When you trade an X-Perp on AAPL, TSLA, or NVDA, you don't own Apple, Tesla, or Nvidia shares. You hold a derivative position linked to the price movement of the underlying share.Do I own the underlying share when I trade a TradFi X-Perp? No. X-Perps don't give you legal ownership of the underlying share. You don't receive shareholder rights, voting rights, direct dividends, ownership claims on the company, or custody of a real or fractional share.