Due Dilligence

1
Due-Diligence & Certification Summary
Strategy: Breakout Turtle Ops (Researched February 2016)
8 Step Certification Check List Yes No Notes
Step: 1 - Referred by Third Party
Step: 2 – System Developer or
Company Survey & Application
Step: 3 – Type of licensing held
and with which organization
Step: 4 – System Disclosure
Step: 5 – Trading Experience:
How many years
Step: 6 – Back Test:
How many years
Step: 7 – Live Brokerage
Statements: How many years &
Account Size
Yes, completed
Registered since 1993
Yes, see manuals
30 years
Step: 8 – Soft Start Date May 2016
Trade Station files and historical back test from
January 2014 - April 2016
January 2014 - April 2016
CERTIFIED
Notes:
The strategy meets our certification.
We were able to verify the trading and money management rules. The developer has been
recognized as a well-renowned trader since the early 1990’s. We have been able to watch
the strategy in a live market since early 2016. Because the strategy trades options on 30
different ETF markets, it brings a well versed diversification to any portfolio size. The
strategy includes an educational course, and we were able to go through the trading
course to understand the methodology. The developer has also met with us personally to
review all the details of this strategy.

Step 2 2
SYSTEM STRATEGY SURVEY
FFR Trading Research, Inc.
SUMMARY OF SURVEY
The purpose of this questionnaire survey is to help FFR Trading develop an understanding of the details of the
strategy or strategies for us to make an informed decision. It also provides us with the facts and information
needed to begin our due diligence process and determine whether or not the strategy and system is a good fit for
our own trading. The more detailed information provided, the more efficient our process will be.
DOCUMENTATION NEEDED
Please provide the following documents if available. If not available please explain why. Please type in your
answers in a blue font color as well as in italic, and email the survey back to us (DO NOT FAX).
Is anyone on the team registered as a CTA or fund manager, please provide details on what entity name
this is listed under? Russell has been registered for years since the 1980’s as a CTA and has traded his
Managed fund for years.
Do you have a Track/performance Record that is at least 3 years of actual real time trades in the market?
We have a list of the trades that we’ve sent.
We will need a back test of trading performance of no less than 3-years.
Please provide a sample trading charts – high resolution. The best source for charts is the Turtle-Ops book
and course.
Can you provide broker statements (Personal, trading fund or client’s)? No, there are no account
statements we can provide because we trade numerous markets in our large account including the
Options.
Please provide a Power Point Presentation of the strategy if you can provide it. The best source for this is
the Turtle-Ops book and course.
CONTACT INFORMATION OF DEVELOPER AND/OR TEAM
Full Name of Developer: The developer, of course, is Russell.
Additional Team Members: Duane Davis, Jeff Davis, Ruth Olofson, & Steve Charpentier
Company Name:
Physical address:
Billing address:
Telephone (cell and office):
Email:
Skype / Yahoo Messenger / MSN Messenger (if applicable):
CONFIDENTIAL

Step 2
3
FFR Trading Research, Inc.
TRADING STRATEGY
1. What is the name of the strategy? Russell Sands Turtle-Ops
2. What markets does the strategy trade? Options on ETFs
3. Is the system based on technical or fundamentals? Technical
4. Describe the trading strategy, (spreads, breakout, trend, please elaborate)? Trend based on Turtle 21
Day High or Low
5. Are the trading orders/suggestions limit or market orders, etc? Trade alerts are always done as limit
orders for both entries and exits
6. What indicators do you use on entries and exits? Turtle indicators described in the Turtle-Ops book
7. Why do you use these indicators?
8. How many trades on average per month? 10
9. What is an average hold time per trade? 15 Days
10. How many trades could be open at one given time? Perhaps 5 or 6
11. What are the average non-compounded returns per year (is this hypothetical or real time)? See
statistical data
12. What is the average drawdown? See statistical data
13. What was the biggest drawdown? Based on the hypothetical trade list, $3,851 before commission or
fees
14. What is the stop loss for each trade? Because we’re trading options, we don’t place stops in the
market. Instead, trades are monitored during the day for possible exits. The exit strategies are
explained in the Turtle-Ops book.
15. What is the ratio of winners to losers? 54% wins to 46% losses
16. Please describe when the strategy takes profits on each trade? This is described in the Turtle-Ops
educational course, but if an option doubles in value, it’ll get closed on the first negative bar.
17. Does a trader/investor need to watch the market all day in order to trade the strategy? Trade alerts
are sent out during the day and auto trading is available.
18. Are there email signals provided to the subscriber or access to a member’s site for subscribers? Trade
alerts are sent by email.
CONFIDENTIAL

Step 2
4
FFR Trading Research, Inc.
19. Does the developer provide any educational materials for the subscriber? Yes, the Turtle-Ops book
20. Is there any access to a trader or support for customer questions? Yes, basic telephone support is done
by the Turtle Team. Also, questions about Turtle and questions about trades can be sent by email.
21. What are the benefits of the trading strategy? Why would an investor choose the strategy/style over
another? Because we know the Turtles system has been proven over the last 20+ years.
22. What minimum trading account size does the developer recommend to effectively trade the system?
Brokers may have their minimums, but because we will not be day trading these options, they can be
traded in a small account.
23. What is the maximum percent that the developer recommends exposing to risk on any single trade?
For the hypothetical trade list, we used an allocation of $500 per trade, but allocations as lows as $250
should be fine.
THANK YOU!
FFR Trading appreciates that you took the time in completing this survey. Your input is critical to the success of our
mutual partnership! We will review your survey and be back in touch in setting up another conversation within
the next few weeks.
CONFIDENTIAL

BASIC Details
Step 3
5
News Center Swaps Information Information for DCMs and SEFs NFA Manual File a Complaint Careers at NFA
Details
NFA ID:
Current Status
•
Exemptions
Click the link below to view exemptions for this firm
View Exemptions
Regulatory Actions
Agency
Number
NFA 0
CFTC 0
Exchanges 0
details...
Formerly Known As
No other names
Doing Business As
No other names
Listed Principals
NFA Arbitration Decisions
Role
Number
Claimant 0
Respondent 0
details...
Business Address
CFTC Reparations Cases
Total 0
10% or More
Listed Principal Name
Title
Financial Interest
History
Status
PRESIDENT
YES
Effective Date
CERTIFIED
• COMMODITY TRADING ADVISOR REGISTERED 04/26/2007
• COMMODITY TRADING ADVISOR PENDING 04/26/2007
• COMMODITY TRADING ADVISOR WITHDRAWN 07/05/2006
• COMMODITY POOL OPERATOR WITHDRAWN 06/18/1999
• NFA MEMBER WITHDRAWN 06/18/1999
• COMMODITY POOL OPERATOR REGISTERED 08/05/1997
• NFA MEMBER APPROVED 04/28/1997
• COMMODITY TRADING ADVISOR REGISTERED 11/10/1993
• COMMODITY TRADING ADVISOR PENDING 11/08/1993
details...
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Step 6
6
Russell Sands Turtle-Ops
ETF
Description
Entry
Date
No. of
Contracts Expiration Option
Entry
Price
Exit
Date
Exit
Price
Gain
or Loss
Cumulative
Gain or Loss
EEM MSCI - Emerging Markets 01/03/14 5 Feb 22, 2014 40 Put 1.15 02/06/14 1.72 $285.00 $285.00
USO US Oil Fund 01/03/14 9 Feb 22, 2014 33 Put 0.60 01/15/14 0.66 $54.00 $339.00
EWZ MSCI - Brazil 01/06/14 11 Feb 22, 2014 40 Put 0.50 02/06/14 0.98 $528.00 $867.00
FXI Currency Shares - China 01/06/14 8 Feb 22, 2014 35 Put 0.67 01/22/14 0.35 -$256.00 $611.00
GDXJ Market Vectors - Jr. Gold Miners 01/21/14 4 Mar 22, 2014 40 Call 1.40 03/11/14 2.30 $360.00 $971.00
TLT Barclays 20+ Yr Treasuries 01/21/14 4 Feb 22, 2014 105 Call 1.25 02/06/14 2.12 $348.00 $1,319.00
UNG US Natural Gas 01/22/14 4 Feb 22, 2014 22 Call 1.23 02/06/14 2.92 $676.00 $1,995.00
OIH Market Vectors - Oil Service 01/24/14 9 Feb 22, 2014 45 Put 0.60 02/06/14 0.63 $27.00 $2,022.00
XLE SPDR - Energies 01/27/14 7 Feb 22, 2014 82 Put 0.75 02/07/14 0.46 -$203.00 $1,819.00
KRE SPDR - Regional Banking 02/03/14 10 Feb 22, 2014 37 Put 0.55 02/12/14 0.07 -$480.00 $1,339.00
XOP SPDR - Oil & Gas Exploration 02/03/14 6 Feb 22, 2014 62 Put 0.85 02/11/14 0.17 -$408.00 $931.00
GDX Market Vectors - Gold Miners 02/10/14 5 Mar 22, 2014 25 Call 1.03 03/19/14 1.14 $55.00 $986.00
SLV Silver Trust 02/14/14 6 Mar 22, 2014 20 Call 0.91 02/26/14 0.87 -$24.00 $962.00
SMH Market Vectors - Semiconductors 02/14/14 5 Mar 22, 2014 43 Call 0.99 03/03/14 0.85 -$70.00 $892.00
XLK SPDR - Technology 02/14/14 10 Mar 22, 2014 36 Call 0.55 03/03/14 0.35 -$200.00 $692.00
USO US Oil Fund 02/18/14 5 Mar 22, 2014 36 Call 1.10 03/05/14 0.93 -$85.00 $607.00
VGK Vanguard - European 02/18/14 8 Mar 22, 2014 60 Call 0.65 03/03/14 0.50 -$120.00 $487.00
XOP SPDR - Oil & Gas Exploration 02/18/14 3 Mar 22, 2014 70 Call 1.52 02/27/14 1.03 -$147.00 $340.00
OIH Market Vectors - Oil Service 02/24/14 5 Mar 22, 2014 48 Call 0.96 03/12/14 0.60 -$180.00 $160.00
XLE SPDR - Energies 02/24/14 2 Apr 19, 2014 87 Call 2.18 03/12/14 1.46 -$144.00 $16.00
XRT SPDR - Retail 02/25/14 3 Mar 22, 2014 83 Call 1.53 03/13/14 3.36 $549.00 $565.00
XLB SPDR - Materials 02/26/14 5 Mar 22, 2014 46 Call 0.98 03/13/14 1.41 $215.00 $780.00
EPI Wisdom Tree - India 02/28/14 3 Apr 19, 2014 15 Call 2.05 04/14/14 4.20 $645.00 $1,425.00
KRE SPDR - Regional Banking 02/28/14 9 Mar 22, 2014 40 Call 0.61 03/20/14 2.15 $1,386.00 $2,811.00
FXY Currency Shares - Japanese Yen 03/06/14 4 Apr 19, 2014 95 Put 1.32 03/13/14 0.67 -$260.00 $2,551.00
XME SPDR - Metals & Mining 03/06/14 11 Apr 19, 2014 45 Call 0.50 03/26/14 0.12 -$418.00 $2,133.00
USO US Oil Fund 03/12/14 7 Apr 19, 2014 35 Put 0.73 03/21/14 0.34 -$273.00 $1,860.00
EEM MSCI - Emerging Markets 03/13/14 5 Apr 19, 2014 38 Put 0.96 03/21/14 0.48 -$240.00 $1,620.00
FXI Currency Shares - China 03/13/14 5 Apr 19, 2014 33 Put 0.99 03/21/14 0.46 -$265.00 $1,355.00

Step 6
7
GDXJ Market Vectors - Jr. Gold Miners 03/13/14 2 Apr 19, 2014 45 Call 2.40 03/18/14 1.15 -$250.00 $1,105.00
SLV Silver Trust 03/19/14 8 Apr 19, 2014 20 Put 0.67 04/04/14 0.85 $144.00 $1,249.00
GDX Market Vectors - Gold Miners 03/24/14 5 Apr 19, 2014 25 Put 1.07 04/04/14 0.91 -$80.00 $1,169.00
GDXJ Market Vectors - Jr. Gold Miners 03/24/14 7 Apr 19, 2014 35 Put 0.75 04/09/14 0.22 -$371.00 $798.00
EWZ MSCI - Brazil 03/27/14 8 Apr 19, 2014 45 Call 0.70 04/15/14 1.48 $624.00 $1,422.00
EEM MSCI - Emerging Markets 03/28/14 4 Apr 19, 2014 40 Call 1.33 04/15/14 1.15 -$72.00 $1,350.00
OIH Market Vectors - Oil Service 03/28/14 6 Apr 19, 2014 50 Call 0.91 04/10/14 0.68 -$138.00 $1,212.00
XLE SPDR - Energies 03/28/14 5 May 17, 2014 90 Call 1.15 04/10/14 1.39 $120.00 $1,332.00
XOP SPDR - Oil & Gas Exploration 03/28/14 4 May 17, 2014 73 Call 1.27 04/17/14 3.42 $860.00 $2,192.00
EPI Wisdom Tree - India 04/01/14 11 May 17, 2014 20 Call 0.50 04/15/14 0.35 -$165.00 $2,027.00
XLK SPDR - Technology 04/01/14 5 May 17, 2014 36 Call 1.09 04/04/14 0.84 -$125.00 $1,902.00
USO US Oil Fund 04/08/14 9 May 17, 2014 37 Call 0.61 04/22/14 0.68 $63.00 $1,965.00
UNG US Natural Gas 04/10/14 4 May 17, 2014 25 Call 1.29 04/21/14 1.62 $132.00 $2,097.00
KRE SPDR - Regional Banking 04/11/14 6 Jun 21, 2014 37 Put 0.95 05/27/14 0.26 -$414.00 $1,683.00
VGK Vanguard - European 04/22/14 8 May 17, 2014 60 Call 0.65 05/15/14 0.32 -$264.00 $1,419.00
FXI Currency Shares - China 04/25/14 6 May 17, 2014 35 Put 0.94 05/12/14 0.19 -$450.00 $969.00
SLV Silver Trust 04/30/14 7 May 17, 2014 20 Put 0.75 05/14/14 0.10 -$455.00 $514.00
TLT Barclays 20+ Yr Treasuries 05/01/14 10 Jun 21, 2014 115 Call 0.54 05/12/14 0.28 -$260.00 $254.00
EPI Wisdom Tree - India 05/09/14 7 Jun 21, 2014 20 Call 0.80 05/29/14 1.78 $686.00 $940.00
XLB SPDR - Materials 05/12/14 6 Jun 21, 2014 48 Call 0.95 05/15/14 0.60 -$210.00 $730.00
XLK SPDR - Technology 05/12/14 5 Jun 21, 2014 36 Call 1.08 06/20/14 2.10 $510.00 $1,240.00
EEM MSCI - Emerging Markets 05/13/14 5 Jun 21, 2014 42 Call 1.15 05/30/14 1.07 -$40.00 $1,200.00
FXE Currency Shares - Euro 05/13/14 6 Jun 21, 2014 135 Put 0.91 06/05/14 0.97 $36.00 $1,236.00
XME SPDR - Metals & Mining 05/20/14 6 Jun 21, 2014 40 Put 0.94 06/06/14 0.70 -$144.00 $1,092.00
USO US Oil Fund 05/21/14 8 Jun 21, 2014 38 Call 0.65 06/02/14 0.28 -$296.00 $796.00
FXI Currency Shares - China 05/22/14 6 Jun 21, 2014 36 Call 0.92 06/19/14 1.91 $594.00 $1,390.00
GDX Market Vectors - Gold Miners 05/27/14 8 Jun 21, 2014 23 Put 0.68 06/10/14 0.44 -$192.00 $1,198.00
GDXJ Market Vectors - Jr. Gold Miners 05/27/14 8 Jun 21, 2014 30 Put 0.68 06/05/14 0.29 -$312.00 $886.00
SMH Market Vectors - Semiconductors 05/27/14 7 Jun 21, 2014 46 Call 0.74 06/20/14 3.31 $1,799.00 $2,685.00
VGK Vanguard - European 05/27/14 4 Jun 21, 2014 60 Call 1.35 06/17/14 1.00 -$140.00 $2,545.00
OIH Market Vectors - Oil Service 05/29/14 5 Jul 19, 2014 53 Call 1.04 07/08/14 3.66 $1,310.00 $3,855.00
FXY Currency Shares - Japanese Yen 06/04/14 6 Jul 19, 2014 95 Put 0.93 06/11/14 0.48 -$270.00 $3,585.00
KRE SPDR - Regional Banking 06/05/14 9 Jul 19, 2014 40 Call 0.60 06/25/14 0.46 -$126.00 $3,459.00
XOP SPDR - Oil & Gas Exploration 06/06/14 4 Jul 19, 2014 80 Call 1.18 06/25/14 2.32 $456.00 $3,915.00

Step 6
8
XLE SPDR - Energies 06/09/14 6 Jun 21, 2014 97 Call 0.85 06/20/14 3.60 $1,650.00 $5,565.00
GDXJ Market Vectors - Jr. Gold Miners 06/10/14 6 Jul 19, 2014 38 Call 0.85 07/16/14 3.90 $1,830.00 $7,395.00
XRT SPDR - Retail 06/18/14 3 Jul 19, 2014 86 Call 1.63 06/26/14 1.22 -$123.00 $7,272.00
SMH Market Vectors - Semiconductors 07/01/14 7 Jul 19, 2014 50 Call 0.78 07/17/14 0.65 -$91.00 $7,181.00
UNG US Natural Gas 07/02/14 3 Aug 16, 2014 25 Put 1.55 08/05/14 3.55 $600.00 $7,781.00
FXI Currency Shares - China 07/03/14 5 Aug 16, 2014 38 Call 1.01 08/06/14 2.30 $645.00 $8,426.00
XLB SPDR - Materials 07/03/14 6 Aug 16, 2014 50 Call 0.81 07/10/14 0.47 -$204.00 $8,222.00
VGK Vanguard - European 07/10/14 3 Aug 16, 2014 60 Put 1.59 08/15/14 3.15 $468.00 $8,690.00
FXE Currency Shares - Euro 07/16/14 2 Sep 20, 2014 135 Put 2.15 09/03/14 5.51 $672.00 $9,362.00
KRE SPDR - Regional Banking 07/17/14 6 Aug 16, 2014 39 Put 0.92 07/30/14 0.53 -$234.00 $9,128.00
TLT Barclays 20+ Yr Treasuries 07/17/14 5 Aug 16, 2014 115 Call 0.97 07/30/14 1.06 $45.00 $9,173.00
EWZ MSCI - Brazil 07/18/14 4 Aug 16, 2014 50 Call 1.37 07/30/14 0.94 -$172.00 $9,001.00
XLK SPDR - Technology 07/22/14 6 Aug 16, 2014 39 Call 0.94 07/31/14 0.60 -$204.00 $8,797.00
USO US Oil Fund 07/31/14 8 Sep 20, 2014 36 Put 0.63 08/28/14 1.01 $304.00 $9,101.00
XOP SPDR - Oil & Gas Exploration 08/01/14 5 Aug 16, 2014 70 Put 0.99 08/11/14 0.14 -$425.00 $8,676.00
SLV Silver Trust 08/04/14 6 Sep 20, 2014 20 Put 0.83 08/28/14 1.22 $234.00 $8,910.00
XME SPDR - Metals & Mining 08/11/14 10 Sep 20, 2014 45 Call 0.52 09/04/14 0.11 -$410.00 $8,500.00
FXE Currency Shares - Euro 08/19/14 5 Sep 20, 2014 132 Put 1.15 09/16/14 4.18 $1,515.00 $10,015.00
XRT SPDR - Retail 08/19/14 3 Sep 20, 2014 86 Call 1.84 09/12/14 3.19 $405.00 $10,420.00
SMH Market Vectors - Semiconductors 08/21/14 7 Sep 20, 2014 51 Call 0.79 09/10/14 0.85 $42.00 $10,462.00
XLK SPDR - Technology 08/21/14 11 Sep 20, 2014 40 Call 0.46 09/04/14 0.49 $33.00 $10,495.00
EWZ MSCI - Brazil 08/26/14 8 Sep 20, 2014 53 Call 0.63 09/08/14 0.79 $128.00 $10,623.00
XOP SPDR - Oil & Gas Exploration 08/29/14 3 Oct 18, 2014 80 Call 1.56 09/04/14 1.06 -$150.00 $10,473.00
FXY Currency Shares - Japanese Yen 09/02/14 9 Oct 18, 2014 90 Put 0.61 10/02/14 2.45 $1,656.00 $12,129.00
GDX Market Vectors - Gold Miners 09/04/14 7 Oct 18, 2014 23 Put 0.71 10/22/14 3.47 $1,932.00 $14,061.00
GDXJ Market Vectors - Jr. Gold Miners 09/04/14 6 Oct 18, 2014 35 Put 0.81 10/08/14 2.45 $984.00 $15,045.00
XME SPDR - Metals & Mining 09/09/14 9 Oct 18, 2014 40 Put 0.57 09/25/14 2.61 $1,836.00 $16,881.00
USO US Oil Fund 09/10/14 4 Oct 18, 2014 35 Put 1.22 09/16/14 0.70 -$208.00 $16,673.00
KRE SPDR - Regional Banking 09/11/14 8 Oct 18, 2014 40 Call 0.62 09/22/14 0.41 -$168.00 $16,505.00
SLV Silver Trust 09/11/14 4 Oct 18, 2014 19 Put 1.21 10/09/14 2.18 $388.00 $16,893.00
OIH Market Vectors - Oil Service 09/12/14 10 Oct 18, 2014 50 Put 0.54 10/01/14 2.11 $1,570.00 $18,463.00
XLE SPDR - Energies 09/12/14 4 Nov 22, 2014 90 Put 1.46 10/21/14 5.13 $1,468.00 $19,931.00
FXE Currency Shares - Euro 09/19/14 5 Oct 18, 2014 127 Put 1.15 10/08/14 2.01 $430.00 $20,361.00
XOP SPDR - Oil & Gas Exploration 09/19/14 5 Oct 18, 2014 70 Put 1.04 10/06/14 4.30 $1,630.00 $21,991.00

Step 6
9
EWZ MSCI - Brazil 09/22/14 4 Oct 18, 2014 45 Put 1.24 10/06/14 0.88 -$144.00 $21,847.00
EEM MSCI - Emerging Markets 09/23/14 6 Oct 18, 2014 40 Put 0.87 10/17/14 2.18 $786.00 $22,633.00
KRE SPDR - Regional Banking 09/23/14 6 Oct 18, 2014 39 Put 0.81 10/16/14 2.69 $1,128.00 $23,761.00
VGK Vanguard - European 09/23/14 5 Oct 18, 2014 57 Put 1.03 10/14/14 4.95 $1,960.00 $25,721.00
FXI Currency Shares - China 10/01/14 6 Oct 18, 2014 38 Put 0.87 10/08/14 0.32 -$330.00 $25,391.00
TLT Barclays 20+ Yr Treasuries 10/01/14 5 Nov 22, 2014 120 Call 1.01 10/23/14 1.45 $220.00 $25,611.00
XLB SPDR - Materials 10/01/14 6 Nov 22, 2014 48 Put 0.91 10/21/14 0.84 -$42.00 $25,569.00
FXY Currency Shares - Japanese Yen 10/03/14 7 Nov 22, 2014 85 Put 0.77 10/07/14 0.32 -$315.00 $25,254.00
GDX Market Vectors - Gold Miners 10/07/14 9 Nov 22, 2014 20 Put 0.60 11/12/14 1.92 $1,188.00 $26,442.00
XME SPDR - Metals & Mining 10/09/14 7 Nov 22, 2014 32 Put 0.71 10/21/14 0.43 -$196.00 $26,246.00
SMH Market Vectors - Semiconductors 10/10/14 4 Nov 22, 2014 45 Put 1.20 10/17/14 0.84 -$144.00 $26,102.00
OIH Market Vectors - Oil Service 10/14/14 5 Nov 22, 2014 40 Put 1.10 10/21/14 0.33 -$385.00 $25,717.00
USO US Oil Fund 10/14/14 7 Nov 22, 2014 30 Put 0.79 11/24/14 1.47 $476.00 $26,193.00
UNG US Natural Gas 10/20/14 6 Nov 22, 2014 20 Put 0.91 10/29/14 0.97 $36.00 $26,229.00
EWZ MSCI - Brazil 10/23/14 5 Nov 22, 2014 37 Put 0.97 10/22/14 0.89 -$40.00 $26,189.00
GDXJ Market Vectors - Jr. Gold Miners 10/27/14 5 Nov 22, 2014 29 Put 1.07 11/11/14 3.19 $1,060.00 $27,249.00
FXI Currency Shares - China 10/28/14 6 Nov 22, 2014 39 Call 0.91 11/07/14 0.70 -$126.00 $27,123.00
KRE SPDR - Regional Banking 10/29/14 4 Nov 22, 2014 38 Call 1.28 11/10/14 2.60 $528.00 $27,651.00
XRT SPDR - Retail 10/29/14 2 Dec 20, 2014 87 Call 2.31 12/04/14 5.90 $718.00 $28,369.00
SLV Silver Trust 10/30/14 10 Nov 22, 2014 16 Put 0.51 11/14/14 0.83 $320.00 $28,689.00
DXJ Wisdom Tree - Japan 10/31/14 1 Nov 22, 2014 50 Call 3.83 11/21/14 4.91 $108.00 $28,797.00
SMH Market Vectors - Semiconductors 10/31/14 4 Nov 22, 2014 51 Call 1.25 11/20/14 2.04 $316.00 $29,113.00
XLK SPDR - Technology 10/31/14 5 Dec 20, 2014 40 Call 1.07 12/08/14 1.73 $330.00 $29,443.00
SMH Market Vectors - Semiconductors 11/03/14 2 Dec 20, 2014 51 Call 2.20 12/15/14 3.13 $186.00 $29,629.00
FXY Currency Shares - Japanese Yen 11/05/14 9 Dec 20, 2014 83 Put 0.58 12/10/14 1.38 $720.00 $30,349.00
FXE Currency Shares - Euro 11/06/14 6 Nov 22, 2014 120 Put 0.84 11/14/14 0.28 -$336.00 $30,013.00
XLB SPDR - Materials 11/11/14 7 Dec 20, 2014 49 Call 0.80 11/28/14 1.12 $224.00 $30,237.00
USO US Oil Fund 11/13/14 10 Dec 20, 2014 27 Put 0.54 11/24/14 1.68 $1,140.00 $31,377.00
TLT Barclays 20+ Yr Treasuries 11/25/14 3 Dec 20, 2014 120 Call 1.51 12/17/14 6.45 $1,482.00 $32,859.00
OIH Market Vectors - Oil Service 11/26/14 8 Dec 20, 2014 40 Put 0.66 12/19/14 2.97 $1,848.00 $34,707.00
XLE SPDR - Energies 11/28/14 5 Dec 20, 2014 77 Put 1.04 12/17/14 1.49 $225.00 $34,932.00
XME SPDR - Metals & Mining 11/28/14 8 Jan 17, 2015 32 Put 0.67 12/31/14 1.43 $608.00 $35,540.00
XOP SPDR - Oil & Gas Exploration 11/28/14 4 Dec 20, 2014 50 Put 1.47 12/17/14 3.80 $932.00 $36,472.00
EEM MSCI - Emerging Markets 12/01/14 6 Jan 17, 2015 40 Put 0.81 12/22/14 1.05 $144.00 $36,616.00

Step 6
10
KRE SPDR - Regional Banking 12/01/14 7 Dec 20, 2014 39 Put 0.73 12/05/14 0.16 -$399.00 $36,217.00
UNG US Natural Gas 12/02/14 5 Dec 20, 2014 20 Put 0.96 12/15/14 0.99 $15.00 $36,232.00
EWZ MSCI - Brazil 12/08/14 9 Jan 17, 2015 35 Put 0.61 12/18/14 1.12 $459.00 $36,691.00
XLB SPDR - Materials 12/10/14 9 Jan 17, 2015 46 Put 0.60 12/19/14 0.46 -$126.00 $36,565.00
GDX Market Vectors - Gold Miners 12/15/14 5 Jan 17, 2015 18 Put 1.16 01/02/15 0.52 -$320.00 $36,245.00
GDXJ Market Vectors - Jr. Gold Miners 12/15/14 7 Jan 17, 2015 20 Put 0.72 01/02/15 0.19 -$371.00 $35,874.00
FXE Currency Shares - Euro 12/19/14 6 Jan 17, 2015 120 Put 0.94 02/03/15 3.75 $1,686.00 $37,560.00
USO US Oil Fund 12/29/14 7 Jan 17, 2015 20 Put 0.78 01/14/15 1.81 $721.00 $38,281.00
TLT Barclays 20+ Yr Treasuries 01/05/15 2 Feb 20, 2015 130 Call 2.17 02/04/15 4.44 $454.00 $38,735.00
IEF Barclays 7-10 Yr Treasuries 01/06/15 4 Mar 20, 2015 108 Call 1.25 02/05/15 1.58 $132.00 $38,867.00
KRE SPDR - Regional Banking 01/06/15 4 Feb 20, 2015 38 Put 1.22 01/22/15 0.70 -$208.00 $38,659.00
FXI Currency Shares - China 01/08/15 3 Feb 20, 2015 42 Call 1.59 01/16/15 1.39 -$60.00 $38,599.00
OIH Market Vectors - Oil Service 01/12/15 4 Feb 20, 2015 32 Put 1.47 01/22/15 0.64 -$332.00 $38,267.00
XME SPDR - Metals & Mining 01/13/15 5 Feb 20, 2015 28 Put 1.01 02/03/15 0.43 -$290.00 $37,977.00
EPI Wisdom Tree - India 01/15/15 7 Feb 20, 2015 23 Call 0.74 01/30/15 0.95 $147.00 $38,124.00
GDX Market Vectors - Gold Miners 01/20/15 4 Feb 20, 2015 23 Call 1.17 01/28/15 0.54 -$252.00 $37,872.00
FXI Currency Shares - China 01/21/15 4 Feb 20, 2015 43 Call 1.30 01/28/15 0.64 -$264.00 $37,608.00
SLV Silver Trust 01/21/15 6 Feb 20, 2015 17 Call 0.88 01/29/15 0.27 -$366.00 $37,242.00
FXE Currency Shares - Euro 01/23/15 4 Feb 20, 2015 110 Put 1.50 02/02/15 0.57 -$372.00 $36,870.00
XLB SPDR - Materials 02/03/15 4 Mar 20, 2015 49 Call 1.24 03/04/15 2.35 $444.00 $37,314.00
KRE SPDR - Regional Banking 02/05/15 4 Mar 20, 2015 39 Call 1.33 03/02/15 1.72 $156.00 $37,470.00
DXJ Wisdom Tree - Japan 02/06/15 3 Mar 20, 2015 50 Call 1.80 03/17/15 5.65 $1,155.00 $38,625.00
EWZ MSCI - Brazil 02/10/15 3 Mar 20, 2015 34 Put 1.69 02/18/15 0.91 -$234.00 $38,391.00
XLK SPDR - Technology 02/10/15 5 Mar 20, 2015 41 Call 1.12 03/03/15 2.20 $540.00 $38,931.00
FXY Currency Shares - Japanese Yen 02/11/15 7 Mar 20, 2015 80 Put 0.80 02/13/15 0.40 -$280.00 $38,651.00
QQQ Nasdaq 100 Trust 02/11/15 3 Mar 20, 2015 105 Call 1.96 03/04/15 3.76 $540.00 $39,191.00
SMH Market Vectors - Semiconductors 02/12/15 4 Mar 20, 2015 56 Call 1.45 03/06/15 1.35 -$40.00 $39,151.00
GDX Market Vectors - Gold Miners 02/17/15 6 Mar 20, 2015 20 Put 0.81 02/26/15 0.32 -$294.00 $38,857.00
SLV Silver Trust 02/17/15 7 Mar 20, 2015 16 Put 0.71 02/26/15 0.52 -$133.00 $38,724.00
GDXJ Market Vectors - Jr. Gold Miners 02/23/15 5 Mar 20, 2015 25 Put 1.00 03/19/15 1.70 $350.00 $39,074.00
FXE Currency Shares - Euro 02/26/15 4 Apr 17, 2015 110 Put 1.46 03/20/15 4.10 $1,056.00 $40,130.00
EPI Wisdom Tree - India 03/02/15 6 Apr 17, 2015 24 Call 0.89 03/06/15 0.50 -$234.00 $39,896.00
OIH Market Vectors - Oil Service 03/06/15 4 Apr 17, 2015 34 Put 1.30 03/20/15 1.42 $48.00 $39,944.00
XLE SPDR - Energies 03/06/15 3 Apr 17, 2015 75 Put 1.86 03/18/15 1.15 -$213.00 $39,731.00

Step 6
11
XME SPDR - Metals & Mining 03/06/15 3 Apr 17, 2015 27 Put 1.86 03/23/15 0.91 -$285.00 $39,446.00
XOP SPDR - Oil & Gas Exploration 03/09/15 2 Apr 17, 2015 48 Put 2.25 03/26/15 1.07 -$236.00 $39,210.00
EEM MSCI - Emerging Markets 03/10/15 6 Apr 17, 2015 38 Put 0.82 03/18/15 0.21 -$366.00 $38,844.00
FXI Currency Shares - China 03/10/15 8 Apr 17, 2015 40 Put 0.70 03/16/15 0.32 -$304.00 $38,540.00
KRE SPDR - Regional Banking 03/12/15 4 Apr 17, 2015 41 Call 1.23 03/25/15 0.44 -$316.00 $38,224.00
EWZ MSCI - Brazil 03/13/15 4 Apr 17, 2015 29 Put 1.24 03/18/15 0.49 -$300.00 $37,924.00
USO US Oil Fund 03/13/15 5 Apr 17, 2015 17 Put 1.13 03/25/15 0.62 -$255.00 $37,669.00
XLB SPDR - Materials 03/17/15 5 Apr 17, 2015 49 Put 1.02 04/06/15 0.36 -$330.00 $37,339.00
IEF Barclays 7-10 Yr Treasuries 03/18/15 6 Apr 17, 2015 108 Call 0.85 04/09/15 0.40 -$270.00 $37,069.00
TLT Barclays 20+ Yr Treasuries 03/18/15 2 Apr 17, 2015 131 Call 2.31 04/06/15 0.88 -$286.00 $36,783.00
SLV Silver Trust 03/23/15 6 May 15, 2015 16 Call 0.85 04/08/15 0.41 -$264.00 $36,519.00
SMH Market Vectors - Semiconductors 03/26/15 3 May 15, 2015 53 Put 1.55 04/07/15 0.75 -$240.00 $36,279.00
FXI Currency Shares - China 03/30/15 4 May 15, 2015 45 Call 1.30 04/30/15 6.44 $2,056.00 $38,335.00
EEM MSCI - Emerging Markets 04/02/15 5 May 15, 2015 41 Call 1.11 04/30/15 2.09 $490.00 $38,825.00
XLE SPDR - Energies 04/15/15 2 May 15, 2015 82 Call 2.17 05/06/15 0.64 -$306.00 $38,519.00
DXJ Wisdom Tree - Japan 04/21/15 3 Jun 19, 2015 57 Call 1.95 04/30/15 1.31 -$192.00 $38,327.00
SLV Silver Trust 04/22/15 5 Jun 19, 2015 16 Put 1.16 04/27/15 0.78 -$190.00 $38,137.00
QQQ Nasdaq 100 Trust 04/23/15 3 Jun 19, 2015 110 Call 1.93 04/30/15 1.27 -$198.00 $37,939.00
XLK SPDR - Technology 04/23/15 4 Jun 19, 2015 42 Call 1.44 05/06/15 0.95 -$196.00 $37,743.00
EPI Wisdom Tree - India 04/24/15 6 Jun 19, 2015 22 Put 0.85 05/04/15 0.66 -$114.00 $37,629.00
XLB SPDR - Materials 04/27/15 4 Jun 19, 2015 50 Call 1.48 05/07/15 1.50 $8.00 $37,637.00
GDX Market Vectors - Gold Miners 04/28/15 4 Jun 19, 2015 20 Call 1.35 05/07/15 0.87 -$192.00 $37,445.00
TLT Barclays 20+ Yr Treasuries 04/29/15 6 Jun 19, 2015 120 Put 0.87 05/26/15 1.20 $198.00 $37,643.00
GDXJ Market Vectors - Jr. Gold Miners 05/13/15 3 Jun 19, 2015 26 Call 1.80 05/26/15 0.75 -$315.00 $37,328.00
KRE SPDR - Regional Banking 05/13/15 6 Jun 19, 2015 42 Call 0.87 06/18/15 2.55 $1,008.00 $38,336.00
SLV Silver Trust 05/13/15 7 Jun 19, 2015 16 Call 0.71 05/26/15 0.42 -$203.00 $38,133.00
SMH Market Vectors - Semiconductors 05/18/15 4 Jun 19, 2015 57 Call 1.40 06/05/15 1.12 -$112.00 $38,021.00
FXY Currency Shares - Japanese Yen 05/19/15 11 Jun 19, 2015 80 Put 0.50 06/10/15 1.10 $660.00 $38,681.00
XLE SPDR - Energies 05/19/15 2 Jul 17, 2015 80 Put 2.66 07/08/15 7.16 $900.00 $39,581.00
XOP SPDR - Oil & Gas Exploration 05/19/15 2 Jul 17, 2015 50 Put 2.59 07/08/15 6.82 $846.00 $40,427.00
DXJ Wisdom Tree - Japan 05/22/15 4 Jun 19, 2015 59 Call 1.26 06/08/15 0.93 -$132.00 $40,295.00
EWZ MSCI - Brazil 05/22/15 2 Jul 17, 2015 35 Put 2.21 06/10/15 2.20 -$2.00 $40,293.00
GDX Market Vectors - Gold Miners 05/26/15 7 Jul 17, 2015 19 Put 0.78 07/14/15 2.25 $1,029.00 $41,322.00
XME SPDR - Metals & Mining 05/26/15 6 Jul 17, 2015 27 Put 0.86 06/03/15 0.64 -$132.00 $41,190.00

Step 6
12
XLK SPDR - Technology 05/27/15 5 Jun 19, 2015 43 Call 1.01 06/05/15 0.41 -$300.00 $40,890.00
TLT Barclays 20+ Yr Treasuries 06/03/15 3 Jul 17, 2015 115 Put 1.65 06/16/15 0.81 -$252.00 $40,638.00
EEM MSCI - Emerging Markets 06/04/15 5 Jul 17, 2015 40 Put 0.99 06/18/15 0.72 -$135.00 $40,503.00
SLV Silver Trust 06/04/15 6 Jul 17, 2015 16 Put 0.83 06/18/15 0.72 -$66.00 $40,437.00
EPI Wisdom Tree - India 06/08/15 8 Jul 17, 2015 21 Put 0.70 06/18/15 0.30 -$320.00 $40,117.00
KRE SPDR - Regional Banking 06/16/15 8 Jul 17, 2015 45 Call 0.68 06/30/15 0.44 -$192.00 $39,925.00
OIH Market Vectors - Oil Service 06/18/15 8 Jul 17, 2015 36 Put 0.70 07/16/15 2.60 $1,520.00 $41,445.00
XLE SPDR - Energies 06/19/15 6 Jul 17, 2015 75 Put 0.81 07/16/15 1.75 $564.00 $42,009.00
XOP SPDR - Oil & Gas Exploration 06/19/15 4 Jul 17, 2015 48 Put 1.37 07/16/15 5.06 $1,476.00 $43,485.00
XLB SPDR - Materials 06/24/15 7 Jul 17, 2015 50 Put 0.78 07/14/15 1.90 $784.00 $44,269.00
GDX Market Vectors - Gold Miners 06/25/15 5 Jul 17, 2015 19 Put 0.97 07/16/15 2.82 $925.00 $45,194.00
XME SPDR - Metals & Mining 06/25/15 6 Jul 17, 2015 26 Put 0.82 07/16/15 3.80 $1,788.00 $46,982.00
SMH Market Vectors - Semiconductors 06/26/15 4 Aug 21, 2015 55 Put 1.40 07/27/15 4.20 $1,120.00 $48,102.00
FXI Currency Shares - China 06/29/15 3 Aug 21, 2015 45 Put 1.94 08/10/15 3.65 $513.00 $48,615.00
GDXJ Market Vectors - Jr. Gold Miners 06/29/15 5 Aug 21, 2015 24 Put 1.04 08/07/15 4.82 $1,890.00 $50,505.00
VGK Vanguard - European 06/29/15 3 Aug 21, 2015 54 Put 1.60 07/07/15 2.27 $201.00 $50,706.00
XLK SPDR - Technology 06/29/15 5 Aug 21, 2015 42 Put 1.08 07/13/15 0.87 -$105.00 $50,601.00
FXE Currency Shares - Euro 07/01/15 7 Aug 21, 2015 105 Put 0.80 07/27/15 0.18 -$434.00 $50,167.00
USO US Oil Fund 07/01/15 4 Aug 21, 2015 20 Put 1.46 08/19/15 6.55 $2,036.00 $52,203.00
EWZ MSCI - Brazil 07/06/15 4 Aug 21, 2015 32 Put 1.43 08/21/15 6.65 $2,088.00 $54,291.00
EEM MSCI - Emerging Markets 07/07/15 5 Aug 21, 2015 38 Put 1.08 07/16/15 0.49 -$295.00 $53,996.00
SLV Silver Trust 07/07/15 6 Aug 21, 2015 15 Put 0.91 07/31/15 0.99 $48.00 $54,044.00
DXJ Wisdom Tree - Japan 07/08/15 2 Aug 21, 2015 55 Put 2.42 07/15/15 0.43 -$398.00 $53,646.00
OIH Market Vectors - Oil Service 07/22/15 4 Aug 21, 2015 32 Put 1.47 08/06/15 1.14 -$132.00 $53,514.00
XLE SPDR - Energies 07/22/15 3 Aug 21, 2015 71 Put 1.53 08/12/15 2.51 $294.00 $53,808.00
XOP SPDR - Oil & Gas Exploration 07/22/15 3 Aug 21, 2015 40 Put 1.79 08/12/15 1.75 -$12.00 $53,796.00
XLB SPDR - Materials 07/27/15 5 Aug 21, 2015 45 Put 1.08 08/05/15 0.47 -$305.00 $53,491.00
USO US Oil Fund 08/03/15 8 Sep 18, 2015 15 Put 0.67 08/28/15 1.58 $728.00 $54,219.00
FXY Currency Shares - Japanese Yen 08/05/15 3 Sep 18, 2015 79 Put 1.70 08/12/15 1.27 -$129.00 $54,090.00
GDX Market Vectors - Gold Miners 08/05/15 7 Sep 18, 2015 13 Put 0.75 08/10/15 0.51 -$168.00 $53,922.00
EWZ MSCI - Brazil 08/06/15 4 Sep 18, 2015 27 Put 1.23 08/26/15 2.65 $568.00 $54,490.00
XME SPDR - Metals & Mining 08/07/15 5 Sep 18, 2015 20 Put 1.16 08/28/15 1.21 $25.00 $54,515.00
EEM MSCI - Emerging Markets 08/11/15 5 Sep 18, 2015 36 Put 1.04 08/20/15 2.39 $675.00 $55,190.00
FXE Currency Shares - Euro 08/12/15 3 Sep 18, 2015 109 Call 1.83 08/27/15 2.20 $111.00 $55,301.00

Step 6
13
FXI Currency Shares - China 08/18/15 5 Sep 18, 2015 39 Put 1.16 09/09/15 2.47 $655.00 $55,956.00
SMH Market Vectors - Semiconductors 08/19/15 5 Sep 18, 2015 49 Put 1.15 08/31/15 1.45 $150.00 $56,106.00
VGK Vanguard - European 08/19/15 3 Sep 18, 2015 55 Put 1.87 09/16/15 3.12 $375.00 $56,481.00
DXJ Wisdom Tree - Japan 08/20/15 3 Sep 18, 2015 55 Put 1.58 09/17/15 3.41 $549.00 $57,030.00
KRE SPDR - Regional Banking 08/20/15 5 Sep 18, 2015 42 Put 1.03 09/08/15 1.72 $345.00 $57,375.00
TLT Barclays 20+ Yr Treasuries 08/20/15 3 Sep 18, 2015 125 Call 1.76 08/26/15 0.95 -$243.00 $57,132.00
XLK SPDR - Technology 08/20/15 6 Sep 18, 2015 41 Put 0.81 09/09/15 1.08 $162.00 $57,294.00
OIH Market Vectors - Oil Service 08/21/15 4 Sep 18, 2015 28 Put 1.25 08/28/15 0.56 -$276.00 $57,018.00
UNG US Natural Gas 08/21/15 9 Sep 18, 2015 13 Put 0.56 09/03/15 0.47 -$81.00 $56,937.00
XLE SPDR - Energies 08/21/15 3 Sep 18, 2015 64 Put 1.95 09/17/15 0.88 -$321.00 $56,616.00
XOP SPDR - Oil & Gas Exploration 08/21/15 3 Sep 18, 2015 35 Put 1.81 08/31/15 0.97 -$252.00 $56,364.00
FXY Currency Shares - Japanese Yen 08/24/15 4 Sep 18, 2015 82 Call 1.25 09/01/15 0.55 -$280.00 $56,084.00
GDXJ Market Vectors - Jr. Gold Miners 08/26/15 4 Sep 18, 2015 19 Put 1.36 08/31/15 0.78 -$232.00 $55,852.00
SLV Silver Trust 08/26/15 7 Sep 18, 2015 14 Put 0.78 09/03/15 0.31 -$329.00 $55,523.00
EWZ MSCI - Brazil 09/21/15 4 Oct 16, 2015 23 Put 1.35 09/24/15 2.75 $560.00 $56,083.00
XME SPDR - Metals & Mining 09/22/15 5 Oct 16, 2015 18 Put 1.11 09/25/15 1.20 $45.00 $56,128.00
HYG High Yield 09/24/15 4 Oct 16, 2015 85 Put 1.25 09/30/15 2.39 $456.00 $56,584.00
XLV SPDR - HealthCare 09/25/15 5 Oct 16, 2015 65 Put 1.03 09/28/15 2.11 $540.00 $57,124.00
UNG US Natural Gas 09/29/15 5 Oct 16, 2015 13 Put 1.16 10/08/15 1.52 $180.00 $57,304.00
XLU SPDR - Utilities 10/05/15 6 Nov 20, 2015 44 Call 0.94 10/23/15 1.09 $90.00 $57,394.00
XLP SPDR - Consumer Staples 10/05/15 6 Nov 20, 2015 49 Call 0.86 10/14/15 0.71 -$90.00 $57,304.00
XLK SPDR - Technology 10/15/15 6 Dec 18, 2015 42 Call 0.95 11/09/15 2.29 $804.00 $58,108.00
XLY SPDR - Consumer Discretionary 10/19/15 5 Nov 20, 2015 79 Call 1.02 11/09/15 1.70 $340.00 $58,448.00
FXE Currency Shares - Euro 10/22/15 4 Dec 18, 2015 108 Put 1.34 11/06/15 3.29 $780.00 $59,228.00
KRE SPDR - Regional Banking 10/23/15 5 Dec 18, 2015 43 Call 1.15 11/12/15 2.40 $625.00 $59,853.00
FXY Currency Shares - Japanese Yen 10/23/15 4 Nov 20, 2015 81 Put 1.50 11/06/15 2.20 $280.00 $60,133.00
GLD Gold Trust 11/03/15 3 Dec 18, 2015 107 Put 1.94 11/12/15 4.15 $663.00 $60,796.00
SLV Silver Trust 11/03/15 7 Dec 18, 2015 15 Put 0.73 12/04/15 1.18 $315.00 $61,111.00
TLT Barclays 20+ Yr Treasuries 11/03/15 3 Dec 18, 2015 120 Put 1.89 11/12/15 2.72 $249.00 $61,360.00
GDX Market Vectors - Gold Miners 11/04/15 5 Dec 18, 2015 15 Put 1.02 11/19/15 1.39 $185.00 $61,545.00
EWC MSCI - Canada 11/06/15 6 Dec 18, 2015 24 Put 0.90 11/16/15 1.15 $150.00 $61,695.00
FXI Currency Shares - China 11/09/15 4 Dec 18, 2015 38 Put 1.26 11/20/15 0.91 -$140.00 $61,555.00
HYG High Yield 11/09/15 5 Dec 18, 2015 84 Put 1.09 12/02/15 1.02 -$35.00 $61,520.00
XME SPDR - Metals & Mining 11/11/15 5 Dec 18, 2015 17 Put 1.16 12/01/15 1.02 -$70.00 $61,450.00

Step 6
14
XRT SPDR - Retail 11/12/15 4 Dec 18, 2015 44 Put 1.30 11/16/15 2.06 $304.00 $61,754.00
XLE SPDR - Energies 12/03/15 2 Jan 15, 2016 64 Put 2.41 12/08/15 4.91 $500.00 $62,254.00
XOP SPDR - Oil & Gas Exploration 12/03/15 4 Jan 15, 2016 33 Put 1.32 12/08/15 2.42 $440.00 $62,694.00
OIH Market Vectors - Oil Service 12/07/15 3 Jan 15, 2016 28 Put 1.51 12/23/15 1.45 -$18.00 $62,676.00
FXY Currency Shares - Japanese Yen 12/09/15 6 Jan 15, 2016 80 Call 0.82 12/14/15 1.01 $114.00 $62,790.00
FXI Currency Shares - China 12/10/15 4 Jan 15, 2016 35 Put 1.22 12/14/15 1.54 $128.00 $62,918.00
XME SPDR - Metals & Mining 12/14/15 6 Jan 15, 2016 15 Put 0.90 12/22/15 0.50 -$240.00 $62,678.00
EWC MSCI - Canada 12/14/15 4 Jan 15, 2016 22 Put 1.20 01/04/16 0.97 -$92.00 $62,586.00
XLY SPDR - Consumer Discretionary 01/04/16 3 Feb 19, 2016 75 Put 1.70 01/26/16 2.29 $177.00 $62,763.00
EEM MSCI - Emerging Markets 01/04/16 6 Feb 19, 2016 31 Put 0.94 01/14/16 1.74 $480.00 $63,243.00
FXE Currency Shares - Euro 01/05/16 4 Feb 19, 2016 105 Put 1.41 01/07/16 0.84 -$228.00 $63,015.00
EWZ MSCI - Brazil 01/07/16 5 Feb 19, 2016 19 Put 1.01 01/26/16 1.59 $290.00 $63,305.00
XOP SPDR - Oil & Gas Exploration 01/07/16 2 Feb 19, 2016 29 Put 2.23 01/21/16 3.37 $228.00 $63,533.00
XLE SPDR - Energies 01/07/16 2 Feb 19, 2016 56 Put 2.26 01/21/16 3.91 $330.00 $63,863.00
GDX Market Vectors - Gold Miners 01/07/16 7 Feb 19, 2016 14 Call 0.76 01/11/16 0.72 -$28.00 $63,835.00
XLV SPDR - HealthCare 01/07/16 4 Feb 19, 2016 67 Put 1.40 01/21/16 1.84 $176.00 $64,011.00
XLP SPDR - Consumer Staples 01/08/16 8 Feb 19, 2016 48 Put 0.69 01/21/16 0.91 $176.00 $64,187.00
TLT Barclays 20+ Yr Treasuries 01/13/16 3 Feb 19, 2016 125 Call 2.07 01/21/16 2.23 $48.00 $64,235.00
XRT SPDR - Retail 01/13/16 6 Feb 19, 2016 40 Put 0.93 01/21/16 1.18 $150.00 $64,385.00
GLD Gold Trust 01/26/16 3 Feb 19, 2016 107 Call 1.81 02/09/16 6.83 $1,506.00 $65,891.00
XLU SPDR - Utilities 02/01/16 6 Mar 18, 2016 46 Call 0.92 02/11/16 1.05 $78.00 $65,969.00
FXE Currency Shares - Euro 02/03/16 4 Mar 18, 2016 109 Call 1.49 02/12/16 2.23 $296.00 $66,265.00
SLV Silver Trust 02/03/16 5 Mar 18, 2016 13 Call 1.08 02/16/16 1.70 $310.00 $66,575.00
GDX Market Vectors - Gold Miners 02/11/16 5 Mar 18, 2016 19 Call 1.07 3/9/2016 2.14 $535.00 $67,110.00
GDXJ Market Vectors - Jr. Gold Miners 02/11/16 3 Mar 18, 2016 20 Call 1.76 3/1/2016 1.97 $63.00 $67,173.00
XLP SPDR - Consumer Staples 02/25/16 5 Mar 18, 2016 51 Call 1.03 2/26/2016 0.77 -$130.00 $67,043.00
XLB SPDR - Materials 03/01/16 5 Apr 15, 2016 43 Call 1.15 4/6/2016 1.63 $240.00 $67,283.00
XLK SPDR - Technology 03/01/16 5 Apr 15, 2016 42 Call 0.96 4/5/2016 2.30 $670.00 $67,953.00
XME SPDR - Metals & Mining 03/01/16 7 Apr 15, 2016 17 Call 0.76 3/8/2016 2.27 $1,057.00 $69,010.00
XLY SPDR - Consumer Discretionary 03/03/16 3 Apr 15, 2016 77 Call 1.51 4/5/2016 1.61 $30.00 $69,040.00
XRT SPDR - Retail 03/03/16 3 Apr 15, 2016 44 Call 1.61 3/23/2016 1.48 -$39.00 $69,001.00
XLU SPDR - Utilities 03/08/16 8 Apr 15, 2016 48 Call 0.62 4/5/2016 1.03 $328.00 $69,329.00
EEM MSCI - Emerging Markets 03/11/16 5 Apr 15, 2016 33 Call 0.98 4/4/2016 1.01 $15.00 $69,344.00
QQQ Nasdaq 100 Trust 03/16/16 4 Apr 15, 2016 108 Call 1.48 4/11/2016 1.37 -$44.00 $69,300.00

Step 6
15
XLE SPDR - Energies 03/16/16 4 Apr 15, 2016 63 Call 1.47 3/23/2016 0.94 -$212.00 $69,088.00
XLP SPDR - Consumer Staples 03/30/16 5 May 20, 2016 53 Call 1.04 4/13/2016 0.69 -$175.00 $68,913.00
XLV SPDR - HealthCare 04/04/16 5 May 20, 2016 70 Call 1.06 04/28/16 1.83 $385.00 $69,298.00
FXY Currency Shares - Japanese Yen 04/05/16 4 May 20, 2016 88 Call 1.24 4/20/2016 1.25 $4.00 $69,302.00
GDXJ Market Vectors - Jr. Gold Miners 04/08/16 3 May 20, 2016 30 Call 2.07 4/22/2016 4.00 $579.00 $69,881.00
XOP SPDR - Oil & Gas Exploration 04/12/16 2 May 20, 2016 33 Call 2.13 4/28/2016 4.22 $418.00 $70,299.00
EWZ MSCI - Brazil 04/12/16 3 May 20, 2016 28 Call 1.92 4/21/2016 1.38 -$162.00 $70,137.00
XME SPDR - Metals & Mining 04/12/16 3 May 20, 2016 21 Call 1.55 4/25/2016 2.06 $153.00 $70,290.00
XLB SPDR - Materials 04/13/16 6 May 20, 2016 46 Call 0.88 5/3/2016 1.04 $96.00 $70,386.00
XLY SPDR - Consumer Discretionary 04/19/16 4 May 20, 2016 80 Call 1.24 4/28/2016 0.61 -$252.00 $70,134.00
QQQ Nasdaq 100 Trust 04/28/16 3 May 20, 2016 106 Put 1.53 5/6/2016 1.90 $111.00 $70,245.00
Trades are based on a $10,000 account with $500 allocated per trade.
Totals
Averages
Trades 312 $ 70,245.00 $ 225.14
Wins 170 54.49% $ 100,975.00 $ 593.97
Losses 142 45.51% $ (30,730.00) $ (216.41)
Ratio 3.29
Largest Win $ 2,088.00
Largest Loss $ (480.00)
Stock and option trading have large potential rewards, but also large potential risks.
You must be aware of the risks and willing to accept them in order to invest in the market.
Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to buy/sell any stock.