VIX

80.86

SPX

0

1000

2000

3000

0

30

60

90

Jan-90 Apr-96 Jul-02 Oct-08 Feb-15

SPXVIX

VIX Futures and OptionsThe Cboe Volatility Index® (VIX® Index) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices. Since its introduction in 1993, the VIX® Index has been considered by many to be the world’s premier barometer of investor sentiment and market volatility. To learn more, visit cboe.com/VIX

With the launch of VIX Futures at Cboe Futures Exchange (CFE) in 2004 and VIX Options at Cboe in 2006, there has been a growing acceptance of trading VIX and VIX-linked products as risk management tools. VIX options and futures enable investors to trade volatility independent of the direction or the level of stock prices. Whether an investor’s outlook on the market is bullish, bearish or somewhere in-between, VIX futures and options can provide the ability to diversify a portfolio, as well as hedge, mitigate or capitalize on broad market volatility.

VIX® and SPX 500® Indexes

Daily closing values. (Jan. 1990 - Jan. 8, 2018), The VIX Index is not investable. Sources: Bloomberg and Cboe - www.cboe.com/VIX

VIX® Futures ADV

Avg. daily volume per year. Source: Cboe Futures Exchange. www.cboe.com/VIX

VIX® Options ADV

VIX® Index – Average daily closing value per year

12.8 17.5 32.7 31.5 22.5 24.2 17.8 14.2 14.2 16.7 15.8

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Cboe

Multiplier = $1000 Multiplier = $100

Cboe.com | @Cboe | /Cboe | /Company/Cboe © 2018 Cboe Exchange, Inc. All Rights Reserved. v1.2

1,731

4,169

4,301

4,580

17,469

47,777

95,212

158,580

200,522

204,986

238,773

294,259

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

23,491

93,181

102,754

132,255

247,826

388,845

442,959

567,460

632,419

573,176

588,279

722,356

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Avg. daily volume per year. Source: Cboe Options Exchange

11.1

2017

VIX Weeklys℠

VIX Weeklys futures began trading at Cboe Futures Exchange (CFE®) on July 23, 2015. VIX Weeklys options began trading at the Cboe Options Exchange on Thursday, October 8, 2015.

The addition of weekly expirations to standard monthly features and options expirations offers volatility exposures that more precisely track the performance of the VIX Index. The closer VIX futures and options are to expiration, the more closely the more closely they generally track the VIX Index. By ‘filling the gaps’ between monthly expirations, investors may obtain new opportunities to establish short-term VIX positions, and fine-tune the timing of their hedging and trading activities. For more details, see cboe.com/VIXWeeklys

March 30, 2004 - July 19, 2016

0.00.10.20.30.40.50.60.70.80.91.0

0 21 42 63 84 105 126 147 168 189 210 231 252

Beta of Weekly and Standard VIX Futures to the VIX Index as a Function of Time to Expiration

Beta

Days to ExpirationSource: Cboe

y = -0.148ln(x) + 0.9751R2 = 0.9494

VIX Futures VIX Options

Exchange Cboe Futures Exchange (CFE) Cboe Options Exchange

Year of Introduction 2004 2006

Ticker VX and VX01 through VX53 VIX

Multiplier $1,000 $100

Extended Trading Hours CT (Chicago time)*

On the Monday trading day - 5:00 p.m. (Sunday) to 8:30 a.m.

On the Tuesday through Friday trading days -- 3:30 p.m. (previous day) to 8:30 a.m.*

2:00 a.m. to 8:15 a.m.

Regular Trading Hours CT (Chicago time) 8:30 a.m. to 3:15 p.m.

Expiration and Settlement Usually on a Wednesday morning (30 days before a Friday settlement for SPX options)

Key Specifications for VIX® Futures and Options

Please visit cboe.com/VIX for more details.Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker or from The Options Clearing Corporation at www.theocc.com. Futures trading is not suitable for all investors, and involves the risk of loss. The risk of loss in futures can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. For additional information regarding futures trading risks, see the Risk Disclosure Statement set forth in CFTC Regulation §1.55(b). The information in these materials are provided for general education and information purposes only. No statement within these materials should be construed as a recommendation to buy or sell a security or to provide investment advice. Supporting documentation for any claims, comparisons, statistics or other technical data in these materials is available by contacting Cboe at www.cboe.com/Contact. Past performance is not indicative of future results. No statement within this document should be construed as a recommendation to buy or sell a security or futures contract or to provide investment advice. Supporting documentation for any claims, comparisons, statistics, or other technical data, will be supplied upon request. Cboe®, Cboe Volatility Index®, CFE®, and VIX® are registered trademarks and Cboe Futures Exchange, SPX, and Weeklys are service marks of Cboe Exchange, Inc. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC and are licensed for use by Cboe Exchange, Inc.. © 2018 Cboe Exchange, Inc. All Rights Reserved

Cboe.com | @Cboe | /Cboe | /Company/Cboe © 2018 Cboe Exchange, Inc. All Rights Reserved. v1.2

*The extended trading hours for VIX futures are scheduled to change in Feb. 2018. www.cboe.com/ETH