NVIDIA xStock

Remove unless onboarding evidence is supplied.

Verifier note: lost head-to-head to incumbent f8459483-e1f3-4aeb-809d-79df70c31e4f: Both claims directly address KYC/KYB steps and cite identical evidence, but the new claim adds 'jurisdictional' eligibility, which its evidence does not explicitly support. The incumbent more precisely matches its cited evidence; ties also favor the incumbent.

Remove unless the cited eligibility materials are supplied.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports only Kraken secondary-purchase eligibility: retail clients in certain permitted countries must complete account verification. It does not identify investor classes, accre | anthropic(sub:gpt): unsupported — goal-fit: The source describes eligibility to buy NVDAx through Kraken—retail clients in certain countries who complete account verification—but does not establish investor classes, KYC tiers, or excl [duplicate actual family allowed by substitution]

Do not use this evidence alone as a depeg-risk candidate.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited issuer page explicitly supports that xStock fees can make NVDAx redemption value lower than the potential return from holding NVIDIA shares directly. However, this concerns redempt | anthropic(sub:gpt): unsupported — goal-fit: The cited Kraken issuer page explicitly supports that xStock fees can make NVDAx’s value at redemption lower than the potential return from directly owning NVIDIA shares. However, this conce [duplicate actual family allowed by substitution]

Remove unless regulatory and eligibility evidence is supplied.

Verifier note: lost head-to-head to incumbent 130c7c88-84bf-496b-bc1e-8ff18545fb41: The incumbent directly establishes registration status and regulatory non-approval, naming HSBC, Rule 433, Registration No. 333-277211, the SEC and state securities commissions, and the June 18, 2026 filing date. Its cited SEC filing expressly supports both statements. The new claim addresses investor restrictions but leaves eligible countries unspecified and its evidence supports retail-client eligibility and account verification, not clearly that only verified retail clients may purchase.

Remove unless token-control evidence is supplied and identify the actual authority rather than attributing powers generically to Solana.

Verifier note: lost head-to-head to incumbent d1707b6b-18dc-45a2-9588-f2893c8ba9ad: The incumbent directly addresses Solana's on-chain attack surface and is broader and better supported by its own evidence: it identifies mint and freeze authorities and documents pause, permanent-delegate, and transfer-hook capabilities. The new claim is narrower, and its frozen-by-default evidence does not by itself establish a general authority to freeze existing holder accounts.

Remove unless custody and failure-impact evidence is supplied.

Verifier note: re-adjudicated 2026-08-04T22:18:35.584Z from rejected status | panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support Alpaca Securities LLC being listed as NVDAx’s custodian and support that Kraken is not a party to the custody agreement. However, they do not establish failure consequenc | anthropic(sub:gpt): unsupported — goal-fit: The sources support that Alpaca Securities LLC is listed as NVDAx’s custodian and that Kraken is not a party to the custody agreement. However, the narrative does not answer the slot’s requi [duplicate actual family allowed by substitution] | kimi: confirmed — Both material elements are supported by the union of sources. RWA.xyz's archived NVDAx page explicitly lists 'Custodian — Alpaca Securities LLC' (Legal Identifier 0001702580) under Service Providers,

Do not infer total-loss exposure from the supplied evidence.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The issuer confirms that NVDAx value tracks the underlying NVIDIA shares and that investors can lose their entire investment. However, it does not say that a decline in NVIDIA shares—without | anthropic(sub:gpt): unsupported — goal-fit: Kraken supports that NVDAx gains or loses value relative to NVIDIA shares and that an investor can lose the entire amount invested. However, the claim does not identify deterioration in NVID [duplicate actual family allowed by substitution]

Remove unless evidence establishes both the sale mechanism and its treatment as an exit path under this slot.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source expressly supports the stated Kraken sale method and settlement assets, but the value does not fully answer the required exit-path slot: it omits settlement timing, minimum, caps/ | anthropic(sub:gpt): unsupported — goal-fit: The source explicitly supports the method: holders may sell xStocks directly on Kraken for U.S. dollars, cryptocurrency, or stablecoins. However, the value does not answer the required exit- [duplicate actual family allowed by substitution]

Remove unless the cited evidence is supplied and directly supports the full path, including method, settlement timing, minimum, caps or gates, and fee.

Verifier note: re-adjudicated 2026-08-04T22:14:16.034Z from rejected status | panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support redemption through Backed and a 0.50% fee with a USD 100 minimum fee, but the value does not fully answer the slot question. It omits the disclosed daily redemption timin | anthropic(sub:gpt): unsupported — goal-fit: The sources support redemption through Backed and a 0.50% redemption fee with a USD 100 minimum fee, but the claimed path is incomplete for the required slot. RWA.xyz additionally discloses [duplicate actual family allowed by substitution] | kimi: confirmed — The two archived sources jointly support the atomic value as stated. Kraken's NVDAx FAQ states token holders can redeem xStocks through Backed for an additional fee ('Tokenien haltijat voivat lunastaa

Unsupported actor and scope: evidence 3e460aa8 says the multiplier is updatable, but does not identify the authority or establish that the issuer or Kraken may update it. It also does not describe a term change without holder consent.

Product conflation: the changeable reward rate concerns the optional Opt-In Rewards program, while discretionary account eligibility and suspension concern Kraken services. The evidence does not establish that these are unilateral changes to NVDAx terms, fees, limits, or eligibility by the issuer.

Verifier note: re-adjudicated 2026-08-04T22:13:47.728Z from rejected status | panel 1/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The Kraken terms directly support discretionary account/service eligibility restrictions, which answers the eligibility part of the slot. However, the Solana displayed-amount multiplier is a | anthropic(sub:gpt): unsupported — goal-fit: The sources support that the token has an authority-controlled, updatable UI-display multiplier and that Kraken may change opt-in reward rates or restrict account/service access. However, th [duplicate actual family allowed by substitution] | kimi: confirmed — All three components are directly supported by archived content. (1) The Solana explorer shows the scaledUiAmountConfig extension enabled on this exact mint with the quoted text 'Allows the token prog

Omission: the candidate does not identify who holds the freeze authority, permanent-delegate authority, or pause authority, and provides no evidence of the process that gates those powers, such as multisignature, timelock, or committee controls.

Potential unsupported application: the evidence descriptions identify token-extension capabilities, but the supplied excerpts do not independently state the configured authority addresses or demonstrate who can exercise them.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports the token-level capabilities: it identifies freeze authority JDq14…xJNs, shows Permanent Delegate and Pausable Config enabled, and describes transfer/burn and pause power | anthropic(sub:gpt): unsupported — goal-fit: The source confirms that the mint has freeze authority JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs and that permanent-delegate and pausable-config extensions are enabled. It also describes [duplicate actual family allowed by substitution]

BitGo and Alpaca Securities should remain attributed examples from a secondary source, not presented as conclusively identified NVDAx custodians.

Verifier note: re-adjudicated 2026-08-04T22:17:18.125Z from rejected status | panel 0/3 confirmed (sourceDomains=2, disputed) | gpt: unsupported — goal-fit: The sources support third-party custody, Kraken’s exclusion from the custody agreement, and CoinMarketCap AI’s identification of BitGo and Alpaca Securities as examples of regulated custodia | anthropic(sub:gpt): unsupported — goal-fit: The sources support that third-party custodians hold the underlying shares, that Kraken is not a party to the custody agreement, and—through secondary, AI-generated reporting—that BitGo and [duplicate actual family allowed by substitution] | kimi: unsupported — goal-fit: the value text names custodians but omits the regulator/charter and account-segregation model that the slot question requires in the value text; the Kraken source only says unnamed third-par

Category conflation: discretionary platform eligibility, account suspension, and termination are access restrictions, not evidence of restrictions on token transfers. They do not establish whitelist-only transfers, restricted jurisdictions at token level, or the conditions under which transfers may be frozen.

Unsupported wording: the listed evidence supports freeze and pause capabilities, but no supplied evidence describes "transfer-hook logic."

This evidence is insufficient to answer the required issuer-failure walkthrough; "The creditor waterfall remains undisclosed" is a statement about missing evidence, not an evidenced holder right.

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources establish that NVDAx holders do not own the underlying NVIDIA shares or receive shareholder rights, and that they can lose their entire investment. They also identify regulated t | anthropic(sub:gpt): unsupported — goal-fit: The sources support that NVDAx holders do not own the underlying NVIDIA shares or receive shareholder rights, and that investors can lose their full investment and may lack government compen [duplicate actual family allowed by substitution]

The evidence establishes non-registration with local securities regulators and identifies several regulated Kraken entities, but does not establish a complete NVDAx offering exemption, licence, or product-specific regulatory regime.

Potential misreading: evidence db99be98 says neither the Opt-In Rewards product nor xStocks are or will be registered with any other local securities regulators; the candidate drops "other," which may remove context needed to determine whether some registration exists elsewhere.

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: confirmed — Kraken’s archived materials expressly state that xStocks and the Opt-In Rewards product are not registered with other local securities regulators, that the regulatory status of Kraken products and ser | anthropic(sub:gpt): unsupported — The sources support jurisdiction-dependent Kraken regulation and identify Payward Europe Digital Solutions (CY) Ltd. as the EEA xStocks provider. However, the non-registration statement is expressly t [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The sources state that Kraken products and services have differing regulatory status by jurisdiction and that EEA xStocks are offered through Payward Europe Digital Solutions (CY) Ltd. Howev

Alpaca's role is unsupported by the supplied evidence.

Verifier note: lost head-to-head to incumbent 179e9f92-04a4-4fb9-8047-4e5bcf2bebb1: Both claims directly name Alpaca Securities LLC as custodian and are supported by the same custodian listing. The incumbent is more specific because it includes legal identifier 0001702580; the new claim's reference to NVDAx backing shares is not established by its quoted evidence. With no stronger support for the new claim, the incumbent wins.

The exact wrapper issuer and SPV remain unresolved; Backed is evidenced as the product-line announcer/developer, not conclusively as the legal issuer.

Verifier note: panel 0/2 confirmed (sourceDomains=3, disputed) | gpt: unsupported — goal-fit: The claim does not name the legal wrapper issuer required by the slot. RWA.xyz explicitly identifies the issuer as “Backed Assets” and separately identifies xStocks as the platform/brand. Sa | anthropic(sub:gpt): contradicted — The corpus does identify the wrapper issuer: RWA.xyz lists “Issuer: Backed Assets,” issuer LEI 984500001AB7C6C7F577, Jersey domicile, and “Backed Assets Final Terms Nr 19 (NVDAx).” Backed’s announceme [duplicate actual family allowed by substitution]

Remove the unsupported date and preserve the evidence's 1:1-backing wording.

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The archived Kraken content directly states that each NVDAx token is linked 1:1 to real NVIDIA Corporation common shares held by a third-party custodian. It also states that NVDAx is fully collaterali | anthropic(sub:gpt): unsupported — The archived Kraken pages state that each NVDAx token is backed 1:1 by real NVIDIA common shares held by a third-party custodian. However, their latest displayed updates are August 4, 2026, so they do [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The sources state that each NVDAx token is backed 1:1 by real NVIDIA common stock held by a third-party custodian, but they do not provide this disclosed holding with an as-of date as requir

This candidate conflates capital appreciation, possible underlying dividends, and a separate Kraken reward program without evidence connecting them economically to NVDAx-holder yield.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The source supports that ordinary equity value comes from market-price appreciation or issuer-declared dividends and that Kraken separately pays weekly Opt-In Rewards for holding eligible xS | anthropic(sub:gpt): unsupported — goal-fit: The source confirms that ordinary equity value comes from price appreciation or dividends and that Kraken separately pays weekly Opt-In Rewards to eligible holders. However, the slot asks fo [duplicate actual family allowed by substitution]

Distinguish disclosed single-stock backing from inferred inapplicability of debt maturity and credit metrics.

Verifier note: lost head-to-head to incumbent 366b76e3-28a3-44c7-912e-d81522c9426f: Both claims directly identify single-issuer NVIDIA equity concentration, but the incumbent is more specific and its own evidence supports both the 1:1 NVIDIA common-share backing and the additional custody detail that external depository institutions safeguard the underlying shares under an arrangement to which Kraken is not a party.

State the disclosed 1:1 equity backing without inventing an as-of date or necessarily equating every token unit with exactly one whole share.

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support that NVDAx is backed 1:1 by NVIDIA common stock held by a regulated third-party custodian. However, the claim gives no as-of date for that backing disclosure, which the s | anthropic(sub:gpt): unsupported — goal-fit: The sources support that each NVDAx token is 1:1 backed by NVIDIA common stock held by a regulated third-party custodian. However, they do not provide an as-of date for the backing-compositi [duplicate actual family allowed by substitution]

The asserted legal redemption claim is unsupported; the evidence only establishes what holders do not own.

Verifier note: WARNING: evidence class mismatch; trusted tier 1 evidence requires substance and goal-fit review | panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The Kraken marketing page supports that holders lack ownership, voting, information, and other shareholder rights in the underlying NVIDIA shares, and says holders can redeem xStocks through Backed fo | anthropic(sub:gpt): unsupported — The Kraken marketing page states that holders may redeem xStocks through Backed and expressly lack ownership, voting, information, and other shareholder rights in the underlying NVIDIA shares. However [duplicate actual family allowed by substitution] | gpt: unsupported — goal-fit: The source directly supports that NVDAx holders do not own the underlying NVIDIA shares and lack shareholder, voting, and information rights. However, this negative statement does not answer

Most of the acquisition and redemption lifecycle is unsupported by the supplied evidence.

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The sources support eligibility, purchases with USD/crypto/stablecoins, value exposure to NVIDIA share-price movements, Kraken sales, compatible-wallet withdrawals, and fee-bearing Backed re | anthropic(sub:gpt): confirmed — The sources support each lifecycle element: geographically eligible, verified Kraken retail clients can acquire NVDAx using U.S. dollars, cryptocurrency, or stablecoins; NVDAx provides indirect exposu [duplicate actual family allowed by substitution]

Treat “tracker certificate” as provisional and do not assign a current as-of date without dated evidence.

Verifier note: lost head-to-head to incumbent ded42149-59c4-402c-b8e5-1ccc2e194db8: Both claims directly identify NVDAx, describe indirect exposure, state 1:1 custodied NVIDIA-share backing, and disclaim shareholder rights. The new claim's added 'tracker certificate' characterization relies only on secondary CoinMarketCap wording and is not established by its Kraken evidence, so it is not better supported; under the tie rule, the incumbent wins.

Unsupported and overlaps risk_custodian; not a genuine credit disclosure.

Verifier note: lost head-to-head to incumbent df757102-e0cc-4da5-a45b-3c05d74c541b: The new claim directly identifies HSBC USA Inc. as the counterparty whose payment failure would harm holders and precisely characterizes the exposure as senior unsecured issuer credit risk, with no FDIC insurance or bank guarantee. Its cited evidence explicitly supports each point. The incumbent identifies a custodian and 1:1 share backing but does not establish from its evidence that Alpaca bears payment obligations or that its failure necessarily causes holder losses.

rwa-other is acceptable as the residual class for tokenized single-name equity.

Verifier note: panel 1/2 confirmed (sourceDomains=1, disputed) | gpt: confirmed — The cited issuer/product documentation identifies the underlying asset as NVIDIA Corporation common stock: each NVDAx token is backed 1:1 by actual shares held by a third-party custodian. The token pr | anthropic: contradicted — The cited Kraken source unambiguously identifies the underlying asset as NVIDIA Corporation Common Stock — a publicly-listed equity traded on NASDAQ, held 1:1 by a third-party custodian. The quoted te

Unverifiable.

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: confirmed — The fetched rwa.xyz page for NVDAx contains, under the 'Legal & Regulatory' > 'Terms' field, the exact string 'Backed Assets Final Terms Nr 19 (NVDAx)', matching the claimed quote verbatim. This estab | kimi: unsupported — goal-fit: the slot requires one fact per key document giving type, date, and the URL at the original source; the claim itself concedes date undisclosed and original-source URL unavailable, so it does

Internal inconsistency across slots.

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — goal-fit: The archived content is genuinely this Kraken NVDAx page and all three quoted passages appear verbatim in it, so the quotes themselves are supported. However, the SLOT QUESTION requires each | kimi: confirmed — The archived snapshot is exactly the Kraken NVDAx product page at the claimed URL (kraken.com/mx/xstocks/nvdax), containing product description, FAQ, and risk disclosures — consistent with the claimed

Wrong slot and unsupported; issuer-failure/what-survives is unanswered.

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited Kraken page supports that NVDAx provides indirect NVIDIA exposure without ownership, voting, information, or other underlying-shareholder rights. However, this describes the ordina | anthropic: unsupported — goal-fit: The SLOT QUESTION asks what holders lose and what survives if the issuer itself fails, is fraudulent, or walks away (counterparty/insolvency risk). The claim instead describes the nature of | kimi: unsupported — evidence class mismatch. The claim's substance (indirect exposure; no ownership, voting, information, or other shareholder rights) is accurately reflected on the Kraken NVDAx product page, but that pa

Overreach; evidence shows secondary trading occurred, not a redemption mechanism.

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The cited transaction-history snippets show successful Raydium and Jupiter-labeled instructions involving the token, but they do not establish that token holders can exit, identify the swaps | anthropic: unsupported — goal-fit: The slot demands, per disclosed exit path, method + settlement timing + minimum + caps/gates + fee. The claim only asserts that holders can swap on Raydium/Jupiter 'subject to available mark | kimi: unsupported — The archived explorer history shows one successful "Raydium Clmm: Swap V2" and one "Jupiter: Route" transaction touching the token's address, which establishes that the token appears in Raydium/Jupite

These two facts are the only NVDA-linked evidence present, and they belong to the HSBC USA Autocallable Notes.

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — The SEC filing establishes that the described HSBC notes have a single Reference Asset—NVIDIA Corporation common stock—and that the stock trades under NVDA. However, it never identifies or discusses “ | anthropic: confirmed — The SEC free writing prospectus (regulator-class, an assigned required evidence class) directly states the Reference Asset is 'The common stock of NVIDIA Corporation (Ticker: NVDA) (the "Company").' a | gpt: unsupported — goal-fit: The SEC-filed prospectus supports that NVIDIA Corporation common stock trades on the Nasdaq Global Select Market under “NVDA,” but this identification fact does not address concentration in

The corpus contains no redemption-fee data for any NVDAx/Backed product; this candidate must be dropped.

Verifier note: panel 0/3 confirmed (sourceDomains=1, disputed) | gpt: unsupported — evidence class mismatch | anthropic: unsupported — evidence class mismatch | gpt: unsupported — evidence class mismatch

unknown

Verifier note: panel 0/2 confirmed (sourceDomains=1, disputed) | gpt: unsupported — goal-fit: The aggregator says NVDAX can be used in third-party DeFi protocols for lending, borrowing, or earning yield, but it does not answer how yield reaches holders—NAV accrual, rebase, or distrib | anthropic: unsupported — evidence class mismatch

Sole cited ID 991ee3e9 is absent from the corpus. The existence of 'Backed Assets Final Terms Nr 19 (NVDAx)' cannot be verified against the supplied evidence.

Verifier note: panel 1/3 confirmed (sourceDomains=1, disputed) | gpt-family: unsupported — The archived RWA.xyz page names “Backed Assets Final Terms Nr 19 (NVDAx)” under Terms, but RWA.xyz is not assigned regulator evidence and does not provide the document date or an original-source URL. | anthropic-family: confirmed — The archived rwa.xyz page for NVDAx contains a 'Terms' field reading exactly 'Backed Assets Final Terms Nr 19 (NVDAx)', matching the claimed quote verbatim. The claim identifies this as the final-term | kimi-family: unsupported — goal-fit: the slot question requires each key document's type, date, and original-source URL. The cited rwa.xyz page confirms only that a document named 'Backed Assets Final Terms Nr 19 (NVDAx)' exist

unverifiable

Verifier note: panel 0/3 confirmed (sourceDomains=2, disputed) | gpt-family: unsupported — goal-fit: “tracker certificate” describes the investment instrument, not the legal wrapper protecting holders (such as an LP, trust, SPV, or foundation). The cited RWA.xyz registry also identifies Bac | anthropic-family: contradicted — The tracker-certificate framing (CMC AI: 'tracker certificate issued by entities like Backed Finance') and the 'Backed Assets Final Terms Nr 19 (NVDAx)' terms reference (rwa.xyz) are both supported. H | kimi-family: unsupported — Two problems. (1) The 'tracker certificate' characterization rests solely on an AI-generated CMC article that hedges — 'issued by entities like Backed Finance' — which is vaguer than claimed and infer