Before revision:  A historical analysis based on 16 years of S& P500 data demonstrates the diversity of the risk exposures attainable through trading these swaps, as well as floating-floating swaps that trade differential risk premiums and maturities .
After revision:  A historical analysis based on 16 years of S& P 500 risk premia associated with these higher-moment characteristics are investigated empirically at the daily, weekly and monthly frequencies .