EFTA Document EFTA01387530

1.4 SPX 1M13M AIM IV Current level 1.3 1 ) 0.9 0.8 03 0.6 Jan-OS Jan-09 Jan-10 Jan-11 Jan-12 Jan-B Jan-14 Jan-15 Jan-16 Jan 17 Jan 18 Source: 09, Bloomberg. L.P. Longer dated vol measures remain elevated, and are higher than they were back in Feb. You can see in longer term VIX futures (using the 6 month as a proxy below) that there is higher vol priced in than on the move in Feb/March, although near term vols exploded back then from the ETP complex. This sell off has seen