Built to beat the S&P 500.
Not just to trade.
The professional template: hold the index as the engine, harvest the volatility risk premium on top of it with a disciplined option overlay, and hedge the tail so a crash never forces selling at the lows. Benchmarked against SPY total return — honestly.
An engine, a harvest, and a hedge.
Pure premium-selling can't out-compound an index — and pure indexing leaves the volatility premium on the table. The pros stack both: the index does the compounding, the overlay adds the edge, and a fixed tail budget keeps a crash from ever forcing a sale.
Index beta
Holds the S&P 500 (SPY) at full target weight, rebalanced only when it drifts. The equity risk premium is what compounds ~10% a year — everything else is built on top of it, and nothing is allowed to sell it in a panic.
Volatility premium overlay
Sells ~30Δ calls against part of the holding (the mechanic behind the index-beating BXMD benchmark) and — only when implied vol is genuinely rich — wide put spreads whose far wing keeps the skew premium instead of buying it back.
Tail hedge
A fixed 1%-a-year budget of far-out-of-the-money index puts, rolled on schedule. A known, small cost that pays out exactly when everything else hurts — it's what lets the fund run the engine at full size.
Conviction sleeve
A small, hard-capped sleeve of call debit spreads on single names — only on a trend-aligned setup with a real, dated catalyst and multiple confirmations. The alpha lottery ticket, never the foundation.
Four gates between a setup and a fill.
The beta pillar compounds quietly on its own. Every option trade on top of it has to earn its way through the gates — and a zero-trade day is a perfectly good outcome.
Variance risk premium
Implied volatility prices the size of the move, not its direction — so the bot compares it to the move actually realized. Put spreads are sold only when implied is richer than realized (being paid more than the move that shows up), sized up when it's much richer, and skipped entirely when the premium is thin.
Macro gate
A deterministic 0–100 read of VIX level, term structure, market breadth and credit spreads decides whether the tape is calm enough to put on new overlay risk at all.
News radar
Headlines are read daily. The overlay stands aside from a pending macro shock — and the sleeve only buys upside when there's a concrete, dated positive catalyst, not vague optimism.
Book-Greek caps
Net delta, net vega and per-name / sector concentration on the options book are capped — no single position or vol shock can dominate the overlay.
Built to not blow up.
Defined risk in every option
Covered calls are covered by shares; put spreads carry a far-out protective wing; sleeve trades are debit spreads where the max loss is the net debit. No naked tail risk anywhere.
Mechanical management
Take profit at 50% of max. Close short structures by 21 DTE. Roll the tail hedge on schedule, even in a storm. The same rules, every time — no improvising.
Tail hedge + kill-switch
A fixed 1%-a-year budget of far-out-of-the-money puts pays out in a crash, and a −15% circuit-breaker halts new risk — while never selling the core holding at the lows.
Step into the cockpit.
Live macro gate, book Greeks, IV-rank, positions and the news radar — the whole engine, on one screen.