Dealing in Tokens involves a high degree of risk and may be suitable only if you can evaluate the risks and bear a complete loss of capital. This list is not exhaustive.
Tokens are Series-limited, limited-recourse blockchain-based contractual certificates. Tokenholders have recourse only to the Series Assets of the relevant Series (after Series costs/fees). If Series Assets are insufficient (market losses, counterparty failure, hacks, settlement issues, or other risks), Tokenholders may recover less than principal or nothing. Tokenholders have no recourse to Series Assets of other Series and, to the maximum extent permitted by law, no recourse to Operational Assets.
Tokenholders do not directly own or control any Underlying or Series Assets. Tokenholders hold only contractual rights under the Product Documentation.
Token value may be linked to strategy/Underlying performance. Losses may occur. Past performance is not indicative of future results.
Valuation may differ from reference prices due to fees, operational timing, market disruptions, illiquidity, execution costs, and settlement constraints.
There may be no secondary market. Tokens may be illiquid and/or subject to transfer restrictions.
Redemptions may be delayed by SLAs, compliance checks, Market Disruption Events, illiquidity, and operational constraints. Settlement may involve banking, stablecoin, or blockchain risks.
The Issuer relies on third parties (custodians/MPC providers, exchanges, prime brokers, banks, blockchains, oracle providers, protocol operators, infrastructure vendors). Failures, insolvencies, hacks, or outages may impact a Series.
Bugs, exploits, governance attacks, key compromise, bridge failures, oracle failures, and other incidents can cause partial or total loss.
Congestion, high fees, forks, re-org, consensus failures, validator/miner attacks, and emerging technology risks may disrupt operations.
Laws and interpretations may change rapidly. The Issuer may restrict jurisdictions, suspend features, or cease operations in some markets.
Tax treatment may be uncertain and may change. Withholding may apply. You are responsible for your tax compliance.
The Issuer may face execution, staffing, vendor, and business continuity risks.
New risks may emerge that are not presently foreseeable.
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