BlackShift
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Disclosures

Last updated: 30 September 2026

1. Important notice

This website is provided by BlackShift Capital (“BlackShift,” “we,” “us” or “our”) for information only. It describes our research program, our GreatEye system and related matters in general terms. It is not personalized investment, legal, tax, accounting or other professional advice.

Nothing on this website constitutes, or should be construed as, (i) an offer to sell or a solicitation of an offer to buy any security, commodity interest, investment product or advisory service; (ii) a recommendation to buy, sell or hold any security or financial instrument; (iii) an offer to enter into any advisory, asset-management, managed-account, pooled-vehicle, signal-licensing or similar relationship; or (iv) a basis for any investment decision. Anyone considering an investment or business relationship should consult their own advisers and conduct their own diligence.

2. Status; no public offering

BlackShift is not presenting this website as a public offering of securities, a public fund, a publicly available managed-account program or a retail investment product. Conversations started through this website are preliminary and informational.

BlackShift may in the future pursue one or more structures permitted by applicable law, which could include an investment-adviser structure, a private fund, separately managed accounts, research or technology licensing, or other arrangements. No assurance is given that any such structure will be pursued or made available. Any future offering would be made only through definitive legal documentation, only to persons legally eligible to receive it, and in compliance with applicable U.S. federal and state securities laws and any applicable non-U.S. laws.

Unless and until expressly stated in definitive legal disclosures, nothing on this website means that BlackShift is registered with the U.S. Securities and Exchange Commission, any state securities authority, the Commodity Futures Trading Commission, FINRA or any non-U.S. regulator. Registration, if ever obtained, would not imply any level of skill, approval or endorsement.

3. No advisory or client relationship

Using this website, submitting a request, exchanging emails with us or receiving preliminary materials does not create an investment-advisory, fiduciary, broker-customer or any other professional relationship. No such relationship exists unless and until the parties sign definitive written agreements and all applicable legal, regulatory, diligence and onboarding requirements are met.

4. Performance information on this website

Performance figures on this website are hypothetical. They come from a walk-forward backtest of GreatEye’s daily ranking documented in the working paper “Thirty years of walk-forward evidence on machine-learned intraday short selling” (BlackShift Research, version 3.0, September 2026), and every figure is computed from frozen, hash-pinned research artifacts. Unless a figure states otherwise:

  • The evaluation covers the sessions from 27 December 1995 to 29 July 2026. In each walk-forward window, models were trained only on data available before the window and scored the sessions that followed.
  • The evaluated model is the point-in-time specification described in the working paper. The daily selections broadcast since September 2026 come from GreatEye’s earlier production model, to which this evaluation does not apply.
  • The strategy sells short, in the opening auction, the five lowest-ranked of the 300 most liquid U.S. securities in the vendor’s archive (every eligible security on sessions before mid-2003, when fewer met the liquidity and price floors), with fixed rank weights, and buys every position back in the closing auction of the same session.
  • Prices are the data vendor’s unadjusted daily opening and closing prices, used as references for the auctions, not observed fills.
  • “After modeled costs” means 4 basis points of slippage per side plus a 2026 broker fee schedule (commissions, auction and clearing fees, and regulatory fees), applied to every trade.
  • “Constant US$1 million” figures size the book at a fixed notional every session and add daily returns. “Compounded” figures reinvest results from a US$25,000 starting account.
  • The growth chart (“compounded within capacity”) starts a hypothetical account with US$1 million on 27 December 1995 and reinvests profits until the short book reaches US$10 million; above that level profits are paid out, and losses are made good from later profits before any further payout. Its value is the book plus cumulative payouts. It applies the daily returns of the constant US$1 million book in proportion to the book’s size, which assumes that fills and costs scale with size; market impact is not modeled. It is computed from the working paper’s frozen daily results and is not itself reported in the paper.
  • The “balanced portfolio” holds half its capital in the GreatEye book and a quarter each in an S&P 500 index fund and gold, rebalanced quarterly.
  • Rank information coefficients, decile returns and placebo comparisons are before costs.
  • The pre-registered test (Sharpe ratio 2.73 against a bar of 0.30) used that test’s registered cost of 4 basis points per side, without a fee schedule, and an earlier gradient-boosted tree implementation of the baseline recipe.
  • Borrowing costs, financing costs, short-sale availability and market impact are not modeled.

The underlying working paper describes the full method, every test and the limitations of each result. It is available to qualified persons on request.

5. Limits of hypothetical, backtested and simulated results

Hypothetical results have inherent limitations and may be materially more favorable than actual results. They do not represent actual trading by an actual account exposed to all contemporaneous market, operational, liquidity, routing, compliance and implementation conditions. Their limitations include, without limitation: the benefit of hindsight in research design; the difficulty of fully accounting for market impact, liquidity, bid-ask dynamics, borrow availability, order routing, rejects, outages and delays; the possibility of overfitting, data-mining, selection or survivorship bias and regime dependence; and cost, fee, financing and tax assumptions that may differ from live conditions.

Past performance, whether hypothetical, simulated or actual, does not guarantee future results. No representation is made that any account will or is likely to achieve results similar to those shown.

6. Live broadcasts

BlackShift broadcasts GreatEye’s daily selections and their market outcomes live on public platforms. The broadcasts show a model’s output for research, education and transparency. The selections currently broadcast come from an earlier production model than the specification evaluated in the working paper; broadcast outcomes are not part of the backtested record. They are not investment recommendations, trading signals for viewers to follow, or an offer of any service. Outcomes shown in broadcasts are model results measured from market prices, not the returns of an investor account, unless expressly stated otherwise. Do not trade on the basis of a broadcast.

7. Eligibility

Any future investment opportunity, if any, may be available only to persons who meet applicable eligibility standards, which, depending on the structure, may include accredited investors, qualified purchasers, qualified clients, institutional counterparties or their equivalents in other jurisdictions. References on this website to investors, allocators, family offices or partners are descriptive and are not an invitation or a determination of eligibility. BlackShift may decline any request and may require verification of status at any time.

8. Risks

Any investment strategy or systematic decision process involves substantial risk, including the possible loss of all capital. Short selling carries additional risks, including theoretically unlimited losses, recall of borrowed shares, borrowing costs and short-sale restrictions. Material risks include, without limitation:

  • Market risk: adverse moves, volatility spikes, dislocations, news shocks and macro events.
  • Model risk: flawed assumptions, decay of predictive relationships and unexpected model behavior.
  • Execution risk: slippage, auction imbalances, fill uncertainty, rejects, outages and routing issues.
  • Data risk: stale, incomplete, inaccurate or revised data, corporate actions and mapping errors.
  • Liquidity and capacity risk: the inability to trade at modeled prices, and weaker results as size grows.
  • Technology risk: software defects, infrastructure failures, cyber incidents and third-party interruptions.
  • Counterparty and regulatory risk: broker, custodian, exchange or vendor failures, and changes in law or market structure.

This list is illustrative, not exhaustive.

9. Statements about systems and processes

Statements on this website about data integrity, reproduction, verification, controls or operational robustness are descriptive. They are not guarantees that errors, losses, outages or model failures cannot occur. “Independent” and “separately written” refer to implementations made separately within BlackShift’s research program; unless expressly stated in writing, no third party has audited the research record, and no SEC examination, financial-statement audit or third-party certification is implied.

10. Forward-looking statements

This website may contain forward-looking statements about plans, structures, research and potential performance. They rest on current beliefs and assumptions that may prove wrong; actual outcomes may differ materially. We undertake no obligation to update them except as required by law.

11. Third parties

References to brokers, data vendors, platforms, exchanges, publications or technologies are descriptive only and imply no affiliation, sponsorship or endorsement. Third-party content and links are not controlled by BlackShift and may change without notice.

12. Intellectual property

Unless otherwise indicated, all content on this website, including text, design, graphics, charts, branding and research descriptions, is owned by or licensed to BlackShift. No part of it may be copied, republished, modified, scraped or used to create derivative works without our prior written consent, except for personal review.

13. Jurisdiction

This website is not directed to any person in any jurisdiction where its publication or use would be contrary to law or would subject BlackShift to any registration or licensing requirement. Persons accessing it from outside the United States are responsible for complying with their local laws.

14. Electronic communications

Internet, form and email communications may not be secure. Please do not send account credentials, confidential documents or sensitive personal data through this website.

15. Limitation of liability

To the fullest extent permitted by law, BlackShift and its owners, managers, employees, contractors, agents and affiliates are not liable for any direct, indirect, incidental, consequential, special or punitive damages arising from access to, use of, inability to use or reliance on this website or its content.

16. Governing law

To the fullest extent permitted by law, the use of this website and any dispute relating to it are governed by the laws of the State of Wyoming, without regard to conflict-of-laws principles, except where superseded by U.S. federal law. Disputes shall be brought exclusively in the state or federal courts located in Wyoming, except where mandatory law requires otherwise.

17. Contact

BlackShift Capital · 30 N Gould St, Sheridan, WY 82801, United States · legal@blackshiftcap.com