Paragon Global Markets
Typhon Capital Management
Athena Quantitative Program
Discretionary / S&P 500 Options | Spread Trading
Request Additional Information →
Month Performance
+2.12%
Aug 2026
YTD Return
+1.87%
Through Aug 2026
AUM
$27,000,000
Assets Under Management
Overview
The Athena Quantitative Strategy systematically trades S&P 500 Options with an absolute return, market-neutral approach. It deploys butterfly and calendar spreads alongside exclusive market regime indicators. This strategy profits from time decay (theta) and risk premiums, becoming vega-positivity during extrimely high volatility events. Its multi-tiered risk management framework consists of three key layers: catastrophic protection to secures against extreme events by acquiring long out-of-the-money put options, systematic stop-loss mechanism for trade structure for added risk protection, and an adaptive allocation based on proprietary market regime filters to align with current market conditions.
Program Details
| Inception Date | Jan 2021 |
| Trading Style | Spread Trading |
| Holding Period | Short Term |
| Markets Traded | S&P 500 Options |
| Margin | 29% - 58% |
| Minimum Investment | $200,000 |
| Management Fee | 1.50% |
| Performance Fee | 25.00% |
This is a snapshot only. Investors should read the applicable Disclosure/Offering documents to determine suitability.
GROWTH OF $1,000 VAMI
Program vs. Autumn Gold CTA Index
Hypothetical growth of $1,000 based on reported monthly returns.
Autumn Gold CTA Index:
The Autumn Gold CTA Index is a non-investable index comprised of performance from CTA programs included in the Autumn Gold database and does not represent the complete universe of CTAs.
PERFORMANCE SUMMARY
| YEAR | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| RETURN | +9.30% | +39.82% | +12.26% | +15.08% |
Maximum Drawdown Since Inception
-8.32%
Past performance is not indicative of future results.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, CRYPTO FUTURES, AND/OR FOREIGN EXCHANGE ("FOREX") IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS, CRYPTO FUTURES, AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.