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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.
Size Calculator
Comparison Calculator:
S&P 500 (SPX®) and Mini-SPX (XSP) Index Options
S&P 500 (SPX) Index Options
Mini-SPX (XSP) Index Options
Contract Size
SPX
1
XSP
10
Contract MultiplierFixed number of shares an options contract represents.
SPX
$100
XSP
$100
Notional ValueAutomatically calculated using the number of units of the underlying asset covered by the contract multiplied by the current price of the underlying asset.
SPX = Index level x $100; XSP = Index level x $100 x 1/10
SPX
$566,756.01
XSP
$56,675.60
At the Money StrikeAutomatically calculated using the option's strike nearest the current index level.
Rounded to the closest at-the-money (ATM) price
SPX
$5,670.00
XSP
$567.00
Premium At the Money Value (Puts)Displays the current market price of an option, thus the amount paid or received for an options contract.
based on current S&P 500 index level for today's option expiration
SPX
$7.80
XSP
$0.77
Premium At the Money Value (Calls)Displays the current market price of an option, thus the amount paid or received for an options contract.
based on current S&P 500 index level for today's option expiration
SPX
$41.00
XSP
$4.09
Monitor XSP Quotes!
XSP Quote ViewerThe SPX and XSP Comparison Calculator is an educational tool intended to assist individuals in understanding the differences between the two option contracts and the values will change based upon user inputs. It is not intended to provide investment advice, and users of the SPX and XSP Comparison Calculator should not make investment decisions based upon values generated by it. Your use of the SPX and XSP Comparison Calculator is subject to the Terms and Conditions of Cboe's Websites.
Find a Broker: Brokers that Offer Cboe Tradable Products
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 |
*Trading hours are determined by the time in Chicago. Note that Daylight Saving Time (DST) procedures vary by time zone and will affect the times shown here. For non-U.S. cities shown in this table, the trading hours may shift by one hour as the U.S. changes between Standard Time and Daylight Saving Time.
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