Risk Disclosure

1. Paper Trading Status

SPA is currently in paper trading mode. All performance data displayed on this website and the associated dashboard reflects simulated trading operations on a virtual portfolio of $100,000 USDC. The evidenced paper track is anchored at June 22, 2026.

Paper trading performance does not account for:

• Live transaction slippage and gas costs
• Liquidity impact of real-size trades on DeFi protocols
• Smart contract execution risk in live conditions
• Market impact of simultaneous rebalancing by multiple strategies
• Real-time oracle failures or delays

The target go-live date is approximately July 21, 2026, contingent on all 29 GoLiveChecker criteria being satisfied and 30 evidenced track days accumulated with gap_monitor continuity, followed by a mandatory manual review by the platform owner (ADR-002). Until that point, no real capital is at risk on this platform.

2. General Investment Risk Warning

Investing in crypto-assets and DeFi protocols involves significant risks, including but not limited to the complete loss of capital. Crypto-assets are highly volatile assets whose value can increase or decrease significantly over short time periods. Past performance, whether simulated or live, is not indicative of future results.

You should only allocate capital that you can afford to lose entirely. Diversification across asset classes and strategies does not eliminate risk.

3. DeFi-Specific Risks

The following risks are specific to decentralized finance protocols:

4. SPA's Risk Mitigation Framework

The following controls are built into RiskPolicy v1.0. They reduce — but do not eliminate — risk:

• TVL floor: ≥$5M per pool — excludes low-liquidity, potentially manipulable protocols
• Per-protocol cap: 40% max for Tier 1, 20% max for Tier 2 — enforces diversification
• Tier 2 total cap: ≤50% of portfolio — limits exposure to less-audited protocols
• APY bounds: 1%–30% — excludes unsustainable yield outliers
• Cash buffer: ≥5% — maintains liquidity for rebalancing
• Two-tier kill switch: peak-to-current drawdown ≥5% (SOFT) → de-risk: halt new entries and position increases, no liquidation; ≥10% (HARD) → whole portfolio to cash — non-overridable
• T3 advisory-only: Speculative strategies (Pendle YT) never open positions automatically

These controls are enforced by deterministic code in spa_core/risk/policy.py. No agent, LLM, strategy, or human operator can override an approved=False decision from the RiskPolicy gate.

5. Regulatory Status

SPA is a personal research project at the paper-testing stage. It is not a regulated financial service, investment advisor, portfolio manager, or broker-dealer. It does not hold client funds, execute trades on behalf of third parties, or provide regulated investment advice. During the paper trading phase, all operations are conducted on virtual funds only.

Nothing on this website or dashboard constitutes a regulated financial service. No regulatory approval has been sought or obtained because no regulated activity is being conducted.

6. Jurisdictional Notice

This is a personal research project. No capital is being managed or solicited. This website is for informational and educational purposes only.

If you are a US Person (as defined under Regulation S of the US Securities Act of 1933), please be aware that this is not targeted at or available as an investment service to US Persons. Residents of OFAC-sanctioned jurisdictions should not engage with this site as an investment platform (noting: it is paper-only with no capital managed).

7. Not Financial or Legal Advice

Nothing on this website, dashboard, API, or associated communications constitutes financial advice, investment advice, legal advice, or tax advice. The information provided is for informational and educational purposes only.

You should consult with qualified financial advisors, legal counsel, and tax professionals before making any investment decisions. SPA does not know your financial situation, investment objectives, risk tolerance, or personal circumstances.

8. Privacy

The public information site collects no personal data — no accounts, forms, or per-user analytics. A separate Academy portal (/academy) stores account data (email, password hash, wallet address, progress) only to run the course; account deletion and details are at /academy/privacy.

9. Changes to This Disclosure

This risk disclosure may be updated as the platform moves from paper trading to live trading, as regulatory requirements change, or as new risks are identified. Material changes will be highlighted on the homepage with a dated notice. Continued use of the platform after changes constitutes acceptance of the updated disclosure.