EFTA Document EFTA01461291

Classification: For internal use only XLK is a $13.7bn tech sector ETF. Investors bullish tech should consider short dated OTM calls on XLK which combine low levels of implied vol and an efficient underlying Trades: Buy 3m expiry XLK 3% OTM call @ 1.24% (offer vol: 12.8) Buy 6m expiry XLK 6% OTM call 1.44% (offer vol: 13.6) Spot ref: XLK Index = 35.85 XLK top 10 Holdings AAPL 14% GOOG 9.3% MSFT 8% IBM 5.6% T 5.1% VZ 4% QCOM 3.7% CSCO 3.5% V 3.4% Past Returns and Implie