Russell 2000 Index Options Suite

Go Big with Small-Caps

Harness the Russell 2000 Index to access small-cap momentum, manage risk, and diversify beyond large-caps—all through one efficient, cash-settled options contract.

Cash-Settled

Settle trades in cash without unwanted shares or market exposure.

60/40 Tax Treatment

Capital gains may qualify for favorable 60/40 tax treatment.

European-Style

Manage your positions with increased certainty, as options can only be exercised at expiration.

Products at a Glance

OPTIONS

RUT

Russell 2000 Index Options

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OPTIONS

MRUT

Mini-Russell 2000 Index Options

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Elevate Your Strategy with Russell 2000 Options Benchmark Indices

Russell 2000 BuyWrite Index

Measure the performance of a hypothetical buy-write strategy combining a Russell 2000 stock portfolio with a one-month at-the-money call option.

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Russell 2000 30-Delta BuyWrite Index

Evaluate a hypothetical buy-write strategy pairing a Russell 2000 stock portfolio with a one-month out-of-the-money call option.

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Russell 2000 PutWrite Index

Gauge the performance of a hypothetical strategy that sells Russell 2000 Index put options against collateralized cash reserves.

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Russell 2000 Index Options vs. ETF Options: Which is Right for You?

 Cboe Index OptionsETF Options
 MINI-RUT®RUT®ISHARES® ETF (IWM)
Contract Size1/10th of RUT1 RUT1/10th of RUT
Contract Multiplier$100$100$100
Approx. Notional Size
(if R2000 is $2,000)
$20,000$200,000$20,000
Settlement TypeTrading account credited or debited in cashDelivery of underlying shares
Exercise StyleEuropean style, exercised at expiration, no risk of early exercise or assignmentAmerican style, can be exercised or assigned prior to expiration
Tax TreatmentCapital gains may benefit from 60% / 40% tax treatment*Standard short- and long-term tax rules
Extended Trading HoursGlobal trading hours availableStandard market trading hours
Certainty of SettlementSettlement and exercise style eliminate potential economic and tax risk for writersAfter market contract assignment may result in unplanned residual positions

Key Resources

Latest Market Insights

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Access real-time market trends and macro updates that shape S&P 500 performance. Gain timely perspectives to support your trading decisions.

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Data Analytics and Indices

How 26 Degrees Enabled its Institutional Broker Clients to Scale Distribution to Millions of Retail End Users Without Breaking Their Data Budget

26 Degrees Global Markets partnered with Cboe Data Vantage to help its institutional broker clients distribute high-quality equities market data to millions of retail end users without incurring prohibitive per-user fees, solving a core scaling and unit‑economics challenge. By leveraging flexible redistribution policies and free retail data, 26 Degrees expanded globally, became one of Cboe’s largest data redistributors, and drove significant growth in retail trading volume —particularly in APAC through extended-hours access.

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Data Analytics and Indices

Index Insights: April 2026

U.S. cash equities rebounded sharply in April as selling pressure eased and risk appetite improved. Following year‑to‑date lows touched in late March, the S&P 500® Index increased 10.4% in April and the Russell 2000® Index outperformed with a 12.2% gain, reflecting renewed interest in cyclical and small‑cap exposure.

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Data Analytics and Indices

Cboe Launches Two New Indices in Q1 2026

As the largest U.S. options exchange operator, Cboe's pool of derivatives data and proprietary pricing algorithms enable its Global Indices team to develop complex index concepts that are central to Cboe’s ecosystem. Read on for a recap of the Cboe Global Indices launches and milestones achieved in the first quarter of 2026.

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There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: Disclosures and Disclaimers Related to Cboe Options and Futures Products. These products are complex and are suitable only for sophisticated market participants.

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