Risk of loss

You may lose all amounts committed to a position. Depending on the governing documents and transaction, losses or payment obligations may exceed the amount initially committed. Leverage, concentration and adverse market movement can magnify losses, and no strategy is guaranteed to produce a profit, preserve capital or offset another exposure.

Eligibility and governing documents

Transaction access is separate from club membership. Any over-the-counter transaction is available only to an Eligible Contract Participant and other persons permitted under applicable law, following eligibility, counterparty and transaction-specific review.

Separately executed agreements, confirmations and other transaction documents define the parties, economics, evidence, payment obligations, termination rights and dispute procedures. Those documents control over this website and must be reviewed in full before any transaction. No prepared draft, indication, analysis or request is an order or a firm quote.

Market, valuation and liquidity risk

Prices and probabilities can move suddenly and may reflect incomplete or conflicting information.
Indicative values may differ materially from executable terms, later valuations or final outcomes.
A position may have limited or no transfer or early-exit opportunity, particularly when its terms are bespoke.
Concentrated, correlated or illiquid exposures can be difficult or costly to reduce.
Disrupted, delayed, corrected or disputed evidence may postpone valuation or settlement.

Credit, collateral and settlement risk

A party may fail to perform, become insolvent or dispute an amount owed. Collateral, guarantees, netting, credit support or other protections may be unavailable, unenforceable, delayed or insufficient. Payment and collateral obligations may change with exposure and may require substantial liquidity on short notice. Settlement can also be delayed by banking, payment, custodial, evidentiary or third-party disruption.

Early termination, close-out and replacement can occur at unfavorable values and may leave a related exposure unprotected. Rights and remedies depend on the applicable documents, facts, parties and jurisdictions.

Structure, dependency and duration risk

Event-linked, range, contingent, multi-event, long-dated and perpetual-style transactions may behave differently from a simple Yes or No position. Outcomes can depend on definitions, thresholds, observation periods, dependencies and evidence specified in the governing documents. A partial or near outcome may have no value unless the documents expressly provide otherwise.

Long-duration or open-ended positions can create continuing obligations and remain exposed to changed conditions, methodology, law, liquidity and credit quality. Linked components may not move together as expected, and failure or termination of one component can leave residual risk.

Legal, regulatory and tax risk

Laws, rules, regulatory interpretations, sanctions, eligibility standards, reporting duties, position restrictions and tax treatment can change. A transaction that is available today may later be restricted, modified, transferred or terminated. Cross-border transactions may be subject to inconsistent requirements and uncertain enforceability.

Tomorrow does not provide legal, tax or accounting advice. Each participant is responsible for obtaining independent advice and determining that its activity is lawful and appropriate in every relevant jurisdiction.

Technology, data and analytical risk

The service and third-party systems may experience outages, latency, unauthorized access, corrupted or unavailable data, communication failures and other operational disruption. Instructions may be delayed, duplicated, rejected or not received, and displayed information may be stale or incorrect.

Analytical, statistical, automated and AI-assisted outputs can contain errors, omit relevant information, reflect unstable relationships or behave unexpectedly. They are estimates, not facts, guarantees or substitutes for independent judgment. Users remain responsible for reviewing every proposed position and its governing documents.

Fees and conflicts

Membership charges, advisory fees, transaction-related charges, financing costs and third-party costs can reduce or eliminate an economic benefit. Applicable charges are disclosed in the relevant agreement, schedule or quote.

Tomorrow or another service provider may have commercial relationships, compensation arrangements or multiple roles that create actual or potential conflicts. Material transaction-specific conflicts will be disclosed as required. Participants should evaluate those conflicts with independent advisers.

Hypothetical and simulated results

Backtests, simulations, scenarios, illustrations, estimated capacity, model confidence, indicative returns and similar materials are hypothetical unless expressly identified as an actual verified record. Past performance is not necessarily indicative of future results.

Complaints and arbitration

If you have a complaint about Tomorrow or a person associated with it, you may:

file a complaint with the National Futures Association (NFA) at www.nfa.futures.org or by calling (800) 621-3570;
file a complaint with the Commodity Futures Trading Commission (CFTC) at www.cftc.gov or by calling (866) 366-2382;
initiate arbitration through the NFA Arbitration Program.

You should be aware that under NFA rules a six-year statute of limitations applies to claims submitted to NFA arbitration. You do not waive any rights under applicable federal or state law by agreeing to arbitration.

Independent review

This statement is not exhaustive. Additional risks appear in the applicable terms, confirmations, disclosures and other governing documents. Before proceeding, read those documents, ask questions and consult independent financial, legal, tax and accounting advisers who understand your circumstances.

Not FDIC insured. Not a bank deposit. No bank guarantee. May lose value. For questions about this statement, contact Tomorrow.