CTA · Core
VIX / Volatility-Futures CTA
Trade the VIX curve as a first-class market — trend on VIX, carry on contango, and a respect for inversion — not just an equity hedge overlay.
Definition
Outright VIX futures trend is usually short in contango and long in a spike regime. Calendar carry is the other sleeve. Size must assume a 20-vol-point week. This is a specialist or a tiny diversified weight.
Why it matters
It is the cleanest listed vol trend. It is also where a naive short-contango rule becomes a 2018 headline.
Case
Volmageddon: XIV-like short-vol products and any CTA that was structurally short the front without an invert rule.
How to read it
Invert exit, which month, and % of NAV. If VIX is 15% of risk, they are a vol shop.
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