> For the complete documentation index, see [llms.txt](https://docs.dvol.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dvol.finance/smart-vaults-beta/eth-vol-bull-vault/risks-and-disclaimer.md).

# Risks and Disclaimer

* It's important to note that while dynamic delta hedging can replicate the option's performance to some extent, it is not perfect due to factors such as transaction costs, liquidity, model assumptions, and volatility assumptions.
* However, the vault helps manage the risk associated with ETHUSD price changes, providing a similar risk-reward profile without direct ownership of the option.