e LP (Figure 16: ... but with much higher risk-adjusted returns j(36M calls and spreads rolled after 24M) 80% TE,., 70% 0 o> 60% 5096 It 40% ctO • 30% -8 20% afr 10% • 0% 1 1 Equity Outright Spread: Spread: Outright Spread. ATM ATM - 696ATM - 2% 10% I 0% - 2% Sant 0•400, ant iften

e LP (Figure 16: ... but with much higher risk-adjusted returns j(36M calls and spreads rolled after 24M) 80% TE,., 70% 0 o> 60% 5096 It 40% ctO • 30% -8 20% afr 10% • 0% 1 1 Equity Outright Spread: Spread: Outright Spread. ATM ATM - 696ATM - 2% 10% I 0% - 2% Sant 0•400, ant iften

e LP (Figure 16: ... but with much higher risk-adjusted returns j(36M calls and spreads rolled after 24M) 80% TE,., 70% 0 o> 60% 5096 It 40% ctO • 30% -8 20% afr 10% • 0% 1 1 Equity Outright Spread: Spread: Outright Spread. ATM ATM - 696ATM - 2% 10% I 0% - 2% Sant 0•400, ant iften