> For the complete documentation index, see [llms.txt](https://limitless.gitbook.io/ramm/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://limitless.gitbook.io/ramm/instrument-examples-and-usage/managed-structured-products.md).

# Managed Structured Products

Fixed Term Instrument

In this instance, a vault would take the form of a decentralized options vault that sells volatility at each predetermined time interval. 

Every week, a **utilizer** could propose a suite of n different delta options OTC buys, which would create n markets that correspond to each of the strikes. These utilizers would generally be market makers who are incentivized to purchase options at a discounted price while hedging via an external exchange and capture a spread.

Each created market will be associated with a different strike price a week from the point of market creation. Managers will then buy **`longZCB`** from the prediction market with the strike price they deem to be less risky, in the sense that the *option is not going to be exercised*, and the strike prices that meet the[ approval criterion ](/ramm/protocol-flow/assessment-and-decision-aggregation.md)will be supplied by the vault and the collateral presented by the managers. 

VT holders would represent passive investors with protected exposure for the weekly options short. They can hedge a strike price they deem too risky by buying shortZCB during assessment or post assessment, or increase exposure to a strike price they deem less risky post assessment.