I · Index
A basket, not a meme. One share is a pro-rata claim on the vault. No tax flywheel. No 1-billion supply curve.
Robinhood Chain · stock-token index
iPRA is a fully collateralized basket of Robinhood stock tokens. NAV is the datum. When New York is closed, mint stops. Weekend price is weather, not truth.
IPRA-C · last regular print
Illustrative weights · not live NAV
| Ticker | Name | Weight | 24h | |
|---|---|---|---|---|
| SPY | S&P 500 | 22% | $762.48 | +0.01% |
| NVDA | NVIDIA | 18% | $223.79 | +1.58% |
| AAPL | Apple | 10% | $335.12 | -0.55% |
| GOOGL | Alphabet | 9% | $350.59 | -1.09% |
| MSFT | Microsoft | 8% | $494.76 | -0.59% |
| AMZN | Amazon | 8% | $254.11 | +0.85% |
| TSLA | Tesla | 7% | $364.47 | -1.17% |
| GLD | Gold | 6% | $401.17 | -0.18% |
Session machine
The lock
I · Index
A basket, not a meme. One share is a pro-rata claim on the vault. No tax flywheel. No 1-billion supply curve.
P · Par
Premium and discount vs NAV are published every block. Trading away from par is allowed. Lying about it is not.
R · Regular hours
Mint, redeem, and rebalance only when NYSE is open. Weekend secondary stays open with a surcharge on toxic flow.
A · Assets
Robinhood stock tokens and USDG/SGOV. SHROOM and ORBIO stay out of v1. Native tokens are a different product.
When the city sleeps
iPRA does not paper over that gap with leverage or a frozen feed. Mint waits for the bell. Secondary may wander. NAV does not.
Barbell
Default iPRA is the barbell. Crypto-beta cannot leak into Core. Cash sits in Morpho so weekend inventory does not force sales.
IPRA-C · 70%
Liquidity-weighted mega-cap and semiconductor stock tokens. Rebalanced only in NY regular hours.
Fee 40 bp · 22% single name
IPRA-K · 20%
BTC-sensitive names. Volatility-scaled so a +16% MSTR day cannot poison Core.
Fee 80 bp · 25% name · 12% vol target
IPRA-Y · 10%
SGOV plus Morpho USDG. Funds weekend shocks and async mint queues. Yield accrues to NAV.
Fee 0 bp on idle Morpho · Cash only
What this is not
SHROOM / ORBIO
Native chain tokens. Not NYSE-referenced. Separate, later.
RKLB / RCAT / BE
Liquidity below the reconstitution floor.
5x perps
Weekend stale prices plus leverage is how people get hurt.
Session oracle, NAV lens, asset allowlist. No deposits until the 7540 vault is audited. Leave an address if you want the open-mint ping — stored only in this browser. Updates: @useipra.