re: Trading volatility VIX

It's a note. You would be lending to CS your funds, with no guaranty. ETN's will eat themselves, and I'm guessing this has reverse split numerous times like VXX.

Usually notes of this type are not designed to be held long term, although I see why you want to do it.

If you were going to buy one of these long term, I guess now is as good of time as any to do so.

I might do the same thing. Although as a hedge, I think there is more comprehensive portfolio protection to be had buying VIX calls one month and either rolling, or laddering.

You first indicated trade, not hedge.

Anyway, buyer beware on all of these, they are extremely complicated. You need to see which future's contracts they either own or track, and see exactly when they roll. Backwardation and contango will be in play on all of these.