Risk disclosure

1. The general warning

Investing in commodities, equities and digital assets involves risk. The value of an allocation can fall as well as rise, and you may get back less than you allocated, including the whole amount.

Positions held through a joint portfolio are not bank deposits. They are not capital protected, and they are not covered by any deposit insurance, investor compensation or guarantee scheme. Any statement of a target rate describes a modelling assumption, not an outcome that has been achieved or that will be achieved.

You should only allocate capital that you can afford to leave invested for the full selected duration, and only after taking independent advice where you consider it necessary.

2. No advice and no offer

Nothing on this website is personal advice, a recommendation, a solicitation, or an offer to buy or sell any instrument. The content is general information about the structure of a joint portfolio and the asset sleeves it can hold.

Availability of any allocation depends on your jurisdiction, your investor classification, identity verification, source of funds checks and suitability review. Where providing a service would be unlawful in your jurisdiction, no service is offered.

Suitability is reviewed with the desk during onboarding, based on the information you provide. If information is incomplete or inaccurate, an application may be delayed or declined.

3. Target rates and illustrative projections

The 12%, 24% and 38% figures used in the projection tool are target annualized rates selected as modelling inputs. They are not forecasts, guarantees, promises or representations of performance, and they do not reflect the return of any account, fund or portfolio.

Projections are produced by compounding the selected target rate over the selected duration. Because compounding is mechanical, the output is an illustration of the arithmetic rather than an expectation of outcome. Actual results will differ, may be materially lower, and may be negative.

No past performance is presented on this site because none is being offered as evidence of future results. Fees, taxes, spreads, vault costs and settlement charges are not deducted from the projected figures and would reduce any realised outcome.

4. Simulated market data

Every price, absolute change, percentage change, day range, sparkline and chart shown on this site is generated in the browser by a simulated feed for demonstration purposes. The data is not sourced from an exchange, a market data provider or a pricing service.

Simulated data must not be used for trading decisions, valuation, accounting, tax reporting or performance measurement. Real prices at the time of any allocation will differ from the figures shown here.

5. Commodity and metals risk

Commodity prices move with global supply and demand, interest rates, currency movements, inventory data, policy decisions and geopolitical events. Moves can be sharp and can occur outside the hours in which a position can be adjusted.

• Allocated physical metal incurs vault, insurance, inspection and transport costs, and exiting a physical position depends on vault release and settlement windows.
• Energy and industrial metal exposure may be cash settled and can be affected by contract roll, delivery obligations and storage constraints.
• Concentration in a single metal, grade or jurisdiction increases exposure to a single set of price and operational risks.

6. Global equity risk

Equity exposure carries market risk, sector and thematic concentration risk, index-tracking differences and issuer-specific risk. Individual holdings can fall to zero, and dividends are variable and not guaranteed.

Exposure to markets outside your home country adds currency, political, settlement and regulatory considerations. Portfolio-level rebalancing does not prevent losses and may realise gains or losses when positions are adjusted.

7. Digital asset risk

Digital assets are volatile, trade continuously, and can move materially in a short period. Custody arrangements depend on key management procedures, and recovery of assets can be limited where keys or access are lost or compromised.

Digital assets also carry protocol, smart-contract, exchange and stablecoin issuer risk, and are subject to changing regulation in multiple jurisdictions. Stablecoin exposure is not equivalent to a bank deposit and depends on the issuer meeting redemption obligations.

8. Custody and counterparty risk

Assets are held through vault operators, sub-custodians, exchanges and banking partners. Any of these parties can fail, be subject to insolvency proceedings, be affected by fraud or cyber incident, or be subject to legal process that delays or restricts access.

Segregation of client assets reduces, but does not eliminate, the risk of loss. Insurance arrangements, where they exist, may not cover every event and may not cover the full value of a position.

9. Liquidity, exit and withdrawal

Some positions may not be realisable immediately, or at all, at the quoted price. Early exit may crystallise a loss and may incur costs, including spreads, vault release charges and settlement fees.

Withdrawal timing depends on the sleeve, the settlement cycle in force at the time, and completion of any outstanding verification requirements. A requested withdrawal is not complete until funds have been released.

10. Currency risk

Portfolios are denominated in US dollars. If your base currency is not the US dollar, exchange-rate movements can increase or reduce the value of your allocation and of any amount returned to you, independently of the performance of the underlying positions.

11. Leverage, derivatives and short exposure

Leverage, margin trading, options, futures execution and short selling are not offered in this release. This disclosure is included so that the position is clear: if such features are introduced, losses can exceed the amount allocated and additional calls for funds may arise.

12. Tax

The tax treatment of an allocation depends on your jurisdiction, your personal circumstances and the nature of the underlying positions, and it may change. The desk does not provide tax advice, and projected figures on this site make no allowance for tax.

13. Conflicts of interest

The desk may act for multiple clients, may hold positions in instruments that are also held in client portfolios, and may receive compensation connected to the structuring of an allocation. Allocation, pricing and execution policies are intended to manage these conflicts; they do not remove them.

14. Regulatory status and eligibility

This website is informational. It does not describe a licence in any particular jurisdiction and does not assert regulatory permission to offer services where such permission would be required.

Eligibility depends on your country of residence, your investor classification, the outcome of identity and source of funds verification, and suitability review. Applications may be declined, and a decline does not require the desk to disclose its reasoning where the law restricts it from doing so.

15. Questions, complaints and record keeping

Questions about this disclosure can be raised through the concierge panel on any page or with the investment desk using your application reference number. Enquiries sent outside desk hours are recorded and answered by email.

Application records, correspondence and verification material are retained for the period required by applicable record-keeping and anti-money-laundering rules, including where an application does not proceed.

16. Your acknowledgement

By submitting an onboarding application you confirm that you have read and understood this disclosure, that you accept that capital is at risk, that you understand projections are illustrative, and that you are relying on your own judgement rather than on any statement made on this website.

If any part of this disclosure is unclear, raise it with the desk before submitting an application.