# FAQ

### General

<details>

<summary>What problem does SHIFT actually solve?</summary>

Spot stocks move 1% per day on average limited volatility for traders seeking amplified exposure. Perpetual futures offer high leverage but carry liquidation risk: a 5% wick can wipe out a position. SHIFT established Series which hold 2× and 3× leveraged exposure that deliver real volatility through wallet-native SPL tokens, with no liquidation engine and no forced close.

</details>

<details>

<summary>What is a Series Token?</summary>

A SHIFT-issued Membership Interest SPL token that represents the membership in the Series LLC and the 1:1 economic exposure to a corresponding leveraged or inverse ETF held in custody.

</details>

<details>

<summary>How is leverage delivered?</summary>

SHIFT does not synthesize leverage. The leveraged exposure is delivered by the underlying ETF (e.g. Direxion TSLL, which is a 2× long Tesla ETF). SHIFT acquires the ETF on a 1:1 basis and tokenizes the position as an SPL Series Token. The ETF issuer manages the daily-reset leverage internally typically through options and other derivative instruments at the close of each trading day.

</details>

<details>

<summary>How can leverage exist with zero liquidation risk?</summary>

A SHIFT Series Token is an asset the user owns outright in their wallet. There is no margin account, no collateral posted, and no liquidation engine that can close the position. The underlying ETF's NAV can decline, and the Series Token's NAV declines with it, but no third party can force-close the position. The holder decides when to exit.

</details>

### Trading

<details>

<summary>Which Series are tradable today?</summary>

TSL2L (Tesla 2× long), TSL1S (Tesla 1× short), SOX3L (Semis 3× long), SOX3S (Semis 3× short), SPX3L (S\&P 500 3× long), SPX3S (S\&P 500 3× short). Additional Series will be added over time.

</details>

<details>

<summary>When can I trade?</summary>

Trading is open 24/7 through Jupiter and other Solana DEXs. Spreads are tighter during U.S. market hours and wider on weekends and overnight, when the underlying market is closed and market makers carry more inventory risk.

</details>

<details>

<summary>What happens when the underlying stock market is closed?</summary>

Trading remains open 24/7. The Series Token's market price may diverge from the most recent ETF NAV during off-hours, reflected in a wider RFQ spread. The price reconverges to NAV when the underlying market reopens.

</details>

<details>

<summary>How is the daily 2× or 3× target maintained?</summary>

By the underlying ETF, not by SHIFT. Leveraged ETFs (e.g. Direxion TSLL) reset their internal exposure once per trading day at the close (typically 4 PM ET) to re-target the daily leverage multiple. SHIFT holds the ETF on a 1:1 basis, so the Series Token's NAV reflects the rebalanced ETF NAV automatically. Nothing happens inside the SHIFT protocol at 4 PM ET.

</details>

<details>

<summary>What are the fees?</summary>

User-facing trading costs are reflected in the RFQ spread quoted by professional market makers on Jupiter. Spreads are tighter during U.S. market hours and wider on weekends (up to \~3%). Standard Solana DEX fees and gas apply when trading Series Tokens on-chain.

</details>

### Custody and safety

<details>

<summary>Is SHIFT custodial?</summary>

The Series Token itself is non-custodial users hold SPL tokens directly in their Solana wallet. The backing asset (the underlying ETF) is held in regulated brokerage custody on behalf the respective Series. The two layers are separate by design: the user's token is self-custodied; the ETF that backs it is held in segregated brokerage accounts at FINRA-registered, SEC-regulated partners.

</details>

<details>

<summary>Is the protocol audited?</summary>

Yes. All SHIFT smart contracts are audited by independent third-party security firms. Reports are published in the Resources / Audits section.

</details>

### Eligibility

<details>

<summary>Is SHIFT available in my country?</summary>

SHIFT is open to participants in jurisdictions where the protocol is permitted. Series Tokens are not offered to U.S. or U.K. persons, nor to persons in certain other restricted jurisdictions. Full eligibility rules are documented in the Series Operating Agreement, Terms of Use and Risk Disclosure.

</details>

<details>

<summary>Do I need to KYC?</summary>

Trading Series Tokens through a Solana DEX requires only a Solana wallet, no application, no identity verification. Specific features and primary-market access may require an onboarding process in accordance with applicable rules. Shift complies with the Marshall Islands AML rules.

</details>

### Listings and roadmap

<details>

<summary>How do I request a new listing?</summary>

TO BE UPDATED

</details>

<details>

<summary>When does $SHFT launch?</summary>

TO BE UPDATED&#x20;

</details>

<details>

<summary>Is BNB Chain support live?</summary>

BNB Chain support is in development. Solana is the only live deployment today.&#x20;

</details>


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