While VIX ETFs and ETNs include a wide range of products with different strategies and exposures, the universe of European volatility products is much younger and smaller.

Two VSTOXX ETNs were launched on 2 May 2017 by VelocityShares, issued by UBS (VelocityShares also manage the VIIX, XIV, TVIX, and a number of other VIX ETNs in the US markets; those are issued by Credit Suisse).

EVIX = VelocityShares 1X Long VSTOXX Futures ETN

EXIV = VelocityShares 1X Daily Inverse VSTOXX Futures ETN

These ETNs provide 1x long and 1x short exposure to short term VSTOXX futures, in a similar way as the VIIX and XIV provide long and short exposure to the VIX index futures.


VSTOXX is the most popular volatility index in Europe, like the VIX is in the US markets. It measures 30-day implied volatility of options on the Euro Stoxx 50 index, which includes blue chip stocks from Eurozone countries. Like the VIX, VSTOXX has fairly liquid futures market, which is a necessary precondition for the above listed ETNs to exist.

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