VIX Futures and Options - Cboe Options Exchange · PDF fileVIX Futures and Options ... is a leading measure of market ... from your broker or from The Options Clearing Corporation
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VIX
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SPX
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Jan-90 Apr-96 Jul-02 Oct-08 Feb-15
SPXVIX
VIX Futures and OptionsThe Cboe Volatility Index® (VIX® Index) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices. Since its introduction in 1993, the VIX® Index has been considered by many to be the world’s premier barometer of investor sentiment and market volatility. To learn more, visit cboe.com/VIX
With the launch of VIX Futures at Cboe Futures Exchange (CFE) in 2004 and VIX Options at Cboe in 2006, there has been a growing acceptance of trading VIX and VIX-linked products as risk management tools. VIX options and futures enable investors to trade volatility independent of the direction or the level of stock prices. Whether an investor’s outlook on the market is bullish, bearish or somewhere in-between, VIX futures and options can provide the ability to diversify a portfolio, as well as hedge, mitigate or capitalize on broad market volatility.
VIX® and SPX 500® Indexes
Daily closing values. (Jan. 1990 - Jan. 8, 2018), The VIX Index is not investable. Sources: Bloomberg and Cboe - www.cboe.com/VIX
VIX® Futures ADV
Avg. daily volume per year. Source: Cboe Futures Exchange. www.cboe.com/VIX
Avg. daily volume per year. Source: Cboe Options Exchange
11.1
2017
VIX Weeklys℠
VIX Weeklys futures began trading at Cboe Futures Exchange (CFE®) on July 23, 2015. VIX Weeklys options began trading at the Cboe Options Exchange on Thursday, October 8, 2015.
The addition of weekly expirations to standard monthly features and options expirations offers volatility exposures that more precisely track the performance of the VIX Index. The closer VIX futures and options are to expiration, the more closely the more closely they generally track the VIX Index. By ‘filling the gaps’ between monthly expirations, investors may obtain new opportunities to establish short-term VIX positions, and fine-tune the timing of their hedging and trading activities. For more details, see cboe.com/VIXWeeklys
March 30, 2004 - July 19, 2016
0.00.10.20.30.40.50.60.70.80.91.0
0 21 42 63 84 105 126 147 168 189 210 231 252
Beta of Weekly and Standard VIX Futures to the VIX Index as a Function of Time to Expiration