Risk disclosure

The program is unaudited

No third party has reviewed this code. The vault holds funds and moves them under program authority, so a bug in it is a bug that can take your deposit. Treat any balance here as at risk of total loss.

The program is upgradeable. Whoever holds the upgrade authority can change its behaviour. Until that authority is burned or moved to a timelock, you are trusting the deployer.

The operator can move vault assets

Each tracker has an authority key. That key can publish new weights, pause deposits, change fees, route the vault's assets through a swap, hand control to another key, and withdraw SOL or tokenized holdings out of the vault entirely. It exists so a stuck, half-rebalanced or broken vault can be recovered and holders made whole by hand.

The consequence is direct: you are not only trusting the code, you are trusting whoever holds that key. Your claim on the vault is enforced by the program right up until the authority chooses otherwise. Every withdrawal and every change of authority emits an on-chain event, so the record is public, but a record is not a restraint.

Redemption does not depend on the operator. Burning your tokens for SOL, or in kind for a pro-rata slice of each holding, is open to you at any time and is never gated by the pause switch.

A tracker token is not a share

Holding a tracker token gives you a pro-rata claim on whatever the vault holds. It gives you no ownership of any company, no vote, no dividend, and no rights against any issuer or any person the tracker is named after.

Tracker tokens are not registered securities and are not covered by any investor protection scheme, deposit insurance, or compensation fund.

Tokenized equities carry issuer risk

On mainnet, vaults would hold tokens issued by Backed Assets (JE) Limited under the xStocks programme. That is a claim on an entity, collateralized by shares that entity holds. If the issuer fails, is unable to redeem, or loses access to the underlying shares, the token's value depends on the outcome of that failure, not on the stock price.

These tokens are Token-2022 mints carrying a permanent delegate and a pausable configuration. In plain terms, the issuer can move the tokens out of any account, including a vault's, and can halt all transfers. Neither power has been exercised, and neither is something this protocol can decline or override by holding the tokens differently.

Tokenized equities also carry transfer restrictions and jurisdictional limits set by their issuer, which can change without reference to this protocol.

The strategy may be stale, wrong, or dead

Trackers built on regulatory filings inherit the filing's delay. A 13F can be up to 45 days old, so the holdings describe a portfolio the manager may have already exited.

A source can stop entirely. A fund can deregister with the SEC, be acquired, or simply stop filing; a member of Congress can leave office. When that happens the tracker freezes at its final disclosure and will never update again, and it then describes a portfolio that may no longer exist. We state it on the card rather than letting the weights quietly go stale.

Editorial trackers are our own selections. There is no filing behind them and no rule you can audit. The exchange-traded fund that attempted an inverse-Cramer strategy closed in February 2024 after losing money.

Liquidity and redemption

Redeeming for SOL sells the vault's holdings into whatever market exists at that moment. Tokenized-equity books are thin when US markets are closed and thinner for smaller names, so the price you get can be materially worse than the last quoted price.

The quote shown before you sign includes the fee and a minimum you will accept. If the vault cannot meet that minimum, the transaction reverts and nothing is spent except network fees.

Coverage gaps

Only around 130 US equities and ETFs are tokenized today. Where a disclosed position has no tokenized equivalent, that weight stays in the vault's SOL sleeve. The tracker will then not track the strategy it names, and the card names those positions next to its holdings.

Fees

A deposit fee and a redemption fee are charged in basis points and are shown on the quote before you sign. The program caps both at 3% and rejects any attempt to set them higher, but the authority can change them within that cap at any time.

Jurisdiction

Tokenized equities and index-like products are restricted or prohibited in many jurisdictions, including for US persons in some cases. You are responsible for whether you are allowed to use this. Nothing here is an offer to anyone anywhere it would be unlawful.