vs. USO calls (when size= for an upfront cost equal to the current price of the USO 3M 25d put)<=u> </=> Source: BofA Merrill Lynch Global Resear=h. Data from 7-Jul-16 to 5-Aug-16. Source: BofA Merrill Lynch Global Resear=h. Data as of 5-Aug-16, using indicative mid prices. *Percentiles since Ja=-08.