Suppose you believe the NBC Note is substantially overpriced (i.e., worth much less than its par value of $100 on the issue date) but you are still interested in an investment with similar payoffs. How would you go about creating your own portfolio of stocks (including ETFs), bonds and options (including exotic options) that can replicate the payoffs of the NBC Note? What if you can only use securities that are actually traded in the marketplace (such as Treasuries, corporate bonds, XIU and options on XIU)? What if you can use any securities, including those that are not even traded in the marketplace (such as bank loans or exotic options)?