Silver_bars, Yes, a big divergence between the Vix and these Vix ETFs. Unfortunately it isn't possible to trade the Vix itself. In addition to the tracking error, most of these ETFs have the contango / erosion problem, because they use futures. So the price steadily erodes over time. I've never tried them myself, but with the right timing they could be spectacularly profitable if you get the right buy / sell points. But you can't hold them too long due to the erosion / contango phenomenon.
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