Investors look to the VIX index for guidance concerning future volatility of return on the equity markets in general and the S&P 500 in particular. Many people want to “trade” the VIX, buy it low and sell it high as a speculative vehicle or buy it as a hedge against their portfolio. But the VIX is not a tradable instrument. It is simply a number that reflects the implied volatility on a weighted average of near the money 30-day options on the S&P 500.
