Risk disclosures

Simulation risk

• Quotes, fills, balances, settlement and maturity payments on this platform are simulated.
• Simulated results do not represent actual or expected performance. They ignore real availability, costs, timing and market impact.
• A simulated order being filled does not mean a similar real order would be filled at that price.

General risks of government bills

• Interest rate risk: if rates rise, the value of a bill falls. Selling before maturity can realize a loss.
• Reinvestment risk: proceeds at maturity may have to be reinvested at a lower rate.
• Liquidity risk: a buyer at a fair price may not be available when you want to sell, especially outside the most traded issues and markets.
• Credit risk: the issuer may not pay as promised. This risk differs between governments and is not zero.
• Inflation risk: a positive return may buy less after inflation.
• Currency risk: if a bill is not in your home currency, exchange rates can outweigh the yield. GetTbill does not model FX.
• Convention risk: quoted rates are calculated differently between markets, so similar numbers may not mean similar returns.

Intermediary and structural risk

• A bill held through an intermediary adds that intermediary’s operational, custody and failure risk.
• A contractual claim on a company is an obligation of that company, even if it holds government securities.
• Investor protection schemes vary by country and product, and they may not apply.

Data risk

• Published rates are end of day or older, and they are not live prices.
• Sources can be delayed, restated, blocked, wrong or discontinued. Some non-US sources are undocumented and may change without notice.
• Calculators use stated conventions. Non-US conventions are not independently tested.

Tax

Tax treatment depends on your circumstances and jurisdiction. Nothing here is tax advice.

Regulatory status

To be completed by legal counsel. No position is stated here.