Less than people think. We use index futures, and sometimes the purpose of hedging is to expose the market to bulls or bears. Below people's expectations, we do stock index futures sometimes to hedge and sometimes to benefit from market risks: either long or short. We don't use options because we don't know how to adapt to their risks, and we are willing to live together. When you buy options, you pay a high premium for your major, which provides you with a lever. We can use our securities to create cheaper loans.