CBOE Volatility Index is an equity index that tracks the market's expectation of 30-day volatility implied by S&P 500 index options. It is widely used as a benchmark for the performance of its market segment and as a reference point for funds, derivatives, and portfolio allocation. Its level is influenced by the prices of the constituent securities, index weighting rules, sector composition, currency effects where relevant, dividends where applicable, and broader macroeconomic and market conditions.