Risk Disclosure

1. INTRODUCTION

P1 Futures LLC (“P1 Futures,” “P1,” “we,” “us,” or “our”) provides a skill-assessment and performance-based funding program for futures traders.

This disclosure explains the risks and limitations of using the P1 Futures platform. Please read it carefully before purchasing, activating, accessing, or trading an Account.
P1 Futures offers two different account environments:

• Simulated Accounts: P1 Reserve Evaluations, P1 Elite Evaluations, P1 Instant Accounts, and simulated Funded Accounts.

• Live Accounts: Invitation-only accounts that use P1 Futures firm capital and route orders to live futures markets through third-party brokerage and clearing providers.

You do not deposit personal trading capital into either type of Account. Your direct financial exposure to P1 Futures is generally limited to the fees and any third-party charges that apply to your Account.

However, fees are generally non-refundable, simulated trading has important limitations, and live futures trading involves substantial financial and operational risk.

By using the Platform, you confirm that you understand and accept the risks explained below.

2. SIMULATED ACCOUNTS

P1 Reserve, P1 Elite, P1 Instant, and simulated Funded Accounts operate in a simulated futures trading environment.

These Accounts may use live or delayed market data, but orders are not sent to an exchange, do not create positions against real counterparties, and do not place your personal capital at risk.

The Account size, Buying Power, Account Balance, profits, and losses displayed in a simulated Account are not real funds. They are not deposits, cash, credit, securities, or property owned by you.

Although simulated profits are not real funds, an eligible trader may receive a real-money Payout after completing all applicable requirements and receiving approval from P1 Futures.

A displayed balance or simulated profit does not create an automatic right to receive money.

4. Limitations of Simulated Trading

Simulated trading cannot perfectly reproduce live-market trading.
Important differences include:

• Order execution: Simulated fills, slippage, liquidity and order priority may differ from live-market execution.

• Market data: Data may be delayed, incomplete, inaccurate or temporarily unavailable.

• Market impact: Simulated orders do not affect the market or compete with actual orders.

• Trading costs: Certain commissions, exchange fees, routing charges and other live-market costs may not be reproduced in the same way.

• Trading behavior: Decisions may be different when personal capital is not at risk on each trade.

• Hindsight: Some simulated results or examples may benefit from information that would not have been available during actual trading.

Performance in a simulated Account does not guarantee or predict success in a Live Account or personal brokerage account.

5. No Guarantee of success or income

Purchasing an Account does not guarantee that you will:

• Pass an Evaluation;
• Receive a simulated Funded Account;
• Qualify for a Payout;
• Receive a Live Account invitation;
• Earn income; or
• Maintain continued access to an Account.

All Payouts are subject to the applicable Trading Rules, payout limits, profit split, identity verification, sanctions screening, tax requirements, provider onboarding and compliance review.

P1 Futures may delay, reduce, deny, reverse or recover a Payout when permitted by the Terms and applicable policies. This may happen when verification is incomplete, an Account has breached its rules, payout information does not match the verified trader, prohibited conduct is under review, or a payment would create legal, fraud, sanctions, provider or compliance risk.

Examples, testimonials, Account balances and Payout results are provided for illustration only. Individual results vary and are not guarantees of future performance.

6. Payout and Verification Risk

Payouts involve real-money transfers and require additional review.

Before releasing a Payout, P1 Futures or its providers may require:

• Government-issued identification;
• Proof of address;
• Facial or liveness verification;
• Sanctions and watchlist screening;
• Tax documentation;
• Payment or payout-account ownership records;
• Matching information between the Account and payout destination;
• Closed trading positions; and
• Completion of any trading, fraud, account-linkage or compliance review.

Completing verification does not create an unconditional right to a Payout. A Payout is owed only after the request satisfies the applicable rules and is approved.

6. fees and refund risk

Fees paid to P1 Futures purchase access to a digital evaluation or funding program. They are not deposits, investments or trading capital.

Evaluation fees, activation fees, reset fees and other service fees are generally final and non-refundable under the Refund and Liability Policy.

Trading losses, failure to pass, Account closure, rule violations, failure to qualify for a Payout, or failure to receive a Live Account invitation do not create a right to a refund.

Any limited refund exception is controlled by the current Refund and Liability Policy.

7. P1 FUTURES IS NOT A BROKER or advisor

P1 Futures is not acting as your broker, dealer, futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, investment adviser, bank or money services business.

P1 Futures does not accept deposits of customer trading capital or manage customer funds for investment.

When a trader receives a Live Account, live orders are handled through third-party brokerage, clearing, exchange and platform arrangements using P1 Futures firm capital. The Live Account is a proprietary trading arrangement—not a personal customer brokerage account funded by the trader.

8. TECHNOLOGY and third-party RISK

P1 Futures depends on third-party trading platforms, market-data providers, brokerage providers, clearing firms, payment processors, payout providers, identity-verification services and other technology providers.

Problems may include:

• Platform outages or maintenance;
• Internet or power failures;
• Delayed or incorrect market data;
• Rejected, delayed or duplicated orders;
• Incorrect Account displays;
• Trade-copier errors;
• Broker or exchange restrictions;
• Payment or Payout delays; and
• Third-party service interruptions.

You are responsible for your internet connection, equipment, software, device security and platform configuration.

If you believe a qualifying platform-wide or provider issue materially affected your Account, you must report it to trade@p1futures.com within 48 hours and provide the available supporting evidence.

Any remedy is determined under the applicable Terms and Trading Rules. A technical issue does not automatically create a right to a refund, cash payment, Payout or Account restoration.

9. Your Regulatory Responsibilities

Depending on your location and activities, providing futures trading advice for compensation, managing another person’s account, trading on behalf of another person or soliciting customers may require registration, licensing or regulatory approval.

These requirements may involve the Commodity Futures Trading Commission, National Futures Association, Securities and Exchange Commission, state authorities or regulators outside the United States.

You are responsible for understanding and following the laws that apply to you. P1 Futures does not determine your personal registration requirements.

10. YOUR ACKNOWLEDGMENT

By purchasing, activating, accessing or trading an Account, you confirm that:

• You have read and understood this Risk Disclosure;
• You understand whether your Account is simulated or live;
• You understand that simulated balances and profits are not real funds;
• You understand that a Payout is not guaranteed;
• You understand that Live Accounts use firm capital and involve actual market execution;
• You accept the financial, technical and operational risks described here; and
• You agree to follow the Terms, Trading Rules and policies assigned to your Account.

11. CONTACT

Questions about this Risk Disclosure may be sent to:

P1 Futures LLC
Email: trade@p1futures.com
Website : www.p1futures.com

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