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VIX options are non-equity options with VIX (CBOE Volatility Index) as underlying asset.
VIX options allow individual investors to hedge their portfolios against unexpected market declines and to trade volatility, since VIX formula distinguishes expected volatility from other factors (such as expiration date, interest rate etc) that affect option prices. These options are created to enable investors to buy and sell volatility directly, excluding other risk factors that have an impact on S&P 500 Index (SPX).