The Swiss Alpha SICAV Strategy Europe is a Non-Directional/Market Neutral Fund, which aims to achieve non-correlated returns by extracting THETA from listed equity index options on the EuroStoxx50. The strategy is based on always selling (writing) more call options than put options to achieve a Delta neutrality, or slightly negative. The longest maturity of the listed options is 3 months. A properietary trading system which was designed as a risk management tool, signals at any given time during the trading hours the option offering the highest probability of expiring worthless with the highest premium attached (risk-return analysis). The trading system dynamically calculates the underlaying parameters to assure that the Delta is being kept neutral to slightly negative. The market volatility determines the contract size (quota) and the market distance. Dynamic risk controls and stringent 24h hedging of put postions is the key to achieve constant returns in most market environments, especially limiting the risk on the down side.