Derivatives income-producing
strategies for speculative growth.


Dorgeolis Capital manages portfolios for qualified clients who seek to deploy a portion of their investable net worth with a manager targeting aggressive returns on an annual basis. With custodian services provided by Interactive Brokers, clients are encouraged to open portfolio margin accounts to achieve target performance.

Both discretionary performance-based fee and discretionary AUM fee accounts are available.

Contact us for more information.


Dorgeolis Capital generates income using a quantitative, tactical investment methodology, deploying various option strategies designed to collect option premium from underlyings including VIX-derived ETPs, equities, and futures contracts. Dynamic hedging strategies are deployed to protect positions during periods of heightened volatility.


For traders and investors who’d like an immersive educational experience, we offer a week-long coaching session aimed at identifying areas for improving performance and increasing efficiency and profits.

Sessions are typically Monday through Friday from 30 minutes before the market opens until 30 minutes after close and conducted at a place of your choosing such as a home, office, or coworking space. The week is unstructured, allowing the focus to shift as we dive deeper into areas of interest.

Coaching clients in the past have chosen to conduct studies and backtests, redesign portfolios, study the mechanics of regT and portfolio margin, learn how to use the greeks to inform trading, evaluate hedging strategies, investigate different products and strategies, or watch over my shoulder as I decide what orders to place and manage positions. We commonly develop a resource library and build a course of study to further their learning beyond this week.

By far, the greatest value of these coaching sessions is maturation of your trading psychology, uncovering weaknesses and repeated mistakes, identifying harmful bias or narratives, and leveraging your unique abilities to work a trading strategy to greatest effect.

Learn from a coach who actively trades.

Coming soon –

For traders who prefer to implement our methodologies for themselves, Dorgeolis Capital will offer a subscription service for those able to dedicate their time and skill to achieve their investing goals. This service will include access to our ever-expanding list of quantitative tools and data sets, market awareness commentary, and strategic guidance.

For non-subscribers free educational content will be available to help round out a trader’s knowledge of the complexities of volatility products and their usage.


Michael Listman, Investment Advisor

Michael Listman began trading in 1986 with commodities and equities, focusing on OEX options throughout the 90s. In 2015 he began trading UVXY for premium collecting which quickly became the primary trading strategy that he continues to evolve and refine in an ever-shifting market landscape.

A serial entrepreneur, Mr. Listman founded several companies that have included commercial printing, consumer electronics retailer, IT services, web programming, and real estate development. Today, Michael is dedicated full-time to trading as an Investment Advisor with Dorgeolis Capital.

Check the background of this investment professional on FINRA’s BrokerCheck.


We would love to hear from you! Please send Michael an email at


Mailing address: 155 Cottage Lane, Bonners Ferry, Idaho 83805