Volatility Index (VIX®) Futures

Introduced in 2004 on Cboe Futures Exchange℠ (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.

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Market Data

VIX
SymbolExpirationLastChangeHighLowSettlementVolume
VIX
-
23.96
-0.74
23.97
23.97
-
-
VX18/K5
05/07/2025
0
0
0
24.0109
0
VX19/K5
05/14/2025
0
0
0
24.0109
0
VX/K5
05/21/2025
23.57
-0.441
23.85
23.32
24.0109
1,026
VX21/K5
05/28/2025
0
0
0
24.0109
0
VX22/M5
06/03/2025
0
0
0
24.0109
0
VX23/M5
06/11/2025
0
0
0
0
VX/M5
06/18/2025
23.27
-0.295
23.50
23.07
23.5652
1,240
VX/N5
07/16/2025
23.17
-0.193
23.35
23.02
23.3634
317
VX/Q5
08/20/2025
22.92
-0.209
23.08
22.80
23.1285
173
VX/U5
09/17/2025
22.95
-0.125
23.08
22.85
23.0746
105
VX/V5
10/22/2025
22.85
-0.10
22.90
22.75
22.9500
127
VX/X5
11/19/2025
22.55
-0.15
22.65
22.55
22.7000
39
VX/Z5
12/17/2025
22.20
-0.092
22.25
22.15
22.2918
12
VX/F6
01/21/2026
0
0
0
22.3000
0

VIX Market Data

Created with Highcharts 7.2.2Feb 04Feb 08Feb 12Feb 18Feb 22Feb 26Mar 04Mar 08Mar 12Mar 18Mar 22Mar 26Apr 01Apr 05Apr 09Apr 15Apr 19Apr 23Apr …Apr 29-50050100150200
Intraday
1M
3M
6M
1Y
VIX
Cboe Volatility Index

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

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CFA Institute Research Foundation

The VIX Index and Volatility-Based Global Indexes and Trading Instruments - A Guide to Investment and Trading Features (2020).

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University of Massachusetts

VIX Futures and Options - A Case Study of Portfolio Diversification During the 2008 Financial Crisis (Aug. 2009).

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S&P Dow Jones Indices

A Practitioner's Guide to VIX (Dec. 2017).

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S&P Dow Jones Indices

Reading VIX: Does VIX Predict Future Volatility? (Nov. 2017).

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BlackRock

VIX Your Portfolio (June 2013).

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.