Vix futures macro hedge funds have increased long

Macro hedge funds have increased long exposure to late-summer VIX futures, viewing them as inexpensive insurance ahead of possible policy shifts at Jackson Hole, historically a volatility trigger point. Jefferies attributed the downgraded earnings forecast to the normalization of market volatility. Specifically, the average level of the VIX index (which measures broader market volatility) is trending 31% lower than the previous quarter. The firm specifically flagged that August 2025’s intraday volatility was about half the level observed in Q2 2025. Chicago, IL – September 18, 2025 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. ETFs recently featured in the blog include: iPath Series B S&P 500 VIX Short-Term Futures ETN VXX , ProShares VIX Short-Term Futures ETF VIXY and ProShares VIX Mid-Term Futures ETF VIXM . Realized volatility in S&P 500 has dipped below 13, yet VIX futures stay mid-16s, reflecting a volatility risk premium baked into forward projections that exceeds current conditions.