Tokenized Assets Disclosure

Robinhood Stock Tokens provide tokenized economic exposure to referenced assets and should not be presented as direct ownership of the underlying shares. Availability, transferability, redemption and issuer actions may be subject to third-party terms, restrictions and technical controls.

What these tokens are not

• They are not shares. Holding a stock token is not holding the underlying security.
• They do not confer shareholder rights, including voting rights.
• They are not a claim against the referenced company.
• They are not issued, endorsed or guaranteed by the referenced company.

Issuer powers

The tokens are third-party contracts. Depending on their design, an issuer may be able to pause transfers, block particular addresses, burn balances, or upgrade the token contract. The Canopy Ratchet contracts cannot prevent, reverse or compensate for any of these actions.

This is not hypothetical in the protocol's design. The Endowment is written to survive an asset becoming unreadable or untransferable: such an asset is excluded from net asset value while it stays owned and redeemable, and an entitlement that cannot be settled remains outstanding until it can be.

Pricing

Assets are valued from the onchain pools they trade in, averaged over a time window, rather than from the reference market. Those pools are open whenever the chain is, including when the reference market is closed, and their prices can diverge materially from it. Pool prices are also a function of pool liquidity, which may be thin.

How each asset is priced, its current route, and whether it can be priced at all is shown live on the Markets page.

Availability and restrictions

Availability, transferability and redemption of tokenized assets may be subject to third-party terms, jurisdictional restrictions and technical controls that are outside this protocol's control and may change without notice.

Redemption

Retiring CNPY through the Endowment contract creates a proportional claim on the registered assets available at that moment, subject to contract rules and an exit fee. It does not create a claim on any specific quantity, on any cash value, or on the referenced securities. See the Risk Disclosure for the full position.