overlay
C1CEFR level
60/100Rarity: rare
TechnicalRegister
A hedging programme layered onto a portfolio to manage a specific risk without altering the underlying holdings.
A currency overlay stripped the foreign-exchange risk out of the fund's overseas equity exposure.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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