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.