# Multi-Asset Volatility Arbitrage
### Overview
* Captures global volatility risk premia through systematic relative value and volatility arbitrage strategies across traditional and alternative markets
* Systematically scans across highly liquid equity and fixed income instruments, as well as VIX derivatives and identify most efficient instruments for expressing volatility views
* Special focus on digital assets as a structurally rich volatility risk premia asset class, providing unique, underexploited opportunities
* Trading digital asset US equity proxies such as Bitcoin ETF, Microstrategy, Coinbase and BTC Index, enabling efficient access to digital asset volatility through regulated, liquid instruments.
*Live since March 30, 2026*
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### Performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
| ---- | ----- | ----- | ------ | ------ | ----- | ----- | ----- | ----- | ------ | ------ | ----- | ----- | ---------- |
| 2026 | 1.75% | 1.55% | — | — | — | — | — | — | — | — | — | — | **3.33%** |
| 2025 | 1.47% | 0.31% | -1.15% | -0.16% | 2.09% | 1.27% | 1.30% | 1.15% | 1.99% | 1.99% | 1.37% | 1.48% | **13.88%** |
| 2024 | 1.15% | 1.07% | 1.06% | 0.48% | 1.36% | 1.05% | 1.12% | 1.51% | -0.42% | -0.71% | 2.49% | 0.97% | **11.67%** |
#### Performance Statistics
| Metric | Value |
| ----------------------- | ------ |
| Annualized Return (Net) | 13.43% |
| Sharpe Ratio | 2.96 |
| Max Drawdown | -1.3% |
| Annualized Volatility | 3.01% |
> Past performance is not necessarily indicative of future results. Estimated returns are provided for informational purposes only and may not reflect actual performance. Returns are before applicable fees and expenses charged by Neutral Trade.
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### Risk Management
The risk management framework prioritizes capital preservation through rigorous diversification and strict liquidity mandates.
Portfolio construction is governed by disciplined concentration limits across both traditional and digital assets, ensuring that exposure remains diversified and restricted to highly liquid, large-cap instruments.
Financial stability is maintained through a conservative leverage profile and proactive margin management, leaving significant headroom to absorb sudden market shifts. To mitigate downside risk, the strategy employs dynamic drawdown triggers, continuous stress testing against extreme market scenarios, and daily position adjustments to keep the overall risk profile aligned with long-term stability goals.
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### Subscription Terms on Neutral Trade
| Parameter | Details |
| ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- |
| Strategy | Multi-Asset Volatility Arbitrage |
| Curator | D\* Research |
| Subscription Currency | USDC |
| Minimum Subscription | USDC 50,000 |
| Minimum Redemption | USDC 50,000 |
| Annual Service Fee | 1% |
| Commission | 0% |
| Subscription Frequency | Monthly (5 business days before first business day of each calendar month) |
| Redemptions | Quarterly, first Business Day of each calendar quarter. Settlement time is within 11 business days. USDC is returned within 3 days post-settlement. |
| Redemption Notice | 30 days advance notice required, before the first Business Day of each calendar quarter |
| Redemption Gate | Capped at 25% of the products AUM ($200M) per quarter |
| Broker & Custodian | NASDAQ, NYSE, CME |
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### Why Neutral Trade Selected This Strategy
Neutral Trade has vetted and curated this opportunity through a rigorous due diligence process before selecting it as the first not solely crypto related strategy on our platform. Key factors in our selection:
* **Track Record:** Consistent positive monthly returns since April 2025 inception, with pre-launch backtest and internal trading extending to January 2024. The strategy has demonstrated strong risk-adjusted performance.
* **Risk Framework:** Institutional-grade risk controls including hard leverage limits, dynamic drawdown reduction, daily stress testing, and conservative margin management.
* **Structural Alpha Source:** Volatility risk premia represent a well-documented and persistent source of returns. The strategy's ability to trade across both traditional and digital asset volatility markets provides a differentiated and underexploited opportunity set.
***
### Disclaimers
This material is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or strategy. Past performance is not necessarily indicative of future results and there can be no assurance that the strategy will achieve comparable results or that target returns will be met.
Investing in volatility strategies involves significant risks, including the risk of loss of principal. The value of investments may fluctuate and investors may not receive back the amount originally invested. Digital asset-related instruments carry additional risks including regulatory uncertainty and heightened volatility.
Neutral Trade does not provide investment, legal, or tax advice. Prospective investors should consult their own professional advisors before making any investment decisions.
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