Wait so how does this backwardation work? Does the spot price get rolles into the August future, the Aug future rolled into the Sept future, etc. or does the spot price get rolled into the Aug future, the spot price rolled into the Sept future, etc.?
Basically, do we get the benefit of contango from the Dec. future rolling into the January future, etc.?
Am I best off selling XIV right now? Obviously the future prices are only going to decrease as the VIX goes down. Are we going to be stuck for a while?