Stocks continue surging to record highs. Here's how to hedge

Key points

• The S&P 500 has staged an impressive recovery, rallying more than 17% off its March lows on a combination of tariff relief optimism, resilient earnings and a powerful rebound in semiconductors.
• It is a move that has rewarded patience.
• It is also one that has quietly made hedging both more affordable and more strategically sensible.
• The arithmetic is straightforward.
• Protection costs less when volatility is compressed.