Before revision:  Inspired by recent developments in commodity smile modeling , we present a multi-factor stochastic local-volatility model able to jointly calibrate plain vanilla options both on VIX futures and VXX notes  .
After revision:  Inspired by recent developments in commodity smile modeling , we present a multi-factor stochastic local-volatility model able to jointly calibrate plain vanilla options both on VIX futures and VXX notes , thus going beyond the failure of purely stochastic or simply local volatility models .