March 2026

In March, the trading program declined 0.53 percent despite relatively large market moves. Over the period, the S&P 500 equity index lost 4.3 percent, and the near-dated VIX futures contract jumped 16 percent. However, there were no clear indications that the market was under extreme stress. The near-dated VIX futures price ended the month at 25, and the VIX futures curve was only slightly inverted.