rch. Data as of 2-Jun-08 to 15-Sep-17 The structure displayed in the chart is strike off forward with a fixed maturity Historical payoffs of buying HSCEIIKOSPI2ITWSE vs. selling NIFTY/AS51 9-month 105%-120% call spreads underperformed from 2012-2014, mostly driven by the NIFTY outperformance [Title: 891fl0c0cb95