EFTA Document EFTA01387049

• Manages a portfolio of short index option spreads (modified iron condors) on the S&P 500 to generate option premium with limited risk: o Market and collateral agnostic. o Maximum potential loss in any given month -5% of notional value (program size). o Conservative ongoing risk management. • Provides daily liquidity with no lock-up and Section 1256 tax efficiency. • Performs best when the equity market is generally range bound or trending at a moderate level (i.e., doesn't care wh