Cboe Global Markets

S&P 500® Index Options Products

Access the most liquid equity index options in the world.

Products at a Glance

Cboe Index Options SPX® XSP® (Mini-SPX®) NANOS
Contract Size 1 1/10th of SPX 1/100th of XSP
Contract Multiplier $100 $100 $1
Approx. Notional Size (if S&P 500 is $4,500) $450,000 $45,000 $450
Settlement Type Trading account credited or debited in cash
Exercise Style European style, exercised at expiration, no risk of early exercise or assignment
Tax Treatment Capital gains may benefit from 60% / 40% tax treatment*
Extended Trading Hours Global trading hours available** Standard market trading hours
Certainty of Settlement Settlement and exercise style eliminate potential economic and tax risk for writers
More SPX details More XSP details More Nanos details

* Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options, including SPX Options, are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the investor involved and the strategy employed satisfy the criteria of the Tax Code. Investors should consult with their tax advisors to determine how the profit and loss on any particular option strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.

** Global Trading Hours (GTH) The trading hours for options on the SPX, SPXW (SPX Weeklys and SPX End-of-Month), and XSP (Mini-SPX) begin at 8:15 p.m. Eastern time and end at 9:15 a.m. Eastern time. Please visit the Global Trading Hours page for more details.

Featured Resources and Tools

SPX Trading Resources

XSP Trading Resources

NANOS Trading Resources

Benefits of Index Options

Download Benefits Guide get_app

Size Calculator

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S&P 500 (SPX®) and Mini-SPX (XSP) Index Options

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Global Trading Hours

Extended global trading hours

Subscription Center

Index Options and Futures Insights

Data

Cboe Market Data

Access proprietary data from our world-class markets.

Index Data

Streaming real-time index values from Cboe and other index providers.

Derived Data

Cboe DataShop is your e-commerce destination for historical and reference data.

Cboe VIX® Index Data

View historical data on volume, open interest, and prices for futures on the VIX® Index.

Analytics

Cboe Hanweck

Margin-risk analytics with a real-time, data-enabled, global, cross-asset, risk-analytics platform.

FT Options

Premier portfolio management platform with risk and volatility analytics.

Cboe LiveVol

Web-based options analytics platforms to quickly analyze trading activity and identify opportunities.

Trade Alert

Cutting-edge, order-flow analysis providing context for the U.S. options market.

Access

Market Connectivity

Leverage our established network to access major market centers for data and order entry.

Execution Platform

Silexx is a desktop execution management system that is exchange and broker neutral, plus an extensive FIX routing network.

Indices

Cboe Global Indices

The leader in derivatives-based indices, offering index design and development, including complex calculation services.

There are important risks associated with transacting in any of the Cboe Company products or any digital assets discussed here. Before engaging in any transactions in those products or digital assets, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers. These products and digital assets are complex and are suitable only for sophisticated market participants. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2024 Cboe Exchange, Inc. All Rights Reserved.