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level  investors. Index performance is shown





























































                       Equity Market Volatility





















                            as of 03/31/2020                                                                                          Source of chart data: Bloomberg, 03/31/2020. The Chicago Board Options Exchange S&P 500 Volatility Index is a measure of stock market volatility. The VIX takes the  weighted average of implied volatility for the S&P 500 (SPX) and measures the volatility of the market. Dividing the S&P 500 by the VIX (ratio) gives the confidence in relation to the market. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by for illustrative purposes only and does no
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