> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondo.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# What are the most important things I should know?

> Key points to understand about Ondo Private Markets Notes.

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  * **It's a note, not shares.** You don't own any shares in the Reference Company, and you get no voting, dividend, or information rights.
  * **Your claim is on the Issuer, not the Reference Company.** The Reference Company has not sponsored, approved, or endorsed the notes and has no obligations to holders.
  * **The notes are unsecured.** They aren't backed by the Reference Company's shares, a reserve, a hedge, or any other collateral.
  * **There is no market price until a Qualifying Liquidity Event.** The performance of the notes depends entirely on the economic performance of the Reference Company at the time of a Qualifying Liquidity Event. Until then, no redemption will be available. While notes might trade on secondary venues – including Ondo Perps Spot Markets – such prices only reflect trader supply and demand and not the intrinsic value of the note itself. No secondary market is guaranteed for the notes. Any secondary market price may differ from the Reference Company's private valuations and from what the note eventually pays. Trading availability doesn't guarantee liquidity.
  * **Payouts only happen at a Qualifying Liquidity Event.** The Note price is fixed according to its terms at the earliest Qualifying Liquidity Event. There's no income in the meantime, and a liquidity event could take years. The note's term is 10 years.
  * **An IPO does not immediately trigger a Qualifying Liquidity Event.** A Qualifying Liquidity Event is triggered once the Reference Company IPOs and its shares trade on a relevant national exchange for 6 months.
  * **An IPO payout isn't based on the IPO price.** On an IPO, the redemption price is set 6 months after the Reference Company's shares begin trading publicly, not at the IPO price. The payout price is then fixed based on the Reference Company's trailing 10-day volume-weighted average price leading up to the six-month date. The issuer then has up to 90 days to open the claim window, and you will need to verify your status before you are paid — so allow at least six months from IPO to payment.
  * **Buying or receiving a note doesn't automatically transfer the right to be paid.** Payment isn't automatic. Every holder at the time of redemption must qualify as an eligible holder in order to make a valid redemption claim.
  * **The Issuer keeps administrative control.** It can pause transfers or claims, freeze or claw back tokens linked to sanctioned or prohibited wallets, and mint, burn, or migrate tokens to fix errors or respond to an exploit.
  * **Non-U.S. persons only.** Notes cannot be bought, sold or transferred to U.S. persons. Other restrictions apply.
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