Is there was a way to build a portfolio of non-leveraged short positions? This is new territory because industry’s focus on building models for a long-only focused market, but also because short, and long-short enter the alternative or hedge territory, an underrepresented segment globally. The idea of a short index does not exist while the short ETFs are in their nascency. As global money managers still are predominantly ‘buy and close’ rather than buy with a short hedge. As markets become harder to understand, the lines between trading and investing have finally started to blur.