Yesterday I made several trades. I bought BWX and WIP to close my short positions, while maintaining long positions in EFA and VEA, effectively going shorter against the USD.

Even though I have been emulate the CBOE S&P 500 BuyWrite Index (BXM) for somewhat less than PBP’s 0.75% expense ratio, I decided eat some crow and just buy some PBP. This saves me the hassle of trading options every month.

The fund is now has no short positions, other than cash, which currently costs over 1.6% to borrow. Current closing NAV of the Sigma1 Proprietary Trading Fund is $36,571.