Disclosures & risk factors

Current operating status

Material risk factors

The following risks apply to systematic quantitative strategies broadly, and to Glixi Quant specifically:

• Total loss of capital risk. Quantitative strategies can lose 100% of deployed capital. Leverage amplifies this risk.
• Backtest-to-live degradation. Forward live performance typically falls 14–30% below backtest figures due to slippage, latency, and unmodeled costs. Catastrophic divergence is possible.
• Model risk. Statistical relationships observed historically may break down in future regimes not represented in the training data (e.g., 2008 GFC, 2000 dot-com are absent from the 8-year aligned test window).
• Operational risk. The system depends on continuous IBKR API connectivity, local Mac uptime, network reliability, and successful daily cron execution. Single-point-of-failure on the operator's hardware.
• Concentration risk. Despite the 15% per-block cap, all 16 blocks are correlated through broad-market beta. A systemic crisis affecting all asset classes (e.g., 1987 Black Monday-style) could exceed expected drawdown.
• Counterparty risk. Interactive Brokers Ireland is the broker for EU operations. IBIE is regulated by Central Bank of Ireland and segregates client funds, but counterparty default risk is not zero.
• Liquidity risk. Strategy capacity is estimated at ~$50M before slippage degrades returns. Beyond this AUM, performance erodes materially.
• Regulatory risk. Future EU regulation (e.g., AI Act amendments to algorithmic trading) could constrain or prohibit current methodology.
• Key-person risk. The system is currently maintained by a single operator. Operator unavailability would halt operations.
• Tax risk. Investor tax treatment of any future vehicle is not yet determined and depends on jurisdiction and vehicle structure.

Backtest disclosures

All performance figures on this site are backtest results unless explicitly labeled as live or paper trading. Backtests have inherent limitations:

• Hindsight bias: the universe of 16 strategy blocks was selected from 87,624 backtest configurations. Selection bias is present despite Deflated Sharpe correction and Probability of Backtest Overfitting (PBO) testing.
• Survivor bias in the universe: data sources may exclude delisted instruments.
• Look-ahead protection: walk-forward design prevents look-ahead bias in the optimizer; however, the original block research used full-sample data for parameter selection.
• Transaction costs: modeled at 0.5–1 bps for liquid futures and UCITS ETFs. Real execution may incur higher costs in volatile markets.
• Slippage: backtest uses next-day open assumption for executions. Real execution at IBKR may differ.
• Data window: 2018-06-21 to 2026-05-22 for the 16-block aligned test (8 years). Some individual blocks have longer histories.

Conflicts of interest

None currently apply, as no external capital is managed. Future conflicts that could arise:

• If the operator runs personal capital alongside investor capital in the same strategy, allocation priority must be disclosed.
• If using Darwinex DARWIN distribution, Darwinex risk-management overlay (VaR cap at ~10%) means the DARWIN return profile differs from the underlying operator account.
• The dashboard is publicly hosted; no preferential information access for any prospective investor.

Forward path to authorization

Realistic timeline (subject to many factors outside the operator's control):

Operational due diligence summary

Contact

Aron Chaparro Biase
Founder & Operator, Glixi Quant
Email: aron@glixi.es
Website: glixi.es

Spanish resident. EU jurisdiction. Single-operator project. No employees, no board, no external counsel currently engaged.