[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Neil Sethi [@neilksethi](/creator/twitter/neilksethi) on x 12.4K followers Created: 2025-07-21 14:10:18 UTC Goldman says they see a highly unusual discrepancy between the "the front month VIX future [which] is extremely elevated [vs implied volatility]…The roll down is huge. We think a lot of this is due to the massive growth in the VIX ETN complex as retail investors pile in to these products - this essentially leads to the VIX market acting a bit more ‘short gamma’: selling more vol on days when vol is down, and buying more vol on days vol is up to stay rebalanced. The conclusion here is that with VIX future at such an elevated level and roll down so steep, as UX1 comes in, more equity buying ensues.”  XXXXX engagements  **Related Topics** [gamma](/topic/gamma) [etn](/topic/etn) [vix](/topic/vix) [Post Link](https://x.com/neilksethi/status/1947298090320265580)
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Neil Sethi @neilksethi on x 12.4K followers
Created: 2025-07-21 14:10:18 UTC
Goldman says they see a highly unusual discrepancy between the "the front month VIX future [which] is extremely elevated [vs implied volatility]…The roll down is huge. We think a lot of this is due to the massive growth in the VIX ETN complex as retail investors pile in to these products - this essentially leads to the VIX market acting a bit more ‘short gamma’: selling more vol on days when vol is down, and buying more vol on days vol is up to stay rebalanced. The conclusion here is that with VIX future at such an elevated level and roll down so steep, as UX1 comes in, more equity buying ensues.”
XXXXX engagements
