Risks

Numbered, plainly worded. None of these are hypothetical.

1. Adverse selection / impermanent loss. Market making loses money to informed flow. The Session Hook prices this risk; it does not remove it. The LP-vs-hold difference is published every epoch so the cost is visible, not so it is zero.
2. Open-gap risk. When the underlying reprices at the open, liquidity deployed through the close absorbs the gap. Wider fees compensate on average; any single open can be expensive.
3. Oracle and session-feed risk. NAV and range steering depend on Chainlink feeds; fee tiers depend on a signed session feed. A wrong or delayed feed misprices the book. The initial session feed is a single named signer — a trust assumption, stated as one.
4. Constituent transfer restrictions. Robinhood can change Stock Token transfer rules. A constituent that becomes incompatible with vault custody forces an emergency rebalance at whatever prices then prevail.
5. Smart-contract risk. Four contracts, a vault, and a v4 hook. Audits reduce risk; they do not eliminate it. Nothing is deployed yet; nothing is audited yet.
6. Regulatory risk. The basket itself may be a security in some jurisdictions. Counsel pending. The eligibility gate reflects Robinhood's restrictions, not a legal determination about the index.
7. Robinhood issuer risk. Stock Tokens are debt instruments of Robinhood Assets (Jersey) Limited. Holders of the index carry the credit of that issuer through every constituent. If RHJ fails, the tokens are claims in an insolvency, not shares in a company.