The thesis — calendar math is nearly closed for law-before-Sep-1 — is still true, but the market now agrees with us at 95–96¢, so there is no edge left and no reason to lock capital for 40 more days to collect the last ~5¢. Cloture has not been filed; the Democrats whose 7+ votes are needed had not even been briefed on the White House ethics deal as of Jul 22, and Sen. Alsobrooks says she won't back the current ethics language. Even a full Senate pass by the Aug 7 recess still leaves the House out until Aug 31 with a one-day window to pass the Senate text and get a signature before Sep 1. That said, the tail got livelier since entry — Trump signed off on ethics language Jul 20, a fresh draft dropped Jul 22, and Thune is promising floor action within days — which is exactly the wrong kind of risk to hold for a nickel. Exit at the 95¢ NO bid; ~$5.3k of depth there, clean fill.