United States Oil Fund • Robinhood Token

Robinhood Stock Tokens 第 16 号系列，追踪 United States Oil Fund, LP（ISIN US91232N2071，Bloomberg Ticker USO，主要上市地 NYSE Arca）。原件 Description of the Underlying 段首句逐字：「The Underlying is an exchange traded fund (“ETF”). The ETF is United States Oil Fund, LP.」原件另载：底层商品：原油。原件逐字「The ETF is a commodity pool that continuously issues common shares of beneficial interest」，投资政策为「primarily invests in futures contracts for light, sweet crude oil」，基准为 Benchmark Oil Futures Contract；原件另载成立于 2006-04-10、费用率 0.86%、Investment Manager 为 United States Commodity Funds LLC。

本条的发行文件为该系列专属的 Final Terms（A 级，发行人官网法律页），与同一 Programme 项下各系列共用的 Base Prospectus（FMA 批准，2026 年 6 月 25 日，169 页）合并构成完整招股说明书。

产品性质（Base Prospectus p9 逐字）：「debt securities which are securitised in the form of cryptographic tokens and constitute ledger-based securities (Registerwertrechte) according to Article 973d et. seqq. of the CO. The Products shall be created by the Issuer by means of a registration in the smart contract-based securities ledger according to Article 973d(2) of the CO.」p71 另称「Each Product is a unit of a fully collateralised tracker certificate」。

与底层的关系（发行人官网逐字）：「The Product provides economic exposure to underlying securities but does not grant investors any legal or beneficial rights in, or against the issuer of, those underlying securities.」担保安排（Final Terms 逐字）：「The Collateral primarily comprises the Underlying. The Collateral shall also comprise cash and Eligible Financial Instruments in the circumstances described in the Terms and Conditions.」分红不派现金，改以 multiplier 机制自动再投资，代币乘数随之上升。

链上登记：合约地址 0xa30FA36Db767ad9eD3f7a60fC79526fB4d56D344，部署于 Robinhood Chain（chainId 4663），ERC-20、18 位小数。该地址由 Final Terms「The address of the smart contract serving as the Securities Ledger of the Products is」一句与发行人官网 api.robinhood.com/rhj/assets 两个来源互证一致。

发行规模：Final Terms 载 Total Issue Volume 为 up to USD 5,000,000,000（发行上限，非存量规模）；发行人未披露实际存量，故规模数值留空。

交易场所：Final Terms 逐字「the Issuer has not arranged for the Products to be admitted to trading or to be listed (nor made any application in relation thereto) on any regulated market, third country market, small or medium-sized enterprises growth market or multilateral trading facility, nor any other stock exchange, organised trading facility, DLT trading facility, or equivalent」。

【权属依据类型的复合记法（Ed 2026-09-27 裁定，与 dn-group 同构）】权属依据类型＝ 法定条文 ＋ 其他，两档各证一半：
· 法定条文 证到「登记即权属」的效力。瑞士债法 Art. 973d Abs. 1 Ziff. 2 逐字：「nur über dieses Wertrechteregister geltend gemacht und auf andere übertragen werden kann」（该权利只能通过该权利登记册主张并转让）；Art. 973e Abs. 1 逐字：「Der Schuldner aus einem Registerwertrecht ist nur an den durch das Wertrechteregister ausgewiesenen Gläubiger sowie gegen entsprechende Anpassung des Registers zu leisten berechtigt und verpflichtet.」（债务人仅对登记册所示权利人、且仅在登记册相应变更时有权并有义务履行）。
· 其他 ＝ 发行文件原文，证「账本在链上」（非日本 A、B 句式）。Final Terms §1.1 逐字把 Securities Ledger 指认为一个智能合约地址：「The address of the smart contract serving as the Securities Ledger of the Products is: 0xa30FA36Db767ad9eD3f7a60fC79526fB4d56D344.」三句逐字原文见权属依据原文。
法条为什么只证到效力、证不到账本位置：Art. 973d／973e 条文正文内 dezentral／Blockchain／DLT／Token 各 0 命中（2026-09-27 实测，法条原文已留档 data/ch_or/or_art_973d_973e_de.txt，来源 Fedlex SR 220，Stand am 1. Januar 2025）——条文技术中立，与德国 eWpG §16「fälschungssicher」同构。故「登记在链上」这一半只能由发行文件证，两档缺一不可，这正是权属依据类型必须多选的理由。
本条的 其他 届时迁入构成性一侧（原文为 "shall constitute ledger-based securities"）。

「Non-Exempt Offer」项逐字：「Non-Exempt Offer Applicable. An offer of the Products may be made by any Authorised Offeror(s) other than pursuant to Article 1(4) of the Prospectus Regulation in Liechtenstein, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden and the Netherlands and any other Member State where the current Base Prospectus (and any supplements) have been notified to the competent authority in that Member State pursuant to the Prospectus Regulation (each, a “Non-Exempt Offer Jurisdiction”)」。
该 688 字符的句子在全 30 份 RHJ 原件（Series 1-10／11-20／21-33）中逐字完全相同（实测仅 1 个版本）。
该句尾部另有一句开放式兜底「and any other Member State where the current Base Prospectus (and any supplements) have been notified to the competent authority in that Member State」——它指向一个无具名对象的开放集合，装不进任何枚举，故只在此留痕、不填入任何值。 这是空值语义的第三种形态：具名的填、开放的留痕（另两种为「抽不到」与「装不进」）。
发售国清单与 jurisdiction（＝列支敦士登，FMA 批准招股说明书）正交，两者不得互相推定（§2.5.1）：列支敦士登同时出现在两栏是巧合于护照制母国，不是推定的结果。

Final Terms 逐字：「The Products do not have a predetermined fixed maturity date. Instead, the Products may or shall be redeemed in accordance with the redemption procedures described in the Terms and Conditions.」

发行人官网 FAQ 逐字：「You can sell your Stock Tokens from time to time in the secondary market. You can also redeem them directly with the Issuer, where there is no authorized participant (a firm that processes redemptions on investors' behalf), subject to completing the Issuer's KYC/AML (identity verification) processes.」

铸造／销毁窗口（发行人官网 docs.robinhood.com/chain/stock-tokens 逐字）：「Market makers can place orders to mint and burn Stock Tokens during the following window: Monday 02:00 CET/CEST – Saturday 02:00 CET/CEST ... Outside this window, minting and burning is not supported. End users may still buy and sell Stock Tokens on-chain outside the tokenization window.」