This section establishes the principal limitations and risk disclosures applicable to all materials published by Convexa Daily.
1. Research and Informational Purpose
Convexa Daily is a private research publication.
Materials are provided solely for general informational, analytical and research purposes.
Convexa Daily publications are general and non-personalized. They do not take into account any individual reader’s financial condition, investment objectives, experience, tax circumstances, risk tolerance or other personal circumstances.
2. Not Investment Advice
Nothing published by Convexa Daily is intended to constitute:
- personalized investment advice;
- a recommendation to buy, sell, hold or otherwise transact in any security, option or financial instrument;
- a recommendation concerning a specific investment strategy;
- a recommendation concerning position size, portfolio risk or allocation;
- an instruction to replicate actual or hypothetical actions of the Convexa strategy.
Reference to a specific company, index, ETF, option, strike, expiration, economic event or market scenario does not itself constitute a recommendation to transact.
3. No Individual Advisory Relationship
Use of this website, review of its publications or access to strategy results does not create an investment-adviser, broker-client, asset-management, fiduciary or similar relationship between Convexa Daily and the reader.
Convexa Daily does not assess the suitability of any transaction for a particular reader.
4. No Offer or Solicitation
Nothing on this website constitutes:
- an offer to sell a security;
- a solicitation to purchase a security;
- an offer to invest in the Convexa strategy;
- an offer to transfer capital for management;
- an offer to open a managed account;
- an invitation to participate in a fund, partnership, pool or other investment vehicle.
The public performance record is maintained for documentation and research purposes rather than capital solicitation.
5. Risk of Loss
Trading financial instruments involves risk.
Securities, ETFs, options and other instruments may rise or fall in value.
Losses may occur rapidly and may materially exceed ordinary day-to-day market volatility.
Readers should not assume that favorable historical results imply reduced future loss potential.
6. Options Risk
Convexa may use options and other derivative instruments.
Options are complex instruments with potentially nonlinear risk characteristics.
Among other risks:
- option values may change rapidly because of movement in the underlying asset, implied volatility, time to expiration, interest rates and other factors;
- an option buyer may lose the entire premium paid;
- an option seller may incur losses materially exceeding the premium received;
- certain uncovered short positions may involve extremely large, and in some cases theoretically unlimited, risk;
- protective positions and spreads may reduce certain risks but do not eliminate them;
- hedging relationships and correlations may break down during periods of market stress;
- liquidity may deteriorate precisely when adjustment or liquidation is most necessary.
Options are not suitable for all market participants.
7. Leverage and Nonlinearity
Derivatives may create economic exposure substantially greater than the amount of initial capital or premium associated with a position.
A relatively small movement in an underlying asset may result in a disproportionately large change in position value.
Convexa performance should therefore not be evaluated without consideration of the associated risk profile.
8. Past Performance
Past performance does not indicate or guarantee future results.
Positive results over a day, week, month or the full strategy history do not imply that similar results will occur in the future.
The Convexa track record may include only a limited number of market regimes and may not reflect strategy behavior under all possible:
- crises;
- market gaps;
- volatility changes;
- liquidity disruptions;
- interest-rate environments;
- political events;
- regulatory changes;
- technological or operational failures.
A short strategy history inherently limits the statistical significance of conclusions about long-term return and risk.
9. One Actual Portfolio
Published performance reflects the actual results of one private strategy and the corresponding brokerage account.
It does not imply that another account, investor or portfolio would have achieved the same result.
Differences may arise from:
- execution timing;
- liquidity;
- position size;
- commissions;
- margin requirements;
- taxes;
- broker restrictions;
- instrument availability;
- execution prices;
- capital size;
- other circumstances.
10. Comparison With SPY
SPY is used solely as a recognizable market benchmark.
SPY and Convexa have materially different risk structures.
SPY is a broadly diversified equity ETF, while Convexa may use:
- options;
- short positions;
- hedging;
- derivatives;
- materially different exposure to volatility and tail risk.
Outperformance of SPY does not imply that Convexa is safer or superior as an investment.
Likewise, underperformance relative to SPY does not, by itself, provide a complete assessment of strategy quality.
11. Stress Tests and Scenario Analysis
Convexa Daily may publish:
- stress tests;
- market-movement scenarios;
- portfolio-reaction estimates;
- assumptions regarding implied volatility;
- sensitivity analysis;
- conditional event scenarios.
Such materials are analytical models.
They are not actual performance, guarantees or predictions that the modeled scenario will occur.
Real market conditions may differ materially from the assumptions used.
12. Market Forecasts and Analytical Conclusions
Technical Analysis, Fundamental Analysis, Volatility Analysis and the Weekly Risk Map are analytical interpretations of available information.
They necessarily contain professional judgment and may be wrong.
Markets are not required to react to an event in accordance with the published scenario.
Terms such as:
- bullish;
- bearish;
- elevated risk;
- stress;
- repricing;
- critical event;
- potential catalyst;
should be understood as analytical descriptions, not instructions to trade.
13. Forward-Looking Statements
Certain materials may include expectations concerning future:
- market conditions;
- interest rates;
- corporate earnings;
- macroeconomic data;
- volatility;
- prices;
- political or regulatory events.
Such statements are based on information and assumptions available at the time of publication.
Actual events and outcomes may differ materially.
Convexa Daily does not guarantee that any described scenario will occur.
14. Market Data
Convexa Daily uses brokerage, exchange, government, commercial and other third-party data sources.
Despite efforts to use reliable information, such data may:
- contain errors;
- be delayed;
- later be revised;
- differ between providers;
- be adjusted or unadjusted;
- use different time zones or measurement times;
- change after initial publication.
Convexa Daily does not guarantee the absolute accuracy, completeness or timeliness of all market information.
15. Economic Data
Macroeconomic data may be revised after initial publication by government agencies.
Convexa Daily analytical material reflects information available at the relevant time unless expressly stated otherwise.
A subsequent revision does not mean that the original publication was prepared using information that did not yet exist.
16. Third-Party Sources
Convexa Daily may cite or use data from organizations including:
- Interactive Brokers;
- SEC;
- Federal Reserve;
- U.S. Treasury;
- Bureau of Labor Statistics;
- Bureau of Economic Analysis;
- Cboe;
- Nasdaq;
- Reuters;
- other governmental, exchange, brokerage and information sources.
Reference to or use of such data does not imply:
- partnership;
- sponsorship;
- endorsement;
- validation of Convexa Daily conclusions;
- responsibility for Convexa Daily content.
Relevant trademarks remain the property of their respective owners.
17. Interactive Brokers
Interactive Brokers may be used as the broker and as a source of factual account reporting for the strategy.
Publication of Interactive Brokers reports, screenshots or other documents is solely for historical documentation.
Interactive Brokers is not the author of Convexa Daily and, unless expressly stated otherwise, does not sponsor, endorse or validate:
- the Convexa strategy;
- the published methodology;
- analytical conclusions;
- interpretation of results.
18. Positions and Economic Interest
The Convexa strategy may hold long, short, options or other economic positions in instruments, companies, indexes or sectors discussed in the publication.
The strategy may therefore profit or incur losses from price changes in instruments that are also the subject of Convexa Daily analysis.
Positions may change without prior notice and without disclosure of every individual transaction.
Convexa Daily does not represent that the author or strategy will continue to hold a referenced position after publication.
19. No Trading Signals
Even where a publication refers to specific market levels, options, strikes, expirations, scenarios or existing Convexa positions, such information is not intended to be copied by readers as a trading signal.
Actual strategy positions may depend on risk parameters not fully disclosed in the public publication.
20. No Duty to Update
Information reflects conditions at the time of publication.
Convexa Daily may later change its view, market position, risk assessment or scenario analysis.
Unless expressly stated otherwise, Convexa Daily does not undertake to continuously update every previously published analytical view.
21. Errors and Corrections
Despite editorial procedures, publications may contain factual, calculation or technical errors.
Where a material error is identified, Convexa Daily seeks to correct it transparently.
The existence of a corrections process does not guarantee the absence of errors.
22. Independent Reader Decisions
Any investment decision is made independently by the reader and at the reader’s own risk.
Before entering any transaction, readers should independently evaluate:
- financial circumstances;
- investment objectives;
- risk;
- liquidity;
- tax consequences;
- legal consequences;
- characteristics of the relevant instrument.
Where appropriate, readers should consult their own independent licensed financial, legal or tax professionals.
23. No Legal, Tax or Accounting Advice
Convexa Daily does not provide legal, tax or accounting advice through this website.
The legal, tax and accounting consequences of the same transaction may vary materially depending on the circumstances and jurisdiction of the individual reader.
24. Limitation on Reliance
Readers should not rely on Convexa Daily as the sole source of information for an investment decision.
Materials should be considered together with independent research and relevant primary sources.
25. General Principle
Convexa Daily seeks to document performance and the market environment accurately and transparently.
Transparency of historical information does not eliminate investment risk, and analytical depth does not convert research into a prediction of the future.
Use of Convexa Daily materials is based on the reader’s own judgment and responsibility.