Taula’s TSO vehicle lost 12.2% in September and is down 12.8% since its March launch, Business Insider reports. The $1.5 billion launch concentrated on falling European interest rates; rates moved the other way. Investors cannot redeem until next spring, according to the report’s two sources. Taula declined comment. This is TSO, not the diversified flagship: that vehicle’s reported September loss remains a partial-month figure through September 18.

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