Risk Overlay Associates, LLC offers discretionary Index Overlay Strategies.

Index Overlay strategies are the combination of an index paired with an actively managed option overlay. 
This approach of combining an index with an option overlay differs from traditional managers in that Risk Overlay Associates looks to generate returns from the option overlay which may have the effect of lessening, neutralizing, and/or increasing the market exposure of the underlying index through the purchase or sale of options.

A traditional investment approach primarily looks to construct a portfolio based on a basket of stocks and generate returns from stock selection, market cap weighting, and sector allocations relative to a benchmark. 

By combining an index fund with an option overlay we gain the ability to: speed up, slow down or stop (pause) the index's Beta over a given investment horizon.