Volatility Index

VIX-F on TradingKey represents futures linked to the Cboe Volatility Index, or VIX. The spot VIX uses SPX call and put option prices to measure the market's expectation of 30-day S&P 500 volatility on an annualized basis. It measures expected volatility, not realized volatility or market direction. VIX futures are separate contracts reflecting expectations for the VIX at future settlement dates, so their prices may differ substantially from the spot index. VIX-F can react sharply to equity sell-offs, economic surprises, geopolitical events and option demand. Prices across expiries form a volatility term structure that may slope upward in calm markets and flatten or invert during stress. Contract rolls and the curve's shape can cause volatility-product returns to diverge from changes in spot VIX. Check the active contract, settlement date, data delay and rollover convention when reading VIX-F, and never label its futures price as the current spot VIX.