Risks
You can lose everything you put in.
Leverage decay
Resetting leverage makes returns depend on the price path, so a reversal can leave a loss even when an asset returns to its starting price.
Target leverage is not a promise that exposure stays at that multiple between resets or during delayed execution.
Cut-backs and venue risk
A cut-back records reduction targets and relies on later orders that may fail to fill.
A fast adverse move can reach liquidation before a reduction completes.
Halted markets, unavailable prices, and unresolved buys can delay trading or payouts.
Venue withdrawal limits or an empty Core gas buffer can keep a sale waiting for cash.
Contracts and trusted administration
The admin can change the code that handles your fund.
Contract or upgrade errors can affect the fund's assets and payouts.
Every fund of a factory delegates to its current implementation, so a code upgrade changes what those funds run.
The 48-hour delay on code changes can expire before an unpaid sale completes.
Only the guardian can start wind-down, where recovery payouts follow share count and ignore sale minimums.
Private alpha status
The private alpha requires trust in any.fund's operators and admin.
This private alpha does not require an external audit; one is required before public launch.