Docs Risks and disclosures

Risks and disclosures

What a tokenized stock is, what can pause it, what a basket does not do, and what a purchase costs.

Shares at mid94.4%what lands in the wallet, valued at Robinhood mid
Pool fee5%5% on the stock pool, set by the pool, kept by its liquidity
Price vs mid0.5%pool price above mid plus the 100 bps slippage bound at worst
Gas0.1%~511k gas for four legs, paid in ETH on top

Illustrative split at the 5% tier. The buy screen shows the real number before you sign.

Where $100 goes on a four-leg basket at the 5% tier. The pool fee is the big one. Photoswap adds nothing on top.

What you are buying

The stocks on Robinhood Chain are tokenized stocks issued by Robinhood entities. Each one tracks the price of the underlying share and reflects corporate actions through its ERC-8056 multiplier. They are structured as debt securities of the issuer, backed by the issuer's holding of the underlying. They are not shares registered in your name at a transfer agent, they carry no voting rights, and they carry the issuer's terms, eligibility rules and jurisdiction limits.

Read the issuer's documentation before buying. Photoswap is a front end to public contracts and pools; it is not the issuer, not a broker, and not a party to your purchase.

Blocklist and pause

The stock contracts are permissioned. The issuer can pause transfers of a stock, halt trading (the registry exposes isTradingHalt, which the vault shows), and block addresses. A paused stock cannot be sold until it is unpaused. A blocked address cannot receive or send it. Photoswap surfaces the halt flag and drops paused stocks from baskets when the registry marks them inactive, but it cannot override any of this.

No rebalancing

A basket is a one-time purchase of several stocks at the weights shown. After that they are separate positions. Prices move, weights drift, and nothing brings them back. Photoswap does not rebalance, does not reinvest, and does not sell on your behalf. The next scan of the same object may produce different weights; that does not change what you already hold.

Costs

Pool fee. Set by the pool. Most stock pools charge 5%, which is high by ordinary standards and is the main cost of a buy. It goes to the pool's liquidity providers, not to Photoswap.
Price versus mid. Pools can trade above Robinhood's mid, and the plan enforces a 100 bps slippage bound at worst. The buy screen shows costBps, the difference between what you spend and what the shares are worth at mid.
Gas. Paid in ETH on Robinhood Chain. Around 511k gas for a four-leg basket; the estimate carries 25% headroom.
Selling. The same pool fee applies on the way out. A round trip at the 5% tier costs roughly a tenth of the position.

Not advice

Nothing here is a recommendation

Weights are opinions about who made an object, not views on any company's prospects. Photoswap is an experiment in seeing the companies behind the things around you. Stocks can lose value. Only buy with money you can afford to lose, and only if the issuer's terms allow you to.

The site stores no personal data, keeps no photos and holds no funds. What it cannot do is protect you from the market or from the issuer's rules. Go outside, but read the terms first.