• 33+ years in financial markets

  • Founded two hedge funds focused on volatility arbitrage

  • Served as CEO at an institutional brokerage firm

  • Advised trading firms on business formation and product creation

Ronald A. Santella
Founder, CEO & CIO
Eric Latin
Chief Operating Officer

Equable Shares mutual funds are managed by Teramo Advisors, an investment firm specializing in defensive strategies



Full Bio

  • 14+ years in financial markets

  • Managed hedge fund portfolios for institutional investors

  • Specialization in risk management and incorporating alternative strategies into traditional portfolios

Full Bio

  • 15+ years of investment and compliance experience

  • Designed and managed compliance programs for investment firms

  • Experience with SEC and regulatory examinations

Alyssa Garie
Chief Compliance Officer
Cipperman Compliance Services
  • 20+ years of sales and marketing experience

  • Experience across major asset classes in both traditional and alternative strategies

  • Expertise with a wide range of investment vehicles

Steven Mazzuchelli
Managing Director Sales

Ronald A. Santella

Founder, CEO & Chief Investment Officer

Mr. Santella founded Equable Shares and currently serves as CEO and CIO. He has over thirty years of experience managing equity, option and volatility strategies across many market cycles and environments.


Ron started his career in 1985 at O’Connor and Associates in Chicago as a listed options trader. Following a one year stint at O’Connor, he joined Grace Brothers as the head trader and portfolio manager for arbitrage strategies. In 1990, Mr. Santella founded and managed a hedge fund primarily focused on convertible bond and volatility arbitrage strategies.


After a successful tenure of managing a series of hedge funds over the next 15 years, Mr. Santella established a family office in 2005 to invest his own capital, along with a limited number of partners’ capital, in alternative investment strategies.


In 2008, Mr. Santella took the helm as CEO of Fox River Execution, an institutional brokerage firm, based in Geneva, Illinois.   Under his leadership, Fox River aggressively grew its customer base, revenues and profit over a 2-year period, which resulted in the ultimate sale of the firm to SunGard in July of 2010.


Since leaving SunGard in 2011, Mr. Santella has consulted with Woori Bank of Korea, SkyBridge Capital and ED&F Man Capital Markets to provide solutions and create products in alternatives, mutual funds and execution services for UIT sponsors.

Ron earned a Bachelor of Science in Economics from Wharton Business School.

Copyright © 2021 Teramo Advisors, LLC  |  All rights reserved  |  Terms of Use  |  Privacy Policy  |  Disclaimer

This website does not constitute an offer to buy or sell any securities or invest in funds managed by Teramo Advisors, LLC (“Teramo”).

While all of the information prepared on this website is believed to be accurate, Teramo makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. All external data was gathered from sources believed to be accurate, but no independent verification has been made and accuracy is not guaranteed. Any projections, market outlooks or estimates in this presentation are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the returns or performance of any fund. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Past performance is not an indicator of future results.


The S&P 500 Index is a widely-used benchmark generally used to measure the performance of the US Stock Market, represented by 500 companies in the US with large market capitalizations. Beta is a measure of responsiveness to price movements of the overall market. The Fund measures beta versus the S&P 500 Index. The Cboe S&P 500 BuyWrite Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. It is not possible to invest directly in an index.


1. A covered call is an options strategy characterized by a long position in a security and a short (sold) call option on the security. Premium received from writing call options, plus dividends from the equity portfolio, represent steady cash flow that helps mitigate losses in the equity portfolio. The evaluation period of an index is consistent with the duration of call options written by the Funds, currently three months.

As stated in the Fund’s Statement of Additional Information (SAI) and as a non-principal investment strategy, the Fund may also buy put options or put spreads in an attempt to protect the Fund from a significant market decline. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security or index at the exercise price. Buying a put spread entails the purchase of a put option with a relatively higher strike price while writing (selling) a put option with a relatively lower strike price.

Each Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about each investment company, and it may be obtained by calling 239-325-8500 or by clicking the link here. Read it carefully before investing.


Mutual fund investing involves risk. Principal loss is possible. The use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. It is possible in certain situation that the use of derivatives (such as options) may have the effect of increasing the volatility of the Fund’s portfolio. The Funds invest in derivatives for hedging and non-hedging purposes. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the security or other instrument underlying the option that the writer must purchase or deliver upon exercise of the option. Writing covered calls may limit each Fund’s ability to participate in price increases of the underlying securities. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks overtime. In addition, each Fund’s ability to sell the underlying securities will be limited while the option is in effect. The Funds are non-diversified, which means that the funds may invest a relatively high percentage of its assets in a limited number of issuers. Investing in a non-diversified mutual fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in the value of one security may represent a greater portion of the total assets of a non-diversified fund.  Investing in the securities of small capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization and more established companies. The Fund may invest in shares of investment companies, including ETFs. The risks of investment in these securities typically reflect the risks of the types of instruments in which the investment company invests. When the Funds invest in investment company securities shareholders of the Funds bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund’s fees and expenses.


Equable Shares Funds are distributed by Quasar Distributors, LLC.