No. Not my understanding. And please keep in mind I am not an expert. My understand is that the trade is recorded on paper (or electronically) and for all intents and purposes they have traded hands except for the transfer agent. I use the fact that the thousands of shares that I have accumulated since trading started have been added to my account. The cost per share has been averaged into my 0.00 cost per share for the div shares. So someone is tracking the transactions. I am confident of that. It’s the part about the transfer agent that I have no direct knowledge or experience with. Just what I’ve read on TDA.