Cboe Short-Term Volatility Index (VXST)
The Cboe Short-Term Volatility Index (VXST) and the Cboe Volatility Index® (VIX®) both reflect investors' consensus view of expected stock market volatility. While the VIX measures expectations of 30-day future volatility, the VXST provides a market-based gauge of expectations of 9-day volatility, making it particularly responsive to changes in the S&P 500® Index. The VXST Index provides a market estimate of short-term expected (implied) volatility that is calculated by using real-time S&P 500® Index option bid/ask quotes. VXST uses nearby and second nearby options with at least 1 day left to expiration and then weights them to yield a constant, nine-day measure of the expected volatility of the S&P 500 Index.
On February 13, 2014, the Cboe Futures Exchange, LLC (CFE®) launched trading of futures with weekly expirations on the VXST Index, and on April 10, 2014 Cboe launched options on the VXST Index. As of June 18, 2015, Cboe and CFE will not be adding any new VXST futures and options, but may do so at a later date. For information regarding 30-day VIX Weeklys futures and options, please see www.cboe.com/VIXWeeklys.