Legal

Risk Disclosure

Last updated: October 14, 2026

Courtesy translation. This English version is provided for convenience only. In case of any discrepancy, the Spanish version prevails.

Investing in financial markets involves risk and may result in the partial or total loss of capital. This document describes the main risks associated with the strategies we analyze. It is not exhaustive and does not replace reading the contracts and specific documents of any service or product.

1. No guarantee of results

No strategy, model or advisor can guarantee returns or the preservation of capital. Past results, including those from historical tests (backtests) or simulations, are not indicative of future results.

2. Market risk

Prices of stocks, indices, currencies, interest rates and commodities can move sharply and unpredictably due to economic, political or liquidity factors. Losses can occur over short periods and be larger than expected.

3. Derivatives and leverage

Options, futures, contracts for difference (CFDs) and other derivatives can amplify both gains and losses. In some positions, such as selling options or trading on margin, losses can exceed the capital initially committed, and margin calls or forced liquidations may occur.

4. Model risk

Quantitative models rely on assumptions and historical data that may stop holding. Historical tests can be overfitted to past data, omit real costs (commissions, slippage, financing) or fail to reflect extreme conditions. A model that worked in the past may stop working without warning.

5. Liquidity

Under stress, it may be difficult to close positions at the expected price or at the desired time. Protective orders (such as stop-losses) may be executed at prices significantly worse than the level set.

6. Operational and technology risk

Failures of systems, connectivity, data providers or execution platforms, as well as human error, can cause losses or unintended transactions.

7. Counterparty and custody

An intermediary, custodian or counterparty may fail to meet its obligations or face solvency problems. Investor protection schemes vary by country and institution and may not cover all losses.

8. Exchange rate

If you invest in assets denominated in a currency other than your own (for example, U.S. dollars for a peso-based investor), exchange rate movements can increase or reduce your results.

9. Regulatory and tax risk

Changes in laws, regulation or tax rules can affect the viability or tax treatment of a strategy. We recommend consulting your own tax advisor.

10. Suitability

Invest only funds you do not need in the short term and whose loss would not affect your standard of living. If you are unsure whether a strategy is suitable for you, consult an independent advisor before making any decision.