Hedge Comparison Note: The size of 3M hedges are determined by scaling the premiums spent to $10 MM. To get the expected index levels in a stress scenario, we apply the same historical moves to current spot levels. +1 212 723 2118 Scenario: The Financial Crisis (2008-2009) Scenario: The Energy Sell-Off (2015-2016) | Index | Maturity | Structure | Strike | Delta | Price | Notional/Contracts | Premium | Spot | Expected | Payout | P&L | Payout Ratio* | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...