What we do

Kai Volatility Advisors is an NFA-registered CTA offering innovative volatility exposure strategies for commodity pools, family offices, RIAs, and high-net-worth investors. We advise 4 specialized funds designed to capitalize on diverse volatility opportunities. Our global macro expertise and proprietary option market analysis enable us to deliver tailored consulting and research solutions. Partner with Kai to unlock the full potential of volatility for your portfolio.

Which strategy is right for you?

Kai Investment Strategies

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Dealer Flow Alpha Gen

The Kai Dealer Flow Alpha Gen strategy is a tactical trading approach that systematically analyzes dealer positions and flows. It aims to optimize performance by taking positions in equity indices and volatility surfaces, benefiting from the second-order derivative effects of dealer positioning.

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Vol Neutral Alpha Gen

The Kai Vol Neutral Alpha Gen strategy employs a market-neutral, volatility arbitrage approach to systematically exploit structural mispricing in SPX futures and options on futures, while effectively mitigating the associated risks.

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Long Volatility

The Kai Long Volatility strategy is a scalable approach that leverages long-convexity, long-skew, and long-volatility in SPX options and futures markets. It aims to provide robust tail protection with embedded structural alpha by systematically exploiting market inefficiencies.


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Kai Multi-Strategy

The Kai Volatility Multi-Strategy employs a proprietary asset allocation model that dynamically adjusts investments across our three core strategies. This approach adapts monthly to shifts in market conditions, macroeconomic trends, and financial flows.


Cem Karsan

Cem Karsan is the Founder, CIO, and Managing Principal of Kai Volatility Advisors. He is responsible for portfolio construction, firm-wide management, and its Head of Research and Risk Management. Mr. Karsan formed Kai Volatility Advisors after over two decades of experience building industry-leading derivatives businesses. At its peak, during the Great Financial Crisis, Mr. Karsan’s proprietary market-making firm, Precision Capital Management, represented approximately 13% of the daily volume of S&P 500 Options. In 2010, Mr. Karsan divested his stake in Precision Capital to found his investment management firm, now Kai Volatility Advisors. Mr. Karsan holds a bachelor's degree from Rice University with a triple major in Mathematical Economic Analysis, Policy Studies & English. He also has an MBA from Northwestern University’s Kellogg School of Management, with an emphasis in Analytical Finance and Management & Strategy.

*Past performance may not be indicative of future results.




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