The ProShares VIX Short-Term Futures ETF. Tracks short-term VIX futures and provides a tradeable proxy for equity volatility.
VIXY allows traders to monitor how institutions are hedging volatility in real time. Its price reflects demand for near-term market protection.
Rising VIXY = increasing hedging activity, fear building. Falling VIXY = complacency or declining stress. Note that VIXY decays over time due to futures roll costs.