Cboe S&P 500 Variance Futures
Explore cash-settled futures contracts based on the realized variance of the S&P 500 Index
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VIX Futures
Introduced in 2004 on Cboe Futures ExchangeSM (CFE®), VIX futures provide market participants with the ability to trade a volatility futures product based on the VIX Index methodology.
VIX futures reflect the market's estimate of the value of the VIX Index on various expiration dates in the future. VIX futures provide market participants with a variety of opportunities to implement their view using volatility trading strategies, including risk management, alpha generation and portfolio diversification.
| Symbol | Expiration | Last Price | Change | High | Low | Settlement | Volume |
|---|---|---|---|---|---|---|---|
| VIX | - | 15.79 | -0.28 | 16.63 | 16.63 | - | - |
| VX49/Z5 | 12/10/2025 | - | - | - | - | 17.7946 | - |
| VX/Z5 | 12/17/2025 | 17.5 | -0.29 | 17.97 | 17.5 | 17.7946 | 60475 |
| VX51/Z5 | 12/24/2025 | - | - | - | - | 17.7946 | - |
| VX52/Z5 | 12/31/2025 | - | - | - | - | 17.7946 | - |
| VX01/F6 | 01/07/2026 | - | - | - | - | 17.7946 | - |
| VX02/F6 | 01/14/2026 | - | - | - | - | - | - |
| VX/F6 | 01/21/2026 | 19.4 | -0.18 | 19.7 | 19.35 | 19.5796 | 44534 |
| VX/G6 | 02/18/2026 | 20.35 | -0.20 | 20.65 | 20.35 | 20.5495 | 17330 |
| VX/H6 | 03/18/2026 | 20.85 | -0.15 | 21.1 | 20.85 | 21.005 | 5537 |
| VX/J6 | 04/15/2026 | 21.33 | -0.14 | 21.56 | 21.3 | 21.475 | 2832 |
| VX/K6 | 05/19/2026 | 21.58 | -0.10 | 21.75 | 21.55 | 21.675 | 1230 |
| VX/M6 | 06/17/2026 | 21.72 | -0.06 | 21.85 | 21.72 | 21.775 | 286 |
| VX/N6 | 07/22/2026 | 22.05 | 0.05 | 22.1 | 21.99 | 22 | 64 |
| VX/Q6 | 08/19/2026 | 22.21 | 0.09 | 22.45 | 22.2 | 22.125 | 67 |
Explore cash-settled futures contracts based on the realized variance of the S&P 500 Index
Trade volatility with greater precision by accessing shorter-term VIX exposure.
The VIX Index settlement process is patterned after the process used to settle A.M.-settled S&P 500 Index options. The final settlement value for Volatility Derivatives is determined on the morning of their expiration date (usually a Wednesday) through a Special Opening Quotation ("SOQ") of the VIX Index. By providing market participants with a mechanism to buy and sell SPX options at the prices that are used to calculate the final settlement value for Volatility Derivatives, the VIX Index settlement process is "tradable."
VIX Weeklys futures began trading on CFE in 2015 and provide market participants with additional opportunities to establish short-term VIX positions and to fine-tune the timing of their hedging and trading activities.
Weekly expirations for VIX futures are generally listed on Thursdays (excluding holidays) and expire on Wednesdays. CFE may list up to six consecutive weekly expirations for VIX futures. VIX Weekly futures generally have the same contract specifications as monthly expiring VIX contracts. See Contract Specifications for VIX Futures for more information.
VIX futures are generally available for trading 23 hours a day during weekdays from 5:00 p.m. CT on Sundays to 4:00 p.m. CT on Fridays. Additionally, the VIX Index is calculated and disseminated overnight, providing market participants with real-time volatility information whenever news breaks.
Stay current with timely market overviews, expert commentary, and best‑in‑class techniques for navigating Volatility Trading.
Implied volatilities were mixed across the major asset classes last week as traders jostled to reprice risk assets amidst the nebulous outlook regarding both the timing and depth of Fed rate cuts. Despite the whipsaw for Dec rate cut expectations over the course of the week, rate vols ended materially lower w/w with the VIXTLT falling from 94 (30th percentile) to 84 (8th percentile lows). Fed Fund futures are currently pricing in a 62% chance of a Dec cut – a 35% increase from mid-week lows. Learn more in this week’s Macro Volatility Digest.
Implied volatilities gained modestly across asset classes last week as the US government re-opened and anticipation built ahead of key economic data releases this week. There is a pronounced kink in the SPX options term structure for this Thursday Nov 20th when the much-awaited Sep jobs report is expected to come out, with SPX weekly options currently implying ~1.6% move for Thursday. Learn more in this week’s Macro Volatility Digest.
Implied volatilities were marginally higher across the major asset classes (ex-commodities) last week. Following the retracement of US equities from record highs due to concerns of stretched valuations and indications of a cooling US economy, the volatility markets have started to demand a higher risk premium for assets with embedded corporate credit risk. Learn more in this week’s Macro Volatility Digest.
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