ASML

• A blockchain token designed to track the price of ASML Holding N.V. (NASDAQ: ASML).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Founded: 1984

• Headquarters: Veldhoven, Netherlands

• CEO: Christophe Fouquet

• Listed on: Nasdaq (ASML) and Euronext Amsterdam

• Sector: Semiconductor equipment

• ASML is the sole supplier of extreme ultraviolet lithography machines, which are required to manufacture the most advanced chips.

• That monopoly position makes it a structural chokepoint in the semiconductor supply chain.

• Its equipment sales are subject to export controls that restrict shipments to certain markets.

• System sales of extreme ultraviolet (EUV) lithography machines are the core of the business.

• Deep ultraviolet (DUV) systems serve less advanced layers and a wider customer base.

• Installed base management, covering servicing and upgrades, provides recurring revenue.

• High-NA EUV is its next-generation platform for future chip nodes.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It is the only supplier of EUV machines, which leading-edge chipmaking requires.

• Each system carries a very high selling price and a long service tail.

• Its order backlog gives visibility several quarters ahead.

Cons:

• Dutch and US export controls restrict sales to China.

• Orders are lumpy and concentrated among a few customers such as TSMC, Samsung and Intel.

• Any slowdown in leading-edge chip investment hits it directly.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.