Legal
Risk disclosure
Read this before you trade. You can lose everything you put in.
Coins on owned are speculative tokens with no intrinsic value. They are priced in tokens that track real stocks but are not shares. Both layers can fall to zero, issuers can freeze the stock tokens, and smart contracts can fail. Additionally, while the treasury holds real-world stocks, redemptions are subject to KYC/AML checks and issuer controls. Only use money you can afford to lose entirely.
Market risk, twice
A coin's value depends on two markets: the coin's own curve or pool, and the stock token's market. Either can move sharply at any time, including when the US stock market is closed and the token price floats on thin on-chain liquidity. Leveraged ETF tokens amplify this.
Liquidity risk
Bonding-curve prices move with every trade; large orders move them a lot. After graduation, liquidity is locked but finite; selling into a thin pool can return far less than the displayed price. Jupiter legs for SOL and USDC depend on third-party pools that may be thin or absent for some stocks.
Issuer risk
Stock tokens are controlled by their issuers through Token-2022 extensions: they can pause all transfers, move tokens from any account using a permanent delegate, freeze accounts, and change display multipliers. owned cannot prevent or reverse any of these actions, and they apply to pool vaults and the rewards treasury as much as to your wallet. An issuer could also stop backing or redeeming a token, or become insolvent, making the token worthless regardless of the underlying share price. See Issuer controls.
No claim on shares
Holding a coin or a stock token through owned gives you no ownership of, or claim against, any company or any share. See No claim on the underlying shares.
Smart-contract and operational risk
The Service relies on the Meteora, Jupiter, Token-2022 and own programs and on the Solana network. Bugs, exploits, upgrades, congestion or outages can cause loss, delayed or stuck transactions, or inaccessible funds. The own program is upgradeable by its upgrade authority; a compromise of that key could affect the registry and the rewards treasury (it cannot change Meteora pools or configs). Indexing can lag, so displayed balances and rewards may be stale.
Reward risk
Holder rewards depend on trading volume; a coin with no trades pays nothing. Rewards are computed off-chain from public data and committed on-chain; errors in the computation would be corrected in later roots but could delay payments. Unclaimed rewards sit in a treasury that is subject to issuer actions.
Creator and counterparty risk
Creators and other holders can sell at any time. Launch content can be misleading. owned does not vet coins; the fee mode and the stock pairing are the only things it enforces.
Regulatory and tax risk
Tokenized stocks and the tokens traded against them may be regulated as securities or otherwise in your jurisdiction, and rules can change. Issuers exclude certain persons (for example, xStocks are not offered to US or UK persons). Trades and rewards may be taxable events. You are responsible for your own compliance.
Price data
USD prices come from third-party sources (Jupiter, Pyth) and can be delayed or wrong. Graduation thresholds are fixed in shares when a config is created and drift with the stock's price between refreshes.
Loss of access
If you lose your wallet keys you lose your coins, your stock tokens and your unclaimed rewards. Nobody can recover them.
No guarantees
The Service is provided without warranty of any kind. Past performance of any coin, stock or reward rate says nothing about the future.