Mini VIX™ Futures Contracts Now Trading
The VIX futures contract is the most frequently traded, exchange-listed volatility futures contract in the world. VIX futures provide market participants with opportunities to trade their view of the future direction of the expected volatility of the S&P 500® Index. This contract may also present opportunities to manage risk, generate alpha or diversify a portfolio. With a $100 multiplier, Mini VIX futures are structured like the standard VIX futures contract but at 1/10th the size.
The smaller notional value of Mini VIX futures may appeal to:
- Commodity Trading Advisors (CTAs) as a convenient, sub-account allocation contract size
- Sophisticated market participants looking to hedge their portfolios or express their view on US stock market volatility, and
- Proprietary trading firms seeking to execute volatility strategies or provide counter-party liquidity
Cboe's Inside Volatility Trading NewsletterSubscribe to Cboe's Inside Volatility Trading Newsletter
Volatility 411 Daily Video
VIX Market Data
Settlement and Trading of VIX Derivatives
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
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.
Select VIX Institutional Research
CFA Institute Research Foundation
University of Massachusetts
The inclusion of research not conducted or explicitly endorsed by Cboe should not be construed as an endorsement or indication of the value of any research.