Strategy Summary

The ETH++ Vault is targeted at the multi-year growth potential of ETH and with a smoother return profile

Strategy: Trades ETH options inside a range of Options protocols, then actively trades the delta inside GMX

Goal: ETH holders tend to be too long “on the top” and not have enough exposure “at the bottom.” ETH++ allocates on a risk-adjusted basis for the long run.

ETH++ also employs arbitrage strategies by buying or selling ETH and related token options, then hedging those options inside GMX.

ETH++ purchases/writes a variety of ETH options, such as Straddles, Atlantics, and Single-Sided Vaults. Because ETH++ trades both upside and downside options, it’s designed to be, on average, market-neutral.

Risk: Delta exposure is -20 to 200% of ETH, but averages lower downside volatility than ETH due to efficient use of optionality. Average historical delta 0.1

ETH++ is more conservatively aligned and is designed with a smoother return profile than our other vaults.

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