What is an ETF?

Exchange traded funds (ETFs) are baskets of stocks, bonds, or other assets that are pooled together into a single entity that investors can buy shares of intra-day on stock exchanges through their brokerage accounts. ETFs are very efficient investment vehicles that provide access to a variety of investments and investment strategies previously inaccessible to many investors.

What is an Option?

An option is a contract that gives the buyer the right to either buy (in the case of a call option) or sell (in the case of a put option) an underlying asset at a pre-determined price by a specific date. Options are a powerful tool for creating a wide array of payoff profiles and can be used on a standalone basis or integrated into a broader portfolio strategy.

What is Convexity?

Convex investment strategies are expected to be highly correlated with the benchmark in typical market environments but diverge to the positive in extreme markets. There are no free lunches though, and convex strategies are expected to lag during quiet markets.