Methodology
How grades work
Hanko answers one question: what does this token legally entitle you to, and who says so? Grades come only from public primary documents, issuer filings, custody attestations, transfer-agent records, and on-chain structure. We do not invent values.
Rubric
- A
Registered / issuer-sponsored
Registered or issuer-sponsored structure, redeemable into the real share, custody attested by a named third party.
- B
Custodial economic exposure
Shares may be held, but the holder gets economic exposure only. Collateral can be substituted. No direct vote or dividend claim.
- C
Material disclosure gaps
Material fields lack current primary-source attestation. Structure may hold assets, but the public record is incomplete.
- F
Disputed or unbacked
The issuer of the underlying has publicly disputed or voided the structure, or no underlying assets are held.
Rules
- Every claim on a label links to a primary source, or it renders as NOT DISCLOSED.
- Absence is intentional. Missing custody, authorization, or redeemability is a signal, not a gap to fill with marketing copy.
- Grades are structural, not investment advice. An A means the legal claim is clearer, not that the price will go up.
- Independence matters. Venues that list assets should not grade their own inventory. Hanko is the independent claim layer.
- Live market prices enrich the record. They never change a grade.