{"schema_version":"1.0","name":"QJUN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ef4208ca-7d1e-4c86-878b-b596dc008e61","symbol":"QJUN","name":"FT NDX100 Mod B UCITS ETF Jun","exchange":"EBS","country":"CH","asset_type":"etf","currency":"CHF","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Directional strength and control, Range position and boundary pressure, Range pressure and compression, Acceleration, deceleration and rollover."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":61,"displayedObservations":61,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the 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support lags price","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":4.3,"sample":1},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 4.3% across 1 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 0.6% across 1 completed cases, with the largest move arriving after 3.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-01-09","price":17.408001},{"date":"2026-04-17","price":17.396}],"reversal_dangers":[{"date":"2026-01-16","price":17.431999},{"date":"2026-06-26","price":17.945999}]}},"smTape":{"available":true,"dates":["2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[16.278,16.224,16.266,16.474,16.392,16.784,16.728,16.85,16.79,16.662,16.698,16.724,16.854,16.832,16.88,16.92,16.576,16.89,17.13,17.018,16.848,16.928,17.174,17.262,17.136,17.092,17.092,17.1,17.408,17.432,17.144,16.734,16.722,16.638,16.758,16.66,16.952,16.998,16.93,16.846,17.136,17.312,17.396,17.532,17.526,17.5,17.678,17.736,17.68,17.918,18.032,18.324,17.946,17.918,18.01,17.738,17.894,17.648,18.128,18.388,17.88],"consensus":[-100.0,-21.05,100.0,92.5935,0.0,23.9526,17.4864,0.0,0.0,-14.4815,-11.5246,15.3354,17.3688,8.3179,17.5002,0.0,-19.0498,19.042,24.2685,0.0,-11.5741,0.0,23.7456,25.2135,0.0,0.0,0.0,12.7687,41.1226,33.0606,-15.5975,-46.6974,-34.5775,-43.9065,0.0,-33.0316,33.863,29.1703,-9.7501,-14.2675,37.7067,44.0199,43.367,52.191,18.511,12.0977,54.3677,46.6887,11.5268,46.7564,46.8185,66.3189,13.5366,15.9189,27.034,-29.1725,18.8978,-47.9075,61.8568,69.5497,-37.1681],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[-21.4518,-18.838,24.6004,27.6911,10.8227,26.8375,0.0,-26.9424,31.6996,35.7287,0.0,-24.0403,0.0,37.3102,35.6132,0.0,0.0,0.0,26.3676,46.8103,37.4468,-27.1858,-50.7733,-37.5423,-44.2225,0.0,-40.2876,35.945,29.0956,-21.8788,-27.5803,48.5245,54.2913,50.4026,60.6256,5.1418,0.4477,65.99,56.5459,1.9012,48.1084,42.6392,78.5879,4.3905,18.3865,33.7133,-22.2541,25.3245,-46.9076,70.581,73.3684,-40.642],"force":[-24.8358,-19.5676,19.957,15.2454,4.8369,14.0994,0.0,-22.1946,17.9852,19.5955,0.0,-16.288,0.0,19.0281,18.1168,0.0,0.0,0.0,9.5241,54.0128,33.5882,-23.3418,-61.8412,-26.5834,-46.6025,0.0,-33.9792,64.3206,45.4668,-13.4018,-14.6109,39.1804,34.3764,27.8753,37.309,3.5169,8.904,39.0362,24.9103,13.693,25.7139,32.4529,43.5865,20.1936,4.3626,12.622,-48.9306,20.6982,-68.2406,81.9922,80.6985,-78.3914],"direction":[-0.8805,-2.5784,1.4455,7.0886,7.9417,9.2581,0.0,-7.7835,5.3311,14.5089,0.0,-6.0402,0.0,11.6129,18.3971,0.0,0.0,0.0,0.4552,25.4153,27.671,-3.178,-31.2222,-36.8993,-41.6197,0.0,-24.0621,9.7281,17.6153,-6.7197,-1.1923,24.2909,39.1693,46.3919,53.1815,49.5243,41.4364,52.036,50.9793,44.8872,60.2416,61.8561,68.5347,48.0824,27.5856,29.6947,-22.9665,10.267,-34.5267,37.5039,57.2221,-3.7528],"intensity":[33.3333,10.0,27.2727,50.0,30.7692,28.5714,73.3333,87.5,82.3529,77.7778,68.4211,65.0,23.8095,81.8182,21.7391,37.5,76.0,3.8462,3.7037,85.7143,62.069,80.0,96.7742,6.25,72.7273,35.2941,25.7143,80.5556,56.7568,23.6842,20.5128,80.0,75.6098,50.0,46.5116,61.3636,33.3333,58.6957,59.5745,14.5833,73.4694,34.0,84.3137,94.2308,5.7692,21.1538,76.9231,78.8462,75.0,100.0,78.8462,100.0],"confirmation":[50.3646,49.705,50.2403,50.6693,25.1841,73.3541,24.6199,51.4048,51.2017,75.4489,27.0261,50.2793,1.6514,75.2481,75.6936,27.665,23.8084,0.8065,49.2103,81.4654,78.5286,51.0619,83.3426,78.776,82.1274,29.9651,78.4884,79.7327,77.8323,49.8134,49.9609,79.9462,81.636,81.2981,84.119,28.8729,5.4174,84.7533,82.1265,6.4514,82.3001,82.6078,88.3423,7.7511,50.7024,76.1099,78.0428,74.0042,83.9653,88.2749,90.5375,58.4305],"persistence":[37.5,12.5,12.5,25.0,25.0,25.0,25.0,12.5,37.5,62.5,50.0,25.0,12.5,12.5,25.0,37.5,25.0,12.5,25.0,50.0,62.5,37.5,12.5,0.0,12.5,12.5,37.5,37.5,37.5,37.5,37.5,12.5,12.5,25.0,50.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[24.9082,4.0019,42.7602,12.6099,38.1958,35.0978,44.4694,37.3746,6.2017,33.7747,30.9916,52.1347,8.5406,0.6246,31.7904,49.0979,34.7842,22.7068,42.5903,23.7936,32.0947,22.8357,24.5806,32.6426,28.0284,49.3664,3.7974,24.8306,33.2363,40.8542,44.6999,16.6158,24.1268,27.4472,23.8528,40.4871,38.5278,21.6121,22.735,36.5961,26.5427,26.3532,16.8343,38.898,7.9595,20.3368,35.2557,23.3041,20.0015,7.5471,14.8099,16.0914],"volumeParticipation":true,"latest":{"consensus":-37.2,"control":-40.6,"force":-78.4,"direction":-3.8,"confirmation":58.4,"persistence":25.0,"assessmentRisk":16.1,"intensity":100.0,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-37.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-40.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-78.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-3.8","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"58/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"32.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"70%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[16.278,16.224,16.266,16.474,16.392,16.784,16.728,16.85,16.79,16.662,16.698,16.724,16.854,16.832,16.88,16.92,16.576,16.89,17.13,17.018,16.848,16.928,17.174,17.262,17.136,17.092,17.092,17.1,17.408,17.432,17.144,16.734,16.722,16.638,16.758,16.66,16.952,16.998,16.93,16.846,17.136,17.312,17.396,17.532,17.526,17.5,17.678,17.736,17.68,17.918,18.032,18.324,17.946,17.918,18.01,17.738,17.894,17.648,18.128,18.388,17.88],"stroke":"#10243b","width":2.1},{"label":"Fast 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,16.5098,16.5337,16.5593,16.586,16.5853,16.6079,16.6465,16.6741,16.6869,16.7048,16.7396,16.7783,16.8048,16.826,16.8457,16.8646,16.9048,16.9439,16.9587,16.9421,16.9258,16.9044,16.8936,16.8763,16.8819,16.8905,16.8934,16.8899,16.9081,16.9381,16.972,17.0135,17.0514,17.0847,17.1286,17.1736,17.2111,17.2635,17.3204,17.3947,17.4356,17.4713,17.5112,17.528,17.5551,17.562,17.6039,17.662,17.6782],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,17.0087,17.0097,17.0138,17.0439,17.0615,17.0844,17.1101,17.0933,17.1087,17.1697,17.1963,17.1892,17.1698,17.1852,17.2412,17.238,17.2613,17.2798,17.2993,17.3783,17.4407,17.4445,17.4436,17.4512,17.4655,17.4691,17.4781,17.4599,17.4622,17.4501,17.4465,17.4599,17.4963,17.5307,17.5814,17.6393,17.6898,17.7715,17.8562,17.899,17.9865,18.1107,18.2783,18.3369,18.3659,18.4049,18.3765,18.387,18.3688,18.3829,18.4057,18.3726],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,16.0809,16.1077,16.1312,16.1444,16.1607,16.1737,16.1844,16.1928,16.2048,16.1936,16.2007,16.2648,16.3546,16.43,16.4528,16.5304,16.5379,16.5558,16.5613,16.5441,16.5587,16.5995,16.6014,16.5806,16.5469,16.5311,16.4961,16.5519,16.5604,16.5525,16.5389,16.5543,16.5563,16.5441,16.5204,16.5015,16.4918,16.4687,16.4476,16.432,16.3931,16.3577,16.3491,16.4129,16.5119,16.5981,16.7343,16.818,16.9012,17.0069,17.1383,17.2458],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0921,-4.7784,-6.4321,-4.5673,-6.533,-5.4346,-6.6022,-5.1469,-2.5874,-5.5299],"stroke":"#176fa3","width":2.0,"fill":"rgba(23,111,163,.08)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,33.4488,33.037,33.8271,34.6353,33.935,31.8673,29.9645,28.5571,27.0573,25.5428,24.1911,23.1548,22.5308,21.4464,20.961,21.2659,21.8692,22.8758,24.1301,25.106,26.483,27.9328,29.2791,31.0297,32.9244,35.2406,35.3308,35.2529,35.4409,34.1381,33.7819,32.5906,32.4575,32.9284,32.2276],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,2.1992,2.3026,3.1371,3.0583,3.0021,4.4472,5.6908,5.5775,5.4813,6.4433,7.1233,7.7745,7.7237,7.7237,7.8036,10.9979,11.1401,10.7206,10.1517,9.8281,9.7123,10.0733,10.2287,12.5144,12.9391,13.8918,13.4265,14.7209,17.7105,19.0977,21.0769,22.8428,22.7012,25.4423,26.6072,26.1959,29.5185,31.8421,37.5235,33.6169,33.34,35.2279,32.3141,38.0735,35.064,40.6036,45.2488,39.1429],"stroke":"#07865c","width":1.6},{"label":"Negative 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,16.6329,15.1116,11.8662,12.7789,13.4382,16.7343,16.1765,17.3935,18.4077,9.6856,17.647,23.7322,20.8925,16.5822,18.6105,24.8479,27.0791,23.8844,22.7687,77.5475,77.6596,100.0,100.0,68.2119,21.5729,20.2247,10.7865,24.2696,13.2584,46.0675,51.2359,43.5956,34.1575,66.7416,86.517,95.4661,100.0,89.1564,86.5461,100.0,99.8181,94.7272,100.0,100.0,100.0,77.5801,75.9193,81.3761,65.2433,74.4958,59.9052,88.3749,98.6471,69.6346],"stroke":"#10243b","width":2.0},{"label":"From 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,9.2331,8.5695,8.007,7.785,7.2273,6.7171,6.411,6.1352,5.7697,5.3831,5.0095,4.776,4.4755,4.1558,3.8605,3.6477,3.4276,3.3629,3.3784,3.2428,3.0624,2.8744,2.7363,2.6201,2.4961,2.3862,2.304,2.2241,2.1185,2.0004,1.9213,1.8287,1.7112,1.6449,1.5466,1.4633,1.4356,1.3698,1.3655,1.4451,1.3552,1.2884,1.3243,1.3323,1.3621,1.4204,1.4106,1.5572],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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