It seems that many of the C star strategies are by the same 2-3 people. A lot of them have 1-2 really big months making 20-30 % and then they just make 1-2% a month. The 1-2 big months give the system a high annual return (40 -50%) and make it look good but the subscribers never see that.
I think one way these systems owners can do that is by starting many systems (maybe in private ) and being really aggressive in the beginning and trying different things in the different systems. Some of these systems will make a big loss and some will make a big profit (since different positions are being tried in each). The loss making systems are shelved and the profit making ones become super conservative in their trades. The investor then subscribes to the “good ones” but never sees the big gains.
Almost none of these future systems are based on any proper concept or algorithm that would indicate that they have an edge over the market. The descriptions of all these systems are also usually blank. Also even if they have low drawdowns, with the huge leverage they are using there is always the tail risk that this could change at any moment.