### Comment:
Seems like more of a contango play utilizing the leverage of ITM puts. Pretty good terms on contango through the end of the year (20.6 break even vs VXX at 21.66 at the time). If a big player is playing vol of vol or hedging VIX calls/futures, they're doing it through VIX markets where your gamma is much easier to hedge/understand than having to deal with how the mechanics of VXX affect option pricing and what it implies about volatility.

### REPLY:
I just read up on wtf contango is and gotta say that’s some complicated stuff. Where’d you learn your market background if you don’t mind me asking ?

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