Akros Monthly Protective Put Benchmark Index (SPY)

The Akros Monthly Protective Put Benchmark Index (SPY) represents a rules-based strategy that maintains exposure to US large-cap equities via SPY while purchasing monthly protective put options to establish a defined downside floor. On a set monthly schedule, the hedge is rolled according to transparent option selection and pricing conventions, resulting in a systematic portfolio insurance overlay. The benchmark is designed to participate in equity market upside while seeking to reduce drawdowns during market declines, and reflects total return inclusive of dividends and option premium costs.