> For the complete documentation index, see [llms.txt](https://zeit-1.gitbook.io/zeit/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zeit-1.gitbook.io/zeit/get-started/risks.md).

# Risks

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Prediction-market vaults are risk assets!
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* Market risk (odds can swing hard)
* Tail-risk / bleed (for convex strategies)
* Liquidity and slippage risk
* Resolution/oracle risk (depending on underlying market mechanics)
* Smart contract and custodial risks
* Manager risk (strategy discretion)