The structures in use
Fully backed: an entity buys the real share, holds it with a custodian, and issues a token redeemable against it. Your exposure is to the issuer and custodian as well as the company.
Synthetic: no underlying share exists. Price tracking comes from collateral and an oracle. Your exposure is to the protocol design and the oracle.
Derivative-based: the issuer holds a contract rather than the share. Your exposure includes the counterparty on that contract.
What rights do not transfer
Voting is almost never passed through. Dividends may be distributed, reinvested or simply absent depending on the structure. Corporate actions such as splits and mergers depend entirely on the issuer handling them correctly.
Shareholder protections generally attach to the registered holder, which is the custodian, not you.
Where the tracking breaks
Price links to the underlying through arbitrage, which requires someone able to create and redeem. If that path is restricted or liquidity is thin, the token can trade away from the reference price.
Traditional markets close; the token does not. Over a weekend the token is trading on expectation with no reference, and gaps at the open can be severe.
Before buying one
Establish which structure it is, who the custodian is, whether holdings are independently attested, who can redeem, and what happens to dividends. If those answers are not published clearly, that is the answer.
FBT Swap displays market data for listed instruments with the source named. It does not issue, custody or redeem tokenized equity, and it takes no position on whether any instrument is worth holding.