01050nas a2200157   4500008004100000245003600041210003600077260000900113300000900122490000700131520063600138653001200774100001700786700001600803856007300819       2021                        eng d00aTrader Positions in VIX Futures0 aTrader Positions in VIX Futures  c2021  a1-170 v613 aWe investigate the dynamic changes in trader positions of market participants in the VIX futures markets. We find that in a low-VIX period, below the 23.81 threshold determined by our model, changes in VIX futures affect the trading decisions of dealers and leveraged fund managers, but in an opposite direction. During a high-VIX period, dealers and leveraged fund managers would then alter their trading strategies. We highlight the important role of exchange-traded products trading in hedging demand of dealers and show the impact on VIX futures. Trader positions are determinants of VIX futures prices, basis, and VIX premium.10aFinance1 aChen, Yu-Lun1 aYang, Jimmy  u/biblio/trader-positions-vix-futures