$ATS.VI Deep Dive

Written Sep 13, 2026 Subscribers only

Xxxx: Xxxxxxxxx 00, 0000 Xxxxxxxxx: Xxxxxxxxx_Xxxx x0 (XXXX Xxxxxxxxxxx 0–0, XXX Xxxxxxxxxxx 0–0) Xxxx: €000.00 (Xxxxxx Xxxxx Xxxxxxxx xxxxx, Xxx 00, 0000) Xxxxxxx xx xxxxx: Xxxxxxxxxx. Xxxxxxxxx 0.00. XX/xxxx 0.00x (xxxxxxxxxxx 0.00–0.00x). Xxxxxxxx xxx, xxxx x xxxxxxx xxx xxxxxxx xx xxx Xxx 0 X0 xxxxx.

0. XXXXXXXX

Xxxxxx	Xxxxx
Xxxxx xxxxx	€000.00 (xxxxx xxxxx €000.00)
00-xxxx xxxxx	€00.00 – €000.00 (00x +000%; XXX +000%)
00-xxxx xxxxx	€000.00 – €000.00 (xxxx-xx-xxxxxx xxxxxxxx −00%, Xxxx→Xxxxxx)
Xxxxxxxx xxx (xxxxxxxxxx)	00%
Xxxxxx xxxxxxxxxxx	00.00X (xxxxx ~00X)
Xxxxxx xxx	€0.00X
Xxx xxxx (xx-xxxxxxx)	€000X (Xxx xxxx/XXXXXX 0.0x; 0.0x xxxxxxxx xxx 0000 xxxxxx)
Xxxxxx xxxxxxx	€000X (€000X 0% xxxxxx xxxxxxxx Xxx 0000 + €000X 0.0% xxxxxxxxx xxxxxxxxxxx, xxxxxxxxxx €000.00)
XX (xxxx. xxxxxxx xx xxxx-xxxx)	~€0.00X (xx-xxxxxxx ~€0.00X)
Xxxxxxxx xxxxxxxxxxx xx xxxxxxx xxxxx	€000X (xxxxxxxx xxxxxxxxxxx: €000X xxx-xxxxxxx + €000X xxxxxxx)
Xxxx / xxxxx xxxxxxxxx	€0,000X / €0,000X
XX0000/00 (Xxx-00) xxxxxxx / XXXXXX	€0.00X / €000X (00.0% xxxxxx)
X0 XX0000/00 (Xxx-00) xxxxxxx / XXXXXX	€000.0X (+00% xx) / €000.0X (00.0%)
X0 Xxxxxxxxxxxxxxxx (xxxxxxxxxx)	€000.0X (+00% XxX), XXXXXX 00.0%
X0 Xxxxxxxxxxx Xxxxxxxxx (XXXx)	€000.0X (−0% XxX), XXXXXX 00.0%
X0 XXX	€0.00 (xx −€0.00)
XX0000/00 xxxxxxxx	Xxxxxxx +00–00% xx (→ €0.00–0.00X); XXXXXX xxxxxx 00–00% (→ €000X–0.00X); xxx xxxxx €0.0–0.0X; xxxxxxxx xxxxxxxxx XXX
Xxxxxxxxx xx XX00/00 xxxxx xxxxxxxx	0.0x XX/XXXXXX, 0.0x XX/Xxxxxxx, ~00x xxxxxxx X/X
Xxxx xxxxxxxxx (xxxxxxxx)	Xxxxxx 00.0x XX/XXXXXX, 00.0x XX/Xxx; Xxxxxxxxx 00x XX/XXXXXX, 00x X/X
Xxxxxxx XXx	Xxxxxxxxx Xxxx €000 · Xxxxx (xxxxx xxxxxx, xxxx €000.00) · XXXX Xxx €000 (Xxx 0, xxxxxxxx xxxx Xxxxxxx €000) · Xxxxxx Xxx €000 · Xxxxxxxx Xxxx Xxx €000 (Xxx 0, xxxx €000) · Xxxxxxxx Xxx €000
XX xxxxxxxxxx	0.0x (€000 → €000)
Xxxxxxxxx xxx XX	~€000 (xxx ~€00 xx Xxx — XX xxxxxxxx +000% xx xxxx xxxxxx)
Xxxxx	XXX, XXXXX Xxxxxx 000 (xxxxx Xxxx 00, 0000)
00-xxx xxx XXX xxxxxx	~$00X/xxx
Xxxx xxxxxxxx	Xxx 0, 0000 — X0 0000/00 xxxxxxx

Xxxxxxx: Xxxxxx Xxxxx, XX&X X0 0000/00 xxxxxxx, X0 xxxxxx, xxxxxxxxxxxxx, XX&X xxxxxxxx xxxx.

0. XXX XXXXXXXX

XX&X xx x Xxxxxx, Xxxxxxx-xxxxxxxxxxxxx xxxxx xx xxxx-xxx xxxxxxx xxxxxxx xxxxxx xxx XX xxxxxxxxxx, xxxx xxxxxx xx Xxxxxxx, Xxxxx (Xxxxxxxx, Xxxxxxxxx), Xxxxxxxx (Xxxxx) xxx Xxxxx. Xxx xxxxxxxx:

Xxxxxxxxxxxxxxxx (00% xx X0 xxxxxxx, 00% xx X0 XXXXXX). XXX XX xxxxxxxxxx — xxx xxxxxxx xxxxxxx xxxx xxxx xxxxxxx xx XX xxxxxxxxxxx xxx xxx xxx xxxxxxxxxxx. Xxxxx XXX XX-xxxxxx XXX xxx xxxxx Xxxxx xxxxxx XXX xxxxx xxx. Xxxx xx x xxxx-xxxxxx xxxxxxxxx (Xxxxxxxxx, Xxxxxx, Xxxxxx, Xxxxxxx Xxxxxxx-Xxxxxxxxx, XX&X) xxxxx xxx xxx xxxxx xxxx xxxxxxx xxxxx-xxxxxxxx xx xxx xxxxxx. XX&X xx xxx xxxx xxx-Xxxxx xxxxxxxx xx xxxxx, xxxx Xxxxx 0 (Xxxxxxxx) XXX-xxxxxxxxx xx XXX xx 0000 xxx xxx "xxxxxxx xx xxx xxx." Xxxxxxxxx xxxxxx Xxxxx xxx xxxxxx.

Xxxxxxxxxxx Xxxxxxxxx (00% xx xxxxxxx, 00% xx XXXXXX). XXX/XXX XXXx xxx xxxxxx xxxxxxx, xxxxxxxxxx, xxxxxxxxxx, xxxxxxx, xxx xxxxxxxxxxxx XX/XXX xxxx xxxxxxxxxxxxxx xxx xxxxx-xxxxxxxx xxxxxx xxx xxxx xxxxxxx. Xxxxxxxx, xxxxxx-xxxx (00.0% xx X0), xxx xxxxxxxxx x xxxx: Xxxxxxxx xxxx-xxxx xxxxxxxxxxxxx xxxx xxxxxxx xxxx xxxx-xxxxxxx xxxxx Xxxxxxxxx'x ~00% XXX xxxx xxxxx xxxx xxx xxxxxx-xxxx xxxxxxxx xxxxxxxxx.

Xxxxxxxxx xx xxxxxxx: 00% xx X0 xxxxxxx xxx xxxxxx xx xxx Xxxxxxxx. Xxxx xx xxx xxxxxxxx xxxxxxxxxxxxx xx xxx xxxxxx — XXX, Xxxxx xxx (xx XXXx) Xxxxx.

Xxxx xxxxxxx xx 0000. Xx Xxxx xxx xxxxxxx xxxxxx xxxx-xxxx xxxxxxxxxx xxxx XXX xxx "xxxxxxx xxxxxxx xxxxxxxxxx xxxxxxx" xxxx xxxxx xxxx x €0.0–0.0X Xxxxx xxxxxxxxx (Xxxxx 0 xxxxxxxxxx xxxx + Xxxxx 0 xxxxxx, XXX 0000/00) xxxxxxx xxxxxxxxxxx, xxxxxxxx xxxxxxxxxxx xxxx xxx xxxxxxx xxxxxxxxxx. Xxxxxxxx xxxx xxxx +00–00% / 00–00% xxxxxx xx +00–00% / 00–00% xx xxx xxxx. €000X xx xxxxxxxx xxxx xx xxxxxxx xx xxx xxxxxxx xxxxx.

0. XXXXXX XXXXXXX

Xxx XXX xxxxxxxxx xxxxxxxx xx xxxxxxxxxx, xxx xxxxxxxx. Xxxxxxxx xxxxxx-xxxxxx xxxxxxxxx xxxxxxxxx xx ~00% xx X0 0000, ~00% xx 0000, xxxxxxxxxxx >00% xx 0000, xxxx xxxxxxxxx xxxx xxxxxx xxxxxxxxxxx ~00% x.x. 0000–0000 xx xxxxxxxxxxx xxxxxxxx xxxx xxxx 00×00xx xx 000×000xx xxx xxxxx xxxxxx xxxx xxxx 00-X-00 xx 00-X-00. Xxxxxxxxx xxxxxxxx ~00% xx XXX xxxx xxx xxxxxx xxxxxx ~00% xx X0 0000 — x xxxxxxxx-xxxx xxxxxx xxxx xxx xxxxx xxxxx xx xxxxxxx xxxxx xxx xxx xxx xxxx. (Xxx'x Xxxxxxxx)
Xxxxxxxx-xxxxxx xxxxxxxx. €0.0–0.0X xx Xxxxx xxxxxxxxx xx xxxxxxxx xx xxxxxxxx xxxxxxxxxxx, xxx xx XX&X'x xxxxxxx xxxxx. Xxxxxxxxxx: xxxx xxxx xxxx "xxxxxxx xxxxxxx xx 0000/00, xxxxxxxxxxxx xxxxxxxx xx 0000/00, xxx xxxxxxxx xxxxxxxx xx 0000/00." Xxxxxxxx xxxxxxxxxxx xx €000X xx Xxxx 00 xxx xxx xxxx xxxxxxxx. X xxxxxxxx xxxx xxx xxxxxx xxxx xxxxxxx xxx xxxxxxxx xx xxxx xxx xxxxxx xx xxxx.
Xxxxxxx. XXX Xxxxx: xxxxxxx xxx-xxxxx xx xxx xxxxxxxx xxxxxxxx xxxxxx (~00 xxxxxx) xx xxxxx, xxxxxxxxx xxxx Xxxx 0000, xxxx xxxxxx xxxx xxx xxxxxxxx xxxxxxxxxx xxxxxxx xxx xxxx. Xxxxxxxxx xxxxxxx xxxxxx xxxxxxxx xx X0 XX00/00 xxx xxx xxxxx xxxx xx xxxxx xxxxx.
XXX xxxxx xxxxx. XXX'x XX000/Xxxxxx xxxx xx XXXX X0 xx X0 0000 xxx 0000 xxxx xxxxxxx Xxxxx 0. Xxxxx 0 xx "XXX-xxxxxxxxx" xxx xxx X0 xxxx. XXX'x xxxx xxxxxx XXX xxxxx xxxxxxxxxx xx XX&X'x xxxxxx xxxxxxxxxx.
Xxxxxx xxxxxx xxxxxxxx, xxxxxxx. Xxxxx 0 xx xxxxx xxxxx xxx XXX xxxx "xxxxxxx xxxxxxx xxxxxxxxxx xxxxxxx." Xxx X0 xxxx xxxxxxx "x xxxxxx xx xxxx xxxxxxxx xx xxx xxxxxxxx xx xxx xxxxx-xxxxx XXX xxxxxxx xxxxx" xxx "xx xxx xxx xxxxxxxxx xx xxx xx xxx xxxxxxxxx xxxxxxx." X Xxxxx 0 xx xxxxx xxxxxxxxx xxx "xx xxxxx xxxxxxxx." Xxxxxxxx xx xxxxxxxx #0 xx xxx xxxxxx xxxxxxx xxxxxxx.
Xx-xxxxxxxx xxxxxx xxx xxxxx xxxx — xxxx xxxxxxx, xxx xx xxx xxxxxxx. Xxxxxxxxxx xxxx XXX xxxxxx "xxxxxxxxxxxxx xxxxxxx xxxxxx xxxxxx xxxxxxxx" xxxx 0–00 xxxxx xxxxxx xxxxxx xx xxxxxxxx xxxxxxxx, xxx "xxx x xxxxxxxxxx xxxxxxxxxxx xx xxxx xxxxxx xxxx." Xxxxx xxxx: Xxxxx 0'x xxxx xxxxxxxx xx xxxxxxxx xxx "xxx xxxx xxxxxx xxxxx xxxxx xxx xxxx xxx xxxx-xxxx xxxxxxxxxx" xxxxxxxxxx; Xxxxxx xxxxxxxxxx xxxxxx xxxxx XX XXXXX. Xxxxxxxx xxxxxxxx xxx xxxxx xxxx XXX xx 0000–0000. Xxxx xx xxxx xx xx Xxxx.

0. XXXXXXXXXX XXXXXXXX

Xxx xxxxxxxxxx

Xx. Xxxxxxx Xxxxxx, XXX (xxxxx Xxx 0, 0000; xxxxxxxx xx Xxxxx 0000). XXX xx Xxxxxxxx 0000–0000, xxxxx xx xxxx x xxxxxxxxxxxx Xxxxxx xxxxxxxxx xxxxxxxxxxxx xxxxxxx x xxxxxx xx xxxxxx xxxxxxxxx xxx xxxxxxxxx xxxxx; xxxxx xxxxxx X&X xxxxx xx Xxxx Xxxxx. Xxxx xx x xxxxxx xxxxxx xx x xxx-xxx xxxxxxxxxx xxxxxxxxxxxx, xxx x xxxxx-xxxx XXX. Xxxxxxxxx XX&X xx xxx xxxxxx (X0 XX00/00 xxx xxxx €00X, xxxxx ~€00) xxx xxxxxxxxx: Xxxxx XXX xxxxxxxxxxxxx xxxxxx x xxxx xx xxxxxxx (xxxxxxxx xxxx 0–0 xxxxx), €000X xxxxxxxxxx xxxx xxxxxxx, xxx xxxxxxxx xxxxxx, xxx xxx xxxxxxxx-xxxxxx xxxxxxxxx xxxxxxxxx.
Xxxxxx Xxxxx, XXX (xxxxx Xxx 0, 0000). Xxxxx XXX xx Xxxxxxxxx Xxxx xxx Xxxxxx Xxxxxx. Xxxxxxxxxx xxxxxxxxxx, xxx xxxxx, xxx xxx xxx xxxx xx xxxxxxx xxxxxxxxxx xxx xxxxxxxxx x €0.0–0.0X xxxxx xxxxxxx xxxxxxxx xxx xxxxxxx xxxxx — xxx Xxxx €000X xxxxxxxxxxx xx 0.0% (00% xxxxxxx) xxx xxx xxxxxxxxxx xxxxxxxxx xxx xxx.
Xx. Xxxxx Xxxxxxxxx, XXX (xxxxx 0000). 00 xxxxx xx XX&X Xxxxx, xx-XXX xx xxx xxxxxx/xxxxxxxxx xxxxxxxx. Xxx xxxxxxxxx xxxxxxx xxxxxxxxx.
Xxxx Xxxxxx, Xxxxxxxxxxx Xxxxx Xxxxx (xxxxx Xxxx 0000). Xx-XXX xx Xxxxxxxx Xxx. xxx Xxxxxxx Xxxxxxx, XxXxxxxx xxxxxx xxxxxxx. X xxxxxxxxx xxxxxxxx xxxxxxxx xxx xxxxx xx xxxxxxxx xx xxx XXX/xxxxx xxxxxxxxxxx.

Xxxxxxx xxxxxxxxx xxx xxxxxxxx

Xxx xxxxxxxx xxxxxxxxxxx — Xxxxxxxxxx Xxxxxxxxxxxxxx (~00%) xxx Xxxxxxxx Xxxxxxxxxxxxxx (~00.0%; Xxxxxx Xxxxxxxx xxxx Xxx 0000) — xxxxxxxxxx ~00.0% xxx-Xxxx. Xx xxxx Xxxx/xxxxx Xxxx 0000 xxxx xxxx ~€00–00X xx xxxxx xx €000 (Xxxxx xxx Xxxxxxxx: 000,000 xxxxxx; Xxxxxx xxx Xxxxxxxxxx: 000,000 xxxxxx; ~0.0% xx xxx xxxxxxx xxxxxxxx). Xxxxx xxxx xxxx €000.00 xx ~€000 xx xxx xxxxx. Xxxx: xxxxxx/xxxxxxxxxx xxxxxxxxx xxxxx x 00x, xxx x xxxxxx xx xxxxxxxxxxxx — xxxx xxxxx xxxx ~00%. Xxx xx xxxxxxxxxxx xxxxxxxx xxxxxx xx €000.
Xxxxxx Xxxxx xxxxxx 000 xxxxxx xx €000 xx Xxxx 00, 0000 (€00,000) xx xxx xxxx xxxxxx, xxx xxx xxx xxxxxxxxxxx xxxxxx. Xxxxx xx xxxxxxxx xxxxx, xxx x XXX xxxxxx xx xxx xxx xxxx xx x 00x xx x xxxxxxxxx.
Xxxxxxxxxxxx: Xxxxxxxx Xxxxxxx 0.00%, Xxxxxxx Xxxxx Xxx Xxxxx 0.00%, XXXxxxxx 0.00% (Xxxx 0000 xxxxxxx).
Xx xxxxxxxx xxx XX00/00; XXX xxxxxxxxxx xxxxxxxx xxxxx xxx xxxxxxx 0000 (xxxxxxxxxxx xxxxxxxxx, xxxxxxxx xxxxxxxx, X&X).

Xxxxxxxx xxxxx xxxxxx

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