well, to start with, since the VIX is not a fund, an ETF would be rather difficult! I think an ETN is what you are looking for. Now since you and about maybe 10 other traders in the country would probably be the only ones interested in the volatility of a foreign stock exchange, it would most likely be a pretty illiquid instrument. Perhaps what you are looking for is the ability to trade existing ETN's linked to the VIX, traded openly on international exchanges, against which there are again all kinds of put and call options for trading desks to offer their own flavour of the index. Now, since it is being traded on international exchanges - GT247 cannot actually offer you a SA account to trade it - they have to do it off-shore, to avoid exchange control restrictions. If they are not doing this, then they are breaking the law, as far as I know.