Risk Disclaimer

Capital allocated through Tulipa is exposed to investment risk.

The value of an investment may increase or decrease, and investors may lose part or all of the capital committed.

Tulipa is designed to manage risk rather than eliminate it. The objective of capital preservation reflects the way Tulipa approaches portfolio construction and risk management; it does not mean that invested capital is guaranteed against loss.

Investment outcomes may be affected by market conditions, liquidity, volatility, execution, asset performance, macroeconomic events, regulatory developments, technological failures, and circumstances that cannot be predicted in advance.

Tulipa does not promise or guarantee:

Any target, expected return, projected performance, yield, allocation objective, or historical result is provided for informational purposes and represents neither a commitment nor an assurance of future results.

Tulipa seeks to generate value by positioning capital where the expected return appears efficient relative to the associated risk, liquidity, and capital requirements. That assessment may prove incorrect.

Capital preservation is a central principle of the Tulipa investment framework.

Tulipa seeks to limit exposure to risks that could result in disproportionate or difficult-to-recover portfolio losses. This may involve position sizing, diversification, liquidity management, selective allocation, portfolio monitoring, and other risk controls.

These measures cannot prevent every loss.

Periods of negative performance and drawdown should be expected as part of investing. Market conditions may also develop in ways that exceed the assumptions or limits used when an investment decision was originally made.

No risk-management framework can guarantee that a drawdown will remain within a particular range or that losses will eventually be recovered.

Tulipa generates investment exposure by allocating capital across assets and strategies that it determines may provide an attractive relationship between expected return and risk.

Asset selection is only one part of this process.

The amount of capital allocated to an opportunity may depend on factors including:

An asset or strategy that appears attractive may nevertheless produce losses.

Tulipa may also reduce, increase, exit, or decline an allocation when market conditions, liquidity, risk characteristics, or the underlying thesis changes.

There is no guarantee that an allocation decision will be made at an optimal price or time.

Tulipa may evaluate or maintain exposure to multiple financial markets and asset classes, including, where applicable, digital assets, crypto assets, equities, commodities, bonds, speculative assets, and other financial instruments or strategies.

Each asset class introduces different forms of risk. These may include:

Diversification can reduce dependence on a single source of return, but it cannot eliminate portfolio risk or guarantee positive performance.

Where Tulipa allocates capital to digital assets, blockchain networks, decentralized protocols, or related infrastructure, additional risks may apply. These may include:

Certain events may occur rapidly and may provide limited or no opportunity to exit a position before losses occur.

Tulipa incorporates liquidity management into its portfolio framework and may maintain part of available capital as a liquidity buffer.

A liquidity buffer does not constitute a guarantee that withdrawals or redemptions will always be available immediately.

Liquidity may be affected by:

Any reference to a particular liquidity allocation, reserve ratio, or portfolio target represents a design objective and may change as portfolio conditions change.

Tulipa may prioritize the stability and orderly operation of the portfolio when immediate liquidation would materially disadvantage the system or its investors.

Tulipa investment products may operate with limited deposit or investment capacity.

Limited capacity is intended to help maintain allocation efficiency, liquidity, and the intended risk characteristics of a strategy.

Availability may therefore be restricted, reduced, paused, or closed.

The existence of limited supply or limited investment capacity does not imply scarcity value, guaranteed demand, or an expectation that an investment will appreciate.

Acceptance of additional capital depends on Tulipa's assessment of whether that capital can be responsibly deployed within the applicable strategy.

Tulipa may reinvest realized gains or other available capital where the investment framework determines that doing so remains appropriate.

Reinvestment may contribute to compounding over time, but compounding is not guaranteed.

Losses, costs, unfavorable market conditions, reduced investment opportunities, liquidity requirements, and allocation decisions may interrupt, reduce, or reverse the effect of compounding.

Past periods of successful reinvestment should not be interpreted as evidence that future periods will produce similar results.

Tulipa may maintain a treasury or financial reserve designed to strengthen the resilience of the broader ecosystem.

Where platform fees or other resources are allocated to the treasury, those assets may be used to support the long-term financial structure, liquidity, risk management, or other approved purposes of the platform.

The Tulipa Treasury is not an insurance policy. It does not constitute:

The value, size, composition, and effectiveness of any treasury reserve may change over time.

The existence of a treasury buffer should therefore be understood as an additional risk-management mechanism rather than a substitute for evaluating the underlying investment risk.

Fees, trading costs, spreads, financing costs, protocol charges, taxes, market impact, and other expenses may affect investment performance.

Even where Tulipa directs platform fees toward its treasury or ecosystem, this does not guarantee that the economic benefit of those fees will exceed investment losses or produce any particular level of future value.

Portfolio performance should always be considered after relevant costs and expenses.

Portfolio values, asset prices, performance metrics, historical results, and other financial information may depend on market data, third-party providers, internal calculations, or valuation methodologies.

During periods of low liquidity or market disruption, quoted prices may differ materially from prices that could actually be achieved through a transaction.

Certain assets may also be difficult to value accurately.

Displayed portfolio values should therefore not always be interpreted as guaranteed liquidation values.

Tulipa depends on technology, infrastructure, data providers, networks, custody arrangements, exchanges, protocols, service providers, and other operational systems.

Failures or disruptions involving these systems may affect portfolio operations or access to Tulipa. Potential risks include:

Tulipa may implement safeguards and operational controls, but no technological system can be guaranteed to remain continuously secure or available.

Certain Tulipa products or features may initially be made available through Early Access or other restricted participation programs.

Early Access may involve additional operational, technical, liquidity, or product-development risk.

Features, investment structures, limits, policies, interfaces, or operational procedures may change as Tulipa evaluates performance and develops the system.

Early Access availability should not be interpreted as evidence that a product has reached its final design or that future access will remain available under the same conditions.

Tulipa may publish historical returns, portfolio data, drawdown information, allocation data, research, targets, or forward-looking statements.

Historical performance is not a reliable indicator of future results.

Forward-looking statements depend on assumptions that may prove incorrect and are subject to market, economic, regulatory, technological, and operational uncertainty.

Statements regarding future development, portfolio objectives, liquidity, treasury growth, expected performance, or other anticipated outcomes should not be interpreted as guarantees or contractual commitments.

Materials published by Tulipa are provided for information, education, transparency, and communication.

Unless expressly agreed otherwise in applicable documentation, they do not constitute individualized financial, investment, legal, tax, accounting, or regulatory advice.

Tulipa's portfolio decisions are made according to its own investment framework and are not designed around the individual circumstances of every investor.

Investors remain responsible for determining whether participation is appropriate for their financial circumstances, objectives, liquidity needs, and tolerance for loss.

Professional advice should be obtained where appropriate.

Investment products, digital assets, financial markets, and asset-management activities may be subject to different laws and regulations depending on jurisdiction.

Regulatory requirements may change and may affect:

Access to Tulipa does not represent that participation is lawful or appropriate in every jurisdiction.

Each investor is responsible for complying with applicable laws and requirements.

Tulipa uses a combination of portfolio construction, liquidity management, allocation discipline, diversification, monitoring, treasury management, and other controls.

No single control should be interpreted as sufficient protection against loss.

Risk can emerge simultaneously from multiple sources, and correlations between assets or strategies may increase during periods of market stress.

An event considered unlikely under normal conditions may also occur during exceptional conditions.

To the fullest extent permitted by applicable law, Tulipa and its founders, developers, contributors, affiliates, and service providers shall not be liable for investment losses, market losses, opportunity costs, third-party failures, technological failures, delayed transactions, valuation changes, regulatory events, or other losses arising from risks inherent in financial markets or the use of Tulipa.

Nothing in this disclaimer excludes or limits any liability that cannot lawfully be excluded or limited.

Financial markets evolve continuously, and Tulipa's investment framework, products, portfolio allocations, risk controls, treasury structure, liquidity policies, and operational procedures may evolve with them.

This Risk Disclaimer may therefore be updated as Tulipa develops.

By continuing to access or participate in Tulipa after an updated version becomes effective, you acknowledge the revised disclosure.

Tulipa is designed to manage uncertainty, not eliminate it.

Our objective is to preserve capital, allocate it efficiently, maintain appropriate liquidity, control exposure, and compound value responsibly over time.

None of these objectives is guaranteed.

Investing through Tulipa involves the possibility of drawdown and the partial or total loss of invested capital. Investors should participate only after understanding the strategy, the associated risks, and their own ability to withstand financial loss.