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andle "The Great Rotation" as US equities continue to look more attractive than Fixed Income? Financials and Healthcare and Technology to outperform Utilities and Staples. USD should also benefit as the US yield curve steepens. There is a chart pack below. What is the Trade? 1. The Tail Hedge: Buy Puts
bank shares to rise. If the BoJ does move to make policy more flexible, we think the focus will be on JGBs, rather than on negative interest rates. Chart Pack: 3 EFTA_R1_00106914 EFTA01785102 Nasdaq Bio Tech Index: Buy Calls on Bio-Tech US Investment Grade ETF, (LQD in white) and (Shares Outstanding i
"The Great Rotation" as US equities continue to look m=re attractive than Fixed Income? * * Financials and Health=are and Technology to outperform Utilities and Staples. * * USD should also benefit as the US yield curve steepens. * There is a chart pack below. <=>What is the Trade? 1. The Tail Hedge
bank shares to rise. If the BoJ does move to mak= policy more flexible, we think the focus will be on JGBs, rather than on =egative interest rates. Chart Pack: Nasdaq Bio Tech Index: Buy Calls on Bio-Tech=b> In JGB Futures, 150.60 is an impor=ant level for all global fixed income. <=span> Regional Bank
andle 'The Great Rotation" as US equities continue to look more attractive than Fixed Income? Financials and Healthcare and Technology to outperform Utilities and Staples. USD should also benefit as the US yield curve steepens. 2 EFTA_R1_01556441 EFTA02454604 There is a chart pack below. What is the
bank shares to rise. If the Sal does move to make policy more flexible, we think the focus will be on JGBs, rather than on negative interest rates. Chart Pack: Nasdaq Bio Tech Index: Buy Calls on Bio-Tech US Investment Grade ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit. In
Entities connected to both Utilities and Chart Pack

Jeffrey Epstein
PERSON
Richard Kahn
PERSON
Health Care
ORGANIZATIONAmanda
PERSONMacro Equity & Global Alpha
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONRegional Bank ETF
ORGANIZATIONAmanda Ens
PERSONIG Credit
ORGANIZATIONPost Strong US Payroll Data
ORGANIZATIONPost Q2
ORGANIZATIONThe Bank of Japan's
ORGANIZATIONJGB Futures
ORGANIZATION
Green
PERSONHealthcare and Technology
ORGANIZATIONBuy Healthcare & Biotech
ORGANIZATIONUSD Strength Trade
ORGANIZATION