After 5 years of strong market performance following the financial crisis, investors need to protect against "tail risk", says Will Lloyd, Managing Director at VelocityShares. The VelocityShares Tail Risk Hedged Large Cap ETF (TRSK) is designed to hedge the tail risk ? normal distributions beyond 3 standard deviations ? in the S&P 500. The fund achieves this by taking a long position in large-cap equities and a long or short position in VIX futures.