Most equity tokenization today is analogous to the Variable Interest Entity (VIE) structure used by Alibaba ($BABA) on US exchanges, where American investors don’t directly own native BABA shares but instead own a Cayman company with contractual rights to Alibaba’s economics. This does open up the market to new investors who otherwise wouldn’t be able to buy, but also creates a net new entity, new shares, and new counterparty risk that dramatically increase complexity around these assets. Exposure will be somewhat indirect (though better than nothing for people who normally can’t access these assets) until onchain native issuance is the standard