EFTA01365024

Weekly options in AAPL stock began to be listed in June 2010 This coincides roughly with the development of the Friday / Monday trading pattern Deutsche Bank r:(1.ttF Overview of Weekly options History Listing Purpose Trading • The OBOE launched Weekly options in October 2005. These were originally only on the S&P500 • The OBOE expanded the product in June 2010 to include more underlyings • Since June 2010. Weekly options are listed before the open on Thursdays • Currently, the AAPL Weeklys are part of the "expanded" program and have 6 expirations. A new expiration is added every week • When the OBOE introduced Weeklys. it stated that they would provide an "efficient way to trade options specifically around certain news or events — such as economic data or earnings announcements" • Trading options instead of stock is a convenient way to lever positions around events • Unlike the broader market. trading in AAPL options is much more skewed towards calls than puts • We have found little evidence of institutional trading in these options • This means the majority of trading is done by: — High frequency traders — Retail investors 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055614 CONFIDENTIAL SDNY_GM_00201798 EFTA01365024