@bee, not sure if you know the difference between the TRP "Target Date" funds and the TRP "Retirement" Funds. My understanding is the target date funds reduce equity as they get closer to the stated date. The retirement funds keep the same equity bond distribution. For example the TRP 2020 target date fund (PAIRX) has 45% stocks. The 2020 retirement fund (TRRBX) you used in you chart is around 60% stocks.
I think your analysis and post was much better than the rather useless article though.

@JohnN, From your linked article was this quote:

Ron Surz, president of Target Date Solutions, a company that designs "smart" TDFs, has been sharply critical of conventional TDFs for years. “These funds with high concentrations in stocks are a time bomb,” Surz told Reuters

I found a paper that RS wrote that further explains his strategy.
targetdatesolutions.com/pdf-source/DeRisking-Target-Date-Funds.pdf
If I understand his strategy correctly he is recommending that investor's in TDF reallocate all accumulated contributions into safe assets 15 years prior to retirement date. So if your retirement date is age 70, then at age 55 one would separate out all accumulated contributions and place them into "safe assets". He doesn't explain what these "safe assets" are other than saying that they will not lose money. I assume the accumulated gains remain invested in the TDF.
My take:
With this strategy, does one assume contributions made during the 15 year window (age 55 - age 70) also no longer get directed to the TDF? I am assuming they are being directed into "safe assets". I would worry about inflation risk over this 15 year time frame. Shifting the contribution component of your TDF 15 years prior to retirement seems excessively conservative to me as well during this 15 year period. Depending on the size of that accumulated contribution and its importance in supplementing retirement income I would shoot for funding a 5 year supplemental income bucket (safe assets...maybe laddered CDs or Treasuries).
Setting aside five years of safe assets seems appropriate. Creating this 5 year bucket during these 15 years before retirement would allow the portfolio to re-allocate during years when the portfolio had positive returns or excessive returns or growth in a dollar amount equal to 1/5 of the safe asset bucket or whatever criteria would sustain growth without compromising market opportunities.
These 5 years of safe assets could be accessed (withdrawn from the retirement account) to supplement other retirement income (SSI, pension, work or rental income, income from LT capital gains, etc.). In addition, It should be adequately funded to help the retiree meet inflation increases that are not built into their retirement income sources.
Keeping in mind that the first five years of retirement will have different supplemental needs than year six or year 16 or year 26, this 5 years supplemental income bucket will likely have a rolling balance that reflects the future 5 year rolling withdrawal needs throughout retirement.
Preparing to add to the 5 year bucket could start 10 years prior to the need. Again, market opportunities (positive volatility) could be maximized to help determine the timing of the funding. This would allow this reallocation to be laddered to mature when needed or be place in some other safe investment strategy.
Your thoughts?

U.S. stocks rose Tuesday, buoyed by strong gains in the energy sector as the overall market attempted to reclaim some ground lost the previous day when tech shares suffered a sharp selloff.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-03-19/stocks-face-drop-in-asia-as-tech-sentiment-rattled-markets-wrap
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-edges-up-on-energy-bump-facebook-slide-continues-idUSKBN1GW1GJ?il=0
MarketWatch:
https://www.marketwatch.com/story/techs-on-track-to-drag-down-us-stocks-for-a-second-day-as-facebook-keeps-sliding-2018-03-20/print
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-stocks-rally-twitter-boeing/
CNBC:
https://www.cnbc.com/2018/03/20/us-stocks-focus-on-fed-meeting-trade-tech-shares.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-03-20/your-evening-briefing
Bonds: CNBC:
https://www.cnbc.com/2018/03/20/bonds-and-fixed-income-data-fed-meeting-on-the-agenda-for-investors.html
Curriencies: CNBC:
https://www.cnbc.com/2018/03/19/forex-markets-euro-and-sterling-stand-tall-on-ecb-and-brexit-related-news.html
Oil: CNBC:
https://www.cnbc.com/2018/03/19/oil-markets-middle-east-tension-soaring-us-output-in-focus.html
Gold: (MarketWatch))
https://www.marketwatch.com/story/gold-prices-plumb-fresh-march-lows-ahead-of-fed-meeting-2018-03-20/print
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Positive
https://finviz.com/futures.ashx
Quot

Updated
https://www.sec.gov/Archives/edgar/data/763852/000119312518088631/d553787d497.htm
497 1 d553787d497.htm JPMORGAN TRUST II
J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Multi-Cap Market Neutral Fund
(All Share Classes)
(a series of JPMorgan Trust II)
Supplement dated March 20, 2018 to the
Summary Prospectus, Prospectus and Statement of
Additional Information dated November 1, 2017, as supplemented
NOTICE OF CHANGE TO LIQUIDATION DATE FOR JPMORGAN MULTI-CAP MARKET NEUTRAL FUND (the “Fund”). The Board of Trustees of the Fund had previously approved the liquidation and dissolution of the Fund, which was scheduled to occur on or about April 6, 2018. The Board has approved the advancement of the liquidation distribution due to redemption activity. The liquidating distribution is now scheduled to occur on or about March 28, 2018 (the “Liquidation Date”). The information contained in this supplement replaces the information contained in the supplement dated March 15, 2018 for the Fund.
The Fund may continue to depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. Unless you have an individual retirement account (“IRA”) where UMB Bank n.a. currently serves as the custodian, on the Liquidation Date, the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date. If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator.
Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. Shareholders holding Class A Shares or Class I Shares will be permitted to use their proceeds from the liquidation to purchase Class A Shares of another J.P. Morgan Fund at net asset value within 90 days of the liquidating distribution, provided that they remain eligible to purchase Class A Shares. They may also purchase other share classes for which they are eligible. If shareholders of Class C Shares purchase Class C Shares of another J.P. Morgan Fund within 90 days of the liquidating distribution, no contingent deferred sales charge will be imposed on those new Class C Shares. At the time of the purchase you must inform your Financial Intermediary or the Funds that the proceeds are from the liquidated fund.
FOR EXISTING SHAREHOLDERS OF RECORD OF THE FUND AS OF MARCH 19, 2018, ADDITIONAL PURCHASES OF FUND SHARES WILL BE ACCEPTED UP TO OR AROUND MARCH 23, 2018, AFTER WHICH NO NEW PURCHASES WILL BE ACCEPTED. FOR ALL OTHER INVESTORS, PURCHASES OF FUND SHARES ARE NO LONGER ACCEPTED.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF INFORMATION FOR FUTURE REFERENCE
SUP-MCMN-LIQ-318-2

Cetusnews seems to have vanished, so my comments are limited to what bee described.
1. Roth income limits. Here are some concerns about Kitces backdoor solution, a couple pragmatic and one a matter of principle.
I don't know how many 401(k) plans allow transfers from IRAs. If you can't segregate pre-tax and post-tax IRA money via an IRA to 401(k) transfer, backdoor conversions are often impractical. Too much pre-tax money in the IRA.
Also, even if you can move your pre-tax IRA money to your 401(k), that money will be stuck there, whether the 401(k) is a good plan or not.
The matter of principle is that, as Kitces stated, what makes backdoor conversions illegal is intent. The fact that you won't get caught if you follow his prescription doesn't make it legal. Just in case that matters. Me, I jaywalk daily and twice on Sunday.
3. Time value of Roths. Locking in rates can be good or bad. Would you lock in a 5 year CD at 3% now when you can get 2.5% on an 18 month CD? There is potential value in flexibility - one can contribute to a traditional IRA and convert to a Roth some time in the future when taxes are lower (locking in that lower rate when it materializes).
Whether you want to wait depends on what your crystal ball shows for future tax rates from now until retirement, and perhaps beyond. Personally, I'm betting on higher taxes (and locking in via Roth conversions of past years' contributions), but that's just one individual's opinion.
Someone who has difficulty maxing out IRA contributions is more likely in retirement to draw steadily from an IRA for income. That will limit the growth of the IRA, so that RMDs (and taxes) don't grow out of control. On the other hand, if one can easily max out IRA contributions, the time value of the Roth becomes even more important.
Here's a numeric example showing that even if tax rates are somewhat lower in retirement, contributing to a Roth (if you max out) can be better than contributing to a traditional IRA. It comes out better because when you max out a Roth you're sheltering more dollars (in after tax value) than you would in a traditional IRA.
Say the person is in the 24% bracket, but will be in the 22% bracket at retirement.
Assume there's $5500 in earnings, and $1320 (24% of $5500) in a taxable account. Finally, also assume that the taxable account is 100% tax-efficient (no taxes along the way), and gets taxed 15% (cap gains) at the end.
The investor can either put the $5500 into the Roth, using the $1320 from the taxable account to pay the taxes up front, or can put $5500 into a traditional account, and invest the $1320 in the taxable account.
Even with the higher (24%) taxes up front, the Roth breaks even once the investments have grown 125% (i.e. 2.25 times the original value). From that point on, the Roth pulls ahead. I've shown below what happens at the 125% growth mark, and at the 250% (3.5 times original value) point. That's still a lot less than Bee's growth (600%, to 7 times the original value).

Roth     |    Traditional  +  Taxable
Start:   $5500     |     $5500       +   $1320
125%:   $12,375    |    $12,375      +   $2970
-taxes     $0      |   ($ 2,722.50)  +  ($ 247.50)    22% tax, 15% cap gains
Net     $12,375    |    $ 9652.50    +   $2722.50   = $12,375
250%:   $19,250    |    $19,250      +   $4620
-taxes     $0      |   ($ 4,235)     +  ($ 495)       22% tax, 15% cap gains
Net     $19,250    |    $15,015      +   $4125      = $19,140

@MikeM, I reduced my equity and bond allocation by 15% early in the year and have been holding double digit in cash. We had a good run last year but the geopolitic situation has worsen and the possibility of a trade war. I may increase my TRP Capital Appreciation and let the manager to make that decision. He has been right on in last several years.

I'm gonna disagree...mostly.
Problem 1- Roth IRAs have income limits: If your income is too high to contribute to a Roth IRA (a good problem) you have the financial ability to contribute to a taxable retirement account and then orchestrate a "back door" Roth strategy...problem solved.
Source:

Since the income limits on Roth conversions were removed in 2010, higher-income individuals who are not eligible to make a Roth IRA contribution have been able to make an indirect “backdoor Roth contribution” instead, by simply contributing to a non-deductible IRA (which can always be done regardless of income) and converting it shortly thereafter.

https://kitces.com/blog/how-to-do-a-backdoor-roth-ira-contribution-while-avoiding-the-ira-aggregation-rule-and-the-step-transaction-doctrine/
Problem 2 - Roth IRA benefits can be limited: Roth death benefits are tax free for the beneficiary. Tax deferred IRAs are taxable upon death to the beneficiary. If you die early...your dead... regardless. I would agree that if your beneficiaries are non - profit organizations, then, by all means, contribute to tax deductible IRAs and pass the entire tax deferred account on the the non-profit tax free.
Problem 3 - The time value of money can be hard to beat:
Time value is the very reason Roth IRAs are such a great long term retirement investment. You pay less "real dollars" in taxes. When you contribute to your Roth IRA you pay taxes in today's dollars. A $5500 contribution at the 15% tax rate would equate to $825 additional income tax...at 20% rate would equate to $1100...at 25% rate would equate to $1375. The 2018 lower brackets look like this:

If you will fall within these lower brackets it make tax sense to contribute to the Roth. It also makes sense to lower yourself into these brackets by deducting income on contributions to tax deferred IRAs. A combination of the two is also a good strategy.
Fast forward to age 60 (30 years of compounding growth @ 7%):
This one Roth contribution ($5500) would have a value of about $39K (tax free) and has no RMD requirements at age 70. At age 70, it will have grown to almost $77K. This money can help you strategically lower your taxable withdrawals from other taxable accounts to further minimize taxes. This can also help you avoid many income based costs (i.e.- income based medicaid premiums) or qualify for income based subsidies (too many to list).
Fidelity article on Strategic Income Withdrawals:
https://fidelity.com/viewpoints/retirement/tax-savvy-withdrawals
Had this contribution grown in a tax deferred IRA, the deferred tax liabilities at age 60 would be - $5850 (@15% rate), $7800 (@20% rate), and $9750 (@25% rate) and about twice that at age 70. Roth locks in the tax rate at the point of contribution...tax deferred is always the differential between what you saved on contributions (your tax deductions) verse what you paid on withdrawals (your tax liability on your withdrawals). RMDs force your income higher so you have less control over income levels.
If you can lock in a low tax rate on a contribution with either or both tax free (Roth) or tax deferred (401K, 403b, 457, etc.) this is a tax bird 'in the hand". The real problem is not knowing what your taxable income will be on your tax deferred withdrawals in retirement... that is the "tax bird in the bush." and not having a mechanism to help strategically live on some tax free income when it is to your advantage. Saving 15% on contributions to then, 30 years later, pay a higher tax rate on withdrawals is a real long term loss of capital (withdrawal tax rate - contribution tax rate) compared to the Roth IRA (contribution tax rate).
I like to think of the taxes paid on a Roth contribution that permanently locks in the cost of taxes. Obviously, there are many other advantages to a Roth IRA such as access to you contributions at any time tax free, no RMDs, and the ability to fine tune your retirement income with regard to tax liabilities by accessing tax free dollars.

FYI: Jeffrey Gundlach of DoubleLine Capital called the subprime debt crisis that sank Bear Stearns and others. What he’s watching now.
Regards,
Ted
http://www.cetusnews.com/business/What-Is-Jeffrey-Gundlach-Worried-About-Now-.ByVOfX5tf.html

Article from Advisors Perspectives:

Gundlach is the founder and chief investment officer of Los Angeles-based DoubleLine Capital, a leading provider of fixed-income mutual funds and ETFs. He spoke to investors via a conference call on March 13. Slides from that presentation are available here (second link). The focus of his presentation was the DoubleLine Total Return Bond Fund (DBLTX).

gundlach-disagrees-with-mnuchin-and-powell
Slide to presentation "Inflation is Inflationary":
https://advisorperspectives.com/pdfs/2018-Slides

https://www.sec.gov/Archives/edgar/data/763852/000119312518083422/d552167d497.htm
497 1 d552167d497.htm JPMORGAN TRUST II
J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Multi-Cap Market Neutral Fund
(All Share Classes)
(a series of JPMorgan Trust II)
Supplement dated March 15, 2018
to the Summary Prospectus, Prospectus and Statement of Additional Information
dated November 1, 2017, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN MULTI-CAP MARKET NEUTRAL FUND. The Board of Trustees (the “Board”) of the JPMorgan Multi-Cap Market Neutral Fund (the “Fund”) has determined that it is in the best interests of the Fund to terminate the previously approved proposed plan of reorganization and cancel the related special meeting of shareholders.
Instead, the Board has approved the liquidation and dissolution of the Fund on or about April 6, 2018 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. Unless you have an individual retirement account (“IRA”) where UMB Bank n.a. currently serves as the custodian, on the Liquidation Date, the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date. If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator.
Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. Shareholders holding Class A Shares or Class I Shares will be permitted to use their proceeds from the liquidation to purchase Class A Shares of another J.P. Morgan Fund at net asset value within 90 days of the liquidating distribution, provided that they remain eligible to purchase Class A Shares. They may also purchase other share classes for which they are eligible. If shareholders of Class C Shares purchase Class C Shares of another J.P. Morgan Fund within 90 days of the liquidating distribution, no contingent deferred sales charge will be imposed on those new Class C Shares. At the time of the purchase you must inform your Financial Intermediary or the Funds that the proceeds are from the liquidated fund.
FOR EXISTING SHAREHOLDERS OF RECORD OF THE FUND AS OF MARCH 19, 2018, ADDITIONAL PURCHASES OF FUND SHARES WILL BE ACCEPTED UP TO OR AROUND APRIL 3, 2018 AFTER WHICH NO NEW PURCHASES WILL BE ACCEPTED. FOR ALL OTHER INVESTORS, PURCHASES OF FUND SHARES WILL NO LONGER BE ACCEPTED AFTER MARCH 19, 2018.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
SUP-MCMN-LIQ-318

TD Ameritrade is participating in the following The Goldman Sachs Group, Inc. Callable Step up Note.
Coupon:
2.50% to 03/29/2019; 3.50% to 03/29/2020; 4.00% to 03/29/2021
Payment Frequency: Semi-Annually
Maturity: 03/29/2021
Call Status:
Callable 09/29/2018 @100 Quarterly-Thereafter
Price: 100
What do you think?

This is not a suggestion or recommendation to @Junkster, but I'll just point out the obvious. As of Friday's close, a ladder of individually held to maturity Treasuries were yielding, not adjusting for state income tax exemptions, with little or no compounding of capital, and with zero worries of the "wiggles and squiggles of the markets"...
1 year... 2.03%
2 years... 2.27%
3 years... 2.45%
5 years... 2.65%
10 years... 2.90%

I was going to mention CDs and Treasuries. They are enticing. Just not sure I am ready to tie my money up to that extent quite yet. Maybe if rates continue their ascent or maybe a portion of my capital.

For those that follow junkster, as I do, to see what his perspectives is on bonds linked below is his last post, that I can find, on the Morningstar board.
http://socialize.morningstar.com/NewSocialize/ViewPost.aspx?apptype=0&PostID=3914111

A challenging year for many bond funds. Entering today I hold EIFAX, IOFIX, PUTIX, and FMPXX, the later being a Fidelity money market fund. My concern is the divergence with equities which are positive YTD and junk bonds which are negative YTD. I need a 1.90% annual return to pay my living expenses while keeping my nest egg intact. Hence at my age (71 next month) no longer very motivated in still compounding my capital. That could change if there were some type of major reset in stocks and bonds. I am fortunate I can still go on strenuous mountain and/or off trail hikes for up to six hours or longer. But I am not naive and realize that could change in the blink of an eye with some unforeseen health issue. So right now the markets take a back seat to my hiking passions while I am still fit and able. Presently, my main project is working with a ranger at my nearby national park documenting hidden off trail waterfalls. Far more enjoyable than being hyper focused on the wiggles and squiggles of the markets.

@Ted, daylight savings may have impacted this link...its one year old.
Consuelo didn't do an interview this weekend, but has a reading assignment for us all:
Thornburg Capital's 2018 Outlook-Riding Disruptive Innovations Return Curve

Tony FYI: Where is Milburn Conn ? I don't know, but Zebra Capital Management is located in Milford CT. Its a typing mistake.
Regards,
Ted :)

Where is Milburn, Conn., the base for Zebra Capital Management?

FYI: Fixed indexed annuities can do a better job of de-risking a portfolio for older investors than bonds, according to Roger Ibbotson, chairman and chief investment officer for Zebra Capital Management, an independent investment management firm based in Milburn, Conn.
Regards,
Ted
https://www.fa-mag.com/news/fixed-income-annuities-beat-bonds-for-retirees--researcher-says-37575.html?print

https://www.sec.gov/Archives/edgar/data/1691994/000114036118012737/form485apos.htm
(formerly City National Rochdale Emerging Markets Fund)

Wondering about the status of SPHD, which seems to be getting pummeled YTD (-6.5%) because of its holdings in Utilities, Real Estate and other interest-sensitive stocks. I have built up pretty large cap gains since I bought it a few years ago. It's definitely in the wrong sectors right now, especially compared to something similar like SCHD. Opinions about SPHD?

Dividend stocks tend to ebb and flow, so I assume funds focused in this area do the same. I would tend to stay the course here.
I plan to add to an existing SCHD position when rates settle at their ultimate higher levels, but that might be a year or so from now. I've looked at SPHD, but that duplicated individual divi payers in my portfolio. As you noted, there's quite a bit of a downtrend in this space, but the divi's are what I'm looking for as I'm in the distribution phase.
A fund I plan to add in the future which has gotten a bit of discussion on this board is PMAIX. It has a nice global allocation, with a good dividend. It's also held up pretty well with the initial rate spikes. I'm watching to see if this continues. It might be worth a look.

I would think that investing in DSEEX would give similar diversification to a vanilla hybrid fund that had a roughly 50/50 stock/bond mix. The difference is one of magnitude of performance (i.e. getting hammered harder).
In DSEEX, you get full exposure to CAPE. That means that if $10,000 invested in CAPE were to drop 10%, losing $1,000, then you'd expect a $10,000 investment in DSEEX to similarly lose $1,000 before even looking at the gains or losses on the bond side.
That $10,000 investment in DSEEX, aside from getting you stock exposure, buys nearly $10,000 worth of bonds in the fund's portfolio. If bonds drop 4%, your $10,000 worth of bonds lose $400.
So the $10,000 investment loses $1,000 + $400 = $1400.
This is as one would expect:
100% stock exposure x $10,000 x 10% loss + 100% bond exposure x $10,000 x $4% loss
= $1,000 + $400
= $1400
= (10% + 4%) x $10,000 = 14% x $10,000.
In the vanilla 50/50 hybrid fund, that $10,000 invested buys $5,000 worth of "real" stock and $5,000 of bonds. When stocks decline by 10%, the $5,000 worth of stocks drops $500 in value. When bonds decline by 4%, the $5,000 worth of bonds drops $200 in value.
So the $10,000 investment loses $500 + 200 = $700.
This too is as one would expect:
50% stock exposure x $10,000 x 10% loss + 50% bond exposure x $10,000 x 4%
= $500 + $200
= $700
= (50% x 10% + 50% x 4%) x $10,000 = 7% x $10,000.
Note that DSEEX is likely not providing the full 200% exposure (100% to CAPE, 100% to bonds), but it's still a reasonable approximation. DoubleLine writes that while: "Each $1 investment seeks to obtain $1 of exposure to the CAPE® Index ... and $1 of exposure to the underlying portfolio of bonds ... market fluctuations likely will preclude full $1 for $1 exposure between the swaps and the fixed income portfolio.