The CBOE LOVOL IndexSM is a benchmark index that is a 40% / 60% blend of the popular CBOE S&P 500 BuyWrite Index (BXMSM) and CBOE VIX Tail Hedge IndexSM (VXTHSM). The resulting portfolio overlays long VIX calls and short S&P 500 calls over an investment in S&P 500 stocks. The LOVOL mix of VIX and SPX options reduces the chance of shortfalls below -10% but still preserves the bulk of market gains. By construction, the LOVOL delivers returns between the BXM and VXTH, or a risk profile between a cushion and a tail hedge. The LOVOL is targeted at the large pool of investors whose preferences have shifted towards low volatility assets. In a typical investor's dictionary, this means lower downside volatility plus upside participation.