CTA's Acted as a Hedge, Right?

There was a little bit of more fall selling from a positioning standpoint than I think you would generally see. A lot of people's portfolios were using a lot of CTA protection as their, their hedge. As an equal weighted portfolio slid down, there wasn't that aggressive need to buy volatility. And yeah, market has definitely changed and is evolving. You're not really getting too many participants in the variant swap space.

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