Path S&P500 VIX Short-term Futures (VXX US) $US15.76

This unleveraged billion dollar ETF has now fallen 28% from its late January high, in our opinion this is currently a far better hedging / defensive vehicle than being short indices themselves especially as we believe a 10% pullback is probably still a few months away. Hence as we are committed to our view that 2021 will be a volatile year MM expects to be long the VXX at some stage this year