Is it possible for retail investor to trade Variance Swaps

[Obviate]

@Same Lazy Element

Variance futures are totally illiquid, there are literally 0 volume or open interest there. It was CBOEs attempt at capturing that market that failed miserably because they could not come up with better margin methodology. There is no strategy that would allow you to trade variance via ETNs.

You can reproduce a variance swap payoffs either by trading complete replicating strip of options (and delta-hedging it MoCC, which is easier now) or by trading a package of VIX futures (or synthetics, as @destriero suggested - that's more margin efficient), VIX options and a strip of S&P options to replicate the stub.

PS. for full disclosure, I do trade variance swaps (though I have not done any since last spring when it was very exciting place to be) and don't think retail traders should be involved there

What does MoCC mean?

What is the stub? What do you mean by "replicating the stub" in this context?

This is, I assume, a positive delta leaning play with the setup you mentioned. VIX hedging downside risk, I assume a DITM SPX to hedge the other side?