Volatility Index

[nastynatedub]

I recently just came across the CBOE Volatility Index http://finance.yahoo.com/q?s=%5Evix , in which it is designed to gauge investor sentiment as well as expected short-term Volatility in the markets. you can trade the index through the use of options and futures which carry enormous risks. However, I was wondering, Are you able to trade the index like you would a fund, buying and selling w/o the huge risks that come when playing options and futures. Anyone have anymore knowledge about this index and experience with trading it;advice is much appreciated. thank you.