Questions

Holding§

What exactly do I own when I hold a cohort?§

A token you can return to the pod at any time for your pro-rata share of every vault, minus the unwrap fee. You don't own shares in the companies, and the xStocks the vault holds are claims on their issuer, not registered shares.

Can Cohort stop me from unwrapping?§

No. unwrap, unwrap_partial and redeem_claim don't read the protocol configuration, and no instruction lets the admin freeze a vault or a holder. An issuer can stop its own token from moving; then you can take everything else and a claim ticket for the rest. See §6 Partial unwrap and claim tickets.

Can the recipe or the fees change after I buy?§

No. They are set in create_pod and the program has no instruction that edits them. The only change allowed is the creator lowering its own share of fees, and the freed share goes to the burn.

Where does the yield come from, and how big is it?§

From burning most of the wrap and unwrap fees, which leaves the same vaults behind fewer cohorts. The economics study puts it around 0.6% a year for cMAG7 or cCORE with a $1M pool, less for bigger pods, and possibly a small fraction of that if arbitrageurs avoid the fee. See §3 Fees and the burn.

What happens if an issuer seizes tokens from a vault?§

Every holder of that pod loses the same proportion of that component. Other pods are unaffected, because each pod has its own vaults. The program records the loss as a shortfall the next time anyone wraps, unwraps or reconciles. See §5 Issuer powers and risk.

Do I get dividends?§

Not as payments. xStocks handle dividends and splits with a ScaledUiAmount multiplier: the raw balance stays the same and its displayed value changes. A pod holds raw units, so it carries the change through automatically.

Trading§

Why does the cohort's price differ from the value of its basket?§

The cohort trades in its own DEX pool, and nothing in the program sets that price. Arbitrage pulls it back towards the basket's value whenever the gap is larger than the cost of wrapping or unwrapping against it: about 0.75% for the launch pods with a $1M pool. See §2 How it works.

Can I trade on weekends?§

Yes. The cohort's pool and the components' pools are on Solana, which doesn't close. Arbitrage prices against the components' own pools, so it works at any hour. Expect wider gaps when US markets are shut, because the components themselves drift further from their last stock-market price.

Why can't I wrap right now?§

Either a component can't move (its mint is paused or the pod's vault is frozen), its transfer hook has changed since the pod was created, or the protocol has paused new wraps. Unwrapping still works in every one of those cases.

Why did my unwrap give me slightly less than the quote I worked out by hand?§

Payouts round down to the raw unit, and the fee rounds up. Both remainders stay with the pod. The SDK's quotes reproduce the program's rounding exactly; compare against those.

Building§

Is there an oracle I can read the NAV from?§

No, on purpose. Compute NAV off-chain as the sum, over components, of backing per cohort × the component's price × its ScaledUiAmount multiplier. The Cohort app computes it this way, with prices from Jupiter's price API when it is configured to use them.

How do I handle a pod with seven or ten components?§

Register a frozen address lookup table for it with set_lookup_table; the SDK compiles every transaction against it automatically. See §8 The TypeScript SDK.

Is the program audited?§

No. It is unaudited and deployed to devnet only, and it is upgradeable. Don't use it with anything of value.

Access§

Can I use Cohort from the United States?§

No. Cohort is not available to US persons or to anyone in the United States, Canada, the United Kingdom, Australia or a sanctioned country or region. The xStocks inside the pods are themselves restricted to non-US persons.

Is this an offer of a security?§

No. Nothing in the app or these docs is an offer to sell or a solicitation to buy any security or financial product.