Type-identity theorists interpret physicalism as the claim that every property is identical to a physical property. Token-identity theorists interpret it as the claim that every particular is identical to a physical particular. The end of this paper is to undermine the distinction between the two. Drawing on recent work on generalized identities and truth-maker semantics, I demonstrate that these formulations of physicalism are logically equivalent. I then argue that each formulation has the resources to resolve problems that the other encounters.