The Short-Term Managed Futures Program is a systematic, multi-strategy program that is designed to be negatively correlated with the S&P 500. We trade only one instrument: the E-mini S&P 500 futures contract. All positions have an intraday holding period. Since we do not hold positions overnight, there is no exchange-mandated margin requirement on our trades. We use max leverage of 200% of nominal equity, but average leverage of only 20% of nominal equity. The Program trades infrequently.