§ 3.12.150. Portfolio Risk Hedging.

Latest version.

Portfolio investments designed to hedge various risks including volatility risk, interest rate risk, etc. are allowed to the extent that the Investments do not create direct portfolio leverage. One example of a hedge vehicle is an exchange traded fund ("ETF") which takes short positions.

( Res. No. 2015-8-4, § 1(Policy No. 8.6), 8-25-2015 ; Res. No. 2018-9-2 , § 1, 9-25-2018)

                    
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