EFTA Document EFTA01388530

• Breakeven on structure is - 5% away, structure sees FXI re-enter old trading range, while selling post Feb/March highs • Feb gets near-term G20 catalyst, the big rate decisions over December (which can move USD), as well as the full announcement of Chinese fiscal policy early next year Light exo - Feb FXI ATM call contingent on SPX <105% for 2.05% vs 4.15% vanilla • FXI has started to outperform SPX over the last week, and if current fundamental factors keep the US down to only slight