Important Disclaimers

Be Water Investments LLC d/b/a B. Water Investments, B. Water Investments LLC, Be Water Investments, BWI, Be Water is a Registered Investment Advisor (“RIA”), located in the Commonwealth of Virginia. BWI provides investment advisory and related services for clients nationally. BWI will maintain all applicable registration and licenses as required by the various states in which BWI conducts business, as applicable. BWI renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or pursuant to an applicable state exemption or exclusion.

Terms of Use

Please read these terms and conditions of use (“Terms”) carefully before using the website located at (“website”) or any of the information or services provided by Be Water Investments (collectively “BWI”, “we”, “our”, “us”) in connection with the website. By using the website, you acknowledge that you have read and understood these Terms and accept to be legally bound by them. If you do not accept and agree to these Terms, you are not an authorized user of the website or any of the information or services provided by BWI in connection with the website and should promptly terminate all use thereof. The terms “you” and “your” mean you and any entity you may represent in connection with the use of the website. You may use your browser to download or print a copy of these Terms for your records. BWI reserves the right to change, modify, add or remove portions of these Terms at any time for any reason. We suggest that you review these Terms periodically for changes. Such changes shall be effective immediately upon posting. You acknowledge that by accessing our website after we have posted changes to these Terms, you are agreeing to these Terms as modified.

These Terms were last updated on 11/29/2023.

Risk Disclosures

Different types of investments and strategies involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable.

Asset allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Performance of the asset allocation strategies depends on the underlying investments.

This website is intended to provide general information about BWI and its services. It is not intended to offer or deliver investment advice in any way. Information regarding investment services is provided solely to gain an understanding of our investment philosophy, our strategies and to be able to Contact Us for further information.

Market data, articles and other content on this website are based on generally available information and are believed to be reliable. BWI does not guarantee the accuracy of the information contained in this website. The information is of a general nature and should not be construed as investment advice.

Please remember that it remains your responsibility to advise BWI, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.

BWI will provide all prospective clients with a copy of our current Form ADV, Part 2A (“Disclosure Brochure“) and Form ADV Part 2B, which is the Brochure Supplement for each advisory person supporting a particular client. You may obtain a copy of these disclosures on the SEC website at or you may Contact Us to request a free copy via .pdf or hardcopy.

Hypothetical back-tested performance returns do not reflect actual trading activity, they do not reflect tolerances for risk or for loss that might have impacted investment decisions if actual assets were at risk. Furthermore, hypothetical back-tested performance returns are based, in part, on assumptions/rules, which may not be considered reasonable, and which may not have been realized if the performance represented actual returns. Furthermore, changes to the assumptions/rules or techniques may result in significantly different results, which may prove to be a more accurate illustration and the assumptions/rules used to create the hypothetical back-tested performance returns can be adjusted at any time, for any reason, and can continue to be changed until desired or better performance results are achieved. Consequently, hypothetical back-tested performance returns will invariably show positive returns. Additionally, hypothetical back-tested performance returns do not reflect the impact of certain economic conditions and/or market factors, which might have had an effect on investment decision making if actual assets were at risk. Finally, hypothetical back-tested performance returns are not subject to additions and/or withdrawals of account capital. Consequently, actual accounts managed according to the investment strategy may have substantially different performance returns depending on the timing of such transactions in relation to the direction of the market.

Futures: A futures contract is a legally binding arrangement to purchase or sell a specific commodity, asset, or security at a predetermined price during a specified time in the upcoming. These contracts are standardized in terms of quality and quantity to enable trading on a futures exchange. The purchaser of a futures contract assumes the responsibility of acquiring and receiving the underlying asset upon contract expiration, while the seller commits to supplying and delivering the underlying asset at the specified date. Futures involve exposure to market fluctuations and potential risks.

Stocks: A stock, also referred to as equity, is a financial instrument that signifies partial ownership in a company. These ownership stakes, known as “shares,” grant the holder a proportional claim to the corporation’s assets and earnings based on the amount of stock they possess. Common and preferred are the two primary categories of stocks. The value of stocks may diminish due to market downturns or as a result of corporate actions.

ETFs: Prospective buyers of exchange-traded funds (ETFs) can obtain a prospectus, which provides essential details about the investment company, including investment objectives, potential risks, charges, and expenses. It is crucial to thoroughly review the Prospectus before making any investment decisions. Interested individuals can acquire the Prospectus from their financial advisor or professional and are advised to carefully read it to gain a comprehensive understanding. ETFs carry various risks, including market, liquidity, portfolio, tax, and potentially political risks.

REITs: Investing in real estate investment trusts (REITs) and real estate ventures carries significant risks, including limited liquidity, potential devaluation of assets during adverse economic conditions or shifts in the economy, the impact of supply and demand dynamics, tenant turnover, fluctuations in interest rates (including periods of high-interest rates), availability of mortgage funds, operating expenses, and insurance costs. The value of shares in a REIT may exceed or fall below the initial investment upon liquidation, as it is subject to changes in the value of underlying properties. A prospectus must accompany or precede any related material. It is crucial to carefully review the Prospectus before making investment decisions or sending funds. These investment products are not insured by FDIC or NCUA/NCUSIF, and they are not guaranteed by banks or credit unions, thus having the potential to decrease in value. It is recommended to consult with a tax advisor or registered representative to understand how these products align with your specific investment strategy. Past performance does not ensure future outcomes. This statement does not constitute an offer to sell, solicit, or purchase the mentioned securities. The offering is exclusively made through the Prospectus.

Cryptocurrency: A cryptocurrency is a form of digital or virtual currency that utilizes cryptographic techniques to ensure its authenticity and prevent fraudulent activities such as counterfeiting or double-spending. Many cryptocurrencies operate on decentralized networks built upon blockchain technology, which is a distributed ledger system maintained by a network of computers. One notable characteristic of cryptocurrencies is that they are typically not issued or controlled by a central authority, which theoretically protects them from government interference or manipulation. Cryptocurrencies offer advantages such as cost-effective and rapid money transfers, as well as decentralized systems that are resistant to single points of failure. However, there are certain drawbacks associated with cryptocurrencies, including price volatility, significant energy consumption in mining operations, and their potential utilization for illicit purposes.

Currency: Currency serves as a means of facilitating transactions for goods and services, functioning as money in the form of physical coins and paper notes. Typically issued by governments, the currency is widely accepted at face value as a recognized payment method. As the predominant medium of exchange in today’s society, currency has replaced traditional bartering systems. However, it is important to note that currency is vulnerable to fluctuations in exchange rates, which expose it to market-related risks.

Commodities: A commodity is a fundamental item utilized in trade that can be exchanged with other goods of the same kind. Commodities are primarily employed as inputs in the production of other goods or services. Therefore, commodities typically refer to raw materials used in the manufacturing of finished products. Conversely, a product represents the completed goods sold to consumers. While the quality of a specific commodity may exhibit slight variations, it generally remains consistent across different producers. When commodities are traded on an exchange, they must meet predefined minimum standards, often referred to as a basis grade. Similar to other assets, the prices of commodities are primarily determined by the principles of supply and demand. The risks associated with commodities include price fluctuations, volume or quantity uncertainties, cost-related risks, and political uncertainties.

Options: Options trading involves certain risks that traders should be aware of before engaging in such activities. It is important to carefully consider these risks in order to make informed investment decisions. The following risk disclosure outlines some of the key risks associated with options trading:

  • Market Risk: Options are subject to market fluctuations and changes in the underlying asset’s price. The value of options can rise or fall based on market conditions, including supply and demand dynamics, economic factors, and geopolitical events.
  • Volatility Risk: Options prices are influenced by market volatility. Increased volatility can lead to higher options prices, while decreased volatility can result in lower options prices. Sudden changes in volatility levels can have a significant impact on options values.
  • Time Decay Risk: Options have a limited lifespan, and their value may decrease over time. This time decay, also known as theta decay, accelerates as the options approach their expiration dates. Traders should be mindful of the time decay factor when considering options strategies.
  • Liquidity Risk: Some options may have low trading volumes or limited liquidity, which can make it difficult to enter or exit positions at desired prices. Illiquid options may lead to wider bid-ask spreads, slippage, and difficulties in executing trades.
  • Counterparty Risk: Options are often traded through brokerage firms or exchanges, which act as counterparties to the trades. There is a risk that the counterparty may default on their obligations, resulting in potential losses for the traders.
  • Limited Loss, Unlimited Gain: While options offer the potential for substantial gains, it is important to remember that losses are also possible. Depending on the options strategy employed, traders may face limited loss potential but have unlimited risk exposure.
  • Complex Strategies: Certain options strategies involve multiple legs, combinations, or derivatives. These complex strategies can be challenging to understand and implement correctly, increasing the risk of unintended consequences or losses.
  • Past Performance: Historical performance of options or any trading strategy does not guarantee future results. Market conditions can change, and previous successes may not be indicative of future performance.
  • Financial and Tax Considerations: Options trading may have tax implications and can involve transaction costs, commissions, and margin requirements. Traders should consult with their tax advisor and consider these financial factors before engaging in options trading.

It is essential to thoroughly educate yourself about options trading, seek advice from qualified professionals, and carefully assess your risk tolerance and financial situation before participating in options trading. Options trading is not suitable for all investors, and individuals should only trade options if they fully understand the risks involved. Trusts: A trust is a legally binding arrangement in which a trustor entrusts a trustee with the responsibility of holding property or assets for the benefit of a third party. This fiduciary relationship allows for the achievement of specific objectives, making trusts highly adaptable instruments. Trusts can be classified into six main categories, including living or testamentary, funded or unfunded, and revocable or irrevocable trusts. They can be established for purposes such as estate planning, beneficiary support, tax optimization, or other reasons as determined by the grantor.

10-year yield: The 10-year Treasury yield is the current rate Treasury notes would pay investors if they bought them today. Changes in the 10-year Treasury yield tell us a great deal about the economic landscape and global market sentiment, professional investors analyze patterns in 10-year Treasury yields and make predictions about how yields will move over time. Declines in the 10-year Treasury yield generally indicate caution about global economic conditions while gains signal global economic confidence. The 10-year Treasury yield is the current rate Treasury notes would pay investors if they bought them today. Changes in the 10-year Treasury yield tell us a great deal about the economic landscape and global market sentiment, professional investors analyze patterns in 10-year Treasury yields and make predictions about how yields will move over time. Declines in the 10-year Treasury yield generally indicate caution about global economic conditions while gains signal global economic confidence.

10-year T- Note futures: Participating in 10 year T-Note futures allows a trader to assess directionality of interest rates as well the ability to hedge risk at the end of a yield curve. Participating in 10 year T-Note futures can also allow one to use a variety of trading strategies like spread trading and trading against different Treasury futures.

Money Market Funds: A money market fund is technically a security. The fund managers attempt to keep the share price constant at $1/share. However, there is no guarantee that the share price will stay at $1/share. If the share price goes down, you can lose some or all of your principal. The U.S. Securities and Exchange Commission (“SEC”) notes that “While investor losses in money market funds have been rare, they are possible.” In return for this risk, you should earn a greater return on your cash than you would expect from a Federal Deposit Insurance Corporation (“FDIC”) insured savings account (money market funds are not FDIC insured). Next, money market fund rates are variable. In other words, you do not know how much you will earn on your investment next month. The rate could go up or go down. If it goes up, that may result in a positive outcome. However, if it goes down and you earn less than you expected to earn, you may end up needing more cash. A final risk you are taking with money market funds has to do with inflation. Because money market funds are considered to be safer than other investments like stocks, long-term average returns on money market funds tend to be less than long term average returns on riskier investments. Over long periods of time, inflation can eat away at your returns.

Certificates of Deposit: Certificates of deposit (“CD”) are generally a safe type of investment since they are insured by the Federal Deposit Insurance Company (“FDIC”) up to a certain amount. However, because the returns are generally low, there is risk that inflation outpaces the return of the CD. Certain CDs are traded in the marketplace and not purchased directly from a banking institution. In addition to trading risk, when CDs are purchased at a premium, the premium is not covered by the FDIC.

Municipal Securities: Municipal securities, while generally thought of as safe, can have significant risks associated with them including, but not limited to: the credit worthiness of the governmental entity that issues the bond; the stability of the revenue stream that is used to pay the interest to the bondholders; when the bond is due to mature; and, whether or not the bond can be “called” prior to maturity. When a bond is called, it may not be possible to replace it with a bond of equal character paying the same amount of interest or yield to maturity.

Bonds: Corporate debt securities (or “bonds”) are typically safer investments than equity securities, but their risk can also vary widely based on: the financial health of the issuer; the risk that the issuer might default; when the bond is set to mature; and, whether or not the bond can be “called” prior to maturity. When a bond is called, it may not be possible to replace it with a bond of equal character paying the same rate of return.

Mutual Funds: Mutual funds are professionally managed collective investment systems that pool money from many investors and invest in stocks, bonds, short-term money market instruments, other mutual funds, other securities, or any combination thereof. The fund will have a manager that trades the fund’s investments in accordance with the fund’s investment objective. While mutual funds generally provide diversification, risks can be significantly increased if the fund is concentrated in a particular sector of the market, primarily invests in small cap or speculative companies, uses leverage (i.e., borrows money) to a significant degree, or concentrates in a particular type of security (i.e., equities) rather than balancing the fund with different types of securities. Some mutual funds are “no load” and charge no fee to buy into, or sell out of, the fund, other types of mutual funds do charge such fees which can also reduce returns. Mutual funds can also be “closed end” or “open end”. So-called “open end” mutual funds continue to allow in new investors indefinitely whereas “closed end” funds have a fixed number of shares to sell which can limit their availability to new investors.

Leveraged Exchange Traded Funds: Leveraged Exchange Traded Funds (“Leveraged ETFs” or “L-ETF”) seek investment results for a single day only, not for longer periods. A “single day” is measured from the time the L-ETF calculates its net asset value (“NAV”) to the time of the L-ETF’s next NAV calculation. The return of the L-ETF for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from multiplying the return by the stated leverage for that period. For periods longer than a single day, the L-ETF will lose money when the level of the Index is flat, and it is possible that the L-ETF will lose money even if the level of the Index rises. Longer holding periods, higher index volatility and greater leverage both exacerbate the impact of compounding on an investor’s returns. During periods of higher Index volatility, the volatility of the Index may affect the L-ETF’s return as much as or more than the return of the Index. Leveraged ETFs are different from most exchange-traded funds in that they seek leveraged returns relative to the applicable index and only on a daily basis. The L-ETF also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the L-ETF may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results.

Leveraged ETF Leveraged Risk – The L-ETF obtains investment exposure in excess of its assets in seeking to achieve its investment objective — a form of leverage — and will lose more money in market environments adverse to its daily objective than a similar fund that does not employ such leverage. The use of such leverage could result in the total loss of an investor’s investment. For example: a 2X fund will have a multiplier of two times (2x) the Index. A single day movement in the Index approaching 50% at any point in the day could result in the total loss of a shareholder’s investment if that movement is contrary to the investment objective of the L-ETF, even if the Index subsequently moves in an opposite direction, eliminating all or a portion of the earlier movement. This would be the case with any such single day movements in the Index, even if the Index maintains a level greater than zero at all times.

Leveraged ETF Compounding Risk – Compounding affects all investments but has a more significant impact on a leveraged fund. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a single day to vary from the stated multiplier of the return of the Index. This effect becomes more pronounced as volatility increases.

Leveraged ETF Use of Derivatives – The L-ETF obtains investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the L-ETF to greater risks than investing directly in the reference asset(s) underlying those derivatives. These risks include counterparty risk, liquidity risk and increased correlation risk (each as discussed below). When the L-ETF uses derivatives, there may be imperfect correlation between the value of the reference asset(s) and the derivative, which may prevent the L-ETF from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the L-ETF to losses in excess of those amounts initially invested. The L-ETF may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the L-ETF invests in swaps that use an ETF as the reference asset, the L-ETF may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the L-ETF only used swaps on the Index. Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in the L-ETF’s net assets, the terms of a swap agreement between the L-ETF and its counterparty may permit the counterparty to immediately close out the transaction with the L-ETF. In that event, the L-ETF may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the L-ETF’s investment objective. This, in turn, may prevent the L-ETF from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. Any costs associated with using derivatives will also have the effect of lowering the L-ETF’s return.

Commercial Paper: Commercial paper (“CP”) is, in most cases, an unsecured promissory note that is issued with a maturity of 270 days or less. Being unsecured the risk to the investor is that the issuer may default. There is less risk in asset based commercial paper (ABCP). The difference between ABCP and CP is that instead of being an unsecured promissory note representing an obligation of the issuing company, ABCP is backed by securities. Therefore, the perceived quality of the ABCP depends on the underlying securities.

Real Estate: Real estate is increasingly being used as part of a long-term core strategy due to increased market efficiency and increasing concerns about the future long-term variability of stock and bond returns. In fact, real estate is known for its ability to serve as a portfolio diversifier and inflation hedge. However, the asset class still bears a considerable amount of market risk. Real estate has shown itself to be very cyclical, somewhat mirroring the ups and downs of the overall economy. In addition to employment and demographic changes, real estate is also influenced by changes in interest rates and the credit markets, which affect the demand and supply of capital and thus real estate values. Along with changes in market fundamentals, investors wishing to add real estate as part of their core investment portfolios need to look for property concentrations by area or by property type. Because property returns are directly affected by local market basics, real estate portfolios that are too heavily concentrated in one area or property type can lose their risk mitigation attributes and bear additional risk by being too influenced by local or sector market changes.

Warrants: A warrant is a derivative (security that derives its price from one or more underlying assets) that confers the right, but not the obligation, to buy or sell a security – normally an equity – at a certain price before expiration. The price at which the underlying security can be bought or sold is referred to as the exercise price or strike price. Warrants that confer the right to buy a security are known as call warrants; those that confer the right to sell are known as put warrants. Warrants are in many ways similar to options. The main difference between warrants and options is that warrants are issued and guaranteed by the issuing company, whereas options are traded on an exchange and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Warrants do not pay dividends or come with voting rights.

Alternative Investments Risk: Alternative Investments Risk is the risk associated with investing in alternative investments that are speculative, not suitable for all clients, and are intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Investing in alternative investments includes the following economic risks:

  • Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative investment practices
  • Lack of liquidity in that there is a lack of a secondary market for the investment, and none expected to develop
  • The volatility of returns
  • Restrictions on transferring interests in the investment
  • Potential lack of diversification and resulting in higher risk due to concentration of trading
  • Authority when a single adviser is utilized
  • Absence of information regarding valuations and pricing
  • Delays in tax reporting
  • Less regulation and higher fees than mutual funds, and
  • Risks associated with the operations, personnel, and process of the manager funds investing in alternative investments.

Structured Notes: Structured Notes are complex financial instruments that may offer investors the potential for enhanced returns, but they also carry significant risks. Before investing in structured notes, it is important to carefully consider the risks involved. Below are some of the key risks associated with structured notes:

  • Market Risk: The value of structured notes is often linked to the performance of underlying assets or indices, such as stocks, bonds, or commodities. If the value of these underlying assets decreases, the value of the structured notes may also decrease, which could result in losses for investors.
  • Credit Risk: Structured notes are typically issued by financial institutions, and investors are exposed to the credit risk of these issuers. If the issuer experiences financial difficulties or defaults on its obligations, investors may not receive the returns they expected, and could potentially lose their entire investment.
  • Liquidity Risk: Structured notes may be less liquid than other types of investments, such as stocks or bonds, and may be difficult to sell in certain market conditions. This could make it difficult for investors to access their money when they need it.
  • Complexity Risk: Structured notes are complex financial instruments that may be difficult for investors to understand. The terms and conditions of these notes can be complicated and may include features such as caps, floors, and barriers, which can make it challenging for investors to accurately assess the risks and potential returns.
  • Interest Rate Risk: Many structured notes have fixed terms, which means that investors may be locked into a particular rate of return for a set period of time. If interest rates rise during this period, the returns on the structured notes may be less attractive compared to other investment opportunities.
  • Regulatory Risk: The regulatory environment for structured notes can change over time, which may affect the terms and conditions of these investments. Investors should be aware of the potential impact of regulatory changes on their structured note investments.
  • Counterparty Risk: Structured notes may involve multiple counterparties, including the issuer, the agent, and the custodian. If any of these counterparties experience financial difficulties, investors may be at risk of losing their investment.

Privacy Disclosures

BWI is committed to safeguarding the use of personal information of our Clients (also referred to as “you” and “your”) that we obtain as your Investment Advisor, as described in our Privacy Policy.

BWI does not collect personal non-public information through this website; however, the Advisor may collect information from you on application forms, agreements, profile or investment policy statements, and other documents received or processed in relation to services we provide. We also may collect information from other sources.

We do not respond to “do not track” requests because we do not track you over time or across third party websites to provide targeted advertising. We may track you across our website to help us improve our content.

We may use “cookies” and similar online technologies to keep, and sometimes track, information about you regarding your usage of our website. Cookies are small data files that are sent to your browser or related software from a Web server and stored on your device. Cookies help us to collect information about your usage of our website, including date and time of visits, pages viewed, amount of time spent on our sites, or general information about the device used to access the site, such as the browser used. You can refuse to store or delete cookies by configuring your web browser settings. Most browsers and mobile devices have their own settings to manage cookies. If you refuse a cookie when on our website, or if you delete cookies, you may experience some inconvenience in your use of our website, such as having to re-configure preferences.

When you are on this website you may have the opportunity to click-through to other websites, including websites operated by unaffiliated third parties. These sites may collect nonpublic personal Information about you. We do not control sites operated by these entities and are not responsible for the information practices of these sites. This Privacy Policy does not address the information practices of other websites. The privacy policies of websites operated third parties are located on those sites.

For a copy of BWI’s Privacy Policy, please click here.

Email Disclosures

BWI often communicates with its clients and prospective clients through electronic mail (“email”) and other electronic means. Your privacy and security are very important to us. BWI makes every effort to ensure that email communications do not contain sensitive information. We remind our clients and others not to send BWI private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery.

Please note: BWI does not accept trading or money movement instructions via email.

As a registered investment advisor, BWI emails may be subject to inspection by the Chief Compliance Officer (“CCO”) of BWI or the securities regulators.

If you have received an email from BWI in error, we ask that you contact the sender and destroy the email and its contents.

If you have any questions regarding our email policies, please Contact Us.

Social Websites

BWI may utilize third-party websites, including social media websites, blogs and other interactive content. BWI considers all interactions with clients, prospective clients and the general public on these sites to be advertisements under the securities regulations. As such, BWI generally retains copies of information that BWI or third parties may contribute to such sites. This information is subject to review and inspection by the CCO of BWI or the securities regulators.

Information provided on these sites is for informational and/or educational purposes only and is not, in any way, to be considered investment advice nor a recommendation of any investment product. Advice may only be provided by BWI’s advisory persons after entering into an advisory agreement and provided BWI with all requested background and account information.

If you have any questions regarding our policies, please Contact Us.