Risk Disclosure

1. General Investment Risk

2. Market Risk

• Price volatility - Asset prices can move dramatically within minutes. Leverage amplifies both gains and losses.
• Liquidity risk - In extreme market conditions, liquidity may be insufficient to execute trades at expected prices (slippage).
• 24/7 markets - Crypto markets operate continuously. Significant price movements can occur outside normal trading hours, including while you are asleep or unable to monitor positions.
• Market events - Economic announcements, regulatory actions, exchange hacks, macroeconomic shocks, or unexpected events can trigger rapid market movements that impact strategy performance.
• Correlation breakdown - Strategies designed for normal market conditions may underperform or generate losses during periods of extreme market stress or structural regime changes.

3. Strategy and Algorithm Risk

• Past performance is not indicative of future results. Backtested and historical returns do not guarantee future performance.
• Model assumptions - Strategies are built on assumptions about market behavior. If markets behave in ways not anticipated by the model, performance may deviate significantly.
• Overfitting risk - A strategy optimized on historical data may not perform as well in live markets.
• Regime changes - Strategies may perform well in certain market regimes (trending, range-bound, low-volatility) and poorly in others. AlphaSet's models are regime-aware but cannot guarantee adaptation to every possible market condition.
• Strategy updates - AlphaSet may modify, update, or retire Alphas over time. Past strategy configurations are not subject to guarantee.
• No guaranteed returns - AlphaSet does not guarantee any specific level of return. Projected or displayed performance figures are estimates only.

4. Technology and Platform Risk

• API disruptions - Connectivity between AlphaSet and your Venue relies on API availability. API outages, rate limits, or changes by the Venue may delay or prevent trade execution.
• Platform downtime - AlphaSet may experience scheduled or unscheduled maintenance. Trades may not execute as expected during downtime.
• Execution latency - Market conditions can change between signal generation and order execution, resulting in fills at prices different from intended.
• Software bugs - Despite extensive testing, bugs or errors in software may cause unexpected behavior. Zeno JSC cannot guarantee error-free operation.
• Connectivity failures - Internet outages, power failures, or infrastructure issues affecting you or Zeno JSC can disrupt service.

5. Counterparty and Venue Risk

• Venue solvency risk - If a connected Venue becomes insolvent, freezes withdrawals, or fails, you may be unable to access your funds. Zeno JSC has no control over or liability for Venue operations.
• Venue security risk - Venue hacks or security breaches may result in loss of funds held on that Venue.
• Venue policy changes - Venues may change their API terms, trading pairs, or fee structures without notice, affecting Alpha performance.
• Account restrictions - Venues may freeze or restrict your account due to their own compliance processes, independent of AlphaSet.

6. Regulatory and Legal Risk

• Regulatory changes - Laws and regulations governing digital assets or algorithmic trading may change in your jurisdiction, potentially restricting or prohibiting your use of AlphaSet.
• Tax obligations - Gains from algorithmic trading may be subject to capital gains tax or other taxes in your jurisdiction. You are solely responsible for calculating and reporting your tax obligations.
• Jurisdiction restrictions - Use of AlphaSet may be restricted or prohibited in certain jurisdictions. You are responsible for ensuring compliance with the laws of your country of residence.
• No legal or tax advice - Zeno JSC does not provide legal or tax advice. Consult qualified advisors in your jurisdiction.

• Vietnamese regulation restricts direct automated order placement on securities accounts. The authorization model is the mechanism that makes Alpha Stock lawful. If the State Securities Commission of Vietnam (UBCKNN), DNSE, or another competent authority changes its position on this model, Alpha Stock may be suspended or discontinued at short notice, including in the middle of a paid subscription period.
• The authorization is a legal instrument between you, DNSE and the AlphaSet companion account. Its own terms, duration and cancellation conditions are set out in the document you sign in Entrade X and are not overridden by these disclosures.
• The authorization covers order placement only. It never permits withdrawal or transfer of your money or securities.
• Alpha Stock is available to users in Vietnam holding a DNSE account. Availability may change.

7. Leverage, Futures, and Per-Alpha Risk Profile

• Positions can be liquidated automatically if margin requirements are not met.
• In extreme market conditions, losses may exceed your initial capital.
• Liquidation occurs at the Venue without prior notice to AlphaSet.

• Cash equities (HOSE/HNX) carry no liquidation risk, but they do carry settlement risk. Shares bought on day T only become sellable from 13:00 on the second working day after (T+2). During that window no stop-loss can be executed, whatever the market does.
• Protective orders are not guaranteed. Stop-loss and take-profit orders are placed as conditional orders on DNSE. They are cancelled automatically on the day of a corporate action (dividend, bonus shares, rights issue) and are placed again afterwards; a gap at the market open can fill a sell order below the stop-loss level; and a conditional order can be rejected if the shares are not yet sellable. If you revoke the trading authorization, protective orders already placed stay live on your account and can still be filled until you cancel them yourself in Entrade X.
• No margin, ever. AlphaSet places orders using cash only. It never uses DNSE margin loan packages on your account, so there is no forced sale by the securities company arising from AlphaSet's orders.
• Trading in the same account yourself. If you buy or sell securities on an authorized account yourself, AlphaSet only manages the shares it bought. Shares you sell yourself are treated as closed outside the system and are not bought back; shares you buy yourself are not managed. We recommend a dedicated DNSE sub-account for Alpha Stock.
• VN30F1M index futures are margin instruments with substantial effective leverage. Positions can be force-closed by the securities company if margin requirements are not met, and losses can exceed the margin posted.
• Market-structure risk specific to Vietnam - daily price limits (±7% HOSE, ±10% HNX) and ceiling/floor lock conditions can make a position impossible to exit at any price for one or more sessions. Foreign ownership limits, trading halts and stock-specific suspensions can have the same effect.
• Currency - Alpha Stock operates entirely in Vietnamese dong. If you measure your wealth in another currency, you also bear VND exchange-rate risk.

8. Non-Custodial Risk

• You bear full responsibility for the security of your Venue account credentials and API keys.
• If your Venue account credentials are compromised by a third party, AlphaSet cannot prevent unauthorized actions on your Venue account.
• Revoking API access from AlphaSet will stop AlphaSet from managing your positions. Open positions may remain on your Venue account and should be managed manually.

9. Acknowledgment