This story first ran in Financial Advisor IQ's sister publication, Ignites.

Robinhood has developed an index tracking its investors' favorite shares, but no licensed products are forthcoming.

The new Robinhood Investor Index tracks the performance of the 100 most-owned investments on the brokerage platform, weighted by "customer conviction," the firm announced Friday. Conviction is calculated as a percentage of each investment in client portfolios.

The index does not include ETFs, options, stocks priced below $5 per share or crypto, the index's website says. It also does not include the free stocks that Robinhood gives to customers when they open accounts.

The index will be updated monthly, within five trading days after the first trading day of each month, the website says.

The index's initial holdings include Tesla, Apple, Amazon, Ford and AMC, the website shows. Three-quarters of the index is in large-cap stocks, 16% are in mid-cap and 9% in small-cap.

The benchmark opens a window onto how the brokerage's young demographic group thinks about investing, according to a company blog post, and it shows the investors aren't so different from mainstream investors.

"Contrary to what might have been heard in the news, our customers are similar to the [original gangsters] of investing," the blog post says. "That is, they invest in what they know, understand and believe in for the long-term."

Robinhood has no plans to license the index to ETF firms, said Chief Brokerage Officer Steve Quirk, in a Wall Street Journal interview.