Risk

What can hurt you here, ranked honestly. Locked liquidity removes one risk, not all of them.

Risk map

Price risk

High

Constituents are volatile launchpad tokens. NAV tracks them down as well as up.

Contract risk

Medium

Vault and registry contracts are unaudited. Locked pools reduce rug surface, not bug surface.

Liquidity risk

Medium

Large redemptions can exceed idle ETH and wait on the executor unwinding positions.

Rug risk

Structurally low

Graduated liquidity is permanently locked by the Pons v4 hook. It can reprice, not exit.

What locking does

A graduated pool's liquidity is owned by the Pons v4 hook and can never be withdrawn. This deletes the classic launchpad exit: a team cannot pull the pool. It also guarantees the fee stream the vaults harvest exists for as long as the pool trades.

What locking does not do

It does not stop a token's price from going to zero. Locked liquidity protects the pool, not the price.
It does not audit the vault contracts. YieldETF's own contracts are unaudited; read them before depositing size.
It does not make redemptions infinite. redeem() pays from idle ETH and reverts when a redemption exceeds it, until the executor unwinds positions.
It does not remove Robinhood Chain itself from the trust surface: sequencer uptime and bridge integrity are inherited, like on any Orbit L2.

YieldETF vaults are smart contracts, not registered funds, and nothing in these docs is investment advice.