Defined-outcome and options-overlay ETFs take in roughly $3 billion a month, reflecting rising investor demand. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst with Bloomberg Intelligence, and co-host James Seyffart, ETF analyst for Bloomberg Intelligence, spoke with Arnim Holzer, global macro strategist at Easterly EAB and a portfolio manager for the Easterly Hedged Equity strategy, about the investment philosophy behind the strategy, which focuses on asymmetric return patterns and minimizing drawdowns. They discussed how hedged-equity strategies serve as an alternative to traditional fixed income in portfolios, why the correlation between equities and fixed income has become unstable after the global financial crisis and how the strategy differs from traditional buffer ETFs. The podcast was recorded on Aug. 14.