Nasdaq-100 Volatility Index futures

For the modern-day volatility trader. Now available.

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Hedge exposure on the Nasdaq-100

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.

VOLQ futures are now available in a smaller contract size

The contract multiplier of the Nasdaq-100 Volatility Index futures has been reduced from 1,000 to 100 index points. At 1/10 of the original size, VOLQ futures is more accessible to traders of all sizes and provide market participants greater flexibility to manage their exposure to the implied volatility of the the Nasdaq-100 Index.

Key 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.

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.

More about the index >

Learn more about VOLQ futures

Gain an understanding of the Nasdaq-100 Volatility Index and its methodology.

View trade examples and how a portfolio manager might use VOLQ futures to manage volatility.

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Contract specifications

EXAMPLE CONTRACT VALUE 100 x $21.00 =  $2,100
TRADING HOURS CME Globex: Sunday – Friday 6:00 p.m. – 5:00 p.m. ET
Final settlement

VOLQ futures are financially settled. On the day of final settlement price determination, the final settlement value will be available under ticker symbol VOLS Index on Bloomberg, or .VOLS on Reuters. This final settlement price with daily price history is available here.

While this value is produced daily, only the value on settlement date is relevant for determining settlement value. For example, if settlement date is the 21st of the month, the value produced on the morning of the 21st is the relevant value for settlement.

View full contract specs

More on VOLQ futures


Get answers to frequently asked questions about VOLQ futures and how they work.

Fact card

View a summary and contract specifications that you can download, share, and print.

Nasdaq-100 Methodology Reference Guide

Learn how to calculate the value of the Nasdaq-100 Volatility Index in this reference guide.

Webinar: Navigating Volatility

Watch our exclusive webinar featuring CME Group and Nasdaq experts to learn more the contract and the underlying index.

Watch: OpenMarkets Roundtable

OpenMarkets Roundtable discusses why equity traders are preparing for prolonged volatility and what could be in store for Q4 2020.

Whitepaper: Monetizing Volatility with Nasdaq-100 Volatility futures

Read the latest EQDerivatives research on how portfolio managers and traders use VOLQ futures to express a view on the implied volatility of the Nasdaq-100 Index.

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