Market Signal

VIXY decayed 40%+ from 52-week high + SPY at/near ATH + realized vol on SPY < 12 (annualized) → low-vol market backdrop in force. The vol structure is so suppressed that any single risk-off catalyst would mean-revert violently — corroborates bufr-cap-saturation from a vol-product mechanism rather than a buffered-ETF mechanism.