Options on the Vix reflect the expected value of the underlying index at expiry. The Vix index is constructed to reflect 30-day expected volatility in the S&P 500. It references near-term S&P 500 options (SPX).
The Vix closed at 11.59 points on February 27, up from 11.14 points on January 3. Vix futures have been trading since 2004.
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