When you hold a token representing rights to a listed AMC note, you have the economic rights to the underlying AMC's performance. 

While the token issuer legally owns the listed AMC notes, your token grants you entitlement to changes in the portfolio's value and any distributions. 

This structure allows investors to benefit from the AMC's performance, with rights securely tracked on the blockchain to provide transparency and verify entitlements. It also ensures regulatory compliance, offering a straightforward way for investors to access the AMC's economic benefits.