The $50B Notional Monster: How JHEQX Alone Dictates the S&P 500 Ceiling
Introduction Every quarter, JPMorgan’s Hedged Equity Fund (JHEQX) rolls its options hedge on the S&P 500. Commonly referred to as
futures
The JPM Collar – Understanding the Market’s Hidden Hand
What Is the JPM Collar? The “JPM collar” refers to a large, structured options position—widely associated with JPMorgan’s hedging program—that
Contango – When the Future Commands a Premium
What Is Contango? Contango is a market condition where futures prices trade above the current spot price of an asset.
Backwardation – When the Present Commands a Premium
What Is Backwardation? Backwardation is a market condition where futures prices trade below the current spot price of an asset.
Secured Overnight Financing Rate (SOFR)
What is SOFR? The Secured Overnight Financing Rate (SOFR) is the primary benchmark interest rate for dollar-denominated loans and derivatives,
