VIX Futures
Exchange-traded forward contracts on the future level of the VIX index at specified expirations. VIX futures are the most accessible tradable expression of volatility expectations and form the underlying for VIX exchange-traded products. Critically, VIX futures are NOT the same as the VIX spot index -- they price the market's expectation of where the VIX will be at the future expiration date, which differs from current spot for both economic and structural reasons. The VIX futures curve typically shows contango in calm markets and backwardation during stress, and the persistent shape of that curve drives the long-run returns of any rolling VIX strategy.
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American Option · Asian Option · Barrier Option · Basket Option · Butterfly Spread · Calendar Spread
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