IVVon borrows IVV’s return, not its share certificate. Between the BlackRock-managed ETF and an on-chain balance sits a BVI issuer, a brokerage account, a security agent and a signed quote. Each layer changes who owes what.
IVV began on 15 May 2000 as a share of iShares Core S&P 500 ETF. It trades on NYSE Arca, seeks the S&P 500 Index, distributes quarterly and charges 0.03%. Its issuer-side documents live in the SEC fund regime.
IVVon arrived under Final Terms dated 26 March 2026. It is an open-ended debt instrument of Ondo Global Markets (BVI) Limited, ISIN VGG7001ABW32. BlackRock did not issue this token.
At first, one IVVon tracks one IVV. IVV distributions flow to the issuer’s collateral account, net withholding is removed, and the remainder is reinvested. Over time one token can track more than one IVV share. This is a total-return formula, not a cash dividend owed by iShares directly to the wallet.
The Ethereum Securities Ledger is 0x62cA…06fF7. CoinGecko maps parallel tokens on BNB Chain, HyperEVM and Solana. Scaled UI on some chains may display the multiplier through balance rather than price, without changing the economic formula.
Corporate-action machinery is unevenly documented. Dividends and temporary ex-date halts are explained; the public page says details for other actions will come later. A merger, split or spin-off therefore passes through issuer calculation and operational processing.
Alpaca Securities is broker and one custodian; BitGo Trust is another custodian and fiat provider. Ondo Finance tokenizes and calculates. Ankura verifies daily holdings and holds the security interest. The BVI SPV is the debtor and collateral owner. These roles do not collapse into IVV itself.
GMTokenManager needs an off-chain signed quote tied to chain, user, asset, price, quantity and expiry. It checks whitelist identity, replay, minimums and rate limits, burns USDon and mints IVVon. Selling burns IVVon and pays USDon or a supported stablecoin conversion.
“Transferable” is wider than “redeemable.” U.S. persons are barred, direct users pass KYC, and a secondary buyer can hold a token yet fail the redemption test. The issuer may charge up to 0.1% on issuance and 0.1% on redemption.
Standard collateral is IVV plus cash in transit. Additional collateral supports the program, and Ankura holds a first-priority interest for secured parties. The structure aims at bankruptcy remoteness but recovery remains limited to amounts realized from collateral after priority costs.
An IVVon holder cannot vote IVV shares, demand IVV shareholder mail or receive the underlying share. The enforceable core is a cash/stablecoin redemption amount under the note and security package. No claim runs against BlackRock merely because IVV supplies the reference return.
The issuer also holds a call option. It can terminate the series under the documents, replace collateral in defined cases and pause issuance or redemption. An open-ended token has no scheduled maturity, but it is not perpetual at the holder’s sole choice.
The Base Prospectus permits freeze, unfreeze or cancellation for compliance and pauses for ledger events. The quote signer, whitelists, rate limits, pricing inputs and multi-chain bridges add operational control. Published Spearbit, Cyfrin, FYEO, Cantina and Zellic audits reduce specific code risks without proving custody or legal recovery.
The clean description is precise: IVVon is a secured total-return note referencing IVV. It can mirror the ETF’s economics closely while giving a different issuer, a different exit, different voting rights and a different failure path.
The Ethereum token is an EIP-1967 BeaconProxy linked to beacon 0x9854…1598. The beacon currently returns implementation 0xebBc…2250 and owner 0x3715…34f1. Its verified code lets that owner call upgradeTo, so IVVon has a concrete upgrade control plane even though the proxy’s implementation and admin storage slots themselves read zero. The human controller behind the owner address remains unresolved.
The iShares ETF begins, giving investors fund shares that track the S&P 500.
Ondo Global Markets establishes the Base Prospectus for its security-token notes.
The BVI issuer defines ISIN VGG7001ABW32, Ethereum ledger, fees, collateral and an open-ended note.
The current offering stack adds its dated supplement.
The SEC-hosted summary continues IVV as an NYSE Arca ETF tracking large-cap U.S. equities.
Last evidence review: 2026-09-05
IVVon is Ondo Global Markets (BVI) Limited’s open-ended debt instrument tracking iShares Core S&P 500 ETF (IVV). It trades as chain-specific tokens, while the issuer holds collateral through brokers and custodians.
A shared ticker stem can conceal a change of legal owner. IVV shareholders own fund shares; IVVon holders have a redemption claim against an SPV, limited to its collateral and offering terms.
An eligible buyer obtains an attested quote; GMTokenManager burns settlement USDon and mints IVVon. The issuer buys IVV via Alpaca, reinvests net dividends, and uses a multiplier. Redemption reverses the token into USDon/cash value, subject to KYC, pauses and limited recourse.
No. IVV is the iShares ETF share; IVVon is a structured note issued by Ondo Global Markets (BVI) Limited.
No. It begins near 1:1, then net dividends are reinvested so the shares tracked per token can rise.
Not as cash dividends. The issuer reinvests attributable income net of withholding tax into the tracking value.
No. The note carries no shareholder voting, information or direct proprietary rights in IVV.
No. Direct redemption needs issuer KYC and eligibility; U.S. persons and several jurisdictions are prohibited.
The terms use IVV and cash in transit, plus additional collateral, under an Ankura-held security interest; recovery is limited recourse.
Yes. The terms permit pauses, freezes, cancellation and issuer termination. Separately, Ethereum IVVon is a BeaconProxy whose beacon owner can change its implementation; the human controller behind the current owner address was not resolved.
Choose a tracking site for iShares Core S&P 500 ETF (Ondo Tokenized ETF):
