VIX Options are options that trade against the S&P 500 Volatility Index. They are used as a hedging instrument against sudden downward price shocks, as the S&P 500 Volatility Index has been found to be an accurate predictor of volatility in the stock market. VIX Options are European-style option contracts, which means they can only be exercised on their expiration date.

A VIX call option is the more popular of the two types of VIX options. It offers investors a natural hedge in a market where the S&P 500 declines in a particular period. If the S&P 500 falls, the option will increase in value, allowing the investor to offset losses in their core holdings. They can also be used to set profit targets to take advantage of a further downward move.

VIX put options are considered more risky, as the S&P 500 index rarely rises rapidly and exceeds the strike price of the option (the predetermined price at which the option can be exercised). Therefore, VIX puts are generally used by investors who have a good understanding of the volatility of the S&P 500. This form of option comes with a slightly higher degree of risk than the more popular VIX call options.

In conclusion, VIX Options offer investors a way to hedge downward price shocks in the stock market, while also being able to take advantage of further market volatility. VIX call options generally offer the best-defined risk profile, with lower risk than VIX put options. However, understanding of the market and ability to identify specific opportunities are key to properly utilizing all the options available.