A European hedge fund manager is running a short position in the S&P 500 but the index is rising steadily. She thinks the stock market will turn down and her position will come back in the money However, she knows that if she's wrong her broker will ask her to close her position by buying back US equities. She's concerned she'll suffer a double whammy' loss because if US equities rally the dollar is also likely to appreciate -her short position is loss making and the equity buy-back is more expensive. She could hedge the FX risk with a USD call option but that's expensive. Devise an FX option cylinder strategy that would allow the fund manager to hedge against a bullish dollar but allow flexibility in case the S&P 500 and the dollar fall