01
Not a bank deposit
The issuer is Robinhood Assets (Jersey) Limited. The instrument is a tokenized debt security. No shareholder rights. No deposit insurance. This sits above the fold, not in a footer.
Say it out loud
Risk model
Bright product. Clear hazards. If a line here feels uncomfortable, do not deposit.
02
Single-instrument concentration
Every rung holds the same 0-3 month bond. If SGOV's pool or issuer has a problem, all rungs have it at once. That is the honest cost of there being no second liquid bond token.
03
Pool liquidity is the exit risk
Not the bonds themselves. Ticket caps and tranching exist so exits stay small versus pool depth. Over-cap deposits are split across days and warned before signing.
04
Price can drift across pools
Pools of the same asset have diverged by as much as 5.71% at the same instant. Buys and sells use consensus across pools deeper than $50,000. No consensus means the rung waits.
05
Market hours and holidays
A Monday-to-Friday rule would schedule payouts on days nothing trades. LADDER uses a maintained US market calendar.
06
Geo restriction
Tokens are not registered in the US and are not offered to US residents.