Abstract: A structured investment vehicle includes a master fund having a price being linked to a plurality of managed accounts; an enhanced fund that invests in the master fund on a leveraged basis; and a collateralized fund obligation that gains exposure to the enhanced fund through the purchase of fund-linked certificates associated with the enhanced fund, wherein the collateralized fund obligation finances purchase of the certificates by issuing two or more tranches of securities in which at least one tranche is a debt obligation.