Cboe Global Markets Inc. has announced plans to launch options on VIX futures in October 2024. This new financial product involves options on futures for an index based on options on another index, specifically the Cboe Volatility Index (VIX), which is known as the 'fear gauge' and is constructed using options that track the S&P 500. The introduction of this complex financial instrument reflects the innovative strategies being developed by Wall Street's financial engineers.