Investors are only a month into a brand new year, yet already many are worn out from the market’s mayhem. Those feeling particularly whipsawed by the step-up in volatility should consider the Exceed Defined Shield Index Fund (SHIEX), said Joseph Halpern, CEO of Exceed Investments. The $21.5 million fund, which fell 4.4 percent in January compared to a 5.1 percent drop in the S&P 500, is designed to mitigate risk in volatile markets by using options on its holdings to create a so-called collar. A large portion of the fund is invested short-term investment grade debt. Exceed then uses liquid options to buy defensive put options on that debt, thereby limiting losses to 12.5 percent. And then it simultaneously sells call options to take part in the market’s gains up to a 15 percent maximum. 'It’s been a long bull cycle,' said Halpern.