A–E: BACKING IS NOT A SLOGAN
Fully backed, tokenised fund, synthetic, protocol-owned, AP creation/redemption. Unbacked is not backed. Nothing issued.
REUSES DR-REPL-0.2 · Reuses DR-REPL-0.2 architectures, creation/redemption books, and conservation tests. Not greenfield. · FROZEN=FALSE · LIVE=FALSE
A_FULLY_BACKED
Economically the only honest 'backed token'. Issuer-funded physical requires the founder/warehouse to buy the book first (fails the non-pre-fund mandate at scale). AP-funded physical is the same backing theory with capital arriving at creation. Backing is still not proven live: no assets, no custody, no attestation.
LEGAL COUNSEL REQUIRED. Likely CIS / fund / ETP, not an ordinary coin. Do not self-classify as unregulated.
Maps to B_FULL_PHYSICAL, C_AP_FUNDED_PHYSICAL
B_TOKENISED_FUND
Same economics as A with the legal form that matches pooling + NAV + AP C/R. This is not a loophole to avoid regulation — it is the honest wrapper. No fund is formed. No prospectus. No depositary.
LEGAL COUNSEL REQUIRED. UK FSMA s.235 CIS is a live fork (research status LIKELY, not a conclusion). MiCA ART vs financial-instrument exclusion is a live fork.
Maps to C_AP_FUNDED_PHYSICAL, I_INKIND_CR, J_CASH_CR
C_SYNTHETIC
Funding, venue, liquidation, and missing listed futures for most DDEI names can dominate the index. Perps killed as sole product in DR-REPL-0.2. OTC TRS requires a real dealer quote (none). Listed futures cover BTC/ETH sleeves only. Do not market a derivative book as a reserve.
LEGAL COUNSEL REQUIRED if ever revived. Commodity-interest / derivative perimeter. Not lead.
Maps to E_COLLATERAL_FUTURES, F_COLLATERAL_PERP, G_TRS_OTC, M_OVERCOLLAT
D_PROTOCOL_OWNED
A protocol that does not own the coins does not own a basket. Unbacked DR that 'tracks' DDEI by declaration is the naked information token — already KILL. If a treasury later owns real assets, this collapses into A with a protocol as warehouse. Do not pretend unbacked is backed.
LEGAL COUNSEL REQUIRED. An unbacked transferable unit with expected profits is a worse, not better, classification fact pattern.
Maps to A_NAKED
E_AP_CR
AP delivers the basket (or cash that buys it) → mint DR → AP may sell. Redeem is reverse: AP delivers DR → burn → basket out. This is how the founder avoids pre-funding eventual AUM. It is not a third backing theory. There are no APs. There is no AP agreement. Secondary-market premium/discount is not NAV.
LEGAL COUNSEL REQUIRED. AP-only redemption can still be a CIS. Restricting retail redemption does not by itself make this an unregulated coin.
Maps to C_AP_FUNDED_PHYSICAL, I_INKIND_CR, J_CASH_CR