Stock Tokens are derivative contracts between you and Robinhood. Stock Tokens’ value depends on the value of the underlying shares or ETF units traded on a regulated market (exchange). Stock Tokens do not grant the investor any rights to the underlying shares or ETF units. These instruments carry a high level of risk and are therefore not appropriate for all investors. By investing in Stock Tokens, investors may incur losses—up to the full amount of their invested capital—due to market price fluctuations, lack of liquidity (i.e., difficulty in closing a position), or the insolvency risk of the service provider. Before investing, please ensure that you fully understand all associated risks. Stock Tokens are not covered by deposit or investor liabilities insurance schemes. Please see more information in the Description of the Services, Financial Instruments, and Risks, and the Key Information Document.