> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gomaestro.org/llms.txt
> Use this file to discover all available pages before exploring further.

# Risk & disclosures

> The material risks of Bitcoin-denominated yield.

Bitcoin-denominated yield carries risk. For each risk listed here, this page states what the risk is, why it exists, and what is in place against it.

<AccordionGroup>
  <Accordion title="Smart-contract / protocol">
    Vault and token contracts move and account for Bitcoin on-chain. A vulnerability or exploit in those contracts could impair or freeze deposited funds. Contracts are independently audited before capital moves, and each vault runs in its own environment, so contract exposure is isolated strategy by strategy. See [Audits](/trust-operations/security-custody#audits).
  </Accordion>

  <Accordion title="Counterparty">
    Vault strategies extend credit to external counterparties — primarily vetted Bitcoin miners. A borrower that fails to repay, or a counterparty that fails to perform, can impair yield or principal. Each borrower's business documentation is reviewed and shared with prospective lenders before credit is extended, exposure is spread across multiple borrowers and vault strategies, and loans are **first-lien** with no rehypothecation of collateral.
  </Accordion>
</AccordionGroup>

**See also:** the [vault directory](/yield-vaults/vault-directory) for each vault's yield level — Conservative, Balanced, or High Yield.

<Info>
  Maestro Institutional is operated by Go Maestro Inc. and is intended for accredited investors
  and qualified allocators only. Access is permissioned and subject to eligibility verification,
  with KYC required where a vault's terms specify; it is not directed at retail investors. Bitcoin and
  Bitcoin-denominated yield products carry material market, counterparty, regulatory, and
  technology risks. Yield figures are net of fees and BTC-denominated; past performance
  is not indicative of future results. Custody options vary by vault and strategy; depending on
  the vault, investors deposit directly into vault contracts or through a qualified custodian
  (Anchorage Digital).
</Info>