Hedging, when cheap enough, creates significant value.

• Ability to carry higher-return/higher risk equity allocations.
• Ability to monetize and generate cash when it is most valuable.

The funds all implement the same Alpha (replication savings) but use it differently.

Equity investments with good return, risk, and correlation characteristics. Does not require any changes in one’s asset allocation or investment process. Standard equity fund allocation, but with additional diversification benefits.

For equity investors searching for attractive:

• return expectations and distribution
• risk and drawdown characteristics
• correlation characteristics
• ease of understanding the alpha

Downside protection with single, optimized payoff function. For investors using hedging in their portfolio construction.

Downside protection with highly customized payoff functions. For large investors with specific hedging needs.