Risk disclosure

Your capital is at risk

Every fund offered in Dreamer is a unit trust or an exchange-traded fund. Their prices move every trading day and can fall as well as rise. You may get back less than you put in, particularly over short periods. A dream’s progress bar shows the current value of what you have put in; that value is not guaranteed and can move after you look at it.

Past performance is not a forecast

The returns shown beside each fund are the manager’s published figures for the period and as-at month stated, together with the worst stretch on the same fact sheet. They are history. They do not tell you what the fund will do next year, and a fund that has done well can do badly.

Projections are estimates

Projections are estimates based on your current contributions, not guarantees. Your capital is at risk. The compounding example in the app and on this site assumes a steady rate of growth that no real fund delivers; real returns arrive unevenly and include negative years. Taxes, changes in fees and inflation are excluded from the illustration.

Different funds carry different risks

• Equity funds (for example, funds tracking the S&P 500, a world index or the JSE Top 40) have historically grown most over long periods and have fallen by a quarter or more in bad years.
• Multi-asset funds spread risk across asset classes and can still lose value.
• Income funds are steadier but are exposed to interest-rate and credit risk and can also fall.
• Gold is offered only as a diversifier beside a dream’s fund; its price has fallen by 30% or more from peaks in the past.
• Offshore exposure adds currency risk: a stronger rand reduces the rand value of foreign assets.

You choose the fund

Dreamer is execution-only. It groups funds by horizon and shows their published costs and returns; it does not recommend, default or select a fund for you and does not assess whether a fund is suitable for your circumstances. If you want advice, speak to a licensed financial adviser before investing.

Fees reduce returns

The membership fee, the 0.5% platform fee and each fund’s own fee all reduce what you end up with. Fees are shown before you choose a fund and on the pricing page. On small balances a fixed monthly membership fee is a larger proportion of your money than on large ones; the membership is waived above R150 000.

Liquidity and timing

Withdrawals require units to be sold at the next available price and usually land within two business days. In unusual market conditions a fund manager may delay dealing. Round-ups are collected weekly and invested at the price available after collection, not at the moment of the purchase.

Tax

Outside a tax-free savings account, growth may be subject to income tax on distributions and capital gains tax on disposal, depending on your circumstances. Contributions to tax-free accounts above the annual or lifetime limits attract a SARS penalty. Dreamer does not provide tax advice.

Operational risk

Dreamer depends on banks, an open-banking provider, a payment provider, fund managers and a custodian. Any of them can have outages or delays. Your investments are held with the custodian in your name and are not Dreamer’s assets; a failure of Dreamer would not make them Dreamer’s creditors’ assets either.

Licensing

Dreamer's financial services licensing details are being finalised ahead of launch and will be published here and in the app. Your investments are held with a regulated custodian in your name through our licensed investment partner.