Derivatives and exposure limits · a SIF concept, explained from SEBI’s rules.
In one line
Buying and selling futures on the same underlying with different expiry dates at the same time. SIFs may use it; SEBI treats it as a hedged position but gives neither leg an offsetting benefit.
SIFs may undertake calendar spreads, the simultaneous purchase and sale of futures on the same underlying with different expiries; such a strategy is regarded as a hedged position, but no offsetting benefit is available for either leg, because offsetting needs the same underlying and the same maturity (FAQ B26, B29).
Sources: SEBI FAQs on SIFs, Parts B and C, 22 Sep 2026
Illustrative example. A strategy buys next-month index futures and sells the same number of current-month index futures. The pair is a hedge, yet both legs count toward its gross exposure because their expiries differ.
Every SIF strategy type, within each strategy’s own offer document. All 36 live strategies are listed on our tracker; each one’s offer document sets its own limits within SEBI’s.
Explanation only, not a recommendation. Trustner Asset Services Pvt. Ltd. is an AMFI-registered Mutual Fund & SIF Distributor (ARN-286886) and may receive commission from fund houses. Investments in Specialized Investment Fund involves relatively higher risk including potential loss of capital, liquidity risk and market volatility. Please read all investment strategy related documents carefully before making the investment decision.