Oracle warrants an Underweight call with a 20-25% position trim targeting 65-75% of benchmark weight, driven by operational strength (FY26 revenue +17.4%, record 33.3% operating margin) that cannot offset capital structure fragility (FCF -$23.7B, D/E 388%, tangible book -$19.8B). The recommended hedge uses ITM puts at $140-$145 strikes with a short at $115 to create a $25-wide protection window at 1.5-2.5% premium cost, paired with a two-tier stop discipline ($129 tactical, $114.99 thesis-invalidation) and re-entry requiring two of three criteria including FCF normalization and successful debt issuance.