> For the complete documentation index, see [llms.txt](https://docs.goevolve.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.goevolve.xyz/legal-documents/risk-disclosures.md).

# Risk Disclosures

Dealing in eUSD 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.

### Key risk categories

1. **Bankruptcy-remote segregation and Series-limited recourse risk**\
   Recovery is limited to the Series Assets after Series costs/fees; you may receive less than principal or nothing.
2. **No direct ownership of underlying assets**\
   Your rights are defined by the Product Documentation for eUSD.
3. **Market, strategy, and performance risk**\
   Portfolio performance may be negative; past performance is not indicative of future results.
4. **Valuation and timing differences**\
   NAV/valuation may differ from reference prices due to fees, operational timing, disruption, illiquidity, execution costs, and settlement constraints.
5. **Liquidity and transferability risk**\
   Secondary markets may not exist; eUSD may be illiquid and/or subject to restrictions.
6. **Redemption and settlement risk**\
   Redemptions may be delayed by queues/SLAs, compliance checks, disruptions, illiquidity, and operational constraints.
7. **Third-party and counterparty risk**\
   Dependence on custodians/MPC providers, exchanges, banks, protocols, oracle providers, and other vendors.
8. **Smart contract and cybersecurity risk**\
   Bugs/exploits, governance attacks, key compromise, oracle failures, etc.
9. **Blockchain/network risk**\
   Congestion, forks, re-orgs, validator issues, and other network risks.
10. **Regulatory and enforcement risk**\
    Laws and interpretations may change; Evolve may restrict jurisdictions or suspend features.
11. **Tax risk**\
    Tax treatment may be uncertain; you are responsible for compliance.
12. **Operational and key-person risk**\
    Execution, staffing, vendor, and business continuity risks.