The Cboe Volatility Index (VIX) remained "unreactive" despite the S&P 500 falling nearly 2% last Friday, touching its highest intraday level since April but quickly retreating. Options traders were notably calm and selective with hedges. Analysts attribute this to asset managers rapidly selling stocks rather than using options for protection, with global gross equity exposure down 8% from its peak, the largest drawdown in at least ten years, indicating a "massive de-levering event."