PIOS® is a comprehensive, custom overlay solution designed to help investors achieve customized policy objectives. Clients use PIOS® for one or more of the following needs: securitize fund level liquidity, residual manager cash securitization, transition/reallocation exposure management, rebalancing, completion management, CAPS (Cross-Asset Portfolio Solutions), and interest rate management. With PIOS®, clients may utilize an array of investment instruments designed to achieve their objectives. Most clients employ exchange-traded futures in their overlay program. Other available instruments include, but are not limited to, over-the-counter derivatives, both bilateral and centrally cleared, ETFs, Treasury securities, and options.