1. Market Neutral Arbitrage.
2. Capital Guarantee.
3. Dynamic Delta Hedge.

1. Market Neutral Arbitrage.
   This strategy consists of exploiting any arbitrage opportunities within the capital markets These include:

1. Futures and Cash Arbitrage
2. Volatility Arbitrage using Options and Futures

1. Identifying favorable arbitrage opportunity
2. Verifying expected ROI versus floor rate
3. Checking Implied against realized volatility
4. Simultaneous execution of trades
5. Squaring off positions or waiting till expiry
6. Generating optimal returns

Main sources of risks
Execution, Illiquidity, Pricing, Regulatory.

      2.  Capital Guarantee.

1. Identifying implied volatilities of options.
2. Identifying options with skewed volatilities.
3. Identifying option pairs with optimal risk- return ratios.
4. Allocating a part of the funds in the portfolio of bull spreads.
5. Allocating the balance portion of the funds in high yielding zero
   coupon bonds.
6. Monitoring the mark-to-market portfolio value to take advantage of
   optimal square-off opportunities.

Main sources of risks
Regulation, Illiquidity, Pricing.

3. Dynamic Delta Hedge.
   Index options-only hedging consists of writing ATM/OTM calls and puts and maintaining delta neutrality of the positions by hedging using options alone.

1. Identify index historical realized volatility
2. Calculate implied volatility for ATM/OTM strike
3. Write calls and puts simultaneously
4. Capture the implied-realized volatility arbitrage
5. Manage delta-neutrality dynamically
6. Exploit implied volatility arbitrage & decay profit