Unconstrained Overlay Services: A total return portfolio managed in a discretionary unconstrained fashion that is run as a parallel strategy overlaying an underlying asset(s) or proxy asset(s). The application of the strategy is to generate a total return enhancement based upon the client’s investment objectives and restrictions. The offering is a separate account that is combined with an underlying asset(s) or proxy asset(s) such as; a stated dollar value, the notional value of the designated asset(s), an IPS benchmark asset allocation, a look through of holdings of a single money manager, a look through and aggregation of holdings of multiple money managers, a single stock or multi-stock basket. The strategy consist of increasing, reducing or neutralizing market directional exposure of the underlying asset(s). The separate account is managed by Risk Overlay through the purchasing of; puts, calls and VIX options (to be long volatility) as well as selling puts and writing calls within put-spreads and or call- spreads. In addition, other option combinations or standalone strategies may be held within the separate account such as; put back-spreads, call back-spreads, collars, asymmetric collars, strangles, straddles and purchased puts.