> For the complete documentation index, see [llms.txt](https://bubblegum-reality.gitbook.io/bubblegum-reality-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bubblegum-reality.gitbook.io/bubblegum-reality-docs/compliance/risk-disclosure.md).

# Risk Disclosure

This page documents the risks the app discloses in-product. It is a description of the product's risk surface, not legal advice.

## Instrument risk

A Robinhood Stock Token is **not** the underlying share. It is a tokenized instrument whose value references an equity price. Holders generally do not receive shareholder rights — no voting, no direct dividend entitlement, no direct claim on the issuer's assets by virtue of holding the token. Users acknowledge the tokenized-debt-security characterization explicitly in the [eligibility gate](/bubblegum-reality-docs/compliance/eligibility.md).

## Multiplier risk

Token value is `underlying price × currentMultiplier`. The multiplier changes on corporate actions. A pending multiplier with a future effective time is surfaced in the terminal, because a position or quote spanning that boundary reprices. Reading a token's price as the underlying's price is a material error, which is why the two are labelled distinctly everywhere.

## Liquidity and execution risk

Executable liquidity is unrelated to the reference price. A token can have a tight reference spread and no usable route. Execution cost is displayed in bps versus the multiplier-adjusted reference; it can be large. Slippage, network fees, and every fee returned by the router are displayed before signing, and none of them are guarantees — the fill is whatever the chain produces.

## Halt and availability risk

Assets can halt. Trading is disabled while halted, and a halt is never inferred from a failed fetch. Inactive assets remain visible with a warning rather than disappearing silently.

## Data risk

Prices are cached briefly and carry both upstream generation time and fetch time. Quote age is shown. **No mock or fallback data is ever substituted** — a failed upstream renders as degraded with a reason.

## Chain and smart-contract risk

Transactions on Robinhood Chain (4663) are irreversible. Third-party smart contracts, including the 0x routing and settlement contracts, carry their own risk of bugs, exploits, and failure. A reverted or replaced transaction can still cost gas.

## Wallet and custody risk

The app is non-custodial. You hold your keys and you bear responsibility for them. A lost key means lost funds, and nothing in this app can recover it. **No part of this app will ever ask for a seed phrase.**

## Regulatory risk

Tokenized-equity regulation is unsettled and varies by jurisdiction. Availability can change. Some jurisdictions are restricted outright.

## The Reality Score is not advice

The score measures execution quality for one specific trade at one specific size at one moment. It is not a recommendation, a valuation, a price target, or a prediction. A high score on a bad idea is still a bad idea.

## Independence

Bubblegum Reality is an independent interface. It is not Robinhood, not affiliated with, endorsed by, or sponsored by Robinhood, and uses no Robinhood marks.


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