No guaranteed price floor
Backing is denominated in constituent tokens. Their market prices can fall sharply or become unavailable. Estimated USD backing is not a guaranteed redemption price, a promise of profit or an executable quote.
Liquidity and token behavior
A token may have little liquidity or stop transferring. Admission restrictions reduce unsupported behavior; they do not guarantee perpetual liquidity. A reserved claim protects accounting, not the market value or transferability of the token owed.
Operator discretion
The operator selects and routes trades. Size caps, cooldowns and minimum outputs constrain execution but do not prove that a price or route is fair. If the operator stops, weights can drift while independent redemption remains part of the program design.
Write-off power
After a 72-hour delay, an owner can zero an Exiting asset's spendable book value. That reduces backing. Earlier ticket obligations remain reserved, and outstanding owed may block replacement indefinitely.
Program and upgrade risk
An unaudited program can contain defects. An upgrade authority can change program behavior. A local test suite and a successful simulation are evidence of specific tested behavior, not an independent audit or a guarantee.
External data and holder snapshots
Rankings, metadata, prices and charts come from providers and may be delayed, missing or wrong. The operator publishes holder roots that determine eligibility and amounts. A Merkle proof verifies inclusion in that root and on-chain payout limits; it does not prove a complete eligible-holder census or correctly calculated pro-rata amounts.
Transaction finality
A wallet request can be declined, a quote can expire and confirmation can be unresolved. Do not repeat a burn simply because a browser lost its state. Check its transaction and existing tickets first.