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May 14th, 2025 BTO 10× SAP 290P 12/19/25 at $22.28 STO -20× SAP 320C 12/19/25 at $16.48 BTO 10× SAP 350C 12/19/25 at $8.77 BTO 1000× SAP at $289.91 1 | Composite structure Long 1 000 sh + long 10 × 290 puts = synthetic long 290 callTogether with –20 × 320 calls and +10 × 350 calls this collapses to a 290 / 320 / 350 1-by-2-by-1 call butterfly expiring 19 Dec 2025. 2 | Net…