Obligate Trade Finance Yield (oTFY)
Research and shelf status are on the memo: Obligate Trade Finance Yield (oTFY) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- 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, not the issuer, power over their rights; the mint’s freeze authority is nonetheless one key.
“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 | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| 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
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| 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 at block 449802170, 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 |
How it exits
| Path | 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
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
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