The Chicago Board Options Exchange, the creator of the widely observed CBOE Volatility Index, or “VIX,” is launching a new index based on a EAFE exchange traded fund to track volatility in major foreign developed markets.

On July 1, the CBOE EFA ETF Volatility Index (VXEFA) will begin tracking the volatility of the iShares MSCI EAFE Index Fund (NYSEArca: EFA), which provides exposure to developed-market stocks in developed Europe, Australasia and Far East countries, according to a press release.

So far this year, EFA ETF options were the tenth-most-active options on exchange traded products, averaging 82,000 contracts per day.

The CBOE is the largest U.S. derivatives trading platform. Currently, the exchange offers more than two dozen indexes and products, with the most popular being the CBOE Volatility Index, or VIX, which is used as a bellwether for risk in the U.S. stock market. [CBOE Launches ETF-Based Volatility Index Products]