Fixed index annuities offer interest rates that correlate to a particular underlying stock index (i.e. S&P 500). (immediateannuities.com)
However, the Fund may experience a loss even when the entire value of its stock portfolio is hedged if the returns of the stocks held by the Fund do not exceed the returns of the securities and financial instruments used to hedge, or if the exercise prices of the Fund's call and put options differ, so that the combined loss on these options during a market advance exceeds the gain on the underlying stock index. (hussmanfunds.com)
Once you have sold short futures contracts, the contracts will change value in direct opposite proportion to the underlying stock index. (pocketsense.com)