Holder rights: what a tokenized stock actually gives you
A tokenized stock is not automatically a share. What the holder actually gets depends on how the token is structured - and MyRWA classifies every listing into one of four rights categories. Here is what each means for ownership, dividends, voting and redemption.
Equity claim (closest to a real share)
The token represents a claim on the actual equity, held by the issuer on the holder’s behalf. Qualified holders can redeem in kind or for cash, and economic rights (dividends) are typically passed through. This is the closest on-chain equivalent to owning the share - but voting rights are usually retained by the custodian, not the token holder.
Debt tracker (backed, cash-settled)
The token is a debt instrument of the issuer whose value tracks the underlying share 1:1, backed by the issuer holding the real security. Holders get price exposure and cash redemption at NAV through the issuer, but no voting rights and no physical share delivery. Most Ondo, Dinari and Backed tokens sit here.
Synthetic (price exposure only)
The token or position tracks the price of the underlying without holding it - perpetual futures and synthetic listings. There is nothing to redeem: you get price exposure (and, for perps, funding) and exit by closing or selling. No ownership, dividends or voting.
Commodity title (redeemable for metal)
The token carries title to a specific quantity of a physical commodity in a vault and is redeemable for the metal or its cash value. This applies to physically-backed tokenized gold, silver and platinum - not to synthetic commodity price-trackers.