Provider at a glance
- Category
- Tokenised Bonds
- Official website
- backed.fi
Independent rankingchecked How it works
Details
Scored 47 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Backed bTokens fixed income (wind-down)
Tokenised bond ETF trackers
Tokenised Bonds
#7 Overall
Ranked #7 of 7 tokenised bonds in the published ranking
47
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is Backed bTokens fixed income (wind-down) right for you?
Look elsewhere if these come first
- Paper you hold in default7/10 here; Obligate scores 9
- Open to you3/10 here; OpenTrade (Fixed Income Yield Vaults) scores 7
- Exit tested5/10 here; OpenTrade (Fixed Income Yield Vaults) scores 7
- Cost vs buying direct3/10 here; 21X scores 8
Not yet tested for your country. Markets it lists: Europe. Restricted: United States, United Kingdom, Philippines, Nigeria.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best tokenised bond shows where it lands for you.
What will Backed bTokens fixed income (wind-down) cost you?
Not priced on this basis
- Your balance
- $10k
How safe is Backed bTokens fixed income (wind-down)?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to Backed bTokens fixed income (wind-down)
Compare all 4- 4OpenTrade (Fixed Income Yield Vaults)21 points above · stronger on open to you (7 against 3)68
- 521X13 points above · stronger on cost vs buying direct (8 against 3)60
- 6Obligate11 points above · stronger on paper you hold in default (9 against 7)58
For your setup
Find out if Backed bTokens fixed income (wind-down) fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Backed bTokens fixed income (wind-down) lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
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Find my best tokenised bondNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Backed bTokens fixed income (wind-down) ranks #7
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (15.0 here) sit inside the score; availability, friction, trust record and measured data add the rest.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
307+6.727.09#3/7Loading evidence…
253+2.405.07#7/7Loading evidence…
255+4.006.07#5/7Loading evidence…
203+1.926.09#6/7Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−11behind Obligate, #6
RobustnessHoldsacross a one-point change to each of its 4 criterion scores, the re-run scores 45–49 and stays #7
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Backed bTokens fixed income (wind-down)’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
Am I allowed to buy this at all - in my country, at my wealth level, today? 3 → 10 on its ladder · passes Obligate+758#7 → #6
Smallest climb: “Am I allowed to buy this at all - in my country, at my wealth level, today?” 3 → 10 passes Obligate, #6.
Strengths
0 from the score dataWhere it leads
No scored criterion is at or within one point of the category best, so no strength can be stated from the data.
Tradeoffs
4 from the score dataWhere it trails
Not for readers who put first
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? — 7/10 against a category best of 9/10
- Am I allowed to buy this at all - in my country, at my wealth level, today? — 3/10 against a category best of 7/10
- What is the published exit route - and is there any dated evidence a holder used it? — 5/10 against a category best of 7/10
- What does the token route cost me over just buying the bond or the ETF? — 3/10 against a category best of 9/10
Record watch-outs
- You cannot buy it. Primary issuance is closed on all four products - 'bTokens are no longer available for new issuance. Redemption is fully supported for existing holders.' - and the line is committed to wind down by end-2026. If you hold it, the exit is documented rather than silent: a dated 23 March 2026 issuer notice, a put right exercisable at any time, a published T+5 cycle, redemption-only accounts open to non-professionals, and redeem-to-stablecoin published as an express alternative to the xStocks swap. Price the swap yourself before accepting it. The migration table sends bHIGH - euro-denominated sub-investment-grade CORPORATE credit, underlying ISIN IE00BF3N7094 - to TBLLx, the same destination assigned to three short-dated government trackers. Backed does qualify that table rather than hiding behind its equivalence language: the ETF Mapping section states 'For ETFs, xStocks offers an updated selection with similar investment exposure. The exchange ratio will be determined by the issuer.' So this is a disclosed substitution, not a silent one - but 'similar' is carrying a currency boundary and a credit-quality boundary at once, and redeeming to stablecoin avoids the question entirely. The recurring cost is separately unknowable from published documents: the Management Fee row is empty AND hidden on all four product pages, no minimum ticket is published anywhere, the look-through UCITS TER is never stated, and the Final Terms and KIDs the terms defer to are absent from the product database.
Competitive position
Where Backed bTokens fixed income (wind-down) leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#5 / 76.0 of 20 · best 14.0
Published criteria#6 / 711.3 of 30 · best 18.6
Friction#1 / 72.7 of 10 · constant here
Trust record#1 / 73.2 of 8 · constant here
Measured data#1 / 78.3 of 18 · constant here
Where Backed bTokens fixed income (wind-down) leads
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?#3 / 7
Where it trails
- Am I allowed to buy this at all - in my country, at my wealth level, today?#7 / 7
- What is the published exit route - and is there any dated evidence a holder used it?#5 / 7
- What does the token route cost me over just buying the bond or the ETF?#6 / 7
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Obligate#6 of 7 · score 58 · 11.0 points ahead
Backed bTokens fixed income (wind-down) leads onNo scored criterion
Obligate leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?9 vs 7
- Am I allowed to buy this at all - in my country, at my wealth level, today?5 vs 3
- What does the token route cost me over just buying the bond or the ETF?6 vs 3
Largest single reason Obligate is ahead: published criteria (+10.7 display points).Scenario cost: Obligate has no verified pricing for this scenario.
21X#5 of 7 · score 60 · 13.0 points ahead
Backed bTokens fixed income (wind-down) leads onNo scored criterion
21X leads on
- Am I allowed to buy this at all - in my country, at my wealth level, today?6 vs 3
- What is the published exit route - and is there any dated evidence a holder used it?6 vs 5
- What does the token route cost me over just buying the bond or the ETF?8 vs 3
Largest single reason 21X is ahead: published criteria (+12.5 display points).Scenario cost: 21X has no verified pricing for this scenario.
OpenTrade (Fixed Income Yield Vaults)#4 of 7 · score 68 · 21.0 points ahead
Backed bTokens fixed income (wind-down) leads on
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?7 vs 2
OpenTrade (Fixed Income Yield Vaults) leads on
- Am I allowed to buy this at all - in my country, at my wealth level, today?7 vs 3
- What is the published exit route - and is there any dated evidence a holder used it?7 vs 5
Largest single reason OpenTrade (Fixed Income Yield Vaults) is ahead: availability (+20.8 display points).Scenario cost: OpenTrade (Fixed Income Yield Vaults) has no verified pricing for this scenario.
Against the leader
79 vs 47 · gap 32.0Why BondbloX Bond Exchange ranks above Backed bTokens fixed income (wind-down)
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 32.0 to within rounding.
DimensionThisBondbloX Bond ExchangeGap share
Availability · 23% weight6.011.0−13.0, worse
Published criteria · 35% weight11.318.6−19.0, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisBondbloX Bond ExchangePoints
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · w3079−1.92, worse
Am I allowed to buy this at all - in my country, at my wealth level, today? · w2536−2.40, worse
What is the published exit route - and is there any dated evidence a holder used it? · w2557−1.60, worse
What does the token route cost me over just buying the bond or the ETF? · w2039−3.84, worse
Net4779−32.0
Your scenario
Backed bTokens fixed income (wind-down) is not priced for this scenario
The annual management fee on your balance. Excludes performance fees, spreads and any redemption charge. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your balance · your input$10k
Rate read from the provider’s published pricing ↗ on 29 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory medianNot priced0 of 7 rows priced
Cheapest pricedNone pricedDifference not stated · availability not applied — set your country to filter
7 of 7 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 29 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessHoldsrank #7 across every one-point re-run
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 29 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?strength 7 · weight 30Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Am I allowed to buy this at all - in my country, at my wealth level, today?strength 3 · weight 25Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What is the published exit route - and is there any dated evidence a holder used it?strength 5 · weight 25Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What does the token route cost me over just buying the bond or the ETF?strength 3 · weight 20Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Insolvency failure (Backed bTokens fixed income (wind-down) 7/10): the firm or issuer that owes you cannot pay.Scored by If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · 30%
- Regulatory failure (Backed bTokens fixed income (wind-down) 3/10): no licence where you are, or a forced market exit.Scored by Am I allowed to buy this at all - in my country, at my wealth level, today? · 25%
- Exit failure (Backed bTokens fixed income (wind-down) 5/10): you cannot get out at par, on time, or with what is yours.Scored by What is the published exit route - and is there any dated evidence a holder used it? · 25%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: What does the token route cost me over just buying the bond or the ETF? (20%).
Facts
facts, not scoresWhat the record publishes
- Pricing
- Backed bIB01 product page, https://
assets .backed .fi /products /bib01, fetched 29 September 2026 (HTTP 200). The Product Details row "Issuance / Redemption Fee" reads "0.5% for Issuance and Redemption". The "Management Fee" row in the same table is bound to an empty value and hidden from the rendered page, identically on /bhigh, /bc3m and /bibta. Primary issuance is closed ("bTokens are no longer available for new issuance."), so for an existing holder the redemption leg is the only published cost. The Backed Terms of Service (PDF served at https:// assets .backed .fi /terms-of-service, "Last updated on November 18th, 2025") state "Minimum purchasing and selling sizes and fees for each Product can be found at http:// backedassets .fi". That address redirects to https:// assets .backed .fi /, which publishes neither a minimum nor a management fee. No total expense ratio (TER) for the underlying UCITS ETFs is stated on any of the four product pages. The Final Terms and KIDs to which the Terms defer the management fee are absent from the product database.Backed bTokens fixed income (wind-down) — official pricing page ↗ · 29 September 2026 - Prices published in
- USDBacked bTokens fixed income (wind-down) — official pricing page ↗ · 29 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- READ ON https://
assets .backed .fi /terms-of-service (PDF served at that URL, 'Last updated on November 18th, 2025'), Exhibit A / Offering Terms: 'The Issuer and each holder of Products issued by the Issuer, i.e. any Investor, enter into a Registration Agreement (Registrierungsvereinbarung) according to article 973d CO based on the following provisions which (i) sets out the terms relating to the …' - Supported chains
- ethereum, gnosis, polygon, arbitrum, fantom, avalanche, bnb, base
- Markets served
- europe
- Primary markets
- Not published
- Restricted markets
- United States, United Kingdom, Philippines, Nigeria
- Operating limits
- Not published
- Availability note
- BOTH kinds of restriction are present and they must not be conflated. (1) A STANDARD SANCTIONS REPRESENTATION, which is not a regional footprint: on https://
assets .backed .fi /legal-documentation /restricted-countries, 'Individuals or entities from these countries are prohibited from using Backed products:' lists 'Iran', 'North Korea', 'Syria', expressly qualified as 'These restrictions are due to applicable international sanctions.'; and the site-wide interstitial requires 'You are neither a US person nor a person subject to international sanctions (in particular as imposed by Switzerland, the United Nations, the USA as well as the European Union).' (2) GENUINE MARKET RESTRICTIONS that do shape the footprint: a securities-law exclusion of the entire United States - 'Backed products are not registered with U.S. securities regulators and therefore may not be offered, sold, or made available to U.S. persons or individuals located in the United States.' and, on the product pages, 'Not for the distribution to any U.S. Person or any person or address in the United States.'; an express UK exclusion - 'Important Notice: NOT available for UK Clients. The products are not promoted or offered to clients based in the UK.'; a prospectus-scope limit - 'The following information on this webpage may not be distributed outside of jurisdictions where prospectus will be approved and/or passported'; and a 24-country commercial exclusion beyond sanctions, 'Backed does not service individuals or entities from these countries:' naming among others 'Lebanon', 'Nigeria', 'Philippines' and 'Zimbabwe'. Because the prospectus is FMA-approved in Liechtenstein and passported into the EEA, with Swiss law as the products' governing law, 'europe' is the only region the vendor's own documents support. Note this is the map at PRIMARY ISSUANCE, which is closed; the redemption-only account route on https:// assets .backed .fi /onboarding is open to 'eligible Backed token owners' subject to the same country lists.
Legal entity on file: Backed Finance, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Backed bTokens fixed income (wind-down): where to complain, and where to report a scam
Loading the routes for your country.
How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 29 September 2026Current verified snapshot · methodology 2026.10.18Score 47, #7 of 7. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.7Forty-one more products are offered only where their own quoted terms serve- fixed 141 country exclusions on 31 rows, each the name of a country the row's own quoted terms exclude: for example Mercuryo Hungary, China, Pakistan, Bangladesh, Chile, Colombia and Morocco; Gemini Custody the United Kingdom, Australia and the EU after its wind-down; Backed xStocks the US, Canada, the UK, Australia, Nigeria, the Philippines and Venezuela.
- changed Thirteen rows list the only countries their terms serve: Coins.ph the Philippines, Spritz bill pay, Brex, Unchained, WisdomTree, Franklin BENJI and AnchorWatch the United States (with its territories for AnchorWatch), PRYPCO Mint the UAE, N26 crypto seven EU countries, Gemini Tokenized Stocks the EU, XNET the US, Canada and the UK, Coldbit Steel and MetaMask Card the countries they list.
- changed Published (no-country) orders do not move. Country results change: in India six categories each lose one row (bill pay, cards, off-ramps, P2P, seed backup, tokenised real estate), and bill pay there has no row confirmed available, so it shows the published order marked as such; country pages list 23 fewer rows (24,357 to 24,334). The grounding test now matches full country names in any case, which shows seven earlier exclusions were quoted all along: the named debt of unquoted exclusions falls from 40 to 33 pairs.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.10.18, the same published run every visitor sees · receipt tokenised_bonds:backed_btokens_bonds_tok:2026.10.18:1c8b9a74b30d
Are you Backed bTokens fixed income (wind-down)? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.