Current beta weighted risk is 3.0 against the SPX. Overall theta on futures is 72.6. SPX beta weighted risk ~$22,449. All else being equal, this represents $2,178 every 30 days due to theta decay ~9.7% monthly. Beta weighted portfolio values is close to the futures value ($20,804.80). The attached graph shows the current stress test with losses beginning at /ES price of $5,546 and $8,403 by 8/22/2026. The MGM trade continues to develop with an added strangle. Current expected return is $3,264. Breakeven prices are 30.69, and 66.32. See second chart for the risk profile of this trade.

Current beta weighted risk is 3.9 against the SPX. Overall theta on futures is 92.4. SPX beta weighted risk ~$28,680. All else being equal, this represents $2,772 every 30 days due to theta decay ~9.7% monthly. Beta weighted portfolio values is approaching 2 times the futures value demonstrating some risk on the upward trend to the portfolio ($18,181.87). The attached graph shows the current stress test with losses beginning at /ES price of $5,675 and $8,519 by 7/18/2026. MGM announced recently that People Inc offered $48.30/share for the company. LEAPs Strangle initiated on this position, if this deal goes through at that price between the previous LEAPS position and this one, the total return for this position will be approximately $2,276 in a matter of months 4% return of the overall account. The current liquidity risk is $45, with losses starting around $42/share in the next week. A risk profile chart is included.

Current beta weighted risk is 4.6. against the SPX. Overall theta on futures is -13.8. SPX beta weighted risk ~$34,500. All else being equal, this represents $-414 every 30 days due to theta decay ~-1.2% monthly. Beta weighted portfolio values is approaching 2 times the futures value demonstrating some risk on the upward trend to the portfolio ($20,355.62). The attached graph shows the current stress test with losses beginning at /ES price of $5,486 and $8,496 by 7/18/2026.

Current beta weighted risk is 3.9. against the SPX. Overall theta on futures is 79.90. SPX beta weighted risk ~$28,981. All else being equal, this represents $2,397 every 30 days due to theta decay~8.3% monthly. Beta weighted portfolio value has returned to a close to the current futures balance ($19,383.42). The attached graph shows the current stress test with losses beginning at /ES price of $5,546 and $8,378 by 6/19/2026.

Current beta weighted risk is 3.8. against the SPX. Overall theta on futures is 64.57. SPX beta weighted risk ~$28,055. All else being equal, this represents $1,937.10 every 30 days due to theta decay~6.9% monthly. Beta weighted portfolio value has returned to a close to the current futures balance ($24,475.96). The attached graph shows the current stress test with losses beginning at /ES price of $5,560 and $8,375 by 6/19/2026.