The trading strategy is discretionary pure relative value (RV) / market neutral arbitrage. Essentially, it trades the shape of the volatility skews in the front two S&P 500 and US Treasury listed options, two of the most liquid markets in the world. The strategy is agnostic as to direction of both the underlying markets and volatility itself. One feature that separates it from other options strategies is that Doherty Advisors RV is a small payer of premium each month, though it remains slightly net short options on a notional basis. Generally, the net delta and gamma exposures are between +10% to -10% over 90% of the time. There is no basis or calendar risk involved.