Question 1

What is NVIDIA xStock?

Accepted Answer

NVIDIA xStock, ticker NVDAX, is a tokenized security product with NVIDIA Corporation as its underlying company. Users hold an on-chain product issued by the issuer to obtain on-chain market exposure related to the underlying security; this is not the same as directly holding common stock on NVIDIA Corporation's shareholder register. It is important to distinguish these two layers: NVIDIA Corporation is the underlying company, while NVDAX is a product that references that underlying. Events affecting the underlying company may influence the relevant market price, but the product should not therefore be described as a crypto asset or common stock directly issued by NVIDIA.

Question 2

What underlying asset does NVDAX correspond to?

Accepted Answer

The underlying of NVDAX is NVIDIA Corporation. Here, “corresponding to” means that the product provides exposure based on NVIDIA-related securities; it does not mean that the token itself is NVIDIA stock. The product issuer and the underlying company are not the same entity. Therefore, when assessing NVDAX, two types of factors need to be distinguished: one is the market performance of NVIDIA-related underlying securities, and the other is the trading, availability, and product terms of the tokenized product itself. The former does not automatically eliminate the limitations or risks posed by the latter.

Question 3

How is NVDAX supply created?

Accepted Answer

The xStocks product page describes this type of on-chain stock product as being backed 1:1 by the respective underlying security. For NVDAX, this indicates that its product design is based on support from the corresponding NVIDIA underlying security, rather than explaining its value basis through mining, validator rewards, or a preset maximum supply as is common with crypto assets. 1:1 backing does not mean that the sources disclose a fixed total supply, current circulating supply, issuance frequency, or redemption process for holders of NVDAX. These specific parameters and processes are subject to the applicable legal documents and product terms and cannot be inferred from “1:1 backing” alone.

Question 4

Who issues NVDAX?

Accepted Answer

NVDAX is issued by Backed Assets (JE) Limited; NVIDIA Corporation is the underlying company to which the product corresponds. The Final Terms clearly distinguish these two entities. This issuance structure means that NVDAX is a tokenized security product provided by the issuer and based on NVIDIA as its underlying. To determine product rights, restrictions, and applicable conditions, consult the issuer's base offering document and the Final Terms for NVDAX rather than treating NVIDIA Corporation's corporate information as product terms.

Question 5

What should I note when using or holding NVDAX?

Accepted Answer

Before holding or using NVDAX, first confirm whether your location and personal status meet the product's availability requirements. The xStocks product page explicitly states that the product is not offered to the United States or U.S. persons and is subject to geographic restrictions; being able to see the relevant token on a platform does not mean users in that region are automatically permitted to use it. Second, treat NVDAX as a tokenized product with underlying security exposure, not as directly holding NVIDIA common stock. Its value may fluctuate with the relevant underlying market and trading conditions, and the product page advises reading the risk disclosures, base offering document, and relevant Final Terms; these documents are the basis for understanding the specific rights, restrictions, and risks.

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