Suggestion for all the Brilliant Macro Traders out there...find another vehicle other than MPV with more liquidity, volume, options contracts, smaller bid ask spreads, etc. How about SPY, or options on SPX, or even S&P futes? Or the many one, two, and three times leveraged ETF's out there on all the various indices?
Or, how about this little nugget of wisdom a Wall Street smart bond trader told me when I started my career: The Best Hedge is to just SELL!
Dont bother wasting your time hedging MPV. Just buy the dips-thats the best hedge!