Leveraged funds are long VIX futures at the 98th percentile of the past two years and short Russell 2000 futures at the 6th percentile, a rare long-fear, short-equity split. That lean matches a 7-Year auction on September 24 that drew an F grade, with foreign buyers taking 57.2 percent of the issue. The Fed meets October 28, 15 days out, and sentiment's elevated-reading count slipped to 5 from 6 last week. If the Russell short unwinds before the FOMC, the VIX long is the hedge paying for it.