> For the complete documentation index, see [llms.txt](https://docs.any.fund/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.any.fund/risks-and-controls/product-risks.md).

# Product risks

any.fund products are high-risk leveraged instruments. Users can lose all deposited collateral.

## Risk Matrix

| Risk                     | Mechanism                                                                                        | Inspect                                                             |
| ------------------------ | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------- |
| Leverage                 | Market moves are amplified by the product's target exposure.                                     | Composition, direction, leverage, and current NAV.                  |
| Path dependence          | Rebalancing changes exposure over time, so outcome depends on the route prices take.             | NAV history, rebalance history, and holding period.                 |
| Venue and oracle         | Execution, pricing inputs, market availability, and cross-layer transfers depend on Hyperliquid. | Venue state, product history, and status.                           |
| Smart contract           | Contracts can contain bugs, accounting edge cases, or interaction failures.                      | Source, deployment history, changelog, and audit status.            |
| Settlement and liquidity | Exits may need live-position reduction or collateral sourcing before proceeds are claimable.     | Settlement state and active redeem-lot state.                       |
| Operational              | Normal operation still depends on keeper, indexer/API, monitoring, and operator response.        | Recent rebalances, history freshness, and public maintenance paths. |
| Control                  | Factory-level controls can pause, upgrade, rescue, or route emergency actions.                   | Trust model, controls, and product history.                         |

No external audit is complete. Public create remains disabled until audit, deployment, and current-state gates clear.

## Before Using a Product

| Check                        | Source                                                                                                  |
| ---------------------------- | ------------------------------------------------------------------------------------------------------- |
| Composition and leverage     | Product page and [What is any.fund?](/learn-guides/what-is-any-fund.md)                                 |
| NAV and rebalance behavior   | [Rebalancing, NAV, and fees](/learn-guides/rebalancing-nav-and-fees.md)                                 |
| Request and claim state      | [Settlement and claims](/products-and-mechanics/settlement-and-claims.md)                               |
| Status and emergency posture | [Status system and emergency behavior](/products-and-mechanics/status-system-and-emergency-behavior.md) |
| Controls and admin powers    | [Trust model and controls](/risks-and-controls/trust-model-and-controls.md)                             |
| Launch constraints and caps  | [Launch constraints](/risks-and-controls/launch-constraints.md)                                         |

Do not buy a product if you cannot evaluate these surfaces.


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