GM Markets is a permissionless, wallet-native interface to tokenized stocks, ETFs, commodities, and FX, plus on-chain yield vaults across credit, lending, delta-neutral, market-neutral, looping, and active-trading strategies. Connect any supported wallet to trade or allocate. Tokens stay self-custodial in your wallet at all times.
Plain-language risk, regulatory, and operational disclosures for the GM Markets interface and the assets it lists.
This document is informational and not legal, investment, or tax advice. It explains the risks, structure, and mechanics of the products referenced through the GM Markets interface so you can make an informed decision. Read it before you transact and consult qualified counsel and tax advisors for your own circumstances.
Nothing on this site or in any GM Markets documentation, blog post, or marketing material constitutes investment, legal, tax, or financial advice, or an offer or solicitation to buy or sell any security, digital asset, or financial instrument. The Service provides an interface for permissionless interaction with tokenized instruments and vaults; it does not recommend, endorse, or market any particular asset.
Use of the Service does not create a fiduciary, advisory, brokerage, or agency relationship between you and the Interface Operator. We do not act in your best interest as a fiduciary and have no duty to monitor markets or your positions on your behalf.
Statements about future products, markets, chains, timelines, fees, or capabilities are forward-looking and subject to change. Product availability, supported markets, settlement behavior, and fees may change without notice.
Most written content on this site, including documentation and marketing copy, is AI-generated and human-reviewed. Some content may be incorrect or stale. Flag errors to hello@gm.markets.
Stocks, ETFs, commodities, and FX referenced through the Service are held 1:1 in segregated accounts at regulated prime brokers (Interactive Brokers and Alpaca Securities). Tokens for those instruments are issued from a bankruptcy-remote SPV operated by the Issuer (Flo). Holders have a direct contractual entitlement to the underlying through the Issuer's structure, not a claim on the Interface Operator. Vault assets are held in MPC custody by the relevant Issuer or Manager. Users always self-custody their tokens in their own wallets.
GM Markets is a permissionless wallet-connect interface. There is no account, signup, or onboarding at the interface layer. Per-user identity collection (where applicable) is handled at the Issuer layer for specific products and jurisdictions; the Interface Operator does not collect identity documents from users.
The protocol's smart-contract codebase has been independently audited by Sherlock, Halborn, Cantina, and Cyfrin. Reports are available on request. The same smart-contract codebase is shared across the products built on Flo's tokenization infrastructure; a vulnerability discovered in one product may apply to others. No audit constitutes ongoing or future assurance, and no audit eliminates smart-contract risk.
The Interface Operator runs a software interface on third-party tokenization infrastructure operated by Flo. The Service is in a pre-launch posture. Statements about regulatory frameworks, audits, attestations, or compliance items reflect the status as of the "Last updated" date above and are subject to change.
Regulatory and law-enforcement inquiries: legal@gm.markets. We respond to valid, legally binding requests consistent with applicable law and the rights of our users, and we will notify affected users where legally permitted.
The risks described below are not exhaustive. Tokenized instruments and on-chain yield products carry risks that compound across asset, custody, smart-contract, market, regulatory, and operational dimensions. You may lose part or all of your invested capital. There are no guarantees of returns or continuous availability.
All investments carry the risk of loss. Tokenized instruments and vault tokens are not principal-protected. Past performance is not indicative of future results.
Tokenized instruments track the market price of an underlying reference. Prices can decline, sometimes sharply and without warning, in response to macro conditions, issuer-specific events, regulatory developments, geopolitical events, and other factors.
On-chain liquidity for tokenized instruments and vault tokens may be thin, especially during stressed market conditions. Vault redemption is queued and settles at NAV-of-settlement: the redemption price is determined when the queue clears, not when you submit. During market stress, queues may lengthen and the realized redemption price may differ materially from the price you observed at submission.
Underlying stocks, ETFs, commodities, and FX are held at regulated prime brokers (Interactive Brokers and Alpaca Securities). Segregation provides protection in broker insolvency but does not eliminate it. Brokers may experience operational disruptions, technical outages, regulatory actions, or default.
Custody is split across three layers: (a) the user self-custodies tokens in their own wallet; (b) underlying public-asset reserves are held at the prime brokers at the Issuer level; (c) vault assets are held in MPC custody by the relevant Issuer or Manager. Each layer has distinct failure modes (key loss, broker failure, MPC operational failure).
The protocol's contracts have been independently audited but no audit can rule out undiscovered vulnerabilities. The codebase is shared across the products built on Flo. A defect in a shared contract may affect more than one product. Loss of funds from a smart-contract exploit may be unrecoverable.
The broker leg of public-asset trades remains subject to standard T+1 to T+2 settlement cycles. Between the mint or burn instruction and broker-leg settlement, residual settlement risk exists. The Service abstracts this for the user but does not eliminate it.
Reference data for public assets is sourced from Alpaca. Price feeds may be delayed, stale, or temporarily unavailable. Oracles used by composed protocols introduce additional pricing risk that may produce unexpected liquidations or mispricings.
Estimated slippage is an estimate, not a guarantee. Actual execution price may differ due to thin liquidity, MEV, network congestion, queue dynamics, or oracle movement between estimate and execution.
Quotes, balances, and yields are often denominated in stablecoins. Stablecoins carry depeg risk, issuer insolvency risk, freeze or blacklist risk, and regulatory risk that can affect the realizable value of your position.
The Service is live on Ethereum, Base, and Arbitrum. Users are exposed to gas-price volatility, MEV, sequencer outages on rollups, chain reorganizations, validator misbehavior, and chain-level failures. Some chains are operationally newer than others.
Moving assets between chains relies on bridges, messaging layers, or wrapped representations, each with their own security models and historical exploit precedent. Bridge failures may result in loss of funds.
The regulation of tokenized securities, on-chain yield, and stablecoins is evolving. Changes in law or guidance in the Issuer's home jurisdiction or in your jurisdiction could materially affect the Service, the availability of specific products, the structure of vaults, or your ability to transact.
The Issuer's bankruptcy-remote structure is designed to insulate Token holders from operating-entity insolvency, but bankruptcy-remote is not bankruptcy-proof. Litigation, court orders, or unforeseen structural defects could affect Token holders.
Different vault strategies have different loss profiles. The principal categories are:
Active-trading strategies (delta-neutral, market-neutral, trading, looping) can experience material drawdowns and may lose part or all of invested capital. Yield-accrual strategies (issuer, lending, RWA) carry default and recovery risk on the underlying.
Managed vaults are operated by third-party Managers. Manager performance, risk discipline, operational competence, and ethics directly affect outcomes. The Interface Operator does not select, supervise, or guarantee any Manager.
Resting orders (limit, TP/SL, trailing stop, TWAP) are triggered by an in-house keeper, not by an on-chain bot service. Crypto markets run 24/7; FX trades queue over weekends; stocks and ETFs queue overnight and on market holidays. Queued orders execute when the relevant market opens, at then-current prices, which may differ materially from prices observed when the order was placed.
TP/SL orders triggered through the Service execute as a market order on trigger. They do not guarantee execution at the specified take-profit or stop-loss price; in fast markets, gaps, or off-hours, fills may be materially worse than the trigger price. If both triggers are set, whichever fires first cancels the other.
The Service depends on hosting, RPCs, oracles, indexers, monitoring providers, and key management. An outage in any of these can interrupt access to the Service and to time-sensitive functions like queued redemption.
Tokens are ERC-20 and may be composed with third-party DeFi protocols (Aave, Morpho, Pendle, and others). Each composed protocol introduces its own risk profile in addition to GM Markets's. The Interface Operator does not guarantee or supervise composed protocols.
Tax treatment of tokenized instruments, vault tokens, distributions, and on-chain transactions is uncertain in many jurisdictions and may change. See Part E.
If the Interface Operator becomes unable to operate the Service, the hosted interface could go offline. Token redemption mechanics continue through the Issuer and any independent collateral or attestation providers, but disruption of the hosted Service is possible.
The Interface Operator cannot recover lost private keys or seed phrases. Loss of access to your wallet results in irreversible loss of the assets it holds.
Nothing on the Service constitutes a guarantee of returns, of continuous availability, or of protection against loss. You transact at your own risk.
Tokenized stocks and ETFs reference equities and exchange-traded funds held 1:1 at the prime brokers. The broker leg settles on standard T+1 to T+2 cycles. Token holders have a direct contractual entitlement to the underlying through the Issuer's structure. Corporate actions (dividends, splits, mergers, delistings) are passed through per the Issuer's policies.
Commodities and FX are held 1:1 at the prime brokers. FX positions queue over weekends and execute when the relevant market opens.
Crypto-native instruments are on-chain and do not involve a broker leg. Crypto markets run 24/7; volatility can be extreme.
Buy. A Buy through the Service mints the relevant Token in the same transaction. There is no trading fee on the Buy.
Sell. A Sell submits a redemption to the queue and settles at NAV-of-settlement when the queue clears. There is no trading fee on the Sell.
The Service may charge trading fees, management fees, or performance fees depending on the product. Fees are displayed at the point of transaction and described in product-specific documentation.
Vaults fall into two categories:
Management and performance fees on managed vaults are split 70/30 between the Manager and the protocol. Fees on gLP are split 0/100 between manager and protocol. Subtype defaults for management/performance fees are: trading 2/20, issuer 1/0, lending 0/10, delta-neutral 0/20, market-neutral 0/20, looping 0/20, RWA 0/10. Specific vaults may set different fees, displayed on the vault page.
This is not tax advice. Tax treatment of tokenized instruments and on-chain transactions varies by jurisdiction and is evolving. The following are general considerations only.
For convenience, deep links to the major sections of this document:
Related documents: Terms of service · Privacy and cookie policy.