Hi, I'm still trying to understand how to work with VIX futures/options. Let's talk about specific example: - VIXFF, Jun options with strike = 30, priced at $2.55. - VXM9, Jun futures, priced at $30.40. My understanding is that VIXFF will expire on June 17th, two days before expiration for the rest of the option universe. At expiration, VIXFF will be cash-settled based on calculation of IV SPY options expiring in *July*. Is this, or is this not identical to the value of the *June* futures (VXM9)? Is VXM9 also settled on the same day, with the same calculation? In other words, is VXM9 the actual underlying for VIXFF? I would have thought the answer was a clear yes, but CBOE gives sort of a mixed message on its website: The language here says the futures gives a "general idea" of the settlement price... is it just a "general" idea, or is the future the *actual* underlying? Could I do the equivalent of a buy-write strategy, by going long VXM9 while selling VXFFE?