It's S&P500 provided by iPath. Probably cost you an arm and a leg to trade it via a Aussie broker, but via US based broker it's very cheap.
VIX itself of course is currently trading well below average range.
VXX doesn't follow VIX point for point as it's futures based but is a great way to trade the VIX.
Personally I nearly always have a trade on VXX long or shot at any given time.
Kat..
