The newest way to potentially take advantage of volatility.

Like the popular CBOE Volatility Index® (VIX®), the CBOE Short-Term Volatility Index (VXST or "Short-Term VIX") is a market-based reflection of anticipated stock market volatility. But, by tracking 9-day expected volatility rather than 30 days, VXST is particularly responsive to changes in the S&P 500® Index.

With its 9-day snapshot, VXST is a valuable tool for traders looking to target short-term moves or to better manage short-term risk. The VXST Index is calculated by using real-time S&P 500 Index (SPXSM) option bid/ask quotes, using nearby and second nearby options with at least 1 day left to expiration and then weighting them to yield a constant, 9-day measure of the expected volatility of the S&P 500 Index.

With Short-Term VIX options or futures, now you have the opportunity to:

Capitalize on market events, such as earnings, government reports and Fed announcements
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Better manage near-term volatility risk
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Capture more risk premium with weekly expirations
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Hedge short term positions
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Create strategies using VXST and VIX to capture changes in volatility term structure
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Take advantage of volatility for the here and now

With its 9-day time horizon, the Short-Term VIX Index is particularly reactive to short-term market events and changes in volatility. For example, when Standard & Poor's downgraded U.S. debt in August 2011, the Short-Term VIX Index value rose 81 percent, compared to VIX's rise of 50 percent.

Price Charts:

Source: CBOE

Additional VXST Videos

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spacer > Read the Press Release on VXST Options
April 10, 2014
Featured Resources
factsheet VXST Options Quick Reference Guide
> Download Now
factsheet VXST Futures Quick Reference Guide
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Additional Resources:

> VXST Microsite
> VXST White Paper
> CBOE Options Hub

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