Qu'est-ce que « Exchange-traded volatility product » ?

An exchange-traded volatility product is an exchange-traded fund or note (Book 3, chapter 19) that delivers a multiple ($1$, $-1$, $2$, $-0.5$) of the daily return of an index of VIX futures, usually of constant maturity; it holds or hedges the futures and rebalances them at each close.