Hedge exposure on the Nasdaq-100 Index

Volatility can change frequently and, sometimes, dramatically. Change can create opportunity. Today, many market participants view volatility not only as a concept, but as a tradeable measure. 

Nasdaq-100 Volatility Index futures, or VOLQ futures, provide a way to hedge exposure to, or express a view on, the implied volatility of the Nasdaq-100 Index.

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Features and benefits

Narrow focus to volatility

Express a view on changes in volatility without needing to manage strike prices, time decay, or the delta hedging of options.

Protect against sharp moves

Reduce risk by constructing hedges against market-moving events like earnings announcements, sharp market movements, political events, and more.

Reduce rebalancing

Gain a similar payoff profile to straddles or strangles without the same degree of rebalancing needed to maintain target exposure.

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About the underlying index

The VOLQ Index underlying the futures contract is an at-the-money focused approach to volatility measurement. The index is calculated based on the values of 32 Nasdaq-100 Index options: the two nearest in-the-money and out-of-the-money puts and calls for the next four weekly expirations.   

VOLQ futures estimate the implied volatility of at-the money options with 30 days until expiration. Therefore, at any given time, the futures reflect an estimate of forward volatility, which is the expected volatility of the Nasdaq-100 Index for the 30-day period that starts on the futures expiration date.


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