According to CNBC, the communications services sector has started to recover some of its year-to-date underperformance, with the sector generating nearly 6.5% total returns this quarter and outperforming the S&P total returns by more than 5%. XLC, the communications sector ETF, bounced off the $105 level twice in recent months, and the article highlighted a January 105/115/125 call spread risk reversal that sells the $105 strike put, buys the $115 call and sells the $125 calls. The structure lets an investor get long the $115 call for just over $0.30, compared with its $4.35 price, while capping upside at $125 and creating an obligation to buy the stock at $105 if it falls below that level.