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rolled after 24M 260 240 • 220 • 200 • 180 160 140 —Equity Outright ATM Spread. ATM - 6% —Spread. ATM • 2% —Spread. ATM - 1M 2% Dei>04 Smarr: ones. Rank Mamba, Wan:et. Cleo-06 DecOS Dec-10 No-12 In the following section we show results for only a select number of strategies studied.

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rolled after 24M 260 240 • 220 • 200 • 180 160 140 —Equity Outright ATM Spread. ATM - 6% —Spread. ATM • 2% —Spread. ATM - 1M 2% Dei>04 Smarr: ones. Rank Mamba, Wan:et. Cleo-06 DecOS Dec-10 No-12 In the following section we show results for only a select number of strategies studied.

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