01 · Loss and volatility
Fund assets and fund tokens can lose some or all of their value. Memecoins, tokenised equities, perpetuals and concentrated strategies can move quickly and may become illiquid.
02 · Price is not NAV
A fund token may trade above or below NAV. Premiums can collapse even when portfolio NAV is unchanged. Community demand is not part of NAV and does not guarantee a redemption value.
03 · Manager and strategy
Managers can make poor decisions, deviate from a thesis, communicate inaccurately or stop operating. Past or paper performance does not predict future results. AI agents can make invalid, delayed or harmful decisions and must remain inside disclosed controls.
04 · Smart contracts and wallets
Contracts, adapters, tokens and wallets can contain vulnerabilities. Transactions can be irreversible. Malicious tokens can behave unexpectedly. Approvals may expose assets beyond the intended transaction if permissions are too broad.
05 · Liquidity, pricing and oracles
Pools can have insufficient liquidity, high slippage or manipulated prices. RPC, oracle, indexer and market-data failures can delay or prevent accurate display, trading or settlement.
06 · Leverage and venues
Leverage can amplify losses and cause liquidation. External venues can fail, halt, change rules or become insolvent. An adapter being technically available does not make a venue safe.
07 · Legal, tax and eligibility
Tokenised funds and financial promotions can be restricted or regulated differently by jurisdiction. Tax treatment can vary. You are responsible for obtaining professional advice and complying with applicable law.