Tokenizing an asset into trust units is not just a legal wrapper — it is a fractionalization calculation that must reconcile valuation, unit granularity, and administrative cost. If an asset is worth V and you issue N units, each unit's gross value is V/N. But net value per unit falls once you subtract issuance, custody, audit, and transfer costs.

Key mechanics:

Granularity: more units can widen access but increase per-unit reconciliation overhead.
Minimum efficient unit: the smallest unit size that keeps net yield positive after fixed costs.
Dilution risk: future unit issuance can reduce each holder's proportional beneficial interest unless governed by strict covenants.

Scenario	Asset Value	Units	Gross/Unit	Annual Cost	Net/Unit
Small	$100,000	100	$1,000	$2,000	$980
Mid	$1,000,000	10,000	$100	$20,000	$98
Large	$10,000,000	1,000,000	$10	$200,000	$9.80

The lesson: fractionalization is economically viable only when unit value comfortably exceeds per-unit administrative drag.