Epstein Secrets

via bullish X-market risk reversals Steet Selling rich USO (WTI tracker) 3M 25d puts to fund cheaper SXE

over the last 1M. Moreover, the average festul Guna ss payoff of being long SXEP 3M 25d calls would have been >2x greater than USO 3M 25d Equi elated Analys calls (owing to more frequent positive returns), when sized for the same upfront cost. LSS clea aa i Abhinandan Deb >> Asia Eauity-Linked Ana ysl Own

eap Date: July 19, 2016 at 10:07:27 AM EDT To: "Rich Kahn" Reply-To: "Ens, Highlights from this week

reasuries & SPX - -06- -08- M-13 Dee.13 Tes-14 Od-14 Taar-15 Aug-15 Jan-16 Juri-16 3m relise ly restée • 6m 61y in'Oed 15% 14% 12% Tele I: Analys expeacbansitle suptiscson ILS cm. Weil errants Mile eere is I ttk rab pricedinin the epdonmeket vs lise:tical eanings moues Ex pected Option Pat 4

BofA Analytics = DATA DRIVEN = Global Equity Derivatives Rsch MLPI F&S Anshul Gupta >> Equi MLI Nitin Saksena Equi MLP Willi Equi ‘y-Linked Analys UK) y-Linked Analys F&S am Chan, CFA >> y-Linked Analys Merrill Lynch (Hong Kong) Abhi Equi MLI Benj Equi MLP nandan Deb >> ‘y-Linked Analys UK

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade