# Rivativ > Systematic options research and model portfolios for experienced and professional investors. Public Ghost content for AI and LLM tooling. This file includes a bounded export of public pages first, then recent public posts. Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`). ## Pages ### Demystifying derivatives URL: https://www.rivativ.ai/about/ Last updated: 2026-07-09T09:40:37.000Z ## Why did you launch Rivativ? Most retail investors have no access to systematic options research. They hold well-diversified ETF portfolios — but stop there, unaware that the same strategies institutional funds use to generate incremental returns have been sitting out of reach for decades. We're changing that. Rivativ is a systematic investment research platform. We publish model portfolios and daily allocations; you decide whether and how to act. --- ## Who is behind Rivativ Rivativ is a Munich-based outfit, headed by [Manuel Nuber](https://www.linkedin.com/in/manuel-c-nuber/?ref=rivativ.ai), [Theo Paraskevopoulos ](https://www.linkedin.com/in/theoparaskevopoulos/?ref=rivativ.ai)and [Jan Hingar](https://www.linkedin.com/in/jan-hingar/?ref=rivativ.ai), a team with extensive experience in options trading, technology, investment management and finance. --- ## What are options and why would I use them? Options are financial contracts that give you the right — but not the obligation — to buy or sell an asset at a set price before a specific date. Institutional investors have used them for decades to generate extra income and protect portfolios against sharp market falls. When you already own an ETF, you can systematically sell options *against* that holding. The market has historically tended to overpay for insurance. That gap has historically been a source of return — though it comes with drawdowns, and periods of loss are part of the strategy. Professionals call it the variance risk premium. Professional desks typically target 1–3% p.a. from overlay strategies on top of standard ETF returns. Over 40 years, that compounds to roughly 3× the wealth of a buy-and-hold strategy. Outcomes vary, and losses are possible. --- ## What are [model portfolios](https://www.rivativ.ai/tag/model-portfolios)? Options are attractive, but can be complex to create and monitor. Each Rivativ model portfolio is a systematic, rules-based strategy targeting a specific slice of the volatility market. Rather than hunches or timing, they follow repeatable logic — the same logic used by professional options desks. You see exactly what positions are taken, why, and when. --- ## What do I get as a [subscriber](https://www.rivativ.ai/plans)? A Rivativ Pro subscription delivers ongoing research access, not just a static strategy guide. Subscribe to get daily asset allocations and a weekly market update. Business users can expect comprehensive documentation and reporting to help upskill their teams and clients. --- ## Can you trade on my behalf? No. Rivativ is a model portfolio service — we do not execute trades on your behalf or hold your assets. You execute allocations directly on your own brokerage account, at your own discretion. --- **Risk warning:* All trading in financial instruments involves risk of loss. Options trading carries additional complexity and can result in losses exceeding your initial outlay. Rivativ's model portfolios are informational materials only. We are not authorised to provide personal investment advice under MiFID II. By following any allocation, you accept full responsibility for your trading decisions. Rivativ accepts no liability for losses arising from the use of this information. Past performance is not a reliable indicator of future results. If you are uncertain whether options trading is suitable for you, consult a qualified financial adviser before proceeding.* ### Price plans URL: https://www.rivativ.ai/plans/ Last updated: 2026-07-09T08:59:02.000Z _No content available._ ### Careers URL: https://www.rivativ.ai/careers/ Last updated: 2026-08-12T07:41:41.000Z ## **Full-stack developer (m/f/d)** **Munich / Remote (European time zone) · Full-time** You'll help build the platform that sits at the intersection of financial markets and AI — from our subscriber-facing model portfolio dashboard to the backend pipelines that keep our strategies live and well-governed. We move fast, we care about the craft, and there's real space to shape how we build. We're looking for solid experience across Node.js and Python, comfort with REST APIs and cloud infrastructure, and a genuine interest in AI and LLM tooling. Experience in fintech or other regulated environments is a plus. --- ## **Quantitative analyst (m/f/d)** **Munich / Remote (European time zone) · Full-time** Options strategies are our product. You'll work directly with our CEO — an ex-head of trading — to develop, backtest and refine the model portfolios at the core of what we sell. If you understand the variance risk premium, can build a term structure model, and know why the Greeks matter, this is a rare opportunity to apply that knowledge at scale to a retail audience for the first time. We're looking for hands-on experience with options pricing and volatility modelling, strong Python skills (NumPy, pandas, scipy), and familiarity with VIX dynamics and SPX strategies. Experience with ML-based signal generation or retail-facing financial products is a bonus. --- ## **Customer success manager (m/f/d)** **Munich / Remote (European time zone) · Full-time** Our subscribers are serious investors — not beginners. They follow markets, have read about options and expect to be treated like adults. You'll be the person who makes sure their experience with Rivativ earns that trust: onboarding, engagement, retention and honest support that builds long-term relationships. On the B2B side, you'll help asset and wealth manager partners get value from our model portfolios from day one. We're looking for a financial services background, working knowledge of options and derivatives, fluency in both German and English, and experience managing B2B client relationships. Prior experience in fintech or with high-value retail clients is a strong advantage. --- ### To apply for all positions, please [connect on LinkedIn](https://www.linkedin.com/company/rivativ/?ref=rivativ.ai). ### Privacy URL: https://www.rivativ.ai/privacy/ Last updated: 2026-06-02T08:35:49.000Z Last updated: May 2026 --- ## 1\. Who We Are Rivativ, as referenced in the [Imprint](https://www.rivativ.ai/imprint/) ("Rivativ", "we", "us", or "our") operates the website at rivativ.ai and associated services. We are the data controller responsible for your personal data. --- ## 2\. What Data We Collect ### Data you provide directly - Name and email address (newsletter signup, account registration, contact forms) - Professional details (B2B enquiries, partner applications) - Payment information (processed securely by our payment provider; we do not store card data) ### Data collected automatically - Browser type, device type, operating system - Pages visited, time on site, referral source - IP address (anonymised where possible) - Cookie identifiers and session data --- ## 3\. How We Use Your Data We process your data on the following legal bases under GDPR: | Purpose | Legal Basis | | ----------------------------------------------------- | ---------------------------------- | | Delivering our newsletter and model portfolio updates | Consent (Art. 6(1)(a)) | | Fulfilling subscription and service agreements | Contract (Art. 6(1)(b)) | | Analytics and product improvement | Legitimate interest (Art. 6(1)(f)) | | Legal and regulatory compliance | Legal obligation (Art. 6(1)(c)) | | B2B partner onboarding and communications | Contract / Legitimate interest | --- ## 4\. Analytics We use third-party analytics tools to understand how visitors use our website. These tools may collect usage data including pages viewed, session duration, and user journeys. Analytics data is aggregated and used solely to improve our services. You can opt out of analytics tracking at any time via our cookie consent manager. --- ## 5\. Sharing Your Data We do not sell your personal data. We may share data with: - **Trusted service providers** — analytics, email delivery, payment processing, cloud infrastructure — who process data on our behalf under binding data processing agreements - **Trusted affiliates and partners** — where relevant to delivering services you have requested, and only to the extent necessary - **Regulatory authorities** — where required by applicable law, including BaFin and relevant EU financial regulators - **Prospective acquirers** — in the event of a merger or acquisition, subject to equivalent confidentiality protections All third parties are required to handle your data in accordance with GDPR and applicable data protection law. --- ## 6\. International Transfers Where data is transferred outside the European Economic Area, we ensure appropriate safeguards are in place, including Standard Contractual Clauses (SCCs) approved by the European Commission. --- ## 7\. Cookies We use cookies for essential site functionality, analytics, and personalisation. A full list of cookies in use is available in our Cookie Policy, accessible via the cookie consent banner on your first visit. You may withdraw consent for non-essential cookies at any time without affecting your use of the site. --- ## 8\. How Long We Keep Your Data - **Newsletter and marketing data** — until you unsubscribe or withdraw consent - **Account and subscription data** — for the duration of the relationship, plus 6 years for tax and legal compliance purposes - **Analytics data** — up to 26 months, in line with standard analytics retention periods - **Contact form enquiries** — up to 2 years unless a commercial relationship follows --- ## 9\. Your Rights Under GDPR, you have the right to: - **Access** the personal data we hold about you - **Rectify** inaccurate or incomplete data - **Erase** your data ("right to be forgotten"), subject to legal obligations - **Restrict** or **object** to processing in certain circumstances - **Port** your data to another provider in a machine-readable format - **Withdraw consent** at any time, without affecting prior lawful processing To exercise any of these rights, contact us at **jan@rivativ.ai**. We will respond within 30 days. You also have the right to lodge a complaint with your national supervisory authority. In Germany, this is the **Bundesbeauftragter für den Datenschutz und die Informationsfreiheit (BfDI)** or your relevant state authority. --- ## 10\. Terms of Service Use of Rivativ's subscription services, model portfolios, and AI tools is governed by our [Terms of Service](https://www.rivativ.ai/terms), which apply from the point of subscription or customer onboarding. By creating an account or subscribing to any Rivativ product, you agree to those terms. --- ## 11\. Third-Party Links Our website may contain links to third-party sites, including broker platforms and financial data providers. We are not responsible for the privacy practices of those sites and encourage you to review their policies independently. --- ## 12\. Changes to This Policy We may update this Privacy Policy periodically. Where changes are material, we will notify registered users by email. The "Last updated" date at the top of this page reflects the most recent revision. Continued use of our site following an update constitutes acceptance of the revised policy. --- ## 13\. Contact For any privacy-related queries: **Rivativ GmbH** [info@rivativ.ai](mailto:info@rivativ.ai) ### Terms URL: https://www.rivativ.ai/terms/ Last updated: 2026-06-02T08:36:58.000Z **Last updated: May 2026** --- ## 1\. About These Terms These Terms of Service ("Terms") govern your access to and use of the website at rivativ.ai and all associated products and services operated by Rivativ, as referenced in the [Imprint](https://www.rivativ.ai/imprint/) ("Rivativ", "we", "us", "our"), including model portfolios, market updates and other information (collectively, "the Services"). By creating an account, subscribing to any plan, or using the Services in any capacity, you agree to be bound by these Terms. If you do not agree, you must not use the Services. These Terms should be read alongside our [Privacy Policy](https://www.rivativ.ai/privacy) and, where applicable, any separate agreement entered into as part of a B2B onboarding process. --- ## 2\. Eligibility To use the Services, you must: - Be at least 18 years of age - Be resident in a jurisdiction where access to our Services is lawful - Have the legal capacity to enter into a binding agreement - Not be subject to any sanctions or regulatory restrictions that would prohibit use of financial services By using the Services, you represent and warrant that you meet these requirements. Rivativ reserves the right to suspend or terminate access if eligibility conditions are not met or are misrepresented. --- ## 3\. The Services ### 3.1 Rivativ for Individuals A subscription-based service providing access to model options portfolios, weekly strategy allocations, and an AI market explainer. Subscribers receive research and strategy content for informational purposes. Execution of any strategy takes place independently on third-party broker platforms chosen by the subscriber. ### 3.2 Rivativ for Business A licensing and white-label service for regulated asset managers and independent financial advisers. Access is subject to a separate commercial agreement. These Terms apply in addition to, and do not supersede, that agreement. --- ## 4\. Not Financial Advice **Rivativ is not a licensed investment adviser.** The content, model portfolios, strategy allocations, and AI outputs provided through the Services are for **informational and educational purposes only**. Nothing on rivativ.ai or delivered through our Services constitutes: - A personal recommendation to buy, sell, or hold any financial instrument - Investment advice within the meaning of MiFID II or applicable national law - An offer or solicitation to enter into any investment transaction Options and derivatives are complex instruments. Trading them carries a high degree of risk, including the potential loss of your entire investment. Past performance of any strategy or model portfolio does not guarantee future results. You are solely responsible for all investment decisions you make. Rivativ strongly recommends that you seek independent financial advice before acting on any information obtained through the Services. --- ## 5\. Subscriptions and Billing ### 5.1 Plans and Pricing Current pricing for each plan is set out on our [pricing page](https://www.rivativ.ai/pricing). Prices are stated in euros and exclude VAT where applicable. ### 5.2 Billing Subscriptions are billed monthly or annually in advance, depending on the plan selected at checkout. By subscribing, you authorise Rivativ to charge your nominated payment method on a recurring basis. ### 5.3 Free Trials Where a free trial is offered, access to paid features will begin automatically at the end of the trial period unless you cancel before the trial expires. You will be notified of the trial end date at signup. ### 5.4 Price Changes We may change subscription prices with at least 30 days' written notice. Continued use of the Services after the effective date constitutes acceptance of the new pricing. ### 5.5 Taxes You are responsible for any applicable taxes, levies, or duties imposed by your jurisdiction in connection with your use of the Services. --- ## 6\. Cancellation and Refunds ### 6.1 Cancellation by You You may cancel your subscription at any time via your account settings or by contacting us at jan@rivativ.ai. Cancellation takes effect at the end of the current billing period. You will retain access to the Services until that date. ### 6.2 Refunds Subscription fees are non-refundable except where required by applicable consumer protection law. If you believe you are entitled to a refund under applicable law, please contact us within 14 days of the charge. ### 6.3 Cancellation by Rivativ We reserve the right to suspend or terminate your subscription if you breach these Terms, fail to pay, or if we reasonably suspect fraudulent activity. Where we terminate without cause, we will provide a pro-rata refund for any unused portion of a prepaid period. --- ## 7\. Acceptable Use You agree not to: - Use the Services for any unlawful purpose or in violation of applicable financial regulation - Reproduce, resell, or redistribute model portfolios or strategy content without prior written consent - Attempt to reverse-engineer, scrape, or extract proprietary data or algorithms from the Services - Share account credentials or allow third parties to access your account - Use the Services to manipulate markets or engage in any form of market abuse - Upload or transmit malicious code, viruses, or any material intended to disrupt the Services - Impersonate Rivativ or any of its employees, partners, or affiliates Rivativ reserves the right to investigate suspected violations and to suspend or terminate access without notice where a serious breach is identified. --- ## 8\. Intellectual Property All content, software, model portfolios, strategy methodologies, AI models, trademarks, and branding associated with Rivativ and the Services are the exclusive property of Rivativ GmbH or its licensors and are protected by applicable intellectual property law. Your subscription grants you a limited, non-exclusive, non-transferable licence to access and use the Services for your own personal or internal business purposes. No other rights are granted. You may not copy, distribute, publish, or create derivative works from any part of the Services without our express written consent. --- ## 9\. Third-Party Platforms and Services The Services may contain links to, or integrations with, third-party broker platforms, data providers, or financial infrastructure partners. Rivativ is not responsible for the availability, accuracy, or conduct of any third-party service. Your use of third-party platforms is governed by their own terms and you should review these independently before connecting your account or executing trades. --- ## 10\. Limitation of Liability To the fullest extent permitted by applicable law: - Rivativ shall not be liable for any investment losses, trading losses, or financial harm arising from your use of or reliance on the Services - Our total aggregate liability to you for any claim arising under these Terms shall not exceed the total fees paid by you to Rivativ in the three months preceding the claim - Rivativ shall not be liable for indirect, incidental, special, consequential, or punitive damages of any kind Nothing in these Terms excludes or limits liability for death or personal injury caused by negligence, fraud, or any other liability that cannot be excluded by law. --- ## 11\. Indemnification You agree to indemnify, defend, and hold harmless Rivativ GmbH and its founders, employees, and partners from any claims, losses, damages, or expenses (including reasonable legal fees) arising from your use of the Services, your breach of these Terms, or your violation of any applicable law or third-party right. --- ## 12\. Disclaimers The Services are provided on an "as is" and "as available" basis. Rivativ makes no warranty, express or implied, that: - The Services will be uninterrupted, error-free, or secure - Model portfolios or strategy outputs will achieve any particular return or outcome - Information provided is complete, accurate, or up to date at the time of access We reserve the right to modify, suspend, or discontinue any part of the Services at any time with reasonable notice. --- ## 13\. Governing Law and Disputes These Terms are governed by the laws of the Federal Republic of Germany. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Germany, without prejudice to any mandatory consumer protection rights you may hold under the law of your country of residence. If you have a complaint, please contact us first at jan@rivativ.ai. We will make every reasonable effort to resolve disputes informally before any formal proceedings are initiated. --- ## 14\. Changes to These Terms We may update these Terms from time to time to reflect changes in our Services, pricing, or applicable law. Where changes are material, we will notify registered users by email at least 14 days before the changes take effect. Continued use of the Services after the effective date constitutes acceptance of the revised Terms. The current version of these Terms is always available at rivativ.ai/terms. --- ## 15\. Severability and Entire Agreement If any provision of these Terms is found to be unenforceable, the remaining provisions will continue in full force. These Terms, together with the Privacy Policy and any applicable commercial agreement, constitute the entire agreement between you and Rivativ in respect of the Services. --- ## 16\. Contact For questions about these Terms: **Rivativ GmbH** [info@rivativ.ai](mailto:info@rivativ.ai) ### Important Information & Disclaimer URL: https://www.rivativ.ai/disclaimer/ Last updated: 2026-08-26T14:12:25.000Z **Last updated: June 2026** ### Who we are Rivativ, as referenced in the [Imprint](https://www.rivativ.ai/imprint/) ("Rivativ", "we", "us"), operates rivativ.ai, a financial content and model portfolio platform. We are not a licensed investment adviser, portfolio manager, or regulated financial institution. We are not authorised to provide personalised investment advice under MiFID II or any equivalent regulation. --- ### What our content is — and is not All content published by Rivativ — including newsletters, articles, social media posts, podcast episodes, and model portfolio allocations — represents the personal views and analysis of the Rivativ team at the time of publication. It is produced for **informational and educational purposes only**. Nothing on this platform constitutes: - **Financial advice** of any kind - A **personal recommendation** tailored to your financial situation, objectives, or risk tolerance - An **offer or solicitation** to buy or sell any financial instrument - A **guarantee** of any particular outcome or return --- ### Model portfolios Our model portfolios are illustrative strategy frameworks. They are not managed accounts, discretionary mandates, or investment products. They are not personalised to your circumstances, portfolio size, tax position, or risk profile. Allocations are published as an expression of our market views and should not be treated as instructions to trade. Manuel Nuber, CEO of Rivativ, was responsible for strategy research and model portfolio design. --- ### Conflict of interest Rivativ, including its management and shareholders, may be subject to conflicts of interest. They may, invest in or hold positions in the same or similar strategies, securities, or financial instruments as those referenced in our content or model portfolios. As a result, their financial interests may be different from, or potentially conflict with, those of users. --- ### Options are high-risk instruments Options are complex derivative instruments. They are **not suitable for all investors**. Trading options can result in the **total loss of your invested capital** and, in certain circumstances involving uncovered positions, losses may **exceed your initial investment**. Before trading options, you should ensure you fully understand how they work, the specific risks involved, and whether they are appropriate for your financial situation. --- ### Past performance Any performance data, backtests, or historical examples referenced on this platform are provided for illustrative purposes only. **Past performance is not a reliable indicator of future results.** Markets fluctuate. Strategies that have performed well historically may perform poorly in future market conditions. --- ### Your responsibility Any decision to trade or invest based on content published by Rivativ is made **entirely at your own risk**. We strongly encourage you to: - **Take no action** if you are uncertain about any content or strategy - **Seek independent financial advice** from a qualified and regulated professional before making any investment decision - Ensure you understand your own risk tolerance and financial circumstances before using derivatives --- ### No liability To the fullest extent permitted by applicable law, Rivativ accepts no liability for any loss or damage — direct, indirect, or consequential — arising from reliance on content published on this platform. ### Capital at risk. Options trading involves a high risk of loss. This platform is not a substitute for professional financial advice. ### Imprint URL: https://www.rivativ.ai/imprint/ Last updated: 2026-08-26T14:15:50.000Z Information pursuant to Section 5 of the German Data Protection Act (DDG): **Rivativ GmbH** Bacherner Straße 4a 85247 Schwabhausen **District court:** Munich **Registration number:** HRB 315565 **Managing Directors:** Manuel Nuber, Theo Paraskevopoulos, Jan Hingar ### Contact Telephone: +49 157 56408824 Email: info@rivativ.ai Responsible for the content pursuant to Section 18(2) MStV: Rivativ GmbH Bacherner Straße 4a 85247 Schwabhausen Consumer dispute resolution/universal arbitration board: We are neither willing nor obliged to participate in dispute resolution proceedings before a consumer arbitration board. --- Angaben gemäß § 5 DDG: **Rivativ GmbH** Bacherner Straße 4a 85247 Schwabhausen **Registergericht:** Amtsgericht München **HRB:** 315565 **Geschäftsführer:** Manuel Nuber, Theo Paraskevopoulos, Jan Hingar ### Kontakt Telefon: +49 157 56408824 E-Mail: info@rivativ.ai Verantwortlich für den Inhalt nach § 18 Abs. 2 MStV: Rivativ GmbH Bacherner Straße 4a 85247 Schwabhausen Verbraucherstreitbeilegung/Universalschlichtungsstelle: Wir sind nicht bereit oder verpflichtet, an Streitbeilegungsverfahren vor einer Verbraucherschlichtungsstelle teilzunehmen ### Precision-engineered portfolios. URL: https://www.rivativ.ai/business/ Last updated: 2026-07-09T09:18:22.000Z _No content available._ ### Common strategy specification URL: https://www.rivativ.ai/common-strategy-specification/ Last updated: 2026-07-13T14:26:21.000Z ### Instruments and venue All strategies trade exchange-listed, cash-settled, European-style index options on Cboe: Mini-SPX (XSP) options, which reference the S&P 500 at one-tenth of the standard SPX notional, and VIX (Cboe Volatility Index) options. No over-the-counter instruments are used. Strategies 1–3 are operated as overlays on a core long S&P 500 position; Strategy 4 is standalone. ### Evaluation cadence and data The book is evaluated once per trading day from market data. Signals, sizing, entries, and exits are determined on that daily cycle (Strategy 4 additionally settles intraday — see below). ### Execution assumptions Trades are modelled at prevailing market quotes with transaction costs and fees included, using a deliberately conservative convention (sales at the bid, purchases at the ask). The model evaluates once daily; live runs are struck around the market open. It assumes normally functioning liquid-listed markets. Because clients execute independently, their fills, timing, and costs will differ from the model and may not be achievable in stressed or illiquid conditions. Individual trade failures are skipped rather than forced. ### Position sizing — VaR engine (Strategies 1–3) Sizes are risk-budgeted, not fixed. Each prospective structure is sized so that its modelled loss under a forward-looking adverse scenario equals a pre-set stress-loss budget (a small, fixed fraction of NAV). The per-unit stress loss is the worse of two historical-simulation Value-at-Risk scenarios — (i) S&P 500 down with VIX up, and (ii) S&P 500 up with VIX down — estimated at roughly 99% confidence over a 1-day horizon on a multi-year (\~3-year) lookback, and applied to each leg through its delta, gamma, and vega. Sizing is on a net-risk basis: long/hedge legs are credited against short-risk legs. The result is then reduced as VIX rises and clamped between a floor of one unit and a hard, NAV-scaled cap, so exposure scales up as NAV compounds and down as risk rises, always within fixed limits. If the VaR input is unavailable, the engine falls back to conservative flat shock assumptions so the book is never sized on missing data. ### Position sizing — Strategy 4 Does not use the VaR engine. It trades a fixed number of straddles proportional to NAV, holding nominal risk roughly constant as the book compounds. ### Greeks Portfolio Greeks (beta-weighted delta and gamma, time-weighted vega, theta, and theta- and delta-to-NAV ratios) are computed and reported daily for monitoring. They are not run to fixed targets or tolerance bands. The binding pre-trade risk control is the VaR stress-loss budget (Strategies 1–3) or the fixed NAV-proportional size (Strategy 4); Greeks are an oversight lens, not a control input. ### Defensive Premium Harvest URL: https://www.rivativ.ai/strategy-specification-defensive/ Last updated: 2026-07-13T17:39:14.000Z **Investment objective.** Enhance the yield and reduce the drawdown of a core S&P 500 holding by systematically harvesting the equity/variance risk premium through short index puts, while carrying a standing long-volatility hedge against left-tail events. Target: a better risk-adjusted outcome than buy-and-hold or a standard buy-write. **Instruments / venue.** Short S&P 500 (XSP) puts for income; long VIX calls as a convex hedge. Listed, cash-settled, European-style; not OTC. Run as an overlay. **Expiry selection.** Puts in a medium-dated tenor; the VIX-call hedge longer-dated, so it persists across multiple income cycles. Positions are exited as expiry approaches. **Strike selection.** Puts low-delta out-of-the-money, balancing premium against assignment risk; VIX calls low-delta OTM. The hedge quantity is set as a fixed fraction of the put premium, so protection scales with the income written. **Position sizing.** VaR engine (see Common Framework), with the long VIX-call hedge netted into the budget, so the position reflects true combined net risk rather than gross short-put notional. **Rebalancing triggers.** Calendar: a new tranche on a periodic, rules-based schedule, with a volatility-based entry refinement that can bring an entry forward within the window. Event-based: early exit as expiry approaches; a long-horizon moving-average trend filter flattens both the put and the hedge legs when the index breaks below trend and gates new entries while it remains below trend. **Greeks / execution.** Per Common Framework. ### Backtest methodology (Sample period: 2023-03-08 – 2026-06-30; hypothetical) - **Average outperformance vs benchmark (S&P 500):** \+ 0.38 % per month, + 1.11 % per quarter, + 3.67 % per year - **Average time in trade (holding duration):** 38.9 days - **Average trade frequency:** 2.93 per week, 12.75 per month ### Backtest methodology URL: https://www.rivativ.ai/backtest-methodology/ Last updated: 2026-07-13T14:27:48.000Z Reported backtest figures are derived from a daily historical simulation of each strategy over its stated sample period, using historical market data for the instruments traded. Each simulated trading day applies the same signal, sizing, entry, and exit logic used in live operation. Trades are simulated at historical quotes with a **conservative fill convention** — sales filled at the bid and purchases at the ask — and with transaction costs and exchange/contract fees deducted on every leg; NAV is struck at the close. Position sizes are generated by the same Value-at-Risk-based engine (Strategies 1–3) or fixed NAV-proportional rule (Strategy 4) described above, so simulated exposure scales with the modelled book exactly as it would live. The simulation does **not** model real-world frictions that affect live results, including market impact and partial or missed fills, intraday liquidity gaps, quote staleness or data errors, borrowing/financing effects, and the divergence that arises because a client executes independently of the model. Backtested results are hypothetical: they are produced with the benefit of hindsight, do not represent actual trading, and do not reflect the effect of material market or economic factors on real decisions. Past or simulated performance is not a reliable indicator of future results, and live results will differ — potentially materially — from any figure shown here. All figures below are stated gross of any management or performance fees charged by a distributing firm. ### Suitability framework URL: https://www.rivativ.ai/suitability-framework/ Last updated: 2026-07-13T14:28:10.000Z ### Status and purpose of this framework Rivativ provides research and model portfolios on a non-advisory basis and does not assess suitability or appropriateness for any client or end-investor. This framework is provided only to assist the recipient firm in designing and operating its own assessment process. It is not legal advice, not a substitute for the recipient's own obligations, and not exhaustive. The recipient is solely responsible for determining which assessment obligations apply to it under the law and regulation governing its activities and its clients, and for applying them. The criteria set out below are examples of the factors a recipient would typically consider; where any additional or different criteria apply under applicable law (including national transpositions of MiFID II and any local rules of the recipient's or the end-investor's jurisdiction), the recipient must apply those as well. A note on the applicable test: Rivativ's offering is non-advised. Where the recipient or its client uses the research on a purely non-advised, execution-only basis, the relevant MiFID II test may be appropriateness (knowledge and experience only). Where the recipient provides investment advice or portfolio management to its own clients, the fuller suitability test applies. This framework is written around the fuller suitability test so that it also covers the lighter case; the recipient must apply whichever test the law requires for its specific service model. ### Manufacturer's target market (MiFID II product governance) For the purposes of MiFID II product-governance expectations (and the equivalent provisions of the German Wertpapierhandelsgesetz, "WpHG"), Rivativ identifies the following target market for its strategies. The recipient, acting as distributor, must form and document its own target-market assessment and may not rely on Rivativ's. ### Positive target market — the strategies are intended for: - **Client type:** professional clients and eligible counterparties (per se or elective) as defined under MiFID II / WpHG. The strategies are not manufactured for the general retail market. - **Knowledge and experience:** investors with proven knowledge and practical experience of derivatives, in particular listed options on equity indices and volatility products, and of leveraged, short-option and short-volatility strategies. - **Financial situation and ability to bear losses:** investors able to bear losses up to and, for the uncovered/net-short strategies, in excess of the capital allocated, without that loss materially impairing their overall financial position. - **Risk tolerance and objectives:** investors with a high risk tolerance pursuing return-generation or volatility-premium objectives, who understand and accept negatively skewed and potentially open-ended loss profiles. - **Investment horizon:** investors for whom an exposure that may require active management, margin maintenance, and tolerance of sharp drawdowns is consistent with their objectives. ### Negative target market — the strategies are not intended for: - Retail clients without substantial, demonstrable derivatives knowledge and experience; - Investors seeking capital protection, guaranteed returns, or income with low risk; - Investors unable or unwilling to bear a total loss of capital, or losses exceeding capital on the uncovered/net-short strategies; - Investors with a low or medium risk tolerance, or a short loss-bearing horizon; - Investors who cannot meet margin obligations or actively monitor and manage open positions. The recipient remains responsible for defining the distribution strategy and for ensuring the product reaches only clients within an appropriate target market under the rules applicable to it. ### Recipient (distributor) responsibility If the recipient determines — at its own discretion and on its own legal responsibility — to make the strategies available to clients outside Rivativ's stated professional/ECP target market (for example to retail clients via a white-label arrangement), the recipient is solely responsible for establishing that this is lawful and appropriate, for applying the correct (and stricter) retail protections, suitability/appropriateness tests, disclosures, and product-governance steps, and for any consequences of doing so. Rivativ does not authorise, assess, or assume responsibility for such distribution. ### Suitability assessment criteria The recipient should assess at least the following in respect of each client, applying any further criteria required by applicable law. **Knowledge.** Whether the client understands: how listed index and volatility options work; the meaning and consequences of writing (selling) options; leverage, margin, and assignment; the mechanics of the specific strategy (e.g. net-short ratio structures, calendar spreads, 0DTE exposure); and that risk-limiting features do not prevent severe or, in some cases, unlimited loss. **Experience.** The client's prior dealing in derivatives — instrument types, volume, frequency, and the period over which the client has traded them — and whether that experience is relevant to short-option and short-volatility strategies specifically, not merely to options in general. **Financial situation and capacity for loss.** The client's income, assets (liquid and total), and existing liabilities; the proportion of the client's portfolio that would be exposed; and the client's ability to absorb losses up to total capital, and beyond capital for uncovered/net-short positions, without material detriment. As a matter of prudent practice, exposure to a single strategy of this risk class would typically be limited to a small percentage of the client's overall investable assets; Rivativ does not set this figure, and the recipient must determine an appropriate limit. **Investment objectives.** Whether the client's objectives, return expectations, and intended holding period are consistent with a high-risk, actively managed derivatives strategy that can experience sudden and severe drawdowns. **Risk tolerance.** Whether the client's stated and demonstrated tolerance for risk genuinely matches the strategy's risk-reward profile — including frequent small gains punctuated by occasional large losses, and (for the net-short strategies) unbounded loss potential. ### Client classification thresholds Unlike the suitability factors above — for which EU/German law sets the criteria but no fixed numbers — client classification under MiFID II / §67 WpHG does use defined thresholds, which the recipient applies when categorising a client: - Per se professional ("large undertaking"): an undertaking qualifies if it meets at least two of three size criteria — a balance sheet total of EUR 20 000 000, net turnover of EUR 40 000 000, or own funds of EUR 2 000 000. - Elective professional (client treated as professional on request): at least two of three criteria must be met — the client has carried out transactions of significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters; the client's financial instrument portfolio, including cash deposits, exceeds EUR 500 000; or the client has worked in the financial sector for at least one year in a professional position requiring knowledge of the transactions or services envisaged. - The recipient must also follow the prescribed procedure for an elective professional waiver: the client must request professional treatment in writing, the firm must give a clear written warning of the protections that may be lost, and the client must confirm in writing, in a separate document, that it understands the consequences. - Even where a client meets these thresholds, such clients are not presumed to have market knowledge and experience comparable to per se professionals, and the firm must still satisfy itself that the client is capable of making its own investment decisions and understanding the risks involved. ### Ongoing assessment and records The recipient should reassess classification and suitability where circumstances change, should keep clients' categorisation current, and should maintain adequate written records of its assessments and of the target-market determination, as required under applicable law. ### Risk disclosure statement URL: https://www.rivativ.ai/risk-disclosure-statement/ Last updated: 2026-07-13T14:28:38.000Z ### 1\. Purpose and scope This Risk Disclosure Statement accompanies the Rivativ product information for each strategy and forms part of the materials provided to professional clients and to firms that license Rivativ research for onward distribution ("you", "the recipient"). It describes the principal risks associated with the Rivativ options strategies in general (Section 3) and the additional risks specific to each individual strategy (Section 4). It is not exhaustive. It does not describe every risk that may arise, and the risks described may combine or interact in ways that amplify losses. ### 2\. Nature of the relationship Rivativ provides research, strategy frameworks, and model portfolios only. Rivativ does not manage client capital, does not execute trades, does not hold client assets, and does not provide personalised investment advice. All trading decisions and all execution are made by the recipient or its clients, on their own account and at their own risk. Model portfolios are illustrative expressions of Rivativ's views. They are not personalised to any recipient's or end-investor's financial situation, objectives, portfolio size, tax position, or risk tolerance, and they are not instructions or recommendations to trade. Recipient responsibility. Rivativ is established in Germany; the strategies primarily reference US-listed instruments (S&P 500 index options, VIX options). It is the recipient's sole responsibility to determine, under the laws and regulations applicable to it and to any end-investor it serves, (a) whether these strategies and instruments are appropriate and suitable, (b) whether the recipient is permitted to use or distribute them, and (c) to which categories of client they may lawfully be offered. The recipient is responsible for its own client classification, suitability/appropriateness assessments, and regulatory disclosures. ### 3\. General risks applicable to all strategies Options are complex, high-risk instruments. They are not suitable for all investors. Trading options can result in the total loss of invested capital. For uncovered or short option positions, losses can substantially exceed the amount initially invested or the premium received. - **Market and directional risk.** Adverse movements in the S&P 500 or related instruments can cause significant losses, including rapidly and within a single session. - **Volatility risk.** Changes in implied volatility can produce losses. - Leverage and margin risk. Options provide leverage. Positions may require margin; adverse moves can trigger margin calls and the forced liquidation of positions at unfavourable prices, potentially crystallising losses greater than the capital allocated. - **Tail and gap risk.** Markets can gap sharply between sessions or move violently intraday on news or macro events. Risk-limiting features (hedges, defined-risk structures, trend filters, position limits) may fail to engage in time, may not perform as modelled, and do not eliminate the risk of severe loss in extreme conditions ("black swan" events). - **Liquidity risk.** In stressed markets, bid-ask spreads widen, certain strikes or tenors become illiquid, and it may be impossible to enter, adjust, or exit positions at or near modelled prices. - **Assignment and early-exercise risk.** Short option positions may be assigned, including early, requiring delivery or cash settlement at inopportune times. - **Execution and slippage risk.** Because you execute independently, your fills, timing, and costs will differ from those assumed in the model. Slippage, latency, and partial fills can materially reduce or eliminate the modelled edge. - **Tracking / divergence risk.** Your realised results will differ — potentially significantly — from the published model portfolio, due to differences in execution timing, position sizing, available capital, costs, and market conditions at the moment you act. - **Model and methodology risk.** The strategies rely on quantitative assumptions (for example, the persistence of the volatility risk premium, term-structure behaviour, and correlation relationships) that may weaken, disappear, or reverse. Edges identified historically may not persist; market regimes change. - **Risk-model limitations.** Value-at-Risk and similar measures are statistical estimates based on historical data and assumptions. They can be exceeded, particularly during discontinuous moves; "hard limits" do not guarantee that losses stay within budget. - **Currency risk.** Recipients and end-investors operating in EUR, GBP, or other currencies bear exchange-rate risk on USD-denominated instruments. - **Concentration and correlation risk.** The strategies are concentrated in S&P 500 / US volatility exposures. Assumed diversification or hedging relationships can break down precisely when protection is most needed. - **Interest-rate risk.** Changes in interest rates affect option pricing and financing costs. - **Counterparty and clearing risk.** Exposure exists to brokers, clearing houses, and other counterparties involved in execution and settlement. - **Hypothetical and past performance.** Any backtested, simulated, or historical figures are illustrative only and subject to inherent limitations (including hindsight and the absence of real execution). Past performance is not a reliable indicator of future results. - **Conflicts of interest.** Rivativ, its management, and its shareholders may hold or trade positions in the same or similar strategies and instruments referenced in the research, and their interests may differ from or conflict with yours. - **No guarantee; no liability.** Rivativ gives no guarantee of any outcome or return. To the fullest extent permitted by applicable law, Rivativ accepts no liability for any loss or damage — direct, indirect, or consequential — arising from use of or reliance on its research or model portfolios. ### Operational, business-continuity and service-availability risks: Delivery of Rivativ research and model portfolios depends on Rivativ as a business and on a chain of technology and third-party providers. Any disruption to that chain can mean that signals or updated portfolios are delayed, incomplete, incorrect, or not delivered at all — leaving positions un-rebalanced, un-rolled, or unhedged at times when timely action would have mattered. Specific risks include: - **Discontinuation of the service.** Rivativ may cease to provide research and model portfolios at any time, including permanently — for example if Rivativ ceases trading, becomes insolvent, is wound up, or otherwise no longer exists. In that event no further updates, signals, rolls, or adjustments will be issued, and any open positions held by you or your end-investors will be left without ongoing strategy support. You should not assume the service will remain available, and you should maintain your own plan for managing or unwinding positions if it stops. - **Service interruption / inability to deliver updates.** Technical failures may prevent Rivativ from calculating or transmitting updated portfolios on schedule or at all. Signals may be missed, late, or only partially delivered. - **Software, code and model-engine defects.** Rivativ's strategy engine and supporting code may contain bugs, logic errors, or implementation faults. These may cause incorrect, inconsistent, or missing signals and portfolio outputs, and such defects may not be detected immediately. - **Data-provider dependency and outages.** The strategies rely on third-party market-data providers. Outages, delays, gaps, or errors in that data can prevent Rivativ from calculating the strategies, or can cause calculations to be based on faulty inputs, producing erroneous or absent signals. - **Cloud infrastructure dependency.** Rivativ's systems run on third-party cloud infrastructure (including Amazon Web Services). Any outage, degradation, or failure affecting that infrastructure or its own upstream providers can prevent Rivativ from generating or delivering updated portfolios, regardless of fault on Rivativ's part. - **Broader third-party dependency.** Rivativ relies on additional external services (connectivity, hosting, communications, and other vendors). A failure or discontinuation by any of these providers can interrupt or degrade the service. - **Cybersecurity risk.** Systems and communications may be subject to cyberattack, unauthorised access, data corruption, or interception, which could disrupt delivery or compromise the integrity of signals. - **Delivery and communication failure.** Even when a signal is generated correctly, the channel used to deliver it may fail, and you may not receive it in time to act. - **No guarantee of availability, timeliness, or continuity.** Rivativ does not warrant uninterrupted, error-free, or continuous availability of its research or model portfolios. You are responsible for having your own contingency arrangements for monitoring and managing positions during any interruption or discontinuation, and Rivativ accepts no liability for losses arising from any delay, error, interruption, or cessation of the service, to the fullest extent permitted by applicable law. ### 4\. Strategy-specific risks These risks are in addition to the general risks in Section 3. **4.1 Defensive Premium Harvest** This strategy writes S&P 500 index puts, holds long VIX calls as a hedge, and applies a trend filter, run as an overlay on a core index holding. - Short-put downside exposure. Writing index puts creates substantial exposure to falling markets. In a sharp or sustained sell-off, losses on the short puts can be large and accumulate quickly. - Hedge basis risk. The long VIX-call hedge is an imperfect offset to short-put losses. VIX and the S&P 500 are correlated but not perfectly; in a slow grind lower the hedge may contribute little while the short puts lose value, so the realised offset can fall short of the modelled net-risk profile. - Hedge carry drag. The long VIX calls bleed value (theta/carry) in calm markets, a persistent cost that reduces returns when no shock occurs. - Trend-filter whipsaw. The trend discipline may flatten the book near a low and re-enter higher, locking in losses or missing a rebound, and it cannot protect against gaps that occur before it triggers. - Overlay leverage. Because the strategy sits on top of a core index position, total exposure can exceed the nominal capital; a severe decline affects both the core holding and the short puts simultaneously. **4.2 Diagonal Volatility Carry** This strategy expresses short-volatility carry through a VIX call ratio structure (net-short — i.e. more VIX calls sold than bought, with long further-out-of-the-money VIX calls held as partial cover). - Short-volatility / vol-spike risk. The position is net-short volatility. A sharp rise in volatility causes losses, and those losses accelerate and continue to grow the further and faster VIX rises — there is no level at which the loss stops increasing. - Unbounded loss potential. Because the structure is net-short VIX calls (more calls sold than bought), the position has no upper cap on losses. As volatility rises beyond the short strikes the uncovered short calls lose value without limit, so a sharp or extreme volatility spike can cause losses far exceeding the carry collected and the capital allocated — potentially many multiples of many months' accumulated premium. - VIX-specific dynamics. VIX options are priced off VIX futures, not spot VIX. Movements in the futures term structure and in the volatility of volatility (VVIX) can produce losses even when spot VIX appears contained. - Roll risk. Systematic rolling near expiry exposes the position to adverse term-structure shifts and additional execution cost. - Negatively skewed return profile. The strategy tends to produce frequent small gains punctuated by occasional larger losses, which can be demanding to hold through. **4.3 Systematic Surface Capture** This strategy writes short-dated out-of-the-money S&P 500 calls (monetising upside skew) and runs calendar spreads (short front-month, long back-month), with a trend filter and VaR-based sizing, as an overlay. - Upside / "crash-up" risk. Writing OTM calls caps upside participation and exposes the position to losses in a sharp rally or melt-up (for example a squeeze or a gap higher). Losses on short calls in a strong advance can be substantial. - Term-structure and vega risk on the calendars. The short-front / long-back structure is sensitive to shifts in the volatility term structure and in implied volatility; an unfavourable change (front-month IV spiking or back-month IV collapsing) can cause losses. - Gamma risk. The short front-month leg carries high gamma near expiry, so small moves in the underlying can produce large, rapid P&L swings. - Skew-regime change. The structural overpricing of upside skew that the strategy harvests may compress or reverse, eroding or eliminating the edge. - Trend-filter whipsaw and overlay leverage / capped participation, as described above. **4.4 Predictive Gamma Strategy** This is a higher-frequency, standalone strategy that uses a proprietary machine-learning classifier to filter 0DTE S&P 500 straddle entries, issuing a daily Long, Short, or Flat signal. - Model / machine-learning risk. The strategy depends entirely on a proprietary ML classifier. The model may be affected by overfitting, feature drift, and regime change; its performance can degrade, and "high-conviction" signals can be wrong. - 0DTE gamma risk. Zero-days-to-expiry options carry extreme gamma. An adverse intraday move can cause rapid, large losses with little time to react, and short straddle positions have very large loss potential on a significant intraday move. - Intraday short-volatility exposure. A single large intraday move (for example on unexpected news or a macro surprise) can produce a loss that exceeds the gains of many prior sessions. - High execution sensitivity. Higher trading frequency increases transaction costs and slippage and makes results highly dependent on execution quality. Because you execute independently, your daily timing and fills will diverge meaningfully from the model. - Benchmark is itself high-risk. The strategy is measured against selling a 0DTE straddle every session — itself a high-risk approach. Outperforming that benchmark does not imply low absolute risk. ### 5\. Acknowledgement By using Rivativ research or model portfolios, the recipient confirms that it has read and understood this Risk Disclosure Statement, that it is acting on its own account and responsibility, that it has made its own assessment of suitability, appropriateness, and regulatory permissibility, and that Rivativ provides no investment advice and accepts no liability for trading decisions or their outcomes. ### Diagonal Volatility Carry URL: https://www.rivativ.ai/strategy-specification-diagonal/ Last updated: 2026-07-13T17:39:24.000Z **Investment objective.** Add a non-directional, low-correlation return stream by harvesting the volatility risk premium (implied volatility tending to price richer than subsequently realised), expressed through a net-short VIX call structure, as an overlay. **Instruments / venue.** VIX options only (listed, cash-settled, European-style; not OTC). **Structure and key risk characteristic.** A net-short VIX call ratio — more nearer-the-money calls sold than further-out-of-the-money calls bought — in a medium-dated tenor, rolled as expiry approaches. Because more calls are sold than bought, the position remains net-short above the long strike and the upside tail is not capped: losses are unbounded if volatility spikes far enough. The long leg softens, but does not bound, the tail. **Expiry selection.** Medium-dated VIX options, rolled systematically as they approach expiry. **Strike selection.** Short legs nearer-the-money; long leg further OTM. **Position sizing.** VaR engine; the long leg is credited and size is reduced as VIX rises. Sizing mitigates but does not bound the tail, given the net-short structure. **Rebalancing triggers.** Calendar / roll: re-established on a continuous roll as each tranche is exited near expiry. Event-based: early exit as expiry approaches. No trend filter is applied. **Greeks / execution.** Per Common Framework. ### Backtest methodology (Sample period: 2023-03-08 – 2026-06-30; hypothetical) - **Average outperformance vs benchmark (S&P 500):** \+ 0.20 % per month, + 0.60 % per quarter, + 2.42 % per year - **Average time in trade (holding duration):** 30.5 days - **Average trade frequency:** 0.91 per week, 3.95 per month ### Systematic Surface Capture URL: https://www.rivativ.ai/strategy-specification-systematic/ Last updated: 2026-07-13T17:39:32.000Z **Investment objective.** Generate low-correlation income by harvesting structural richness across the S&P 500 volatility surface — both upside skew (overpriced "crash-up" calls) and the term structure (short-dated decay) — as an overlay. **Instruments / venue.** S&P 500 (XSP) options (listed, cash-settled, European-style; not OTC), in two blocks. **Structure.** (a) Short call strip: deep-OTM short calls capturing upside skew. (b) Put ratio (described in the engine as a "calendar"): a net-short put ratio — more nearer-dated puts sold than longer-dated puts bought — combining front-tenor decay with a longer-dated leg. This block is net-short puts, not a fully hedged calendar, and carries directional downside risk accordingly. **Expiry selection.** Short calls short-dated; the put ratio pairs a nearer-dated front leg with a longer-dated back leg; positions exited as expiry approaches. **Strike selection.** Short calls deep OTM; put ratio short legs nearer-the-money, long leg further OTM. **Position sizing.** VaR engine, with a single stress-loss budget shared across both blocks (risk-parity); each block is then sized independently against that shared budget. **Rebalancing triggers.** Calendar: on a periodic, rules-based schedule, with entry gated by the trend filter (new positions only while the S&P 500 is above its long-horizon moving average). Event-based: early exit as expiry approaches; a trend-filter breach trims the put exposure. **Greeks / execution.** Per Common Framework. ### Backtest methodology (Sample period: 2023-03-08 – 2026-06-30; hypothetical) - **Average outperformance vs benchmark (S&P 500):** \+ 0.13 % per month, + 0.39 % per quarter, + 1.26 % per year - **Average time in trade (holding duration):** 44.7 days - **Average trade frequency:** 2.11 per week, 9.2 per month ### Predictive Gamma Strategy URL: https://www.rivativ.ai/strategy-specification-predictive/ Last updated: 2026-07-13T17:39:39.000Z **Investment objective.** Extract intraday short-dated premium on the S&P 500 by trading 0DTE straddles only on days the model identifies a high-conviction edge, and standing aside otherwise. The edge claimed is selectivity — when not to trade. **Instruments / venue.** 0DTE (same-day expiry) S&P 500 (XSP) options, traded as an at-the-money straddle (call + put at approximately the at-the-money strike), long or short depending on the signal. Listed, cash-settled, European-style; settled at the close. **ML model description (methodological).** A gradient-boosted decision-tree classifier trained on a rolling recent window of trading days. Each day the model is re-fit on the most recent window and predicts the probability that selling that day's at-the-money straddle would be profitable; the training label is whether a same-day short straddle would have been profitable historically. Inputs are engineered from the volatility complex and recent price/volatility behaviour and include, but are not limited to, short-dated-versus-standard implied-volatility relationships (for example, a short-horizon VIX measure relative to the standard VIX), VVIX momentum, and realised-versus-implied move spreads. Because it is retrained continuously on rolling data, the model adapts to the recent regime rather than relying on a single static training. **Signal interpretation guide.** The model produces one probability per day, mapped to three postures: - Short straddle — probability of a profitable short above an upper threshold (model anticipates a "volatility crush"/quiet session). - Long straddle — probability below a lower threshold (model anticipates a "volatility breakout"/large move). - Flat (no trade) — in the dead-band between the thresholds; low-conviction days are skipped by design. A signal expresses a probabilistic lean, not a certainty — high-conviction days can still lose, and a 0DTE straddle carries severe intraday risk (see Risk Disclosure, §4.4). **Position sizing.** Fixed and NAV-proportional. No other targeting. **Rebalancing triggers.** Daily / intraday: a posture is taken (or skipped) each session; positions are 0DTE and expire/settle the same session; the next day's posture is re-evaluated from scratch. There are no multi-day rolls. **Why the benchmark differs.** Strategies 1–3 are overlays on a core S&P 500 position, so the meaningful question is whether they improve on owning the index — hence the S&P 500 benchmark. Strategy 4 is a standalone, broadly market-neutral intraday premium program with no core index exposure; benchmarking it against the S&P 500 would compare unlike things. The relevant comparison is the naive alternative that shares its mechanics — selling a 0DTE straddle every session — which isolates the only thing the model claims to add: selecting when to trade and when to stay flat. Outperforming that benchmark does not imply low absolute risk, since the benchmark is itself a high-risk approach. **Greeks / execution.** Greeks monitored, not targeted. Execution per Common Framework, with the added caution that same-day settlement and extreme 0DTE gamma make entry timing and fill quality especially consequential. ### Backtest methodology (Sample period: 2024-02-08 – 2026-06-30; hypothetical) - **Average outperformance vs benchmark (0DTE straddle sold every session):** \+ 0.26 % per month, + 0.83 % per quarter, + 2.79 % per year - **Average time in trade (holding duration):** 1 day ### Konstante Ergebnisse mit Optionen. Systematisch. Wie die Profis. URL: https://www.rivativ.ai/book-a-call/ Last updated: 2026-09-01T08:53:06.000Z - **\~3× mehr**Kapital nach 40 Jahren (hist. Simulation) - **+3%p.a.**Outperformance vs. reiner S&P 500 ETF - **4 Strategien**fertig ausgearbeitete Optionsstrategien ## Research wie ein institutioneller Desk: ohne eigenes Research-Team. Wir liefern dir täglich fertig ausgearbeitete Optionsstrategien. Du entscheidest eigenverantwortlich, ob und wie du handelst. 1. **Fertig ausgearbeitete Optionsstrategien**Je nach Paket erhältst du wöchentliche oder tägliche Updates unserer Modellportfolios – mit klaren Parametern, Risikokennzahlen und Marktkontext, entwickelt von einem ehemaligen Hedgefonds-Trader 2. **KI-gestützter Marktüberblick**Unser KI-Analyst erklärt, warum die Strategie heute Sinn ergibt: Volatilitätsumfeld, Marktstruktur, Risikofaktoren. Kein Rauschen, nur das Wesentliche. 3. **Du entscheidest und handelst**Du behältst die volle Kontrolle. Unser Research informiert deine Entscheidung – du setzt eigenverantwortlich über deinen Broker um. Kein Vermögensverwaltungsmandat erforderlich. ## Kein Tipp-Service. Kein Black Box. Echtes Research. - **Herkunft**Entwickelt von einem ehemaligen Hedgefonds-Trader mit jahrelanger Erfahrung in institutionellem Optionshandel. - **Transparenz**Volle Nachvollziehbarkeit bei jeder Strategie: Rationale, Parameter, Risikokennzahlen. Du verstehst immer warum, nicht nur was. - **Kontrolle**Du behältst die volle Entscheidungshoheit. Kein Vermögensverwaltungsmandat. Unser Research informiert, du handelst eigenverantwortlich. --- #### ****Brauche ich viel Erfahrung mit Optionen?** Rivativ richtet sich an erfahrene Investoren, die Optionen kennen und gezielt einsetzen wollen – aber keine Zeit oder Kapazität haben, selbst systematisches Research zu betreiben. Grundkenntnisse in Optionen sind von Vorteil. #### ****Was genau bekomme ich als Subscriber?** Das kommt auf dein Paket an. Im kostenlosen Plan gibt es jeden Sonntag einen Marktüberblick per Newsletter – ohne Portfoliozugang. Ab €49/Monat (Starter) bekommst du wöchentliche Updates von 3 Modellportfolios. Ab €119/Monat (Pro) gibt es tägliche Updates mit mehr Detailtiefe. #### ****Kann ich jederzeit kündigen?** Ja. Alle Pakete sind monatlich kündbar. Keine Mindestlaufzeiten, keine versteckten Gebühren. ## Posts ### Week 36: Jobs Rebound Keeps the Fed Live: Markets Tread Water URL: https://www.rivativ.ai/week-36-jobs-rebound-keeps-the-fed-live-markets-tread-water/ Last updated: 2026-09-07T10:23:28.000Z ## Weekly Summary Week 36 (31 August – 4 September) was a week of reversals. Three separate macro catalysts (a renewed US-Iran military exchange on Monday, a dovish signal from Fed Governor Waller on Thursday, and a strongly positive August payrolls report on Friday) each moved markets in a different direction, leaving the S&P 500 almost exactly where it started. The index gained just 0.09% on the week, closing Friday at 7,718.60\. The Nasdaq added 0.4% and the Dow gave back 0.3%. Energy was by far the best-performing sector (+2.2%), while the week's dominant macro theme — the September rate decision — kept investors cautious across the rest of the market. For the Rivativ model portfolios, the week produced a marginal combined loss of -$80.80 (-0.02%) against an SPX that gained just +0.09% — effectively a flat-for-flat result against a flat market. Three of four portfolios finished the week in positive territory; the Predictive Gamma Strategy had a difficult week that erased its contribution. September month-to-date: combined +0.25% versus SPX +0.42%. _This post is for subscribers only._ ### Week 35: Nvidia Delivers, Warsh Warns URL: https://www.rivativ.ai/week-35-nvidia-delivers-warsh-warns/ Last updated: 2026-08-29T21:26:03.000Z ## Weekly Summary Week 35 (24–28 August) delivered the two events markets had been waiting for all month: Nvidia's earnings and Kevin Warsh's first Jackson Hole keynote as Federal Reserve Chair. Both arrived with force. Nvidia's fiscal Q2 results were a blowout: revenue more than doubled YoY, guidance for fiscal 2028 came in at 70% growth against analyst expectations of 46%, and CEO Jensen Huang declared that AI has reached its "inflection point." The report added significant momentum to the technology sector and lifted the broader market into Thursday's close. Then came Friday. Warsh's speech pushed September rate hike probability from roughly 35% before he spoke to around 55–60% afterward: the most hawkish repricing of Fed expectations since the July FOMC. Gold fell nearly 3%, silver dropped 4%, Bitcoin lost more than 3%, and Treasury short-end yields spiked. Stocks ended Friday modestly in the red. Despite the Friday reversal, the S&P 500 managed a positive week overall, gaining 0.49%, while the Nasdaq added 0.9% and the Dow climbed 0.5%, its first winning week in three. The SPX closed August at 7,711.76, ending the month essentially flat from its 31 July starting point. For the Rivativ model portfolios, the week was strong. All four portfolios gained, and the combined portfolio outperformed the index. **Combined weekly result: +$3,804.45 (+0.92%), versus SPX +0.49%.** August month-to-date: combined +2.93% versus SPX +2.96%, virtually neck-and-neck with the index across a month that included record highs, two equity sell-offs, a bond market crisis, and a dramatic vol spike. _This post is for subscribers only._ ### Week 34: Bond Yields Steal the Show as Markets Pull Back URL: https://www.rivativ.ai/week-34-bond-yields-steal-the-show-as-markets-pull-back/ Last updated: 2026-08-23T07:26:05.000Z ## Weekly Summary Week 34 (17–21 August) was centered on an issue that had been brewing for a while: the relentless rise in long-term US Treasury yields. The 30-year bond yield touched new 19-year highs above 5.33%, driving a broad equity sell-off through most of the week before a partial recovery on Friday. The S&P 500 fell 1.43% on the week, closing at 7,674.37, and is now -1.4% below its all-time high set just the week before. The Dow and Nasdaq each also posted weekly losses. What made the move in yields particularly striking was its context: inflation data has been cooling, September rate hike expectations have been falling, and yet long-term bond yields pushed higher anyway — a disconnect that caught policymakers' attention and prompted emergency action from the US Treasury mid-week. For the Rivativ model portfolios, the week was challenging for the theta-positive strategies, which absorbed mark-to-market pressure from the equity sell-off. The Predictive Gamma Strategy, however, delivered a positive result in a down week. **Combined weekly result: -$5,053.41 (-1.21%), versus SPX -1.43%** — outperforming the index by 22 basis points. _This post is for subscribers only._ ### Week 33: Inflation Cools, Markets Extend Their Run URL: https://www.rivativ.ai/week-33-inflation-cools-markets-extend-their-run/ Last updated: 2026-08-16T16:59:40.000Z ## Weekly Summary Week 33 (10–14 August) was the calm after the storm. After several weeks of geopolitical shock, Fed-driven bond volatility and sharp intraweek swings, the market finally got a lighter-than-usual calendar and used it to consolidate recent gains. The dominant theme of the week was inflation: two key data releases confirmed that price pressures are not re-accelerating, easing the most acute concern hovering over markets since the summer oil spike. The S&P 500 gained 0.4% on the week (its third consecutive weekly advance) and touched a new all-time high above 7,800 on Thursday before closing Friday at 7,785.76\. The Nasdaq edged up a modest 0.1%, while the Dow gave back 0.6%. The small-cap Russell 2000 also reached a new record high during the week. For the Rivativ model portfolios, the week was steady and controlled: all four portfolios closed in positive territory, the combined result outperformed the index, and the monthly picture continues to look excellent. Combined weekly result: +$1,707.42 (+0.41%), versus SPX +0.36%. August month-to-date: +3.24% for the combined portfolio versus the index's +3.95%. _This post is for subscribers only._ ### Week 32: Three Headwinds Ease: Markets Break to New Highs URL: https://www.rivativ.ai/week-32-three-headwinds-ease-markets-break-to-new-highs/ Last updated: 2026-08-09T19:21:58.000Z ## Weekly Summary Week 32 (3–7 August) was the week markets had been waiting for. Three concerns that had kept equities range-bound for most of the summer (doubts about the sustainability of AI spending, elevated oil prices driven by Middle East tensions, and the risk of further Federal Reserve tightening) all eased simultaneously. The result was a decisive breakout: the S&P 500 gained 3.6% on the week, its best weekly performance since April, and closed at a new all-time high of 7,757.64\. The Nasdaq surged 5.2%, led by a sharp recovery in semiconductor stocks, while the Dow Jones added nearly 3%. For the Rivativ model portfolios, it was the strongest week YTD. The combined portfolio gained +$11,417.74 (+2.82%) impressive in absolute terms, and a strong result in the context of a week where the S&P 500 itself was up 3.58%. Three of four portfolios essentially matched or outperformed the index outright; the fourth had a difficult week against the sharp directional rally. _This post is for subscribers only._ ### Week 31: Fed Holds, Microsoft Surges, Markets Recover URL: https://www.rivativ.ai/week-31-fed-holds-microsoft-surges-markets-recover/ Last updated: 2026-08-02T19:49:12.000Z ## Weekly Summary Week 31 (27–31 July) delivered everything at once: a Fed decision, a historic bond yield spike, a 15% single-day surge from Microsoft, Meta's earnings stumble, Amazon's recovery, and oil whipsawing on ceasefire hopes and fresh Middle East escalation. By Friday's close, the S&P 500 had managed a gain of 1.0% on the week and now stands +9.2% year-to-date — a resilient outcome given the noise. July as a whole was a more sobering month: the index finished -0.13% for the month, weighed down by the two consecutive weeks of losses in weeks 29 and 30. For the Rivativ model portfolios, the week was a strong one. The combined portfolio gained +1.16%, outperforming the S&P 500's +1.05% weekly return. More meaningfully, the combined portfolio finished July +1.35% month-to-date against the index's -0.13% — an outperformance of nearly 1.5 percentage points over the full month, demonstrating the value of systematic volatility strategies when directional equity markets struggle. _This post is for subscribers only._ ### Week 30: Tech Earnings Disappoint, Oil Surges: Markets Sell Off Again URL: https://www.rivativ.ai/week-30-tech-earnings-disappoint-oil-surges-markets-sell-off-again/ Last updated: 2026-07-26T18:11:07.000Z ## Weekly Summary Week 30 (20–24 July) began with cautious optimism but ended in another broad equity sell-off. Disappointing results from two of the market's most closely watched technology companies, combined with a renewed escalation in Middle East tensions and surging oil prices, weighed heavily on risk sentiment. The S&P 500 sold of and now sits +7.9% year-to-date — its second consecutive weekly decline as earnings season delivers a reality check on elevated valuations. For the Rivativ model portfolios, the week told a striking story. Three of the four theta-positive portfolios absorbed the equity weakness in an orderly fashion, each outperforming the S&P 500 for the week. The fourth delivered its strongest consecutive run of the year. **Combined weekly result: flat at 0.00%**, against the S&P 500's -0.61%, an outperformance of 61 basis points in a difficult market environment. _This post is for subscribers only._ ### Week 29: Earnings Season Lifts Off & Tech Stumbles URL: https://www.rivativ.ai/week-29-earnings-season-lifts-off-tech-stumbles/ Last updated: 2026-07-18T05:21:41.000Z ## Weekly Summary Week 29 (13–17 July) began with cautious optimism as Q2 earnings season kicked off in earnest. Better-than-expected results from the major US banks and softer-than-forecast producer price data set a constructive early tone. By Friday, however, renewed doubts about the sustainability of the AI boom — combined with fresh US-Iran tensions — sent technology stocks lower and pulled the broader index into the red. The S&P 500 now stands +8.8% year-to-date. _This post is for subscribers only._ ### Predictive Gamma Strategy: June 2026 performance URL: https://www.rivativ.ai/monthly-predictive-2026-06/ Last updated: 2026-07-13T17:46:06.000Z > The Predictive Gamma Strategy returned –1.70% in June, outperforming its benchmark — the daily short 0DTE straddle — by +1.18% as the ML classifier successfully identified and avoided the high-uncertainty sessions that made June particularly costly for undiscriminating short-volatility approaches. The result is a direct demonstration of the strategy's core edge: not the return earned on days it traded, but the losses avoided on the days it chose not to. June was a loss-making month for the Predictive Gamma Strategy, returning –1.70%, but that figure requires context: the strategy's benchmark — selling a 0DTE S&P 500 straddle every session without discretion — lost –2.88% over the same period, leaving the strategy +1.18% ahead of the naïve alternative. That gap is precisely where the strategy's value proposition lives. The ML classifier, which ingests over 30 live features including VIX/VIX1D ratios, VVIX momentum, and realised-versus-implied move spreads, issues a daily Long, Short, or Flat signal — and June's environment generated exactly the kind of sessions where standing aside is the correct trade. The hawkish FOMC meeting on 17 June was a textbook example: a policy surprise that drove an outsized intraday move in the S&P 500 would have delivered a sharp loss to any undiscriminating straddle seller that day, while the model's filters are specifically designed to identify elevated-uncertainty sessions and issue a Flat signal rather than commit capital. The VIX averaging 16.41 and finishing near 17–18 describes a month with pockets of genuine intraday dislocation rather than the steady, low-realised-volatility grind in which the strategy earns most cleanly. The –1.70% loss reflects the real cost of those dislocation days where the model did engage; the +1.18% of outperformance reflects how many of the worst sessions it successfully avoided. ### Talking points - The strategy's core discipline — knowing when not to trade — delivered its clearest benefit in June. A month punctuated by a major policy surprise from the Federal Reserve produced exactly the kind of sharp, unpredictable intraday moves that destroy returns for mechanical straddle sellers. By standing aside on the days its model flagged as high-uncertainty, the strategy avoided the worst of that damage and outperformed the benchmark of selling every day by over one percentage point. - Clients should understand that the benchmark here is not the S&P 500 index — it is the far more demanding standard of selling a 0DTE straddle every single session. That brute-force approach lost –2.88% in June, a reminder of the tail risk embedded in undiscriminating short-volatility strategies. The strategy's –1.70% loss, while real, reflects selective engagement: capital was only committed on days where the model identified a statistically elevated edge, not indiscriminately across every session. - A loss month that still outperforms benchmark by +1.18% is the intended behaviour of a disciplined, signal-driven strategy in a noisy environment. The goal is not to win every month — some months, like June, will produce losses when intraday volatility is elevated and unpredictable. The goal is to win meaningfully more than the alternative over time, and the June result is consistent with that objective: the model filtered out enough losing sessions to deliver a materially better outcome than the default approach. ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_strategy_performance_Strategy_4.png) ### Systematic Surface Capture: June 2026 performance URL: https://www.rivativ.ai/monthly-systematic-2026-06/ Last updated: 2026-07-13T17:45:28.000Z > The Systematic Surface Capture strategy held up strongly in June, returning –0.28% against a –1.28% benchmark decline and delivering +1.00% of outperformance as premium collected across both the skew and term structure of the volatility surface cushioned the impact of a rate-repricing shock. The result reflects the strategy's dual-axis design at work: two independent sources of income, neither dependent on market direction, combining to deliver a materially smoother outcome than the index. June proved a relatively constructive month for the Systematic Surface Capture strategy, with a loss of just –0.28% against a benchmark decline of –1.28%, delivering +1.00% of outperformance. The strategy harvests two distinct inefficiencies across the S&P 500 volatility surface — the structural overpricing of upside call protection and the accelerated decay of short-dated put premium — and June's environment proved broadly supportive of both. The VIX, averaging 16.41 and finishing near 17–18, sat in a range that kept implied volatility elevated enough to provide meaningful premium on the calls written, while the S&P 500's modest 1–2% decline meant the index drifted lower without the kind of sharp, sustained sell-off that would stress the net-short put ratio leg. The hawkish FOMC surprise on 17 June did inject intraday volatility, and the trend discipline that trims exposure as the market weakens would have reduced the book's directional footprint around that event — containing the downside at the cost of some premium left on the table. The collapse in crude and gold was largely orthogonal to the strategy's mechanics, but softer commodity prices reinforced the absence of the inflationary breakout scenario that would drive the sharp equity rally the short-call leg is most exposed to. The outcome — outperforming the index by a full percentage point while remaining net-short — is a clean demonstration of the dual-axis VRP capture working across both skew and term structure simultaneously. ### Talking points - The strategy significantly cushioned investors against a difficult month for equities, losing just a fraction of what the S&P 500 index lost. By generating income from two independent sources — overpriced upside protection and the faster decay of short-dated put premium — the strategy did not rely on the market going up to deliver that outcome. The +1.00% of outperformance against the index came from the mathematical passage of time working in the strategy's favour, not from a directional call on markets. - The month's sharp macro surprise — a hawkish Fed pivot on 17 June — was absorbed without meaningful damage, illustrating how the strategy's trend discipline works in practice. When equity markets came under pressure following the FOMC meeting, the book's exposure was automatically trimmed, reducing the net-short put position that would otherwise carry the most downside in a falling market. That dynamic adjustment is a core feature of the strategy, not a one-off decision. - Clients should be aware that this strategy carries genuine downside risk in two specific scenarios: a sharp, sustained equity rally, and a violent volatility regime shift. The short upside call leg loses money if the S&P 500 surges strongly, and the net-short put ratio is not fully hedged against a severe drawdown. June avoided both of those conditions, which is a key reason the strategy outperformed — but understanding those tail scenarios is essential context for the strong month-on-month result. ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_strategy_performance_Strategy_3.png) ### Diagonal Volatility Carry: June 2026 Performance URL: https://www.rivativ.ai/monthly-diagonal-2026-06/ Last updated: 2026-07-13T17:42:17.000Z > The Diagonal Volatility Carry strategy posted a –0.85% return in June, outperforming the S&P 500 by +0.43% as the book's dynamic risk engine scaled down exposure in response to the month's hawkish policy surprise and resulting volatility uptick. The result demonstrates the strategy's risk discipline in action: when conditions turn hostile for short-volatility positions, the sizing mechanism limits damage rather than compounding it. June delivered a genuinely challenging environment for the Diagonal Volatility Carry strategy, and a loss of –0.85% on the month reflects that honestly. The strategy is structurally net-short volatility via a VIX call ratio — collecting premium as implied volatility decays toward realised levels — and the hawkish FOMC meeting on 17 June was a textbook headwind for this posture. Warsh's first decision as Fed Chair, a hold accompanied by a dot plot tilting toward a December hike and a materially higher PCE forecast, injected genuine policy uncertainty and pushed the VIX from subdued mid-month levels to finish the month near 17–18\. That directional move in the VIX compressed, though did not eliminate, the premium decay the structure depends on. Critically, the book's risk engine performed its intended role: as the volatility environment turned more hostile, sizing was scaled down, containing the loss to a level that compared favourably against the S&P 500's own decline of –1.28%. The cross-asset backdrop — crude's near-20% collapse, gold's 11% drawdown, and EUR/USD compression — was largely orthogonal to the strategy's mechanics, but it reinforced the equity uncertainty that supported the VIX's elevated close. The +0.43% of outperformance against benchmark is a modest but meaningful read on the risk discipline: the strategy did what it should when conditions soured, limiting damage rather than compounding it. ### Talking Points - The strategy delivered its intended defensive behaviour in a difficult month. June's unexpected hawkish turn from the Federal Reserve pushed volatility higher and compressed the premium income the strategy collects — an environment squarely in the "unfavourable" column. Despite that, the strategy's dynamic risk engine reduced position sizes as conditions deteriorated, and the result was a loss materially smaller than the broader S&P 500 index. - Outperforming the index by 0.43% during a policy shock is the clearest evidence that active risk management adds real value. A passive index holding bore the full brunt of rate-hike repricing and dollar strength in June; this strategy did not. The sizing discipline — which steps down exposure automatically when the volatility environment turns hostile — is precisely the mechanism that produced that gap. - Clients should understand that the strategy carries an uncapped tail in extreme volatility events, and June was a reminder of why that risk must be sized carefully. The VIX move this month was meaningful but not extreme; in a sharper spike, the net-short structure would face greater pressure. The risk framework is designed to manage that exposure actively, not eliminate it — and June is a clean example of it working as described. ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_strategy_performance_Strategy_2.png) ### Market update: June 2026 URL: https://www.rivativ.ai/monthly-update-2026-06/ Last updated: 2026-07-13T17:32:05.000Z The dominant cross-asset driver of June 2026 was the hawkish pivot delivered at the June 17 FOMC meeting — Kevin Warsh's first as Fed Chair — where a unanimous hold at 3.50–3.75% was accompanied by a dot plot showing nine of 18 officials projecting at least one rate hike before year-end and a PCE inflation forecast revised sharply higher to 3.6%, pushing fed-funds futures to price roughly a 77% probability of a December hike versus around 24% a month earlier. That repricing intersected with a near-20% monthly collapse in Brent crude to around $73 per barrel — the worst quarter for oil since 2020 — as US-Iran peace talks and a partial reopening of the Strait of Hormuz unwound the conflict premium, creating a sharp cross-asset divergence. Gold fell approximately 11% to close near $4,020, its weakest since November 2025, as the dollar rallied to a one-year high and the rate-cut narrative supporting bullion through the spring fully reversed. Equities split along geographic lines: the S&P 500 lost 1-2%, with rate-hike risk and dollar strength offsetting the energy tailwind, while the Euro Stoxx 50 rose approximately 3% to close near 6,300, as lower energy costs and softer eurozone inflation prints led markets to price out further ECB tightening. The VIX averaged 16.41, finishing near 17–18; EUR/USD compressed roughly two figures from 1.16 to close near 1.143, a clean expression of the widening US rate premium. ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_spx_candlestick_vix_2026-05-31_2026-06-30.png) ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_vol_cone_SPX.png) ### Defensive Premium Harvest: June 2026 URL: https://www.rivativ.ai/monthly-defensive-2026-06/ Last updated: 2026-07-13T17:33:06.000Z > The Defensive Premium Harvest strategy navigated a challenging June with discipline, returning -1.21% against a weaker S&P 500 and delivering +0.83% of outperformance as systematic put premium harvesting more than compensated for index losses in a hawkish, rate-repricing environment. The result is a clean illustration of the strategy's core promise: a smoother ride than buy-and-hold when markets fall, with no reliance on market timing or directional bets. The Defensive Premium Harvest strategy returned -1.21% in June, outperforming its S&P 500 benchmark by +0.83% in a month defined by sharp and conflicting cross-asset moves. The dominant macro event — the hawkish pivot from the June 17 FOMC under incoming Fed Chair Kevin Warsh, with the dot plot signalling a high probability of a December rate hike — weighed on U.S. equities and drove a meaningful repricing of rate expectations. The benchmark lost c. 2% against this backdrop, while realised volatility remained relatively contained (VIX averaging \~16.4), which is precisely the environment this strategy is built to exploit. The Variance Risk Premium contracted during the month (closing at -2.6 points), a headwind for short-vol premium collection, yet the strategy's systematic short-put book continued to harvest theta decay across the medium-dated tenor while the VIX call hedge — sized against net risk — remained an efficient but modest cost in a month where volatility did not spike materially. The outperformance is consistent with the strategy's core design thesis: in a moderate down-market with contained realised vol, the premium collected from systematically writing index puts more than compensates for index losses, delivering a smoother return path than buy-and-hold. No trend-filter intervention was triggered, indicating the index held above key levels throughout the period. ### Talking points - The strategy did what it was designed to do. In a month where the S&P 500 declined on hawkish Fed repricing, the Defensive Premium Harvest outperformed by +0.83% — capturing steady option premium in a contained-volatility environment while the index fell. This is the core value proposition in action: a smoother ride than buy-and-hold across moderate down-markets. - Volatility was the friend, not the enemy. Despite a negative Variance Risk Premium reading in June (-2.6 points), the strategy remained disciplined — the short-put book continued to collect theta systematically, and the VIX call hedge held its ground without becoming a significant drag. This illustrates how the strategy's net-risk sizing keeps both legs working together, not against each other. - Risk controls held firm. The trend filter did not trigger, meaning the strategy stayed fully invested and continued harvesting premium throughout the month — no whipsaw, no premature de-risking. The outperformance was earned through systematic execution, not tactical bets. ![](https://storage.ghost.io/c/bf/48/bf480f38-3f03-400d-b1af-7b0188655ac7/content/images/2026/07/2026-06-30_strategy_performance_Strategy_1.png) ### Week 28: Geopolitics Rattle Markets - Vol Holds, Portfolios Deliver URL: https://www.rivativ.ai/week-28-geopolitics-rattle-markets-vol-holds-portfolios-deliver/ Last updated: 2026-07-16T12:34:10.000Z ## Weekly Summary Week 28 (6–10 July) was anything but quiet. Renewed tensions between the United States and Iran dominated the headlines and injected sharp intraweek swings across equities, bonds, oil and gold. Despite the turbulence, US equity markets managed to close the week in positive territory: the S&P 500 gained around 0.7% on the week and now sits +10.4% year-to-date. For options traders, the week offered a compelling combination of geopolitical risk spikes and ultimately orderly market behaviour — an environment that tests discipline and rewards structured positioning. _This post is for subscribers only._ ### Week 27: Vol Compresses as Markets Bounce Back URL: https://www.rivativ.ai/week-27-vol-compresses-as-markets-bounce-back/ Last updated: 2026-07-09T09:01:40.000Z ## Weekly Summary A shortened holiday week delivered a sharp VIX decline and a broad equity recovery, with Rivativ model portfolios' simulated returns ahead of the index. Week 27 (29 June – 3 July) was a four-day trading week ahead of the US Independence Day holiday, but markets packed plenty of action into it. After the S&P 500 shed roughly 2% in the prior week, US equities staged a meaningful recovery, supported by broad-based strength in large-cap technology and an easing of geopolitical tension following news of a temporary ceasefire between the US and Iran. The S&P 500 gained approximately 2% on the week and closed Q2 with a remarkable +14.9% quarterly return — its strongest quarter since 2020\. The Nasdaq Composite did even better, posting a quarterly gain of around +21.4%. For options traders, the week's defining storyline was the sharp compression in implied volatility. The VIX fell from 18.41 at the prior week's close to 15.81 by Thursday's close — a decline of roughly 14% over four sessions. This was a significant vol regime shift: we moved from Zone 2 (mildly elevated) back toward Zone 1 territory, with direct consequences for both premium sellers and vol hedgers. _This post is for subscribers only._ ### An institutional options offering, without building one. URL: https://www.rivativ.ai/an-institutional-options-offering-without-building-one/ Last updated: 2026-08-26T14:28:50.000Z - **Listed index options only** No OTC instruments - **White-label** Your brand, your clients - **MiFID II** Pack included on every plan - **Rapid** Live within weeks, not months ## Built for boutique firms that want to compete on capability, not on fees. Your investment process is sound. The pressure is coming from expectations — clients increasingly see institutional-grade strategies made available to them by direct-to-retail platforms, and they wonder whether their adviser is offering the same calibre. **This guide is for you if…** ✓ You're a licensed asset or wealth manager with €50M–€500M+ AuM ✓ You want a differentiated, innovative offering without building a desk ✓ You're losing clients to flashier competitors and want a clear answer ✓ Your investment committee needs a reusable due diligence framework ✓ You need MiFID II-ready governance documentation out of the box **Not the right fit if…** ✕ You're a retail investor looking for individual strategy access ✕ You want someone else to manage your client's capital discretionarily ✕ You're looking for OTC, private, or illiquid instruments ✕ Your clients are primarily retail, with no derivatives experience ## From the business case to the first client conversation. Every section is written for an investment committee that will — and should — run its own diligence. This is the framework a rigorous committee would apply to any options research provider. 1. **The problem on your side of the desk** Why client expectation is shifting — and why a systematic options overlay is one of the clearest ways to answer it without changing your core proposition. 2. **Buy, build, or partner** A frank account of what each route actually costs: in headcount, economics, differentiation, and governance burden. 3. **What you are actually buying** Exactly what the Rivativ partnership is and is not — instruments, execution model, division of regulatory responsibility, and client ownership. 4. **A due-diligence framework you can reuse** Six questions any investment committee should put to any options research provider — covering edge, sizing, backtest integrity, crisis behaviour, and governance fit. 5. **Fitting the overlay into your advice process** MiFID II product governance, target-market definition, suitability vs. appropriateness — and why explainability is a competitive moat, not a compliance burden. 6. **Integration, reporting, and the plans** Three business tiers (€50M → Enterprise), the white-label components, the allocations datafeed API, and what onboarding actually involves. 7. **How it works: onboard, connect, execute, report** The four-step integration timeline — from first call to a live, institutional-grade offering under your own brand. > Differentiation you cannot explain is a liability. Differentiation you can explain clearly — to a client, an adviser, a regulator — is a moat. This guide gives you both the capability and the language to defend it. ## Plans built to grow with your AuM. Every business plan includes unlimited team accounts under your company domain. Commercials are agreed in the scoping call — this is the shape of the deal. - **Business: Up to €150M AuM** All model portfolios, daily-refreshed allocations & trade alerts, strategy specs, monthly reports - **Growth: Up to €500M AuM** Everything in Business, plus: white-label components and datafeed API - **Enterprise: €500M+ AuM** Everything in Growth, plus custom portfolios to your specification and options sales coaching ## The infrastructure is ours. The clients, the branding, and the upside are yours. - **Built by experts** Portfolio managers and quantitative analysts. Systematic investment research — not a tip service, not a fund-of-funds wrapper. - **Governed** Documentation pack designed to support your MiFID II product governance process (target market input, risk disclosures). - **Risk-appropriate** The due diligence chapter names the strategies that carry unbounded tail risk and explains how sizing mitigates but does not eliminate it. _This post is for subscribers only._ ### Where does the extra return actually come from? URL: https://www.rivativ.ai/where-does-the-extra-return-actually-come-from/ Last updated: 2026-08-26T14:29:14.000Z - **100+ yrs** the equity risk premium has persisted for the same reason - **6** guiding principles behind every strategy we run - **1-3%/yr** extra returns historically achieved by professionals ## Most discussions start with the returns and skip the thinking. This one doesn't. For investors who've heard the pitch and want to know whether the edge is real before they entrust capital. 1. **Anomaly vs. risk premium** The difference between a fragile mispricing and a structural edge that survives being discovered. 2. **The Variance Risk Premium** Why implied volatility has persistently exceeded realised volatility — and the mechanism that keeps it that way. 3. **Three behaviours of volatility** Clustering, mean reversion, and overpricing — what turns a long-run average into something you can manage daily. 4. **The six guiding principles** Story before data, counterparty thinking, falsify fast — the discipline that governs every decision. 5. **Why it isn't already gone** The premium doesn't vanish on discovery, because institutional hedging demand doesn't vanish on discovery. 6. **The honest part** The drawdowns — and why the discomfort of holding through them is exactly why you're paid. ## Why hasn't everyone been doing this? Three structural barriers — none of which had anything to do with the strategy's merit. All three are now falling. - **Regulation** European frameworks discouraged retail access to derivatives for years. That landscape is now shifting. - **Complexity** Running a systematic overlay takes quantitative expertise that takes years to build — and no accessible product existed. - **Accessibility** The tools professionals use were built for institutional desks — expensive and unsuited to private investors. > It isn't a directional forecast. It's the systematic harvesting of a premium that exists for the same reason the equity risk premium does: one party must pay for protection, and another is positioned to be paid for providing it. _This post is for subscribers only._ ### AI can explain a volatility strategy. It can't build you one. URL: https://www.rivativ.ai/ai-can-explain-a-volatility-strategy-it-cant-build-you-one/ Last updated: 2026-08-26T14:30:03.000Z - **5 things** a language model structurally cannot do - **2008/20/22** crises every Rivativ strategy is stress-tested against - **0** live market data points available inside a chat window ## The output looks like a strategy. It's a summary of ideas about strategies. For the serious self-directed investor who's been using AI to research the VRP — and is starting to wonder how far that gets them. 1. **What AI gets right** Genuine conceptual command of the premium — and the precise point where its usefulness ends. 2. **No regime assessment** It knows the thresholds as concepts. It can't tell you which regime you're about to trade into. 3. **Sizing is a rule, not a process** Why "never risk more than 1–2%" is a heuristic — and how a skew-aware book is actually sized. 4. **Structure isn't derived from the edge** Generically sensible strikes and tenors aren't the same as structure anchored to today's surface. 5. **No portfolio-level Greeks, no monitoring** A book that looks balanced position-by-position can hide dangerous aggregate exposure. 6. **What a built strategy looks like** The full institutional process — story, falsification, stress tests, live monitoring — start to finish. > AI is an excellent reading companion — the vocabulary, the mechanics, a map of the landscape. It is not a strategy you should trade. Confusing the two is an expensive mistake. _This post is for subscribers only._ ### Your portfolio works hard. It could work harder. URL: https://www.rivativ.ai/your-portfolio-works-hard-it-could-work-harder/ Last updated: 2026-08-26T14:30:29.000Z - **€3tn+**in European ETF assets earning no overlay return - **1-3%/yr** extra returns historically achieved by professionals - **14pp** plain-language pages, including a full glossary ## From "what is an option?" to a working understanding of the overlay. Written for serious investors who hold low-cost ETFs and have never traded a derivative. No jargon, no maths degree required. 1. **The little-known gap** The layer of systematic return institutions earns on the very same assets you already hold. 2. **The insurance analogy** Options explained the way you'd explain car insurance — and why being the seller pays. 3. **Your portfolio, enhanced** How an extra few percentage points a year compounds into something transformational over decades. 4. **Why it's been out of reach** The three structural barriers — regulation, complexity, accessibility — and why they're now falling. 5. **Rivativ's four model portfolios** From conservative income strategies to advanced, ML-driven approaches. 6. **A plain-language glossary** Every term you'll meet — option, premium, theta, VRP — in one sentence each. ## Institutional-grade research, within independent reach. - **Built by experts** Portfolio managers and quantitative analysts — a systematic investment research platform, not a tip service - **Grounded** Every strategy rests on a documented, structural source of return — not a backtest that happened to look good. - **Honest** We explain the drawdowns as clearly as the upside. A premium you can collect comfortably at all times isn't a premium. > The overlay doesn't ask you to time the market, pick stocks, or change your strategy. It's a layer of systematic return that sits on top of what you already do. _This post is for subscribers only._ ### Week 25: Volatility Normalises URL: https://www.rivativ.ai/week-25-volatility-normalises/ Last updated: 2026-06-29T13:19:26.000Z ## Weekly Summary This week marked a stark contrast to the previous fortnight's spike in volatility. After last week's sharp selloff in equities and the VIX surge to 21.51, markets found their footing early in the week. The S&P 500 recovered modestly, whilst the Nasdaq's rebound proved more decisive. More telling than raw index performance was the shift in the volatility regime: the VIX compressed from 21.51 to 17.68 over five trading days — a 15% decline that reflects a genuine risk-off reversal rather than a mere positioning unwind. _This post is for subscribers only._ ### Week 24: Volatility Wakes Up URL: https://www.rivativ.ai/week-24-volatility-wakes-up/ Last updated: 2026-06-29T13:19:36.000Z ## **Weekly Summary** The first week of June delivered a sharp reminder that markets don't go up in a straight line. A hotter-than-anticipated US non-farm payrolls report on Friday forced a rapid repricing of Federal Reserve rate expectations, sending bond yields higher and equities lower. The Nasdaq bore the brunt, falling approximately 4.7% on the week — its worst weekly performance in some time. The S&P 500 shed 2.6%, snapping a nine-week winning streak. The Dow Jones, more insulated from rate sensitivity, slipped just 0.3%. _This post is for subscribers only._ ### Week 23: Markets hold steady, volatility retreats URL: https://www.rivativ.ai/week-23-markets-hold-steady-volatility-retreats/ Last updated: 2026-08-12T07:43:45.000Z ### Market Overview US markets opened the week with Monday's Memorial Day closure, but investors wasted little time making up ground. Equities extended their rally through the remaining four sessions, driven by a technology sector buoyed by strong earnings and continued AI enthusiasm. Micron Technology was the standout, surging roughly 19% on the back of robust results that reinforced the broader semiconductor narrative. _This post is for subscribers only._ ### Defensive Premium Harvest URL: https://www.rivativ.ai/defensive-premium-harvest/ Last updated: 2026-07-14T06:32:26.000Z Generate consistent yield without the existential threat of a "Black Swan" event. _This post is for subscribers only._ ### Diagonal Volatility Carry URL: https://www.rivativ.ai/diagonal-volatility-carry/ Last updated: 2026-07-14T06:32:51.000Z Capitalise on the structural mechanics of how volatility is priced over time. _This post is for subscribers only._ ### Systematic Surface Capture URL: https://www.rivativ.ai/systematic-surface-capture/ Last updated: 2026-07-14T06:33:05.000Z Harvest "expensive" pockets across the volatility surface. _This post is for subscribers only._ ### Predictive Gamma Strategy URL: https://www.rivativ.ai/predictive-gamma-strategy/ Last updated: 2026-07-17T11:19:26.000Z Our flagship ML-driven strategy determines the optimal posture for the S&P 500. _This post is for subscribers only._