JFIFPhotoshop 3.08BIM720240805< 155700+0000iuVolatility-controlled Funds Are Selling Stocks | Systematic funds are derisking as realized, implied volatility spiken Bloomberg http://ns.adobe.com/xap/1.0/ SPX Index SPXT10TE Index VIX Index SPX Index SPXT10TE Index VIX Index C    !'"#%%%),($+!$%$C   $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"L!1"AQ#2RaBSbq3TrC$4cs%&1!1A"2Qaq#4RB ?k/Yɾ&nj[26}g菍#`mji/Ҵ6)!?2+sm2yn 7`fo- j-9}k/WͲ\;6»rǬbε{ $m6K}݉-CZy[ Z%'=7ڡEg8~izU)lR^u6ҠoI8;~v;׏Vo;b\epqKu{*Kޙ_Br"=iXϪҁH+QFw޽ 鋁1="C_;w\jw@R ³8=0hˈ'* $vLrOZ~UÊ 'V 4ʙRrB=1Z-1s)rR&j'3=Q8IҤ8~Yhq`$'%)쎝v/N<¼2~.0;l2S=zA6E|cx a)ShOJk8:\9hn|L~ jCZбWpRzgzþxn? vިlbO9$ 2ؽ4p\+^&&Xa PAչʆmAsуp- ˕qK~NgVSЀ:}6&]xnlf_"H %pI񭵧ҏ ,6{Edk묥*\Pc^{|xM˗x&;.,Pyz#~9tpP(JZR+z*e#md&"xU2K:HJA^֯FI<ꊹ1[)5ڗsh3 qv 8[Q|-PNAJ4z%~&Dڸrke@FTvʇ޴_]LB<n.2[-%D@5c>?XHU {+$(|[Ԩ8=nB]vi<jF=qA}q?okЗyRAУNu`0qYJ.3G.Y/ʷ؁gSQ  (((((( @+gzz0ley-n4)lFuCPQ]P~T:RR l(=Inwߥx])AlZ;h?C a67E枹Jܐ Xߴ~uz >^eDec$եZ#GuykEz}M)۵ hB,S \ˌ<9/Y 8[-m|7CF xe$('{^GEiy DK#(B5$-yz8v8O X /tԕ$Pz}eٙ}Ɍ\ރ(m!3g?Rz[SoTd͓{)l֜8$*Ր|+ÍM}ZR$*Rv);Ud]dQe!UD% o웍 NB!qèHYHZ4dusd(z?M/Fm ZT'PmЀk* !YEzZcFwڑ66$ʛ.Du qs+dUts#50jZO/sI#}%`xr3:ߎ i2Fcb7bu5SعMjZyA~5wwYa¢)QV$g=48]s[`ތ]F"(K#)@4e$vsU,IzZ k.)AQqMx.}q֌iW/) `?C_Q:ȼܒ ubJ8(qz=$3m[[\` }qpBU^kNG;MQGy$HV22FAL0Imr;%%V2Ӆ,M#RI$~nɵ\3 LQm̥HrG-;q^I2L}O}V2*QԆV&\,A}/8ScVsP{CPgt.>mCƒz۞/ +.V8I :\o^%oQ=ij#[wϷ|};4󽺽wV4ep8ol: R56Np0Y8o.֫Grϟcpc֒D%OTR_id` Zؽ!q \ 1[: $PO32BmSw'Z5vO^mN$E.0Z,2p">pٻەDLtY[g@~Ϙ1R2^+VZKj(F5WlCF#qPjxv4|L-!F@$'Ƭ$9sܐCB[D J`H;8a9J9J d8l9 l*#:l өHV0F1Ob7mϥnH_!KJrV;:3XwGҎoG҃j%!MJPuДTew~A!N @ZXu|+oG҃t]T42B[y IRpPqG:FmB") BP(P/jY씝D}(~D}(4K"Ĉ~TWmh!h`|F *}$9˒#%- -hR=z QPjmpkٶIe xJTT26)uXWM u6[ֱ?wV\ 6~7#AE9&[`g.cr29]sQ?*h@>B@wk+QPnh[ +Q 퀴 ;}Uap*̤uHwsg>9oGҎoG҃rryP[y$5;I;|rp$ ġdӍd@7S`|oG҃^ ێz!YFNL"1|puvL">s">!-D$RI%8*φG}GmBKG:9+R qa;YwGҎoG҂եSd)䃝aUnG̴)E ,eNrqCF;#AK`z:qJ9o sHi5zRcٔޥ塨Ӂ$D}(D}($Q 1UZLD}(D}(E=nѺrv]oGҎoGҁtS9J9JOq0:\s"> QP.g7#G7#@)p ђwι.OV0$^TFd2֦%zPpAGqSd$>RlΔI?PW|#(Q@?g?yv+q ?*ܵgƪ uB+GP.g9_ oWi8j KHC(FFvʼ uXJx}18ziRY&?Ė+ _ g䶉JT[N1m)%j~=;nxvs.B uDPjłlȕ}b*LwT8PiGP'u`@qUɧluʖ#bNҢ`p+W(QAm<4z6PӖҥIB'GE`H;ϣ[ >u&2R(ibRw&m}>]j\Pi?u%e2 +R@’|A^=]r\sW qIY)BT:I?§_Jma%gZu$8zMR3Lք$PQ>:V4l aWW,Li8 u^H?w 9٠QZ^26KP\n7yH\e[ mV|8@I'(;os8l-! kaјuܹsn4r]qRA;5 ; ےܤkZ%z @s+0.6a*I `AxڻאS- @H'4ސfAm6q$VyށK)#l cY֭ PI%9$o(6\-3]`JZ%5rzSW) n}VѸCuD ۬hyPeHթV85MLykNiR| ʍ{:M8v (oAetTr+#5|1䲗[` z:8SIya۴/q{'!I F1} aҭz%KG1T܄Y!j9V *De6JeJlzP#F~䁚×.: ǫ&BRR yi.) wưt}VP,hf5 !k?Ax>v Q=t|n Z۸4Z챸]\k!ϸR}~TEvﲋDKrksu)le~j7f8BZͶ~ Yz8Y Д'+VVs #ny$.-ٓ]2$:r2Th4-;+tn:)e6N(j> J9GP.g8(9GP.g8(9GP Z?v?H+.(~5rKMM9)8 Vz3=kNf"+G[Մ U^hxM-gz빦#WO>bz'5rO#;h {֥E ԸU mʟC)@0GMDilm0RsQkn,hC U6X܂r@p U/7 \>!֭$t[.Vؼ%lܷR< j` w"+8ǻL[AtRA=0H d2Mb\&<;|PJ'cП󫷸h]6 H2H#%)#lwB]λ}ƅ8ts6* op`oZNTNzᰠO|p7; ]l┰ê?*y_a"<@xC* gt( `t52CοUKs})<ȏ(Q]"&%,GqMaHVQ>Tb=prLG}M+Ч{gQ]ð.iȰ$/qkчkw]=F=v߭a]՟|RWdq(R'quvŁ7:$6 Rt9 x悇՟|V]=dZCR9g({^vY%9 !ͼSj*ԑ V]=Ywj݄q "CYJ]ZIS]Dv[˔L/[HJpNwz3{|g)JwB w$7;+OL5 V]Z,SrGv Qz SW/oN/mc.aNJF3S+5nL!e"AuXqWnpݙABA$ ixD'2ԕulR .$xc]Œ4,qŭ<_VTdn8,ñ}Mq SZ'-D60qy(!ZGx(PEv&kei' x ׫?.M5s6?[yBT(@Nޤċ84ΰR`xGʃ; SG?.M_D!-e%pDR$5ı iEaHʉPT?cAVg]~kV]A\HTPsRA7@ǍRz9 SG?.MHj9ڹ=#h#ϒO!!՟|}rzGsA;cwTUq]6IP= Y]B˜]-JF:(/C9)Z)ʲ$`N9&rPTNR:%հ36Tu㧈ꢳ=q3.s.,RuJ倢Jg5)G:yn/I8XQW1Y5y;ors(cQR$ %'S)%zJJJHМ~ڸKIv;?GTO=^9GP\Kͽox$uqy3%C-:PحŜtryE2%:5=܁ӑߊΩZT@9ڞ~i|x#(E3yEx#(E3yEx#(8))RyY#txRGP.g=^9GP.oT`)MaEY `~iZk#FԚUmQ^¼G>GCsޔ:cHs`vP oVkǕuByLv !B@Rÿ]QaǂhRX:iԒAw׫SF+Y~5ű@໯790uT@Iۮ|T&ŹBns-&C>JVN@؝{{CEpԍׄox=u&)HrR% uz9= P5߱_QWzכug33?g?r~=RtS=G_ށtS={/(]=W5[Dz_ҁtS=G_P.g_ҏc⿧T{ܮb_Ҹ^+{^+{/?ޏc⿧'K>+.g_^+{?ޏe⿥ԇ9:[~tS={?ށtS=G_GRr7_;UDz_E3x{?ރpTOv!JHFO?UF"\QpzvB *,'6)|J6 j`p϶8Rg9o>^O?Oטoϻ5  b:u8H$G)"V) iFtJ8?RG銧0&JNPRs-go}QSDQ֒e <[v3%2Cxww3c;ԇ@RxW6>05")Cl q,GZiԬߓVMY}iAQ: Zd^sB֌խx#.J!acQ/Vӗ%@dx渙1DgZ.,JBԬ٫{ę^zu1)AJP '^ҭqTs7ϧUKü{55!WҼ ˢk gPRpRABpi8Bhz J*ttfqw]Ww@) J9sE.(IH)852`~Cl6ޟ~fvr^+U6jzÝRFv܇ JVk8bbc0]C _Ju3K05(E3G!_ҁtS9r5(GRG_;U!_ҁtS=]_ҎCr5}(w Jo?it-fkCg.7jO]:u%9C*=-T #N'(,HѣiI%j->yowLG3*0HkiHeRlgRHd#* !ӎ>S{D4Ć^e:С{z2/+BcF~{?z/ vA!*ekEScč|C% z7F{4Ӟc*)+R:(EDOZU19FX3onW$p\s-R 8K(ёМ4NϺ?1"ӓҽZUˋ*쨒֦[ Cj'm'ck:*XNsNsqZUmkfq=nW$d,.J_uq씥8A wRT|I͕9.L|JXH (L^v_YI +un(jRzZ#6L&}MJ`!q}K%Z9JVO~Tuc ]aO%pkW0P;ML2ii~S~n2KCq%Y Ғl λtK|#-@6JHmC~qb!XI$.onVduSF+l%VZvDu5l²#vQup\ޯ ƐV[S#KN0h8`jXxya}ܩeFe( 8xvpw X\vkSrHBW&ړY`9W "[fr9%!JVPCBr\n+s-t6P۠”i |=R$r$-_g4()CsW54kxy>k5قfL2wv?:|}YsoPZ @ۏ篇#>ez(\[4\8}td31Jmⵡ2)V :o9fظ銷 ~PqGr y&`Lv&-dHt5f7 C-:KEkP!D,'ޮQqWhQm^\+R9I=æZVc#[QB{8"[ɂ.;Ǚp/4Z':@85Sz%rmKtH{@JxlFbߟRh)L)[m(R3*K,-AIFu(CuoYz^l%žgZ1F~ʺCPr jJ([VTF3}g=":IGO-nzPBT##«yM*Ebig;dVm⪧;$CTm 5qSE.'_ScC qgEyo)@М^.rž#3p2ބ HEYeI|y#O+[.mژx^JB$d*ϊ$KH:p Z$`WO<ZYSȶ#Fftw2"tHKjj )h=Z\-Mȉ!m~rTDIM8u$job3--DB?iL8ڜ}qz}ԜZ4or]D{uQRCip 5r,C1!G-mGV7~#pvGyrTD% :y* u?52m򚐰ʜ Q^)$xg]:Lyig2n]n\xi!hJ(=<**&YnI uEi=h@sPo%mRcS**Xg8U5c}lq_hhx % C)Zv=HzZR+W=je`!kI q}ސL)K*ZԢyN^fhKF#Z[[\5e9L>22sUDVz$`CuOw;+ N 8Ik'S*gз9B$||ȩ<Gq Ź%.9I ?*T跩; RpQwUƽDRN[Vp3=9`8;pvwEŢJKG-vr7Nn*''y$1o$&V/(@#!=G]|U'>NBT3 խVkd"C RKd>M",Vu. \Ͼj$Yhܤ )8N^kmN'9ou~~8"SBnCMT )$zmY oTܔrX!}ÜSl!##6%hi) )*=FFzTO))|T8_(4 HrQja\NT5gI&E0.T-V88%sMq b]J +NZvA!g$u_87kGėYTwuXG88@e#? l}7 %FvMpٵ L\<#SL<\nA!;'|l })zm,쬞ϺhB'Hv|Ti[9[+e iirkըK|%$$F5=d6)= mcQs*ː'JN| 87&'B Ts9eD`|h*d;dSٸGI.3F^?G*^[J (\PY:uan*lGvFU7HR MVAͶrj9C{ Vz#n5 ?edqg"} ODԈ,ynjVT<{D~'YI6!*$Qg򠮐퐼7#PXˀ:(!?m]y#_E-ɉmN}G=$$9;Ɨ#~c޽U= :1>*816䅸pmazqݺFs8"puVWSM Y@BtHr^QmT?iz7·z]QJTT5NNqҫE~cIilҊmc*A5XÊ qR;uλ?G* +- 7) F --QJܐ]#]s,e:TnUpd.h!0FVzV%ۋ9Hi tWd Ⱦ +.`iz.,▮$j#K7;@bYEWAؠ_P5+S9қm#RR)ܒEs^,Wҧ vz?J@"%p)@)qjHIBvZ >[3!\!à 0;*6fZ1IqRTJ9']y#RG3KZS;d %*n%Dvu=ݝsOg8@,<9*qe(gqdfUdZNPp$#|| 'p2e>-$!@!G5ys"|[Ɗ$s }夥J3*!RAN7iZM[)A)>[悜SlFV0%=ӳ]y#9 [qsNljq$6"lޥ3+rħ vChJE=I5Kp{ycrB@{टT.7d7=QDX!BR9 86W*3v[[m.D4fS43a KSNN+]y#\n2)B:Sp>UO&QxM:r[dLŘ!o'NTS@QE}n\}*[ǵ XVSOP&oD9i ޱ!]i[a9$(;EzѕÇdXʖjFPI^s:tU@Kq)RAEEPQEEPQE[Xaelf9Y! qSYpu%qTPmdYitW1SkK:  _.)^&i2_[ZuqEEPQEEPQEEP>BҴ0rRޓ::EPQEEP}JG<'&B̲@(:bTPnސ؞.a)diV⒡ H8:BP)2z ]QA )GսÃxӯ '-)@PIV*HVy1yyۉYǀ9rza๲e#IKQ0!YBE-++; Px> > q&@.CerQ͝3!QS!ZPJ SzI<a; 0Vkw$9#S6tc0JTP@(zF{dI9mBYKeV\2Ų,^zUt Oena/z`hpӀ:8td AA