USOon

Ondo Global Markets 系列产品 USOon，追踪 United States Oil Fund, LP（ISIN US91232N2071，LEI ZR7XWIN3GSRDDWZ9V446）。产品自身 ISIN 为 VGG7001ADF80。本条的发行文件为该产品专属的 Final Terms（A 级，发行人自有 CDN），原件首页载 dated 26 March 2026；与全系列共用的 Base Prospectus（dated 11.11.2025，列支敦士登 FMA 同日批准）合并构成完整招股说明书。

产品性质（Final Terms 逐字）：「Product Security Type: Debt instrument」；产品在原件中被统称为 Ledger-Based Securities，原件逐字解释其相对传统证券的差别为「Ledger-Based Securities can be traded 24 hours per day, 7 days per week」与「the direct control of the Ledger-Based Security by the Investor, as it may be held in an un-hosted non-custody wallet, which the Investor has exclusive access to」。

与底层的关系（原件逐字）：「The Tokens constitute “total return trackers” for the Underlying(s). Accordingly, each one (1) tracks the value of one or more units of Underlyings.」初始为 1 枚 Token 追踪 1 单位标的，其后随应归属收益（Attributable Income）调整追踪比例。产品不付息（原件逐字「The Tokens do not bear interest.」）。

链上登记：合约地址 0x1f5fc5c3c8b0f15c7e21af623936ff2b210b6415，部署于 Ethereum Mainnet。该地址取自 Final Terms「The address of the smart contract serving as the Securities Ledger of the Token is」一句，原件同句另载发行人将在其网站公布每枚 Token 的交易记录链接。

担保安排（原件逐字）：担保分 Standard Collateral／Additional Collateral／Other Collateral 三类，其中「The Standard Collateral is collectively, the Underlying and any cash held in the Collateral Accounts of the Issuer held with any Custodian, as well as all Attributable Income thereto」；出借受限——「The Issuer is not allowed to lend out Collateral, unless explicitly agreed in advance between the Issuer and the Investor.」担保权由 Security Agent Ankura Trust Company, LLC 持有，同一主体兼任 Verification Agent。

发行规模：原件载 total issue volume 为 up to USD 500,000,000（发行上限，非存量规模），且发行人保留随时上调之权；发行人未披露实际存量，故规模数值留空。

交易场所（原件逐字）：「The Security Tokens are not yet listed or admitted to trading on any stock exchange, multilateral or organised trading facility. The Issuer may request the listing or any admission to trading which will be published on the website of the Issuer.」

【结算币（结算稳定币）的依据·原件逐字】
申购币种条款（「Currency of the Security Tokens issue」）只写 USDC：「The Tokens can be purchased through the e-money token (a Stablecoin) “USDC” pegged to USD. The issuer of USDC is duly licensed under the Regulation (EU) 2023/1114.」
但 Issue Price 与 Redemption Amount 两处合同条款均载明结算币可为两者之一：「For the avoidance of doubt, the Settlement Currency may be the e-money token (a Stablecoin) “USDC” whose value is pegged to the USD, currently authorized under MiCAR; or the Stablecoin “USDT”, whose value is pegged to the USD, which is currently not authorized as an e-money token under MiCAR. It is understood that the Issuer may use Stablecoins other than those specified herein, as defined from time to time by the Issuer on its website.」
转录说明：原件 PDF 文本层有连字符与空格断裂（如 "e - money"、"USD ,"、"“ USDC”"），上述转录已按原词还原空格，用词与标点未作任何更动。
故稳定币结算情况填「有」，结算稳定币关联 USDC 与 USDT 两条。原件末句所留的「其他稳定币」口子由发行人网站随时定义，不构成可填的第三个关联对象，不填。

【权属依据类型的单档记法（第八批，建档即填）】
构成性写在这句话干了什么里：Final Terms 把 Securities Ledger 指认为一个具体的智能合约地址，即「记载在该账本上」本身就是权属所在。
· 指认句（Final Terms §1「Information Concerning the Security Tokens」逐字）：「The address of the smart contract serving as the Securities Ledger of the Token is: 0x1f5fc5c3c8b0f15c7e21af623936ff2b210b6415 The Issuer will publish a link to such record of transaction for each Token on its website: https://ondo.finance/global-markets.」
· 适用法只有发行人自陈一句（「KEY INFORMATION OF THE PRODUCT / General」逐字）：「Security Tokens issued under the Base Prospectus are governed by Swiss Law and are debt securities (Schuldverschreibungen).」—— 它说的是适用哪国法，没有指向任何一条证「登记即权属」效力的条文。
新成因：标点缺失改变切取跨度。
同一个「版本数 > 1」的读数，可以由内容差异、字距噪声、标点缺失三种完全不同的东西造成，而它们在计数上同形。 一条纪律的价值不在它每次都发现真差异，在它不需要先知道是真是伪。
本附注不得删除 —— 它是本条 法定条文 为何空缺的唯一记载。
原件注：最终条款「Country(ies) of offer(s)」项原句「c. to both retail and professional investors within the EU and the EEA, particularly in the following countries: Republic of Austria (“Austria”), Belgium (“Belgium”), the Republic of Bulgaria (“Bulgaria”), the Republic of Croatia (“Croatia”), the Republic of Cyprus (“Cyprus”), the Czech Republic (“Czech Republic”), Denmark (“Denmark”), the Republic of Estonia (“Estonia”), the Republic of Finland (“Finland”), the French Republic (“France”), the Federal Republic of Germany (“Germany”), the Hellenic Republic (“Greece”), the Republic of Hungary (“Hungary”), the Republic of Ireland (“Ireland”), the Italian Republic (“Italy”), Iceland (“Iceland”), the Republic of Latvia (“Latvia”), the Principality of Liechtenstein (“Liechtenstein”), the Republic of Lithuania (“Lithuan ia”), the Grand Duchy of Luxembourg (“Luxembourg”), the Republic of Malta (“Malta”), Netherlands (“Netherlands”), Norway (“Norway”), the Republic of Poland (“Poland”), the Portuguese Republic (“Portugal”), Romania (“Romania”), the Slovak Republic (“Slovaki a”), the Republic of Slovenia (“Slovenia”), Spain (“Spain”) and Sweden (“Sweden”).」