11/8/17 was down -0.59 to 67.67. That was quite a bit bigger drop than the model projected. That is the sixth consecutive down day the component. The ZZZs last traded discount to the component by -4.50. Traders the index will drop some more by the time the ZZZs expire.

Sometimes the traders get it wrong.

Still a tiny bit short the ZZZs.

Best wishes,

dhm