Assume that a customer wants an equity-linked security (ELS) on a stock index that has the following payoff structure in 6 months (the index is currently priced at $150): -If the index price in 6 months is the same at $150 in 6 months, then the ELS pays off $150 per unit at maturity. -If the index price has fallen in 6 months, the ELS payoff decreases at a 1 to 1 rate with the index, until the index falls by 10%. Then, the ELS pays off at 90% of the index value, even if the index falls further. (So, the ELS pays off $135 per unit at a stock price index outcome of $135, or lower.) - If the terminal index price is above $150, then the ELS payoff increases at a rate of $3 per every $1 increase above $150, up to the point where the index price has increased by 10% (so at a terminal index price of $165, the ELS pays off $195). - If the terminal index price is more than 10% above its initial value, then the ELS payoff is fixed at the same value that it would be if the index only went up 10%. From a starting point of being long one stock index unit, then what 6-month options would you need to buy and/or sell (write) to generate this payoff function for the ELS? (For simplification, we will scale everything by 1 ELS unit and 1 individual option, so dont worry about contract sizes.) SELECT all the appropriate choice below (there will be more than 1 choice for a fully correct answer). A. Buy 2 calls/ELS unit at a strike price of $150 B. Sell 3 calls/ELS unit at a strike price of $165 C. Sell 1 put/ELS unit at a strike price of $135 D. Buy 3 calls/ ELS unit at a strike price of $150 E. Buy 1 put/ELS unit at a strike price of $135 F. Sell 2 calls/ELS unit at a strike price of $165