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VIX Short Term

The Short Term SP 500 VIX Index measures the returns of a portfolio of monthly VIX futures contracts that roll over positions from the first month to the second month of contracts on a daily basis. The index maintains a weighted average of one month to maturity.


VIX futures contracts provide the market's view of the value of the Cboe Volatility Index (VIX) at the expiration dates of such futures contracts. The VIX measures the expected volatility of the SP 500 over the next 30 days and is calculated based on the price of an ever-changing portfolio of options on the SP 500. The VIX is not directly accessible for investing. Unlike other asset classes that tend to rise in price over the long term, the VIX level tends to return to a long-term average over time. Therefore, any gains from investments in VIX futures contracts may be capped and subject to unexpected reversals as the VIX returns to its long-term average. VIX futures indices have historically reflected significant costs associated with the daily transfer of VIX futures contracts. These costs can consistently reduce returns over time. VIX indices futures can be highly volatile.