Our listeners do not need to be reminded of the lofty valuations in the U.S. equity market. The Shiller CAPE ratio is approximately 35, a value exceeded only at the peak of the dot-com bubble. Some claim those valuations are justified by the low-yield environment. But interest rates are pushing up, and equity prices continue to climb higher and higher. That has left advisors seeking solutions that protect against downside equity risk, but still offer upside opportunity.