Provides further insulation from transaction related expenses and may create significant tax benefits by allowing mutual funds to deliver in-kind shares to ReFlow upon redemption rather than cash.

Brings the benefits enjoyed by ETFs to mutual funds.

Enables equitization of portfolio cash via a total return swap---providing a mutual fund its own return in exchange for the cash return (LIBOR) plus a fee.

CTE allows a portfolio manager to quickly turn cash into market exposure. The manager can adjust this market exposure daily without transaction and portfolio rebalancing overhead.