The Carbon Neutral Alpha Program (CNA) is an absolute return program specialized on carbon markets including carbon allowances and emission offsets futures. It develops a risk-adjusted portfolio of the most liquid futures of the Compliance Carbon Allowances (EUA, UKA, CCA, WCA) and Voluntary Carbon offsets (GEO, NGO) contracts, which it seeks to outperform in different market environments and economic cycles. The program applies directional, spread, and relative value strategies b