlement | Settles in |
|---|---|---|
| Redeem with the issuer in its window | Written notice seven calendar days before a weekly valuation date; paid in stablecoins within two business days after it. The issuer may scale requests back pro rata, aims to meet at least 1/12 of NAV under normal conditions, defers the rest, and may suspend | USDC, USDT |
| Secondary market only; no issuer redemption | Kamino swap and lending markets and Morpho on Solana, at market price | USDC |
- The oTFY mint or freeze authority changes, or oTFY appears on Base, Ethereum, or another ledger the memorandum names
- The issuer scales back, defers, or suspends redemptions
- A new eNote issuer is added, or one eNote exceeds 35% of NAV
- Obligate publishes an updated memorandum or the compartment’s audited accounts
- NAV per token falls, or the performance fee accrues above the SOFR hurdle for a quarter
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- oTFY eTracker Offering Memorandum V1.0 (signed June 30, 2026; linked from obligate.com/otfy and the token metadata) · primary · accessed 2026-09-23
Supports: issuer Verified SV S.à r.l., Compartment x10, Luxembourg Securitisation Law, Swiss ledger-based securities, Regulation S, qualified investors, weekly redemption, pro rata scale-back, no recognition of unverified holders, eNote issuers, 1% management and 10% performance fee - Obligate: oTFY product page · primary · accessed 2026-09-23
Supports: USD 100,000 minimum, Luxembourg vehicle, Cayman segregated portfolio eNotes, Obligate AG sponsor, Kamino and Morpho - oTFY token metadata served by Obligate (named in the Solana mint’s metadata account) · primary · accessed 2026-09-23
Supports: issuer-anchored Solana mint, links the offering memorandum - Obligate eTracker page for oTFY · primary · accessed 2026-09-23
Supports: Solana contract address - Obligate AG disclaimer and regulatory information · primary · accessed 2026-09-23
Supports: VQF member, financial intermediary under the Swiss AML Act