Thrift Savings Plan

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There isn’t a way to trade VIX directly since it is based on a wide range of S&P 500 index options including both puts and calls. The easiest way to trade VIX is thru the VIX Futures ETN that trades under the ticker symbol VXX.

There is risk here though and VXX doesn’t track VIX well. From The Street: “The reason…relates to the relationship between VIX futures and the index. More often than not VIX futures are priced at a premium to the index and the second month is priced at a premium to the front month. As futures approach expiration the value of the futures contracts will gravitate to the index. This price action can result in VIX futures losing value on days that VIX moves up. This price action would also result in VXX moving lower on the day despite VIX closing higher.” For more on VXX see…
https://www.thestreet.com/story/11976706/2/5-misperceptions-about-vxx.html

Even if VIX remains unchanged, VXX loses value because the contracts required to mimic VIX must be replaced with higher priced contracts as the old ones expire. (This is contango.) VXX is not a vehicle to be held for a long period. Conversely, one can short VIX with the XIV ETN. If VIX remains the same XIV will gain value using logic opposite to the above. (This is “backwardation.”)

All in all VXX will only mimic VIX by roughly half. If VIX is up 100%, in theory VXX will appreciate 55%.