S&P 500® Index Options Products
Access the most actively traded U.S. index options.
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 9:25 a.m. Eastern time. Please visit the Global Trading Hours page for more details.
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S&P 500 (SPX®) and Mini-SPX (XSP ) Index Options
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Find a BrokerGlobal Trading Hours
Time Zone | Global Trading Hours | Regular Trading Hours |
---|---|---|
Chicago | 7:15 PM - 8:25 AM | 8:30 AM - 9:15 PM |
London* | 1:15 AM - 2:25 PM | 2:30 PM - 9:15 PM |
Hong Kong* | 9:15 AM - 10:25 PM | 10:30 PM - 5:15 AM |
Sydney* | 12:15 AM - 1:25 PM | 1:30 AM - 8:15 AM |