…ATM - 6% 220 • —Spread. ATM • 2% 200 • —Spread. ATM - 1M 2% 180 160 140 Dei>04 Cleo-06 DecOS Dec-10 No-12 Smarr: ones.Rank Mamba, Wan:et. In the following section we show results for only a select number of strategies studied. The results are largely consistent across other strategies studied and are available in the Appendix. Strategies involving selling 1M options to finance the longer-dated -ATM calls have had higher risk-adjusted returns than equity and outright…