You're getting warmer ;) We also don't just hedge with options on 1 index, so a blend of hedging instruments can get us pretty close to 100% granularity. Any p

You're getting warmer ;) We also don't just hedge with options on 1 index, so a blend of hedging instruments can get us pretty close to 100% granularity. Any percentage points that are not covered in a granular manner should be offset by performing contracts, and the worst case is we use our own capital to cover maybe the remaining 1-2% uncovered risk.