A life insurance unit of Inviva Inc. is adding 2 variable annuity investment options aimed at customers who want to play with the big boys.

Inviva, Louisville, Ky., is including Rydex Variable Trust Absolute Return Strategies Fund option and a Rydex Variable Trust Hedged Equity Fund option in the Monument Advisor contract issued by its Jefferson National Life Insurance Company unit.

The Rydex Absolute Return Strategies Fund will try to “provide capital appreciation consistent with the risk and return characteristics of the hedge fund universe with low correlation and less volatility than equity indexes,” according to Inviva.

The Rydex Hedged Equity Fund will try to “provide capital appreciation consistent with the risk and return characteristics of the long-short hedge fund universe with low correlation and less volatility than equity indexes,” Inviva says.

Jefferson National sells low-fee VA contracts.

The new investment options, from Rydex Investments, Rockville, Md., are aimed at consumers who want access to the same investment strategies that hedge fund managers use.

The hedge fund investment options could be unusually volatile, because they will invest in vehicles such as junk bonds and international securities, according to Inviva.