Like your ETF, but with a premium.
Invest in strategies related to the US stock market with NAO and benefit from premium income through options. Two funds — one goal: better performance than traditional ETFs.
FERI
US Equity Flex
With a target return of 12% p.a.12% p.a.
FERI
Optoflex I
With a target return of 5% p.a.5% p.a.
Access to institutional strategies
Invest from 1€ in funds that were previously only accessible with significantly higher minimum amounts — via a savings plan or one-time investment.
Experienced fund manager
The fund is managed by FERI AG with decades of expertise in the hedge fund sector.
Top rating on Trustpilot and App Store
Invest safely
Your fund shares are held in Baader Bank's special fund.
partners
Why the US EquityFlex?
US EquityFlex is a FERI AG fund focused on the development of the S&P 500. The strategy combines a broadly diversified equity investment with the collection of volatility bonuses in order to achieve a better performance than the index under certain market conditions. Implementation is carried out systematically and without the use of market forecasts.
Why the US EquityFlex?
US EquityFlex is the closer of the two strategies to equities. The fund is based on the development of the S&P 500 and combines a broadly diversified US equity investment with the collection of volatility bonuses.
The goal is not simply to replicate the index. Under certain market conditions, the fund is intended to get more out of the US stock market than a classic ETF investment. Implementation is carried out systematically and without market forecasts.
The difference to an ETF is also important: An ETF represents the market as directly as possible. The US EquityFlex goes one step further. It combines equity investment with an options strategy, which can generate additional premium income. As a result, the fund can perform better than the comparative index in phases — but not run in the same way as an ETF.
In comparison: US EquityFlex vs. S&P 500 Total Return Net Daily EUR Hedged (SPXDHEN) with an initial investment of €10,000 in the respective asset class
By NAO Research (2024) Disclaimer: Past performance, simulations, or forecasts are not a reliable indicator of future performance.
Why OptoFlex?
OptoFlex combines a bond portfolio with an options strategy on major US stock indices. The aim is to achieve a more attractive development than the euro short-term rate (€STR). Our chart shows the historical development: An investment of 10,000€ in 2019 grew by around 1.3 times by the beginning of 2025, while the euro short-term reached around 0.5 times.
In comparison: OptoFlex I vs. Euro Short-Term (2019—2025) with an initial investment of 10,000€ in the respective asset class
Disclaimer: Past performance, simulations, or forecasts are not a reliable indicator of future performance. Commissions, costs and fees can significantly influence the performance of investments in some cases. The costs and their effects on the performance of a financial instrument should therefore always be considered before making an investment decision.
Investing
Our flex strategy funds.
US Equity Flex
FERI
- US Equity Flex
Globally diversified private equity fund from Partners Group, one of the largest and most experienced providers worldwide. The fund primarily invests directly in private companies.
12% p.a.
Target return
Target returnThe target return is based on fund management assumptions. It is not a promise and is not a reliable forecast of future results.How often can you invest?
None
Lock-up deadlineThe minimum holding period during which you cannot sell your shares. This gives fund managers the necessary planning security for long-term investments. After this period, you can usually return your shares.Medium to high risk
Medium riskAssessment of the risk profile based on the investment strategy and the volatility of comparable investments. Private markets are subject to market, liquidity and corporate risks.
OptoFlex I
FERI
- OptoFlex I
UBS's Evergreen Secondary Fund (ESF) provides access to the secondary private equity market with a focus on growth and buy-out transactions. The fund takes ESG criteria into account.
9% p.a.
Target return
Target returnThe target return is based on fund management assumptions. It is not a promise and is not a reliable forecast of future results.How often can you invest?
None
Lock-up deadlineThe minimum holding period during which you cannot sell your shares. This gives fund managers the necessary planning security for long-term investments. After this period, you can usually return your shares.Low to medium risk
Medium riskAssessment of the risk profile based on the investment strategy and the volatility of comparable investments. Private markets are subject to market, liquidity and corporate risks.
The funds
Our offer for you.
fund manager
FERI | US EquityFlex
Fund Strategy
Equity funds with a volatility strategy
target
Outperformance of the S&P 500
Source of income
Volatility risk premium + S&P 500 investment
Fund volume
> 1.4 billion USD
liquidity
Weekly purchase, daily sale
fund manager
FERI | OptoFlex I
Fund Strategy
Bond portfolio with options strategy
target
Comparison with euro short-term rate
Source of income
Interest income and option premiums on US indices
Fund volume
> 1.2 billion EUR
liquidity
Weekly purchase, daily sale
The fund manager
Our Flex Strategy Manager
FERI AG is an established fund manager and manages both US EquityFlex and OptoFlex. Both strategies are based on systematic approaches that have been successfully implemented for many years. The share classes offered by NAO have so far only been available to institutional investors with a minimum investment sum of 1 million euros. With NAO, you can now exclusively invest from 1€ via savings plan or one-time investment.
60 billion
EUR
AuM from FERI AG
1.5 billion
EUR
US EquityFlex fund assets
1.3 billion
EUR
OptoFlex fund size
Investment team
Comment from the investment team.
Customer Testimonials
The community has its say.
Thousands of investors trust NAO. Here’s what they have to say.
About NAO
No tokenization. Your investment.
Your shares.
There are many new models in the financial world — at NAO, we focus on what really counts: real fund shares. Your capital is invested directly in FERI AG's US EquityFlex and OptoFlex — without detours via tokenization or complex structures. With our co-investment approach, you own what you buy — clearly, simply and securely.
11
partners
eight-digit
Assets under management
15
Curated funds
4.4/5
TrustPilot Rating
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C-Suite in Tech (lawpilots, bitly) | Angel Investor & Advisor
Why did the investment team choose Flex strategies?
We use the word “flex” to describe so-called volatility strategies. These are funds that take advantage of market fluctuations to generate additional returns. For this purpose, we work together with multi-asset house FERI. FERI has been a fixture in institutional asset management for decades and an absolute professional when it comes to volatility strategies, which is why we offer two of their strategies: US EquityFlex and OptoFlex. They both use the same approach — the systematic sale of sales options — but for different goals.
US EquityFlex. This fund tracks the US stock market above the S&P 500 and also generates an additional return. How? Through the systematic, rule-based sale of sales options — i.e. hedging that other market participants acquire in order to protect themselves from price losses. The fund collects these premiums and invests part of them in its own hedging measures in order to actively limit the fund's risk. Since its launch in December 2017, the US EquityFlex has outperformed the S&P 500 by an average of around 2.04 percent per year — after all fund costs.* This shows that FERI's experienced team knows how to beat the market sustainably by using such instruments.
OptoFlex: The OptoFlex strategy is less dynamic than the EquityFlex and can be used as a stabilizing pension component in the portfolio. The fund invests not in stocks but in the bond market, and uses the bonuses from selling options on the S&P 500 as a further source of income. The principle: Other market participants pay a type of insurance premium to protect their portfolios against price losses. OptoFlex collects these premiums and at the same time specifically secures extreme market movements. The difference between premium income and hedging costs represents additional income to the bond market. The goal: a return with a low correlation to the stock market. Since its launch in December 2012, the fund has built up over 13 years of track record and the team has proven that they can also manage such absolute return strategies excellently.
Source: FERI AG, as of April 9, 2026. Share class E. Past performance is not a reliable indicator of future performance. There is no guarantee that capital will be retained.